Test Well Abandoned Sample Clauses

Test Well Abandoned. In the event the Test Well is drilled and plugged and abandoned as a dry hole, ▇▇▇ will not have had the opportunity to make an election pursuant to Section 4.3 above to increase its interest in the Leases by an additional 12.5% working interest. Therefore, ▇▇▇ shall have the opportunity to participate with 22.5% working interest on a ground floor basis, pursuant to elections made under the Operating Agreement provided in Article V below, in any future proposals subsequent to the abandonment operations of the Test Well, including but not limited to any additional drilling proposals. In the event the Test Well is successfully drilled and completed, REX’s working interest in the Leases and the Test Well will be determined pursuant to its election in Section 4.3 above whereby ▇▇▇ would own either 10% working interest or 22.5% working interest.
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Test Well Abandoned. In the event the Test Well is drilled and plugged and abandoned as a dry hole, ▇▇▇ shall have the opportunity to participate with 10% working interest on a ground floor basis, pursuant to elections made under the Operating Agreement provided in Article V below, in any future proposals subsequent to the abandonment operations of the Test Well, including but not limited to any additional drilling proposals.
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Related to Test Well Abandoned

  • Notice to Proceed - Site Improvements The Recipient shall not commence, or cause to be commenced, any site improvements or other work on the Land until the Director has issued a Notice to Proceed to the Recipient. Such Notice to Proceed will not be issued until the Director is assured that the Recipient has complied with all requirements for the approval of a grant under Revised Code Sections 164.20 through 164.27 and has completed any land acquisition required by the Project. A Notice to Proceed shall be required for all Project prime contractors or direct procurement initiated by the Recipient following execution of this Agreement.

  • Additional Property The Trustee is specifically authorized to receive additional property from any source and to hold and administer this property as part of the Trust Estate.

  • Acquisition, Sale and Maintenance No Borrower shall acquire or accept any Inventory on consignment or approval, and shall take all steps to assure that all Inventory is produced in accordance with Applicable Law, including the FLSA. No Borrower shall sell any Inventory on consignment or approval or any other basis under which the customer may return or require a Borrower to repurchase such Inventory. Borrowers shall use, store and maintain all Inventory with reasonable care and caution, in accordance with applicable standards of any insurance and in conformity with all Applicable Law, and shall make current rent payments (within applicable grace periods provided for in leases) at all locations where any Collateral is located.

  • Notice to Proceed - Land Acquisition The acquisition of the Land shall not occur until the Director has issued a written Notice to Proceed for land acquisition to the Recipient (the "Notice to Proceed"). Such Notice to Proceed will not be issued until the Director has received a Request to Proceed acceptable to the Director and is assured that the Recipient has complied with all requirements for the approval of a grant under Revised Code Sections 164.20 through 164.27 and any requirements for land acquisition set forth in this Agreement, including without limitation the OPWC's approval of the proposed Deed Restrictions and Title Agent. The Notice to Proceed also shall specify the time frame for the Closing.

  • Consolidation Merger Sale Conveyance and Lease SECTION 10.01. Company May Consolidate, etc.,