Transfer of Responsibilities. 4.4.1 Upon the effective date of the resignation or removal of the Outgoing Operator, the Outgoing Operator shall hand over or deliver to, or relinquish custody in favor of, the Non-Operator selected to succeed it as Operator, or if no such selection has yet been made, then to the Non-Operator having the largest Percentage Interest (or, in the event that more than one Non-Operator shall equally hold the largest Percentage Interest, the nominee of the Outgoing Operator among such Non-Operators), all funds relating to the Joint Account, all Joint Property, all Joint Petroleum and all books, records and inventories relating to the Joint Operations other than those books, records and inventories maintained by the Outgoing Operator in its capacity as the owner of a Percentage Interest. The Outgoing Operator shall use its best efforts to transfer to the aforesaid Non-Operator, effective as of the effective date of such resignation or removal, its rights as Operator under all contracts exclusively relating to the Joint Operations and the aforesaid Non-Operator shall assume all obligations of Operator thereunder (other than obligations arising or relating to any period or time prior to such effective date). Pending such transfer and in relation to all other contracts relating to the Joint Operations (to the extent they so relate), the Outgoing Operator shall hold its rights and interests as Operator from such effective date for the account and to the order of the aforesaid Non-Operator and the Parties shall, from such effective date, indemnify and hold harmless the Outgoing Operator from all obligations thereunder except and to the extent that the same devolve upon the Party which is the Outgoing Operator in its capacity as the holder of a Percentage Interest or arise from any default, negligence or Wilful Misconduct of the Outgoing Operator in its capacity as Operator occurring prior to the effective date of its resignation or removal as Operator. 4.4.2 As soon as practicable after the date on which the Outgoing Operator is required to transfer its responsibilities as provided in Article 4.4.1, the Parties shall audit the Joint Account and conduct an inventory of all Joint Property and all Joint Petroleum and such inventory shall be used in the return of and the accounting for the said Joint Property and Joint Petroleum by the Outgoing Operator for the purposes of the transfer of responsibilities under this Article 4. All costs and expenses incurred in connection with such audit and inventory shall be for the Joint Account.
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Samples: Joint Operating Agreement (Avenue Group Inc), Joint Operating Agreement (Avenue Group Inc)
Transfer of Responsibilities. 4.4.1 Upon 5.7.1 Except where clause 5.6.1 applies, upon the effective date of the resignation or removal of the Operator (the βOutgoing Operatorβ) under clause 5.2, the Outgoing Operator shall hand over or deliver to, or relinquish custody in favor favour of, the Non-new Operator selected or appointed to succeed it under clause 5.5 or 5.6, as Operator, or if no such selection has yet been made, then to the Non-Operator having the largest Percentage Interest (or, in the event that more than one Non-Operator shall equally hold the largest Percentage Interest, the nominee of the Outgoing Operator among such Non-Operators)case may be, all funds relating to the Joint AccountAccounts, all Joint Property, all Joint Petroleum and all books, records and inventories relating to the Joint Operations other than those books, records and inventories maintained by the Outgoing Operator in its capacity as the owner of a Percentage Interest. The Outgoing Operator shall further use its best efforts reasonable endeavours to transfer to the aforesaid Non-new Operator, effective as of the effective date of such resignation or removal, its rights as the Operator under all contracts exclusively relating to the Joint Operations and the aforesaid Non-new Operator shall assume all obligations of the Outgoing Operator thereunder (other than obligations arising or relating under them. The new Operator and the Outgoing Operator shall co-operate to any period or time prior to such effective date)ensure a smooth transition of operatorship. Pending such transfer and in relation to all other contracts relating to the Joint Operations (to the extent they such so relate), ) the Outgoing Operator shall hold its rights and interests as the Operator from such effective date for the account and to the order of the aforesaid Non-new Operator.
5.7.2 Without prejudice to any liability of the Outgoing Operator and arising prior to such effective date (subject always to clause 6.2.4), the Parties Outgoing Operator shall, from such effective date, indemnify and hold harmless the Outgoing Operator from all obligations thereunder except and to the extent that the same devolve upon the Party which is the Outgoing Operator in its capacity as the holder of a Percentage Interest no longer have any responsibility or arise from any default, negligence or Wilful Misconduct of the Outgoing Operator in its capacity as Operator occurring prior to the effective date of its resignation or removal authority as Operator.
4.4.2 As soon as practicable after 5.7.3 The Joint Operating Committee shall have the date on which the Outgoing Operator is required option to transfer its responsibilities as provided in Article 4.4.1, the Parties shall order an audit of the Joint Account and conduct an inventory of all Joint Property and all Joint Petroleum and and, if conducted, such inventory shall be used in the return of and the accounting for the said Joint Property and Joint Petroleum by the Outgoing Operator for the purposes of the transfer of responsibilities under this Article 4clause 5.7. Such option shall be exercised as soon as practicable after the date on which the Outgoing Operator is required to transfer its responsibilities as provided in clause 5.7.1 by notice given by the Joint Operating Committee. All costs and expenses incurred in connection with such audit and inventory shall be for the Joint AccountAccount (except where the Outgoing Operator is removed pursuant to clause 5.3.1(a) or 5.3.2 (i) or (j) in which case such costs and expenses shall be borne by the Outgoing Operator).
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Transfer of Responsibilities. 4.4.1 Upon the effective date of the resignation or removal of the Outgoing Operator, the Outgoing Operator shall hand over or deliver to, or relinquish custody in favor favour of, the Non-Operator selected to succeed it as Operator, or if no such selection has yet been made, then to the Non-Operator having the largest Percentage Interest (or, in the event that more than one Non-Operator shall equally hold the largest Percentage Interest, the nominee of the Outgoing Operator among such Non-Operators), all funds relating to the Joint Account, all Joint Property, all Joint Petroleum and all books, records and inventories relating to the Joint Operations other than those books, records and inventories maintained by the Outgoing Operator in its capacity as the owner of a Percentage Interest. The Outgoing Operator shall use its best efforts to transfer to the aforesaid Non-Operator, effective as of the effective date of such resignation or removal, its rights as Operator under all contracts exclusively relating to the Joint Operations and the aforesaid Non-Operator shall assume all obligations of Operator thereunder (other than obligations arising or relating to any period or time prior to such effective date). Pending such transfer and in relation to all other contracts relating to the Joint Operations (to the extent they so relate), the Outgoing Operator shall hold its rights and interests as Operator from such effective date for the account and to the order of the aforesaid Non-Operator and the Parties shall, from such effective date, indemnify and hold harmless the Outgoing Operator from all obligations thereunder except and to the extent that the same devolve upon the Party which is the Outgoing Operator in its capacity as the holder of a Percentage Interest or arise from any default, negligence or Wilful Willful Misconduct of the Outgoing Operator in its capacity as Operator occurring prior to the effective date of its resignation or removal as Operator.
4.4.2 As soon as practicable after the date on which the Outgoing Operator is required to transfer its responsibilities as provided in Article 4.4.1, the Parties shall audit the Joint Account and conduct an inventory of all Joint Property and all Joint Petroleum and such inventory shall be used in the return of and the accounting for the said Joint Property and Joint Petroleum by the Outgoing Operator for the purposes of the transfer of responsibilities under this Article 4. All costs and expenses incurred in connection with such audit and inventory shall be for the Joint Account.
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Transfer of Responsibilities. 4.4.1 Upon the effective date of the resignation or removal of the Outgoing Operator, the Outgoing Operator shall hand over or deliver to, or relinquish custody in favor of, the Non-Operator selected to succeed it as Operator, or if no such selection has yet been made, then to the Non-Operator having the largest Percentage Interest (or, in the event that more than one Non-Operator shall equally hold the largest Percentage Interest, the nominee of the Outgoing Operator among such Non-Operators), all funds relating to the Joint Account, all Joint Property, all Joint Petroleum and all books, records and inventories relating to the Joint Operations other than those books, records and inventories maintained by the Outgoing Operator in its capacity as the owner of a Percentage Interest. The Outgoing Operator shall use its best efforts to transfer to the aforesaid Non-Operator, effective as of the effective date of such resignation or removal, its rights as Operator under all contracts exclusively relating to the Joint Operations and the aforesaid Non-Operator shall assume all obligations of Operator thereunder (other than obligations arising or relating to any period or time prior to such effective date). Pending such transfer and in relation to all other contracts relating to the Joint Operations (to the extent they so relate), the Outgoing Operator shall hold its rights and interests as Operator from such effective date for the account and to the order of the aforesaid Non-Operator and the Parties shall, from such effective date, indemnify and hold harmless the Outgoing Operator from all obligations thereunder except and to the extent that the same devolve upon the Party which is the Outgoing Operator in its capacity as the holder of a Percentage Interest or arise from any default, negligence or Wilful Misconduct of the Outgoing Operator in its capacity as Operator occurring prior to the effective date of its resignation or removal as Operator.
4.4.2 As soon as practicable after the date on which the Outgoing Operator is required to transfer its responsibilities as provided in Article 4.4.1, the Parties shall audit the Joint Account and conduct an inventory of all Joint Property and all Joint Petroleum and such inventory shall be used in the return of and the accounting for the said Joint Property and Joint Petroleum by the Outgoing Operator for the purposes of the transfer of responsibilities under this Article 4. All costs and expenses incurred in connection with such audit and inventory shall be for the Joint Account.
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