Existing Sales Contracts definition
Examples of Existing Sales Contracts in a sentence
Assignor may amend such Existing Sales Contracts and may enter into one or more Sales Contracts in the future at the prices and on the terms Assignor shall deem proper in Assignor's sole and absolute discretion, which may include sales to Affiliates of Assignor.
For such purpose, Sales of Subject Hydrocarbons may continue to be made pursuant to Existing Sales Contracts.
Grantee shall have the right, but not the obligation, to take in kind all Overriding Royalty Hydrocarbons which it is not obligated to take in kind pursuant to the terms of the preceding sentence; provided, however, Grantee shall not have the right to take in kind Overriding Royalty Hydrocarbons which are sold pursuant to the Existing Sales Contracts.
With respect to all Hydrocarbons attributable to the Subject Properties that are not sold under Existing Sales Contracts, Grantor shall sell, or cause to be sold, such Hydrocarbons pursuant to arm's length contracts with Approved Purchasers, containing provisions negotiated by Grantor as a prudent marketer.
Grantor shall perform and administer each Existing Sales Contract, but shall not amend, extend or renew any of the Existing Sales Contracts without Grantee's prior written consent, and upon Grantee's written request, Grantor shall take such actions as may be necessary to cause the Existing Sales Contracts to expire at the end of their respective terms, or if permitted under the terms thereof, to terminate prior to the expiration of their respective terms.
Upon Buyer giving Seller notice of Buyer's intention to take all or any portion of the Production Payment Hydrocarbons in kind or enter separate product sales contracts therefor pursuant to paragraph (b) of this Section 2, Seller shall give such notices and take other actions, if any, as may be required or appropriate to cause the relevant Existing Sales Contracts not to be extended or renewed, but to expire at the end of their then respective current terms.
The section further states that[XTO] may amend such Existing Sales Contracts and may enter into one or more Sales Contracts in the future at the prices and on the terms [XTO] shall deem proper in [XTO’s] sole and absolute discretion, which may include sales to affiliates of [XTO].
Buyer shall purchase a volume of crude oil equal to all crude oil produced from the Properties and attributable to Sellers’ interest in such Properties other than (a) Overriding Royalty Oil, (b) Overriding Royalty Oil attributable to Grantor-Marketed Properties from which Star VPP, LP has not elected to take production in kind, and (c) Overriding Royalty Oil subject to Existing Sales Contracts (as defined in the Conveyance and so used herein).
If any of the Hydrocarbons attributable to the Subject Properties are subject to existing production sales agreements which cannot or will not be terminated at Closing (the "Existing Sales Contracts"), then during the remaining term of each Existing Sales Contract, the Hydrocarbons which are subject to such Existing Sales Contracts shall continue to be sold and delivered at the contract price and terms applicable thereto.
Notwithstanding the foregoing, upon prior written notice by Grantee to Grantors, Grantee shall have the right to take in kind and separately dispose of all or any portion of the Grantor-Marketed Hydrocarbons, subject to the terms and restrictions of any such arm's length contracts or Existing Sales Contracts then in effect.