Examples of Secondary assignment in a sentence
Should BEUSA elect to abandon the Initial Well, before or after making a completion attempt, Cadence will have the right to assume operations thereof at its own xxxx xxr its own account and will not deliver the Secondary Assignment provided below.
The undersigned, [SHIPOWNER], hereby instructs you to acknowledge directly in writing to the Assignee (which acknowledgement shall be addressed to Xxxxxx Xxxxxx, facsimile (212) 421 — 4420) receipt of this Notice of Secondary Assignment.
In addition to the 55% working interest in the Prospect Leases, as conveyed by the initial assignment in Paragraph 3, Cadence hereby agrees to convey an additional 20% working interest ix the Prospect Leases when the Initial Well has been drilled to the objective depth described in paragraph 5 (the "Secondary Assignment").
In addition, Administrative Agent shall have the right at any time to exchange the Secondary Assignment of Interest representing or evidencing the Pledged Interests or any portion thereof, for one or more additional or substitute Secondary Assignment of Interest representing or evidencing smaller or larger percentages of the Pledged Interests represented or evidenced thereby, subject to the terms thereof.
This Notice of Secondary Assignment and the applicable loss payable clauses in the form hereto attached as Annex I are to be endorsed on all policies and certificates of entry evidencing such insurance.
The Secondary Assignment shall be limited to the Selection Acreage and shall be subject to its proportionate share of existing landowners' royalties and an undivided 2% overriding royalty interest.
Administrative Agent shall have the right, at any time in its discretion upon the occurrence and during the continuance of an Event of Default and without notice to Pledgor, to transfer to, and to designate on the Secondary Assignment of Interest, any Person to whom the Pledged Interests are sold in accordance with the provisions hereof.
The undersigned, [SHIPOWNER], hereby instructs you to acknowledge directly in writing to the Assignee (which acknowledgement shall be addressed to Xxxxxx Xxxxxx, facsimile (000) 000-0000) receipt of this Notice of Secondary Assignment.