Change of Operatorship Sample Clauses

The Change of Operatorship clause defines the process and conditions under which the operator of a joint venture or project may be replaced. Typically, this clause outlines the circumstances that can trigger a change, such as default, incapacity, or a vote by the other parties, and details the procedure for appointing a new operator, including notice requirements and transition obligations. Its core function is to ensure continuity and effective management of the project by providing a clear mechanism for replacing the operator if necessary, thereby minimizing disruption and protecting the interests of all parties involved.
Change of Operatorship. Operatorship of the ▇▇▇▇▇ shall have been transferred from Petrodome Operating, LLC to an operator designated by the Buyer and acknowledged by the State.
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Change of Operatorship. For Interests that will be operated by Seller in its capacity as Manager under the Management Agreement and Operator under the Operating Agreements, and except to the extent waived by Buyer, Seller will deliver to Buyer on or before the Closing Date evidence of the following: (1) that Seller has complied with the requirements of all laws and regulations relating to the transfer of operatorship, including those regarding the assumption of responsibility for the plugging and abandoning of each Well that is included in the applicable Interests or located on the Property; (2) that the appropriate bond, surety letter, letter of credit, or other financial security has been accepted by the relevant regulatory agency; and (3) that Seller has, to the extent possible under applicable regulations, obtained all necessary permits or transfers of permits to operate the applicable Interests and Property.
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Change of Operatorship. For ExxonMobil-operated Interests, and except to the extent waived by ExxonMobil, Buyer will deliver to ExxonMobil on or before the Closing Date evidence of the following: (1) that Buyer has complied with the requirements of all laws and regulations relating to the transfer of operatorship, including those regarding the assumption of responsibility for the plugging and abandoning of each Well that is included in the applicable Interests or located on the Property; (2) that the appropriate bond, surety letter, letter of credit, or other financial security has been accepted by the relevant regulatory agency; and (3) that Buyer has, to the extent possible under applicable regulations, obtained all necessary permits or transfers of permits to operate the applicable Interests and Property.
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Change of Operatorship. For XTO Energy-operated Interests, and except to the extent waived by XTO Energy, Buyer will deliver to XTO Energy on or before the Closing Date evidence of the following: (i) that Buyer has complied with the requirements of all laws and regulations relating to the transfer of operatorship, including those regarding the assumption of responsibility for the plugging and abandoning of each Well that is included in the applicable Interests or located on the Property; (ii) that the appropriate bond, surety letter, letter of credit, or other financial security has been accepted by the relevant regulatory agency; and (iii) that Buyer has, to the extent possible under applicable regulations, obtained all necessary designation of operator forms required by a governmental entity (to the extent delivered by non-operator third parties to Buyer), permits or transfers of permits to operate the applicable Interests and Property.
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Change of Operatorship. As promptly as practicable after Closing, the Existing Member shall file all change of operator forms required for the operation of the Assets or the Business with the applicable Governmental Authorities. The Company shall use its commercially reasonable efforts to ensure that such change of operator forms are approved as promptly as practicable after Closing.
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Change of Operatorship. For ExxonMobil-operated Interests, and except to the extent waived by ExxonMobil, Buyer will deliver to ExxonMobil on or before the Closing Date evidence of the following: (1) that Buyer has complied with the requirements of all laws and regulations relating to the transfer of operatorship (excluding, to the extent applicable, non-operator third party designations of operator forms required by a governmental entity), including those regarding the assumption of responsibility for the plugging and abandoning of each Well and abandonment or removal of each pipeline that is included in the applicable Interests or located on the Property; (2) that the appropriate bond, surety letter, letter of credit, or other financial security has been accepted by the relevant regulatory agency; and (3) that Buyer has, to the extent possible under applicable regulations, obtained all necessary designation of operator forms required by a governmental entity (to the extent delivered by non-operator third parties to Buyer), permits or transfers of permits to operate the applicable Interests and Property.
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Change of Operatorship. Buyer will deliver to Exxon on or before the Closing Date the following: (1) evidence of compliance with the requirements of all laws and regulations relating to the transfer of operatorship of the Formax Property, including those regarding the assumption of responsibility for the plugging and abandoning of each Well thereon, including, as applicable, evidence that the appropriate bond, surety letter, letter of credit, or other financial security has been accepted by the relevant regulatory agency; and
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Change of Operatorship. 7.01. Buyer must apply for and obtain, where possible under applicable regulations, regulatory approvals and permits and satisfy requirements of financial security to operate the Formax Property provided in Section 8.04.
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Change of Operatorship. Seller is currently the Operator under the ---------------------- Participation Agreement (with JOA) dated July 22, 1998, between Seneca Resources Corporation and Seller which deals in part with the operatorship on Vermilion Block 253, and the Joint Development Agreement dated July 30, 1998, between Seller, Seneca Resources Corporation and Chevron which deals in part with the operatorship on Vermilion Blocks 252 and 253. The Parties agree to use commercially reasonable efforts to obtain the written consent of the other Parties to such Agreements to any assignment of such Agreements (if an assignment is required) and the change of operatorship under those Agreements from Seller to Buyer. If by Closing the written consents have not been obtained to the satisfaction of Buyer, subject to Seller's transfer of all of its assets and properties that are not the subject of the transactions contemplated herein and in the other agreements referred to in Section 15.11 to an affiliate of Seller, Buyer shall have the option, at no additional cost and with no additional obligations, to acquire the partnership interests of Seller so as to accomplish a merger of Seller into Buyer or Buyer's designee.
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Related to Change of Operatorship

  • Change of Operations To: Members of Local Union 776 Dear Brothers and Sisters: As you know, we have a tentative agreement for the UPS Cartage Services, Inc. Supplemental Agreement. Article 2 of the re-negoti- ated CSI Supplement outlines the National Master UPS Agreement (NMA) Articles that may be applied to your Addendum. You will note that several NMA articles are not applicable. These are sub- jects that are either addressed in the CSI Supplement or are not op- erationally applicable to CSI. Where there are two provisions covering the same subject, one in the Local Addendum and one in the National Master UPS. Agree- ment, the following provisions of the National Master UPS Agree- ment shall apply:

  • Cessation of Operations Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

  • Control of Operations Without in any way limiting any party’s rights or obligations under this Agreement, the parties understand and agree that (a) nothing contained in this Agreement shall give Parent or the Company, directly or indirectly, the right to control or direct the other party’s operations prior to the Effective Time and (b) prior to the Effective Time, each of the Company and Parent shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over its operations.

  • TRANSFER OF OPERATIONS Purchaser shall be entitled to immediate possession of, and to exercise all rights arising under, the Assets from and after the time that the Restaurants open for business on the Closing Date, and operation of the Restaurants shall transfer at such time (the "Effective Time"). Except as expressly provided in this Agreement, all profits, losses, liabilities, claims, or injuries arising before the Effective Time shall be solely to the benefit or the risk of Seller. All such occurrences after the Effective Time shall be solely to the benefit or the risk of Purchaser. The risk of loss or damage by fire, storm, flood, theft, or other casualty or cause shall be in all respects upon Seller prior to the Effective Time and upon the Purchaser thereafter.

  • Change of business The Company shall procure that no substantial change is made to the general nature of the business of the Company or the Group from that carried on at the date of this Agreement.