Common use of Closing 27 Clause in Contracts

Closing 27. Section 9.2 Deliveries by the SN Parties 27 Section 9.3 Deliveries by Buyer 28 Article X. TERMINATION 28 Section 10.1 Termination of Agreement 28 Section 10.2 Effect of Termination. 29 Article XI. INDEMNIFICATION 29 Section 11.1 Indemnification 29 Section 11.2 Defense of Third-Party Claims 30 Section 11.3 Direct Claims 31 Section 11.4 Limitations 31 Section 11.5 Tax Treatment of Payment of Indemnity Costs 32 Section 11.6 Express Negligence Rule 32 Article XII. MISCELLANEOUS 32 Section 12.1 WAIVERS AND DISCLAIMERS 32 Section 12.2 Expenses 33 Section 12.3 Severability 33 Section 12.4 Notice 33 Section 12.5 Governing Law; Consent to Jurisdiction; Enforcement 34 Section 12.6 Confidentiality. 35 Section 12.7 Parties in Interest 36 Section 12.8 Assignment of Agreement 36 Section 12.9 Captions 36 Section 12.10 Counterparts 36 Section 12.11 Integration 36 Section 12.12 Amendment; Waiver 36 Section 12.13 Buyer Right of First Offer. 37 Section 12.14 Mitigation 38 Article XIII. INTERPRETATION 38 Section 13.1 Interpretation 38 Section 13.2 References, Gender, Number 39 Exhibit A — Assignment of Membership Interests Exhibit B-1 — Midstream Assets Exhibit B-2 — Assets Under Construction Exhibit C — Gathering Agreement Schedule 1.1 — Knowledge Schedule 1.2 — Pre-Existing Liabilities Schedule 3.4 — No Conflicts; Consents - SN Parties Schedule 4.2 — No Conflicts; Consents - the Company Schedule 4.10 — Material Contracts Schedule 4.12 — Preferential Rights Schedule 4.13 — Permits Schedule 6.3 — Operations of the Company Schedule 6.5 — Insurance THIS PURCHASE AND SALE AGREEMENT (this “Agreement”), is entered into on September 25, 2015 (the “Execution Date”), by and among ▇▇▇▇▇▇▇ Energy Corporation, a Delaware corporation (“SN”), SN Catarina, LLC, a Delaware limited liability company (“Seller” and, together with SN, the “SN Parties”) and ▇▇▇▇▇▇▇ Production Partners LP, a Delaware limited partnership (“Buyer”). The above-named entities are sometimes referred to in this Agreement each as a “Party” and collectively as the “Parties.”

Closing 27. The Closing 27 Section 4.2 Deliveries at the Closing 27 ARTICLE V REPRESENTATIONS AND WARRANTIES OF SELLERS 29 Section 5.1 Organization, Standing and Power 30 Section 5.2 Authority; Noncontravention 30 Section 5.3 Real Properties 30 Section 5.4 Assets; Sufficiency of and Title to the Purchased Assets 32 Section 5.5 Intellectual Property 32 Section 5.6 Privacy and Data Security. 34 Section 5.7 Litigation; Governmental Investigations 35 Section 5.8 Material Contracts; Debt Instruments. 35 Section 5.9 Employees; Labor Matters 37 Section 5.10 Benefit Plans 38 Section 5.11 Licenses 39 Section 5.12 Restrictions on Business Activities 39 Section 5.13 Insurance 39 Section 5.14 Environmental Matters 40 Section 5.15 No Brokers 40 Section 5.16 Taxes. 40 Section 5.17 Material Suppliers 42 Section 5.18 Material Customers 42 Section 5.19 Transactions with Related Parties 42 Section 5.21 No Other Representations 43 ARTICLE VI REPRESENTATIONS AND WARRANTIES OF PURCHASER 43 Section 6.2 Authority; Noncontravention 43 Section 6.3 Financial Ability 44 Section 6.4 No Brokers 44 Section 6.5 No Other Representations 44 ARTICLE VII COVENANTS 45 Section 7.1 Conduct of Business Pending Closing 45 Section 7.2 Access to Information 48 Section 7.3 Consents 48 Section 7.4 Further Assurances; Support of Transaction 48 Section 7.5 Bankruptcy Covenants 49 Section 7.6 Employee Matters 50 Section 7.7 Use of Name 53 Section 7.8 License Approvals 54 Section 7.9 Access to Insurance Policies 54 Section 7.10 Public Announcements 54 Section 7.11 Seller Confidentiality 55 Section 7.12 Sale Free and Clear 55 Section 7.13 Wrong Pocket 55 Section 7.14 Seller Disclosure Schedule and Additional Schedules 56 ARTICLE VIII TAX MATTERS 56 Section 8.1 [Reserved]. 56 Section 8.2 Transfer Taxes 56 Section 8.3 Cooperation on Tax Returns and Tax Proceedings 56 Section 8.4 Property Taxes 57 Section 8.5 Apportionment 57 Section 8.6 Tax Structure. 57 Section 8.7 Bulk Sales Laws. 57 ARTICLE IX CONDITIONS 57 Section 9.1 Conditions to Each Party’s Obligations 57 Section 9.2 Deliveries by Conditions to the SN Parties 27 Obligations of Purchaser 58 Section 9.3 Deliveries by Buyer 28 Article X. Conditions to the Obligations of Sellers 58 ARTICLE X TERMINATION 28 procedures 59 Section 10.1 Termination of Agreement 28 59 Section 10.2 Effect of Termination. 29 Article XI. INDEMNIFICATION 29 Section 11.1 Indemnification 29 Section 11.2 Defense of Third-Party Claims 30 Section 11.3 Direct Claims 31 Section 11.4 Limitations 31 Section 11.5 Tax Treatment of Payment of Indemnity Costs 32 Section 11.6 Express Negligence Rule 32 Article XII. MISCELLANEOUS 32 Section 12.1 WAIVERS AND DISCLAIMERS 32 Section 12.2 Fees and Expenses 33 Section 12.3 Severability 33 Section 12.4 Notice 33 Section 12.5 Governing Law; Consent to Jurisdiction; Enforcement 34 Section 12.6 Confidentiality. 35 Section 12.7 Parties in Interest 36 Section 12.8 Assignment of Agreement 36 Section 12.9 Captions 36 Section 12.10 Counterparts 36 Section 12.11 Integration 36 Section 12.12 Amendment; Waiver 36 Section 12.13 Buyer Right of First Offer. 37 Section 12.14 Mitigation 38 Article XIII. INTERPRETATION 38 Section 13.1 Interpretation 38 Section 13.2 References, Gender, Number 39 Exhibit A — Assignment of Membership Interests Exhibit B-1 — Midstream Assets Exhibit B-2 — Assets Under Construction Exhibit C — Gathering Agreement Schedule 1.1 — Knowledge Schedule 1.2 — Pre-Existing Liabilities Schedule 3.4 — No Conflicts; Consents - SN Parties Schedule 4.2 — No Conflicts; Consents - the Company Schedule 4.10 — Material Contracts Schedule 4.12 — Preferential Rights Schedule 4.13 — Permits Schedule 6.3 — Operations of the Company Schedule 6.5 — Insurance THIS PURCHASE AND SALE AGREEMENT (this “Agreement”), is entered into on September 25, 2015 (the “Execution Date”), by and among ▇▇▇▇▇▇▇ Energy Corporation, a Delaware corporation (“SN”), SN Catarina, LLC, a Delaware limited liability company (“Seller” and, together with SN, the “SN Parties”) and ▇▇▇▇▇▇▇ Production Partners LP, a Delaware limited partnership (“Buyer”). The above-named entities are sometimes referred to in this Agreement each as a “Party” and collectively as the “Parties.”60

Closing 27. Closing 27 Section 9.2 Deliveries by the SN Parties Seller’s Closing Obligations 27 Section 9.3 Deliveries by Buyer Buyer’s Closing Obligations 28 Article ARTICLE X. TERMINATION Post Closing Actions 28 Section 10.1 Termination Transfer of Agreement Files 28 Section 10.2 Effect of Termination. Operational Transition 29 Article Section 10.3 Notifications by Buyer 29 ARTICLE XI. INDEMNIFICATION Accounting Adjustments 29 Section 11.1 Indemnification Adjustments for Revenues and Expenses 29 Section 11.2 Defense of Third-Party Claims Initial Adjustment at Closing 30 Section 11.3 Direct Claims Adjustment Post Closing 30 Section 11.4 Additional Adjustments 30 ARTICLE XII. Assumption and Indemnification 31 Section 11.4 Limitations 12.1 Assumption and Indemnification By Buyer 31 Section 11.5 12.2 Indemnification By Seller 31 Section 12.3 Survival of Provisions 32 Section 12.4 Limitation on Seller’s Indemnity Obligations 33 Section 12.5 Notice of Claim 33 Section 12.6 No Commissions Owed 33 Section 12.7 Calculation of Loss 33 Section 12.8 Tax Treatment of Payment of Indemnity Costs 32 Section 11.6 Express Negligence Rule 32 Article XIIPayments 34 ARTICLE XIII. MISCELLANEOUS 32 Section 12.1 WAIVERS AND DISCLAIMERS 32 Section 12.2 Expenses 33 Section 12.3 Severability 33 Section 12.4 Notice 33 Section 12.5 Governing Law; Consent to Jurisdiction; Enforcement Casualty Losses 34 Section 12.6 Confidentiality13.1 Losses 34 ARTICLE XIV. Notices 34 Section 14.1 Notices 35 ARTICLE XV. Miscellaneous Matters 35 Section 12.7 Parties in Interest 15.1 Further Assurances 36 Section 12.8 Assignment 15.2 Waiver of Consumer Rights 36 Section 15.3 Parties Bear Own Expenses/No Special Damages 36 Section 15.4 No Sales Taxes 36 Section 15.5 Entire Agreement 36 Section 12.9 Captions 36 Section 12.10 Counterparts 36 Section 12.11 Integration 36 Section 12.12 Amendment; Waiver 36 Section 12.13 Buyer Right of First Offer. 15.6 Amendments, Waivers 37 Section 12.14 Mitigation 38 Article XIII. INTERPRETATION 15.7 Choice of Law and Venue iv 37 Section 15.8 Time of Essence 37 Section 15.9 No Assignment 37 Section 15.10 Successors and Assigns 37 Section 15.11 No Press Releases 37 Section 15.12 Counterpart Execution, Fax Execution 38 Section 13.1 Interpretation 15.13 Exclusive Remedy 38 Section 13.2 15.14 Imputed Knowledge and Waiver 38 Section 15.15 Like Kind Exchange 39 Section 15.16 References, GenderTitles and Construction 39 Section 15.17 Severability v 40 Exhibits - A Leases: Gross Leased Mineral Acres, Number 39 Exhibit A — Assignment of Membership Interests Exhibit B-1 — Midstream Assets Exhibit B-2 — Assets Under Construction Exhibit C — Gathering Agreement Schedule 1.1 — Knowledge Schedule 1.2 — Pre-Existing Liabilities Schedule 3.4 — No Conflicts; Consents - SN Parties Schedule 4.2 — No Conflicts; Consents - the Company Schedule 4.10 — Material Contracts Schedule 4.12 — Preferential Rights Schedule 4.13 — Permits Schedule 6.3 — Operations of the Company Schedule 6.5 — Insurance THIS PURCHASE AND SALE AGREEMENT (this “Agreement”)Net Leased Mineral Acres, is entered into on September 25, 2015 (the “Execution Date”), by Net Revenue Interest and among ▇▇▇▇▇▇▇ Energy Corporation, a Delaware corporation (“SN”), SN Catarina, LLC, a Delaware limited liability company (“Seller” and, together with SN, the “SN Parties”) and ▇▇▇▇▇▇▇ Production Partners LP, a Delaware limited partnership (“Buyer”). The above-named entities are sometimes referred to in this Agreement each as a “Party” and collectively as the “Parties.”Working Interest