Commitment ▇▇▇▇▇ Sample Clauses

Commitment ▇▇▇▇▇. (a) Beginning on the Effective Date, EnCana will be responsible for paying 100% of the Carried Well Costs attributable to the interests of the Parties, up to the Carry Amount, to drill and Complete (or plug and abandon with the drilling rig), horizontal ▇▇▇▇▇ landed in the Assigned Interval at locations of STML’s choice in the South Block in accordance with the provisions of this Article III and the AFEs (each such well, subject to the terms hereof, a “Commitment Well” and collectively, the “Commitment ▇▇▇▇▇”). (b) STML will be the operator of the Commitment ▇▇▇▇▇. (c) EnCana may not non-consent the drilling or Completion of a Commitment Well.
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Commitment ▇▇▇▇▇. Buyer shall have timely satisfied its commitment to drill, complete, equip and connect (or plug, abandon and reclaim) at least twelve (12) Commitment ▇▇▇▇▇, as described in Section 4.1.
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Commitment ▇▇▇▇▇. (a) Seller represents that Seller has agreed with Operator and the other Working Interest owners in the Properties to participate in: (i) the drilling of the two (2) ▇▇▇▇▇ identified as items 1 and 2 on Exhibit B at legal locations on the Initial Leases (the “Commitment ▇▇▇▇▇”) to the respective vertical depths and/or horizontal extents, as applicable, selected by Operator; (ii) the testing of each Commitment Well prior to Operator’s decision whether to complete such well; and (iii) either the plugging and abandonment of such Commitment Well as a dry hole or the completion (including the performance of hydraulic fracturing or other formation stimulation operations) and equipping of such Commitment Well for production (including the installation of production facilities). Seller further represents that, as of the First Closing Date, drilling operations for both Commitment ▇▇▇▇▇ are underway at the locations on the Initial Leases shown on the plats attached hereto in Section 1 of Schedule 5.2. Also attached hereto as Section 2 of Schedule 5.2 are the authorities for expenditure (“AFEs”) provided by the Operator to Seller in connection with the first Commitment Well and the second Commitment Well. (b) With respect to both Commitment ▇▇▇▇▇, Buyer agrees to participate with Seller in the drilling, testing, and plugging and abandonment or completion and equipping for production operations described in Section 5.2(a). As the result of such agreement to participate, and subject to the terms of Section 5.2(c), Buyer shall bear and pay, or shall reimburse Seller if Seller has paid, the portion attributable to Buyer’s Ownership Interest of all Drilling Costs and Completion Costs incurred in connection with the Commitment ▇▇▇▇▇, and Buyer shall have no separate election under the Operating Agreement whether to participate in the drilling or completion of either Commitment Well. At the First Closing, Buyer shall increase the amount of the Initial Purchase Price paid by Buyer to Seller by an amount equal to the portion attributable to Buyer’s Ownership Interest of all Drilling Costs incurred in connection with the first and second Commitment ▇▇▇▇▇ as to which Seller has received and paid invoices from the Operator prior to the First Closing Date (the “Commitment Well Reimbursement”). (c) Notwithstanding the preceding provisions of this Section 5.2, if the aggregate costs and expenses (on a 100% Working Interest basis) incurred in connection with the drilling, testing, a...
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Related to Commitment ▇▇▇▇▇

  • Loan Commitment Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Company herein set forth, the Lender hereby agrees to lend to the Company on the Closing Date and thereafter up to $209,900,000 in the aggregate (the "Loan") consisting of $104,950,000 of 7-year Tranche advances and $104,950,000 of 10-year Tranche advances. The Lender's commitment to make the Loan to the Company pursuant to this Section 2.1 is herein called the "Loan Commitment."

  • Revolving Loan Commitment Each Lender with a Revolving Loan Commitment agrees to make loans on a revolving basis (“Revolving Loans”) from time to time until the Termination Date in such Lender’s Pro Rata Share of such aggregate amounts as the Company may request from all Lenders; provided that the Revolving Outstandings will not at any time exceed Revolving Loan Availability.

  • Term Loan Commitment As to each Term Loan Lender, the amount equal to such Term Loan Lender’s Term Loan Commitment Percentage of the aggregate principal amount of the Term Loans from time to time outstanding to the Borrower.

  • Revolving Commitment Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each Revolving Lender severally agrees to make revolving credit loans (“Revolving Loans”) to the Borrowers from time to time from the Effective Date until the Termination Date, or such earlier date as the Revolving Commitments shall have been terminated as provided herein for the purposes hereinafter set forth (provided, that, all Revolving Loans made prior to the Effective Time (as defined in the Merger Agreement) shall be made to Speedway Funding); provided, however, that (x) the sum of the aggregate principal amount of outstanding Revolving Loans at any time shall not exceed the Revolving Committed Amount and (y) the sum of the aggregate principal amount of outstanding Revolving Loans on the Effective Date shall not exceed $20,000,000 (which outstanding amount shall result only from borrowings of Revolving Loans the proceeds of which are used to finance the Offer (as defined in the Merger Agreement) and for fees and expenses related to the Merger); provided, further, (i) with regard to each Revolving Lender individually, such Lender’s share of outstanding Revolving Obligations shall not exceed such Lender’s Revolving Commitment Percentage of the Revolving Committed Amount and (ii) with regard to the Revolving Lenders collectively, the aggregate principal amount of outstanding Revolving Obligations shall not exceed ONE HUNDRED MILLION DOLLARS ($100,000,000) (as such aggregate maximum amount may from time to time be increased pursuant to Section 2.6 or reduced as provided in Section 3.3). Revolving Loans may consist of Base Rate Loans or Eurodollar Loans, or a combination thereof, as the Borrowers may request and may be repaid and reborrowed in accordance with the provisions hereof; provided, however, that no more than six Eurodollar Loans shall be outstanding hereunder at any time with respect to Revolving Loans. For purposes hereof, Eurodollar Loans with different Interest Periods shall be considered as separate Eurodollar Loans, even if they begin on the same date and have the same duration, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new Eurodollar Loan with a single Interest Period.

  • L/C Commitment (a) Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other Lenders set forth in Section 3.4(a), agrees to issue Letters of Credit upon the request and for the account of the Borrower (and for the benefit of the Borrower or any Subsidiary of the Borrower) on any Business Day during the Revolving Commitment Period in such form as may be approved from time to time by such Issuing Lender; provided that no Issuing Lender shall issue any Letter of Credit if, (i) after giving effect to such issuance, (A) the L/C Exposure would exceed the L/C Commitment or (B) the aggregate amount of the Available Revolving Commitments would be less than zero or (C) unless otherwise agreed to by such Issuing Lender, the L/C Exposure with respect to all Letters of Credit issued by such Issuing Lender would exceed such Issuing Lender’s Specified L/C Commitment or (ii) such Issuing Lender shall have received written notice from the Administrative Agent or the Borrower, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Section 5.2 shall not have been satisfied. On the Restatement Effective Date, each Existing Letter of Credit shall be deemed to be a Letter of Credit issued hereunder for the account of the Borrower. Each Letter of Credit shall (i) be denominated in Dollars and (ii) expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date that is five Business Days prior to the Revolving Termination Date (as it may be extended, so long as the Available Revolving Commitments of all Continuing Lenders would equal or exceed zero following such extension); provided, however, that any Letter of Credit, whether newly requested or an existing Letter of Credit that is extended or automatically renewed, may have an expiration date after the Revolving Termination Date (so long as such expiration date remains in compliance with clause (x) above) so long as the Borrower cash collateralizes such Letter of Credit at 101% of the available face amount of such Letter of Credit on or prior to the date which is five Business Days prior to the Revolving Termination Date and the Administrative Agent and the relevant Issuing Lender providing such Letter of Credit agree to such expiration date at the time such Letter of Credit or extension is requested or at the time such existing Letter of Credit is to be automatically renewed, as applicable; provided further that any Letter of Credit (other than a Letter of Credit to which Section 2.18(c)(ii) applies) with a one-year term may provide for the renewal thereof for additional one-year periods (which shall only extend beyond the date referred to in clause (y) above if the condition described in the first proviso of this sentence is satisfied). (b) No Issuing Lender shall at any time be obligated to issue any Letter of Credit if (i) any order, judgment or decree of any Governmental Authority or arbitrator having jurisdiction over the Issuing Lender shall by its terms (x) purport to enjoin such Issuing Lender from issuing such Letter of Credit, or any Requirement of Law applicable to such Issuing Lender shall prohibit such Issuing Lender from the issuance of letters of credit, generally, or such Letter of Credit, in particular or (y) impose upon such Issuing Lender with respect to any such Letter of Credit any reserve, capital or liquidity requirement (for which such Issuing Lender is not compensated hereunder or otherwise by agreement of the Borrower) not in effect on the Restatement Effective Date or impose on such Issuing Lender any loss, cost or expense (for which such Issuing Lender is not compensated hereunder or otherwise by agreement of the Borrower) which such Issuing Lender in good ▇▇▇▇▇ ▇▇▇▇▇ material to it or (ii) the issuance of such Letter of Credit would violate the legal, regulatory or compliance policies of such Issuing Lender applicable to letters of credit generally, in each case, to the extent such policies and prohibitions are implemented to comply with applicable law or regulation binding upon such Issuing Lender and are being applied with respect to the Borrower consistently with such application thereof to all similarly situated Borrowers under similar circumstances.