Common use of DISBURSEMENT TO W&T Clause in Contracts

DISBURSEMENT TO W&T. If the Escrow Agent receives a written notice from W&T signed by the then W&T representative stating that (i) a default has occurred and continues with respect to the obligation of BEEOO to make payments under Section 7.07.01(c) of the PSA Agreement, to make payments under Section 7.07.02(a)) of the PSA Agreement with respect to the Non-Operated Escrow Agreement or under the obligation of BEEOO to perform P&A Obligations with regard to the Operated Properties or the Non-Operated Properties in accordance with all notices, rules and regulations of the MMS and any other agency, body, or authority having jurisdiction over BEEOO and a written statement from W&T that W&T’s written notice has also been delivered to BEEOO via facsimile, then, on or after the third (3rd) Business Day after Escrow Agent’s receipt of such written notice, the Escrow Agent shall disburse to W&T the lesser of (1) the amount certified by W&T in its written notice or (2) the amount of the Escrow Property.