Duties of Operator. 9.1 The Operator will be required to ensure that all Operations are conducted in accordance with the terms and conditions of Operating Programs approved by the Board or Management Committee, as applicable, and in connection therewith will, in advance if reasonably possible, notify the Board or Management Committee, as applicable, of any material change in Operations and of any anticipated event that may have a material effect upon Operations. 9.2 The Operator will appoint a project manager to conduct the day-to-day management and supervision of Operations (the “Project Manager”). The Project Manager will be authorized to do or cause to be done, under the direction of the Operator, all things necessary or advisable to carry out any Operations Plan and Operating Programs approved by and other directions of the Board or Management Committee, as applicable. 9.3 The Operator will have the following specific duties and obligations: (a) to prepare and submit Operations Plans for the approval of the Board or Management Committee, as applicable; (b) to prepare and submit for the approval of the Board or Management Committee, as applicable, an Operating Program for each Operating Year; (c) to implement, at the expense and on behalf of the Company, using such contractors, if any, as the Operator deems appropriate, all approved Operating Programs; (d) to the extent there are funds in the Joint Account, to pay all Costs properly incurred promptly as and when due; (e) to comply with the provisions of all agreements or instruments of title under which the Assets are held; (f) to perform such assessment work or make payments in lieu thereof and pay such rentals, taxes or other payments and do all such other things as may be necessary to maintain the Properties in good standing, including, without limitation, staking and re-staking Mineral Rights, and applying in the name of the Company for Mineral Rights, property rights and other rights to and interests in Minerals; (g) to keep the Properties and Assets free of all liens and encumbrances (other than those which are permitted pursuant to the Joint Venture Shareholders’ Agreement) arising out of Operations and, in the event of any lien being filed, to proceed with diligence to contest and discharge the same; (h) to obtain and maintain all permits, approvals, consents, waivers and permissions as may be necessary or advisable to carry out any Operations Plan and the approved Operating Programs, whether from government, regulatory authority or otherwise; and (i) to perform its duties and obligations hereunder in accordance with sound and safe mining and engineering practices and in compliance with all federal, provincial and municipal laws, bylaws, ordinances, rules, regulations, orders and permits or other approvals, consents waivers and permissions as are applicable to the Properties, any Mine or Operations. 9.4 The Operator, at the expense of the Company, will maintain the accounts of the Company and Joint Venture in accordance with the Accounting Procedure and, as to matters for which provision is not made in the Accounting Procedure, in accordance with accounting practices generally accepted in the mining industry in Canada. 9.5 The Operator will maintain as the Joint Account one or more segregated bank accounts with a Canadian chartered bank to which all contributions of the Participants, insurance proceeds and other project revenues and no other amounts will be deposited, and from which all Costs and no other accounts will be paid.
Appears in 1 contract
Sources: Share Purchase Agreement
Duties of Operator. 9.1 The Operator will be required (a) Subject to ensure that all Operations are conducted in accordance with the terms of this Agreement ------------------ and conditions all other agreements of Operating Programs approved by the Board or Management Committeeparties, as applicable, Operator shall operate and in connection therewith will, in advance if reasonably possible, notify maintain the Board or Management Committee, as applicable, of any material change in Operations and of any anticipated event that may have a material effect upon OperationsPO/MTBE Facility.
9.2 The (b) Operator will appoint a project manager to conduct shall supervise, manage, direct and control all aspects of the day-to-day management operations and supervision maintenance of Operations the PO/MTBE Facility, including the processing, disposal and/or loading of waste materials and by- products generated by the PO/MTBE Facility.
(c) Operator shall utilize standard operating procedures with respect to the operation of the PO/MTBE Facility consistent with the Operating Policies and reasonably acceptable to Owner (the “Project Manager”"Operating Procedures"). The Project Manager will Operator shall consult with Owner with respect to any material non-emergency deviations and, if time permits, material emergency deviations from the Operating Procedures that Operator desires to make.
(d) Operator shall carry out such periodic performance tests of the PO/MTBE Facility as Operator deems necessary or as Owner may otherwise reasonably request, and recommend to Owner any remedial action that Operator considers necessary to correct any operational deficiencies arising from the analysis of the test results or otherwise revealed during operation of the PO/MTBE Facility.
(e) Operator shall maintain sufficient numbers of trained and qualified (and, if required, licensed) personnel to perform the services required under this Agreement.
(f) Operator shall prepare and maintain daily operating logs and records regarding the operation and maintenance of the PO/MTBE Facility.
(g) Operator shall provide such information for technical evaluation of the PO/MTBE Facility as may be authorized to do reasonably requested by Owner and as Operator deems reasonably necessary.
(h) Operator shall perform or cause to be doneperformed, under or contract for and oversee the direction performance of the Operatorall maintenance, all things necessary or advisable repair and testing services as shall be required to carry out scheduled inspections, periodic overhauls, unscheduled maintenance and any Operations Plan and Operating Programs approved by and other directions of the Board or Management Committee, as applicablemajor breakdown repairs.
9.3 The (i) Operator will have the following specific duties and obligationsshall cause to be maintained:
(ai) all roads, yards, walkways, environmental compliance equipment and utilities of the PO/MTBE Facility;
(ii) the PO/MTBE Facility's tool room equipment and instruments pertaining to prepare the PO/MTBE Facility; and
(iii) the PO/MTBE Facility's fire protection, health equipment and submit Operations Plans safety equipment.
(j) Operator shall carry out the reading, testing and any calibration of meters owned by Owner, as Operator deems reasonably necessary or as requested by Owner, and attend and witness the reading, testing and calibration of the meters carried out by Owner's customers.
(k) Operator shall cause security to be provided for the PO/MTBE Facility and cause Emergency situations to be responded to promptly.
(l) Operator shall schedule deliveries of fuel and feedstocks, monitor the sufficiency of fuel, electricity and feedstocks delivered to the PO/MTBE Facility in terms of quantity and quality and provide forecasts of fuel and feedstock requirements.
(m) Operator shall implement and supervise a preventive maintenance program in accordance with the Operating Policies.
(n) In no event shall Operator be obligated to operate the PO/MTBE Facility in any manner which, in Operator's reasonable judgment, presents a safety or environmental hazard, nor shall Operator operate the PO/MTBE Facility in a manner over the objection of Owner, when, in Owner's reasonable judgment, such manner of operation presents a safety or environmental hazard.
(o) Operator shall comply with all applicable governmental laws, regulations and rules of any federal, state or local governmental authority having jurisdiction with respect to the PO/MTBE Facility. Without limiting the generality of the foregoing, Operator shall be responsible for the preparation of all applications with respect to, and shall use its best efforts to maintain, all permits and licenses that are required to be maintained for the operation and maintenance of the PO/MTBE Facility.
(p) Operator shall cooperate with Owner to identify and implement process and operational changes which are to correct operational deficiencies in the PO/MTBE Facility, and to design and execute maintenance and capital improvement projects for the PO/MTBE Facility.
(q) Operator shall perform engineering activities with respect to the management, operation and maintenance of the PO/MTBE Facility; provided, however, Owner may contract for such engineering services as it deems appropriate from time to time and Operator shall cooperate in using such services.
(r) Operator shall confer with and obtain the consent of Owner with respect to all proposed material agreements that Operator may enter into in connection with Operator's duties as Operator.
(s) Operator shall keep Owner fully advised with respect to the negotiation of collective bargaining agreements relating to Operator employees engaged in the operation, maintenance and support of the PO/MTBE Facility hereunder; provided, however, the terms and conditions of such collective bargaining agreements shall not be subject to the approval of the Board or Management Committee, as applicable;Owner.
(bt) Operator shall use all reasonable efforts to prepare and submit maintain ISO 9002 registration for the approval PO/MTBE Facility.
(u) Operator shall use all reasonable efforts to continue the operation of the Board PO/MTBE Facility using supervisory personnel in the case of a work stoppage due to a strike or Management Committee, as applicable, an Operating Program for each Operating Year;other labor difficulty.
(cv) to implementOperator shall, at the expense and on behalf of the Company, using such contractors, if any, as the Operator deems appropriate, all approved Operating Programs;
(d) to the extent there are funds in the Joint Account, to pay all Costs properly incurred promptly as and when due;
(e) to comply consistent with the provisions of Article XIV hereof, maintain accurate books and records with respect to its operation of the PO/MTBE Facility hereunder and shall maintain and make available to Owner all agreements such books and records which demonstrate that all fees and charges paid or instruments payable by Owner hereunder have been computed in accordance with the terms of title under this Agreement.
(w) Notwithstanding any provisions contained herein to the contrary, in the case of any emergency endangering life, property or the environment ("Emergency"), Operator shall have the right to take all such steps, including spending such sums which shall be reasonably necessary in the Assets are heldsole judgment of Operator, to protect such life, property or the environment; provided, however, that Operator shall use all reasonable efforts to consult with Owner before taking such steps unless the nature of such emergency, in the reasonable judgment of Operator, does not permit sufficient time to consult with Owner, in which case, Operator shall promptly following such event of emergency notify Owner of the steps taken in any such event of emergency.
(x) Operator shall handle di-sulfide oil ("DSO") and spent caustic within the confines of the PO/MTBE Facility and the Plant.
(i) Operator will load Owner's DSO and spent caustic in tank wagons. If requested by Owner, Operator will (A) arrange for the delivery on behalf of Owner of such DSO to Operator's unloading facility at Port ▇▇▇▇▇▇, Texas and (B) unload such DSO at such facility for delivery to a third party;
(fii) Operator shall not be obligated (A) to perform such assessment work deliver Owner's DSO to any third party under any contract Operator has entered into or make payments in lieu thereof and pay such rentals, taxes may enter into for the sale of Operator's DSO or other payments and do all such other things as may be necessary to maintain the Properties in good standing, including, without limitation, staking and re-staking Mineral Rights, and applying in the name of the Company for Mineral Rights, property rights and other rights to and interests in Minerals;
(gB) to keep enter into a contract with any third party for the Properties and Assets free sale of all liens and encumbrances (other than those which are permitted pursuant to the Joint Venture Shareholders’ Agreement) arising out of Operations and, in the event of any lien being filed, to proceed with diligence to contest and discharge the same;
(h) to obtain and maintain all permits, approvals, consents, waivers and permissions as may be necessary or advisable to carry out any Operations Plan and the approved Operating Programs, whether from government, regulatory authority or otherwiseOwner's DSO; and
(iiii) Owner shall indemnify Operator for any loss, claim, damage or liability arising out of or relating to perform Operator's handling or loading of Owner's DSO, except for losses, claims, damages or liabilities in connection therewith resulting from Operator's (a) gross negligence, (b) willful misconduct, (c) fraud or (d) intentional breach of this Agreement.
(y) Operator shall advise Owner promptly of regulatory and legislative changes affecting the PO/MTBE Facility of which Operator may become aware.
(z) Operator shall cause its duties employees to meet with representatives of Owner as may be reasonably requested by Owner at such times and obligations hereunder in accordance with sound and safe mining and engineering practices and in compliance with under such circumstances as will not unduly interrupt the operation of the PO/MTBE Facility or the Plant.
(aa) Operator shall use all federal, provincial and municipal laws, bylaws, ordinances, rules, regulations, orders and permits or other approvals, consents waivers and permissions as are applicable reasonable efforts to screen all persons admitted to the Propertiespremises of the PO/MTBE Facility for trade secret conflicts.
(ab) Operator shall promptly notify Owner of any changes in, or communications with respect to, any Mine permits, licenses or Operations.
9.4 The Operator, at EPA identification numbers related to the expense PO/MTBE Facility received by Operator or any other material communications of the Company, will maintain the accounts of the Company and Joint Venture in accordance with the Accounting Procedure and, as to matters for which provision is not made in the Accounting Procedure, in accordance with accounting practices generally accepted in the mining industry in Canada.
9.5 The Operator will maintain as the Joint Account one or more segregated bank accounts with a Canadian chartered bank governmental agency or third party related to which all contributions of the Participantssuch permits, insurance proceeds and other project revenues and no other amounts will be depositedlicenses, and from which all Costs and no other accounts will be paidnumbers or related matters.
Appears in 1 contract
Sources: Operating & Maintenance Agreement (Tioxide Americas Inc)
Duties of Operator. 9.1 The Operator will shall have the authority to incur expenses associated with the normal operation and maintenance as approved in the Authorization for Expenditures. At the expense of and on behalf of the Parties, the Operator shall use its commercially reasonable efforts to implement or cause to be required implemented all decisions approved by the Participants and to ensure that all Operations are conducted conduct the ordinary and usual business and affairs of the Parties in accordance with this Agreement and with any other Agreement in place upon any properties being developed. The duties of the Operator shall include, to the best of its ability, material compliance with the following terms:
(a) Execution, performance and implantation of contracts for the drilling, completion, dewatering and connection of ▇▇▇▇▇ drilled hereunder.
(b) Acquisition of any and all rights-of-way, permits and licenses that may be necessary or useful for the conduct of the business of this Agreement.
(c) Rendering for payment of all ad valorem taxes, assessments, and other impositions applicable to the Leases and all other property owned by the Participants.
(d) Preparation and execution and performance of contracts for the gathering, compression, dehydration and sale of oil, gas and coalbed methane (“CBM”), coal mine methane (“CMM”) associated with or involving the Leases.
(e) Maintenance of all books of accounts and other records of the properties subject of this Agreement.
(f) Retaining on behalf of the Parties and coordinating the rendering of services by all consultants, engineers, accountants and attorneys (except as to matters arising out of a disagreement among the Parties) necessary or appropriate, including the right to contract Independent Third Party Contract Operator Services for specific projects with the terms and conditions of Operating Programs approved by the Board or Management Committee, as applicable, and in connection therewith will, in advance if reasonably possible, notify the Board or Management Committee, as applicable, of any material change in Operations and of any anticipated event that may have a material effect upon Operationsthis Agreement.
9.2 The Operator will appoint a project manager (g) Payment of all debts and other obligations of the Parties related to conduct the properties, subject of this Agreement.
(h) Distribution of revenues and expenses pursuant to each Parties interests.
(i) Performance of other routine business functions, operations and management of day-to-day management the business and supervision of Operations (the “Project Manager”). The Project Manager will be authorized to do or cause to be done, under the direction affairs of the Operator, all things necessary or advisable to carry out any Operations Plan Parties in accordance with and Operating Programs approved as limited by and other directions the provisions of the Board or Management Committee, as applicablethis Agreement.
9.3 The Operator will have the following specific duties and obligations:
(aj) to prepare and submit Operations Plans for the approval Preparation of the Board or Management Committee, as applicable;
(b) to prepare and submit for the approval of the Board or Management Committee, as applicable, an Operating Program for each Operating Year;
(c) to implement, at the expense and on behalf of the Company, using such contractors, if any, as the Operator deems appropriate, all approved Operating Programs;
(d) to the extent there are funds draft AFE’s in the Joint Account, to pay all Costs properly incurred promptly as and when due;
(e) to comply accordance with the provisions of all agreements or instruments of title under which the Assets are held;herein.
(fk) to perform Compliance with all applicable rules and regulations of the governmental authorities having jurisdiction.
(l) Acquisition and maintenance of policies of insurance.
(m) In the event of an emergency, the taking of such assessment work or make payments in lieu thereof action and pay the making of such rentals, taxes or other payments and do all such other things expenditures as may be necessary to maintain and proper in Operation’s judgment for the Properties in good standingprotection of life and property; provided, includinghowever, without limitationas soon as practicable, staking and re-staking Mineral Rights, and applying in the name Operator shall notify the party of the Company for Mineral Rights, property rights nature of the emergency and other rights to and interests in Minerals;any actions taken.
(gn) to keep the Properties and Assets free of all liens and encumbrances (other than those which are permitted pursuant to the Joint Venture Shareholders’ Agreement) arising out of Operations and, in the event of any lien being filed, to proceed with diligence to contest and discharge the same;
(h) to obtain and maintain all permits, approvals, consents, waivers and permissions as may The Operator shall be necessary or advisable to carry out any Operations Plan and the approved Operating Programs, whether from government, regulatory authority or otherwise; and
(i) obligated to perform its duties as the Operator. In the exercise of its duties hereunder, the Operator shall exercise reasonable judgment to perform the duties of the Operator as specified herein in a ▇▇▇▇▇▇▇-like and obligations hereunder in accordance with sound and safe mining and engineering practices and in compliance with all federalprudent manner. Notwithstanding the foregoing, provincial and municipal laws, bylaws, ordinances, rules, regulations, orders and permits or other approvals, consents waivers and permissions as are applicable the Operator shall not be liable to the Properties, Parties for any Mine loss or Operations.
9.4 The Operator, at damage incurred by the expense Parties as a result of the Company, will maintain the accounts activities of the Company and Joint Venture in accordance with Operator hereunder, unless the Accounting Procedure and, as to matters for which provision loss or damage is not made in the Accounting Procedure, in accordance with accounting practices generally accepted in the mining industry in Canada.
9.5 The Operator will maintain as the Joint Account one or more segregated bank accounts with a Canadian chartered bank to which all contributions result of the Participants, insurance proceeds and other project revenues and no other amounts will be deposited, and from which all Costs and no other accounts will be paidgross negligence or willful misconduct of Operator in performing or observing the terms of this Agreement.
Appears in 1 contract
Sources: Participation and Operating Agreement (Gastar Exploration LTD)
Duties of Operator. 9.1 The During the Term, EPL, in its capacity as Operator will be required of Gatherer’s Systems, shall assume full control and responsibility for the efficient and safe performance of Pipeline Operations, subject to ensure that all Operations are conducted and in accordance with the terms of this Agreement. Except as otherwise provided herein, Gatherer hereby authorizes and conditions empowers Operator to do and perform any and all acts and things necessary, requisite, or proper for the efficient and safe performance of Operating Programs approved by the Board Pipeline Operations on or Management Committee, as applicable, and in connection therewith will, in advance if reasonably possible, notify with Gatherer’s Systems. Without limiting the Board or Management Committee, as applicable, of any material change in Operations and of any anticipated event that may have a material effect upon Operations.
9.2 The Operator will appoint a project manager to conduct the day-to-day management and supervision of Operations (the “Project Manager”). The Project Manager will be authorized to do or cause to be done, under the direction generality of the Operatorforegoing, all things necessary or advisable to carry out any Operations Plan and Operating Programs approved by and other directions the duties of the Board or Management Committee, as applicable.
9.3 The Operator will have the following specific duties and obligationsshall include:
(a) to prepare performing all design, engineering, construction, testing, planning, budgeting, and submit reporting functions associated with the safe and efficient performance of Pipeline Operations Plans for (including Expansion Projects, Well Connects, and Sustaining Projects), and the approval maintenance of the Board or Management Committee, books of account and records with respect thereto as applicableprovided herein;
(b) to prepare performing on behalf of Gatherer, in a safe and submit for efficient manner, the approval terms of the Board or Management CommitteeGathering Agreement and all activities that may be required to receive, as applicablegather, an Operating Program for each Operating Yearcompress and redeliver the Gas gathered in Gatherer’s Systems, including the scheduling of receipts and deliveries of Gas into and out of Gatherer’s Systems, maintaining adequate shipper inventory balances, and providing adequate control facilities;
(c) to implementprocuring and furnishing, at by purchase, lease or otherwise in Operator’s sole discretion, all necessary materials, equipment, spare parts, supplies, services, and labor, as well as executing, on its own behalf and not as the expense agent of Gatherer, all contracts, agreements, and on behalf of the Company, using such other commitments with contractors, if anysubcontractors, suppliers, service providers, and other vendors as are necessary, in each case, in connection with the Operator deems appropriate, all approved Operating Programssafe and efficient performance of Pipeline Operations;
(d) to the extent there are funds prompt payment and discharge of all expenses, costs, and liabilities incurred in the Joint Account, to pay all Costs properly incurred promptly as and when dueperformance of Pipeline Operations;
(e) periodically inspecting Gatherer’s Systems (as well as the cathodic protection system installed in or on, but not a part of, Gatherer’s Systems) for damage or other conditions which could affect the safe and efficient performance of Pipeline Operations and performing such repairs to comply with the provisions of all agreements or instruments of title under which the Assets are heldGatherer’s Systems as may be required;
(f) subject to perform the terms of Section 4.5, responsibility for the investigation, evaluation, appraisement, response, negotiation, resolution, and/or settlement of any disputes or controversies with any Governmental Entity having jurisdiction, or any Claims of other Persons, in each case relating to Gatherer’s Systems;
(g) employing such assessment work personnel, either directly or make payments in lieu thereof and pay such rentalsthrough one of its Affiliates, taxes or other payments and do all such other things as may be necessary to maintain the Properties in good standing, including, without limitation, staking and re-staking Mineral Rights, and applying in the name of the Company for Mineral Rights, property rights and other rights to and interests in Minerals;
(g) to keep the Properties and Assets free of all liens and encumbrances (other than those which are permitted pursuant to the Joint Venture Shareholders’ Agreement) arising out of Operations and, in the event of any lien being filed, to proceed with diligence to contest perform and discharge the sameOperator’s obligations and responsibilities under this Agreement;
(h) performing on behalf of Gatherer, in a safe and efficient manner, the terms of the Joint Use Agreement and otherwise taking all actions necessary or appropriate to obtain acquire, replace and maintain all permitsthe easements, approvalsrights-of-way, consentsfee surface interests, waivers and permissions as may be necessary or advisable to carry out any Operations Plan other surface rights (including surface rights required in connection with Expansion Projects, Well Connects, and the approved Operating ProgramsSustaining Projects) included in Gatherer’s Systems in Gatherer’s name, whether from government, regulatory authority or otherwise; and
(i) to perform its duties in full force and obligations hereunder in accordance with sound and safe mining and engineering practices effect and in compliance with all federalapplicable Laws and the terms of the Joint Use Agreement;
(i) maintaining in force and effect, provincial and municipal lawsrequiring all contractors and subcontractors to maintain in force and effect, bylawsinsurance having the coverage and in the amounts provided for in Section 6.1;
(j) maintaining Gatherer’s Systems at all times in the same condition as on the Effective Date, ordinancesordinary wear and tear and normal degradation of materials excepted, rulesand in such condition as is necessary for Gatherer’s Systems and Operator’s performance of Pipeline Operations to be in compliance with all applicable Laws;
(k) preparing and maintaining operating and maintenance procedures and manuals, regulationsmonitoring programs, orders contingency plans, and permits training programs as may be required by applicable Laws;
(l) preparing run tickets, daily status reports and other appropriate accounting records to document custody transfer, receipt and delivery of Gas, and sampling, measuring and reconciling Gas received as may be necessary to verify quality and quantity;
(m) preparing, filing, storing and maintaining in a manner such that they shall be available for periodic inspection by Gatherer all as-built drawings or descriptions of Gatherer’s Systems (including all Expansion Projects, Well Connects, and Sustaining Projects), construction and maintenance records, inspection and testing records, custody transfer documents, and such other records as may be required by applicable Laws;
(n) taking all actions as would a reasonable prudent pipeline operator duly and effectively to prevent, minimize, mitigate, respond to, and remedy emergencies, including any Release of Hazardous Materials, Petroleum Materials, or other approvalssubstances from Gatherer’s Systems or any other environmental or pipeline safety incident, consents waivers including filing reports with Governmental Entities having jurisdiction pertaining to any such Releases or other environmental or pipeline safety incidents;
(o) engaging and permissions managing such outside legal counsel, accountants, engineers, consultants, and other experts as are Operator reasonably determines may be necessary or appropriate in connection with Operator’s performance of Pipeline Operations;
(p) generally making available the Allocated EPL Personnel to consult with Gatherer at all reasonable times concerning any material issue relating to Gatherer’s Systems;
(q) using commercially reasonable efforts to cause Gatherer to be in compliance with, and prevent Gatherer from being in breach of or under, the terms of the Gathering Agreement, the Interconnect Agreements, the Downstream Transportation Agreements, any Third Person Gathering Contracts, the easements, rights-of-way, fee surface interests, and other surface rights included in Gatherer’s Systems, other contracts and agreements relating to Gatherer’s Systems, the Permits, and all applicable Laws;
(r) to the Propertiesextent GMX has installed or in the future installs Gas lift equipment on any well connected to Gatherers’ Systems, any Mine Operator shall operate and manage the Gas lift system in a prudent manner (the Parties acknowledge that GMX has equipped the great majority of its Cotton Valley ▇▇▇▇▇ with 2 3/8” production tubing and equipped them with Gas lift valves. The Cotton Valley formation ▇▇▇▇▇ produce water (barrels per Mcf) volumes that cause the ▇▇▇▇▇ to fill with water and not produce the formation Gas without the Gas lift system. Each of these ▇▇▇▇▇ currently requires 350 Mcf/day of Gas production from the tubing at the wellhead against a line pressure design of 50 psig to maintain minimum lift velocity of Gas through the water. The total Gas lift injection stream required to achieve minimum lift velocity to produce Gas from the formation is increased over the life of the well as the formation Gas rate declines, until such time as Gas measured at the Receipt Point, as that term is defined in the Gathering Agreement, is the same as Gas measured at the Reinjection Point, as that term is defined in the Gathering Agreement); and
(s) otherwise engage in such planning, perform such investigations, and formulate such proposals to or Operations.
9.4 The on behalf of Gatherer as Operator, at in its reasonable judgment, deems necessary to optimize the expense business of the Company, will maintain the accounts of the Company and Joint Venture in accordance Gatherer with the Accounting Procedure and, as respect to matters for which provision is not made in the Accounting Procedure, in accordance with accounting practices generally accepted in the mining industry in CanadaGatherer’s Systems.
9.5 The Operator will maintain as the Joint Account one or more segregated bank accounts with a Canadian chartered bank to which all contributions of the Participants, insurance proceeds and other project revenues and no other amounts will be deposited, and from which all Costs and no other accounts will be paid.
Appears in 1 contract