Initial Operator. The party holding the single largest Interest shall be the initial Operator and shall be entitled to continue to act as Operator until it resigns or its Interest is reduced so that it ceases to hold the single largest Interest. Thereafter the party which was non-Operator, if it has consented, shall act as Operator until that time it resigns or its Interest is reduced so that it ceases to hold the single largest Interest. In the event the parties have equal Interests, Candev shall act as Operator.
Appears in 1 contract
Sources: Option Agreement (Candev Resource Exploration, Inc.)
Initial Operator. The Unless otherwise agreed to by the parties, the party holding the single largest Interest shall be the initial Operator and shall be entitled to continue to act as Operator until it resigns or its Interest is reduced so that it ceases to hold the single largest Interest. Thereafter the party which was non-Operator, if it has consented, shall act as Operator until that the time it resigns or its Interest is reduced so that it ceases to hold the single largest Interest. In the event the parties have equal Interests, Candev shall act as Operator.
Appears in 1 contract
Sources: Joint Venture Agreement (Silver Dragon Resources, Inc.)