Common use of Ownership and Operations Clause in Contracts

Ownership and Operations. Except as provided in Section 10.1, upon and after Closing, BUYER shall assume and perform all the rights, duties, obligations and liabilities of ownership and operation of the Property, including without limitation: (i) all of SELLER's express and implied obligations and covenants under the terms of the Leases, the Related Contracts and all other orders and contracts to which the Property is subject; (ii) responsibility for all royalties, overriding royalties, production payments, net profits obligations, rentals, shut-in payments and other burdens or encumbrances to which the Property is subject accruing after the Effective Date; (iii) responsibility for compliance with all applicable laws, ordinances, rules and regulations pertaining to the Property, and the procurement and maintenance of all permits required by public authorities in connection with the Property; and (iv) all other obligations assumed by BUYER under this Agreement. With respect to (i) any part of the Property for which BUYER is not duly elected operator, or (ii) any non-operating interests in the Property being transferred to BUYER under this Agreement, BUYER shall assume full responsibility and liability for that portion of the foregoing rights, duties, obligations and liabilities for which non-operators are responsible. SELLER will remain responsible for all costs, expenses and liabilities incurred by SELLER in connection with the ownership or operation of the Property before the Effective Date, except those for which BUYER indemnifies SELLER, or which BUYER assumes in the Agreement.

Ownership and Operations. Except as provided in Section 10.15.1, upon and after Closing, BUYER shall assume and perform all the rights, duties, obligations and liabilities of ownership and operation of the Property, including without limitation: (i) all of SELLER's express and implied obligations and covenants under the terms of the Leases, the Related Contracts and all other orders and contracts to which the Property is subject; (ii) responsibility for all royalties, overriding royalties, production payments, net profits obligations, rentals, shut-in payments and other burdens or encumbrances to which the Property is subject accruing after the Effective Date; (iii) responsibility for compliance with all applicable laws, ordinances, rules and regulations pertaining to the Property, and the procurement and maintenance of all permits required by public authorities in connection with the Property; and (iv) all other obligations assumed by BUYER under this AgreementAssignment. With respect to (i) any part of the Property for which BUYER is not duly elected operator, or (ii) any non-operating interests in the Property being transferred to BUYER under this Agreement, BUYER shall assume full responsibility and liability for that portion of the foregoing rights, duties, obligations and liabilities for which non-operators are responsible. SELLER will remain responsible for all costs, expenses and liabilities incurred by SELLER in connection with the ownership or operation of the Property before the Effective Date, except those for which BUYER indemnifies SELLER, or which BUYER assumes in the Agreement.