Common use of Removal of Operator Clause in Contracts

Removal of Operator. Operator may be removed by an affirmative vote of the Parties owning a combined Working Interest of fifty percent (50%) or more of the remaining Working Interest after excluding the Operator's Working Interest if: ST/WD EPA JOA 9 (a) Operator becomes insolvent or unable to pay its debts as they mature, makes an assignment for the benefit of creditors, commits an act of bankruptcy, or seeks relief under laws providing for the relief of debtors; (b) a receiver is appointed for Operator or for substantially all of its property or affairs; (c) a Transfer of Interest by the Operator which reduces the Operator's Working Interest to less than twenty five percent (25%), whether accomplished by one or more Transfer of Interest; or (d) Operator commits a substantial breach of a material provision of this Agreement and fails to cure the breach within sixty (60) days after notice of the breach. If a petition for relief under the federal bankruptcy laws is filed by or against Operator, and if a federal bankruptcy court prevents the removal of Operator, all Non-operators and Operator shall comprise an interim operating committee to operate until Operator has elected to reject or assume this Agreement under the Bankruptcy Code. An election by Operator as a debtor-in-possession or by a trustee in bankruptcy to reject this Agreement shall be deemed to be a resignation by Operator without any action by the Non-operators, except the selection of a successor. To be effective, a vote to remove Operator for any cause described above must be taken within sixty (60) days after a Non-operator receives actual knowledge of the cause. A change of corporate name or structure of Operator shall not be deemed to be a resignation or basis for removing Operator.

Removal of Operator. Operator may be removed by an affirmative vote of the Parties owning a combined Working Interest of fifty fifty-one percent (5051%) or more of the remaining Working Interest after excluding the Operator's Working Interest if: ST/WD EPA JOA 9: (a) Operator becomes insolvent or unable to pay its debts as they mature, makes an assignment for the benefit of creditors, commits an act of bankruptcy, or seeks relief under laws providing for the relief of debtors; (b) a receiver is appointed for Operator or for substantially all of its property or affairs; (c) a Transfer of Interest by the Operator which reduces the Operator's Working Interest to less than twenty five percent (25%)the Working Interest of a Non-operator, whether accomplished by one or more Transfer of Interest; or (d) Operator commits a substantial breach of a material provision of this Agreement and fails to cure the breach within sixty thirty (6030) days after notice of the breach. If a petition for relief under the federal bankruptcy laws is filed by or against Operator, and if a federal bankruptcy court prevents the removal of Operator, all Non-operators and Operator shall comprise an interim operating committee to operate until Operator has elected to reject or assume this Agreement under the Bankruptcy Code. An election by Operator as a debtor-in-possession inpossession or by a trustee in bankruptcy to reject this Agreement shall be deemed to be a resignation by Operator without any action by the Non-operators, except the selection of a successor. To be effective, a vote to remove Operator for any cause described above must be taken within sixty (60) days after a Non-operator receives actual knowledge of the cause. A change of corporate name or structure of Operator shall not be deemed to be a resignation or basis for removing Operator.