Return of Undivided Interest Sample Clauses
The 'Return of Undivided Interest' clause establishes the process by which a party's partial, non-specific ownership share in a property or asset is returned or relinquished. In practice, this clause typically applies when a co-owner or investor decides to withdraw from a joint venture or shared ownership arrangement, requiring the return of their proportional interest rather than a specific physical portion of the asset. Its core function is to ensure a clear and fair mechanism for unwinding shared ownership, preventing disputes over asset division and maintaining the integrity of the remaining ownership structure.
Return of Undivided Interest. Unless the Undivided Interest shall have been transferred to the Lessee pursuant to this Lease, the Lessee, at its own expense, shall, subject to the terms and conditions of the Operating Agreement and the Agency and Support Agreement, relinquish possession and use of the Undivided Interest to the Lessor or to any transferee or assignee of the Lessor upon the expiration or termination of the Lease Term by surrendering the same to the Lessor or such transferee or assignee at the respective locations of the Major Components thereof. Upon the return of the Undivided Interest pursuant to this Section 8.1, (x) the Production System shall be (i) if Enserch Exploration or any of its Affiliates is then the Operator or the operator of the Production System, in at least as good condition as required by Section 11.1 or (ii) if neither Enserch Exploration nor any of its Affiliates is then the Operator or the operator of the Production System, in at least as good condition as the Production System would be if it were maintained by a prudent operator which is in the business of maintaining and operating facilities similar to the Production System (which operator does not discriminate in such maintenance based on the leased status of the Production System or otherwise (including, without limitation, any discrimination with respect to the installation of Modifications required by Governmental Rules that may be phased in over a period of time that commences prior to and extends beyond the end of the Lease Term)), in compliance in all material respects with all then applicable Governmental Rules (including, without limitation, all Environmental Laws) and in such condition as will entitle the Platform to the same classification and rating from the
(1) a report of an engineer selected by the Lessee and reasonably acceptable to the Lessor certifying that the Undivided Interest is in the condition and state of repair and maintenance required by all then applicable Governmental Rules, together with such inspection reports, tests, and other data reasonably adequate to substantiate the conclusion reached in such report, or, if the Undivided Interest is not in the condition and state of repair and maintenance required by all then applicable Governmental Rules, such engineer shall provide a list of any discrepancies in such condition, and the Lessee, at its sole cost and expense, shall cause any such discrepancies to be fully corrected prior to the return of the Undivided Interest, ...
Return of Undivided Interest. Section 5.1. Return. Upon the early termination of this Facility Lease pursuant to Section 18.2 or, if the Facility Lessee shall fail to satisfy the requirements set forth in Section 16, the exercise of dispossessory remedies under Section 18.2 on or after the Expiration Date, the Facility Lessee, at its own expense, shall deliver possession of the Undivided Interest (together with the Owner Lessor’s Percentage Interest in all Modifications to the Facility that shall have become subject to the Head Lease pursuant to Section 9 of the Head Lease and this Facility Lease pursuant to Section 8.3 hereof), subject to the terms and conditions of the Support Agreement, to the Owner Lessor or any permitted transferee or assignee of the Owner Lessor. The Facility Lessee shall effect delivery of the Undivided Interest at its own cost and expense by surrendering the Undivided Interest into the possession of the Owner Lessor or such transferee or assignee and by executing and delivering to the Owner Lessor or such transferee or assignee an instrument or instruments in form and substance reasonably acceptable to the Owner Lessor evidencing surrender by the Facility Lessee of the Facility Lessee’s right to the Undivided Interest under this Facility Lease and to the possession thereof. In connection with such return, the Facility Lessee shall, subject to the terms and conditions of the Support Agreement, (a) assign, to the extent permitted by Applicable Law, and shall cooperate with all reasonable requests of the Owner Lessor for purposes of obtaining, or enabling the Equity Investor, the Owner Lessor or such transferees or assignees to obtain, any and all licenses, permits, approvals and consents of any Governmental Entities or other Persons that are or will be required to be obtained by the Equity Investor, the Owner Lessor or such transferee or assignee in connection with the use, operation or maintenance of the Facility and the Undivided Interest on or after such return in compliance with Applicable Law; and (b)
Return of Undivided Interest. 9 Section 5.1. Return.................................................................................. 10 Section 5.2. Condition Upon Return................................................................... 10 Section 5.3. Payments in Connection with Rejectable Offers........................................... 14 Section 5.4. Expenses................................................................................ 15 SECTION 6. LIENS............................................................................................ 15
Return of Undivided Interest. Upon termination of this Head Lease pursuant to Section 10.2 or, subject to Section 10.1, on the last day of the Head Lease Term, the Head Lessee shall return the Undivided Interest by delivering constructive possession of the same to the Head Lessor as is and where is without representation or warranty other than that the Undivided Interest is free and clear of all Sublessor's Liens, without any other liability or cost to the Head Lessee. The obligations of the Head Lessee under this Section 6 shall survive termination of this Head Lease.
Return of Undivided Interest. ▇▇▇▇▇▇▇▇▇ FACILITY LEASE (L1) -----------------------------
Return of Undivided Interest. 9 Section 5.1. Return...................................................... 9 Section 5.2. Condition Upon Return....................................... 10 Section 5.3. Expenses.................................................... 13 SECTION 6. LIENS............................................................... 13 SECTION 7. MAINTENANCE; REPLACEMENTS OF COMPONENTS............................. 13 Section 7.1. Maintenance................................................. 13 Section 7.2. Replacement of Components................................... 14 Section 7.3. Environmental Matters....................................... 15
Return of Undivided Interest. Section 5.1. Return. Upon expiration of the Facility Lease Term (or earlier than such date if required pursuant to the provisions of this Facility Lease) (the "Date of Return"), unless the Undivided Interest is being -------------- transferred to the Facility Lessee (or its designee) pursuant to Section 10 or ------------- 13, the Facility Lessee shall return the Undivided Interest (together with all -- Required Improvements, all Non-Severable Improvements, all other Improvements financed through this Facility Lease, if any, all logs and records relating to the Undivided Interest title to each of which shall vest in the Owner Lessor) to the Owner Lessor or any designee or transferee of the Owner Lessor by surrendering the Undivided Interest into the possession of the Owner Lessor or such designee or transferee at the location of the Facility on the Facility Site.
Return of Undivided Interest