Unit Agreements Sample Clauses
A Unit Agreements clause establishes the terms under which multiple parties combine their interests in a specific area, typically for the joint development and operation of resources such as oil, gas, or minerals. This clause outlines how resources, costs, and revenues will be shared among the parties, and sets forth the procedures for decision-making, management, and dispute resolution within the unitized area. By consolidating operations and clarifying each party's rights and obligations, the clause helps to maximize efficiency, reduce duplication of efforts, and prevent conflicts over resource extraction.
Unit Agreements. We will issue the units under one or more unit agreements to be entered into between us and a bank or other financial institution, as unit agent. We may add, replace or terminate unit agents from time to time. We will identify the unit agreement under which each series of units will be issued and the unit agent under that agreement in the applicable prospectus supplement. The following provisions will generally apply to all unit agreements unless otherwise stated in the applicable prospectus supplement:
Unit Agreements. We will issue the units under one or more unit agreements to be entered into between us and a bank or other financial institution, as unit agent. We may add, replace or terminate unit agents from time to time. We will identify the unit agreement under which each series of units will be issued and the unit agent under that agreement in the applicable prospectus supplement. The following provisions will generally apply to all unit agreements unless otherwise stated in the applicable prospectus supplement: We and the applicable unit agent may amend any unit or unit agreement without the consent of any holder: • to cure any ambiguity, including modifying any provisions of the governing unit agreement that differ from those described below; • to correct or supplement any defective or inconsistent provision; or • to make any other change that we believe is necessary or desirable and will not adversely affect the interests of the affected holders in any material respect. We do not need any approval to make changes that affect only units to be issued after the changes take effect. We may also make changes that do not adversely affect a particular unit in any material respect, even if they adversely affect other units in a material respect. In those cases, we do not need to obtain the approval of the holder of the unaffected unit; we need only obtain any required approvals from the holders of the affected units. We may not amend any particular unit or a unit agreement with respect to any particular unit unless we obtain the consent of the holder of that unit, if the amendment would: • impair any right of the holder to exercise or enforce any right under a security included in the unit if the terms of that security require the consent of the holder to any changes that would impair the exercise or enforcement of that right; or • reduce the percentage of outstanding units or any series or class the consent of whose holders is required to amend that series or class, or the applicable unit agreement with respect to that series or class, as described below. Any other change to a particular unit agreement and the units issued under that agreement would require the following approval: • If the change affects only the units of a particular series issued under that agreement, the change must be approved by the holders of a majority of the outstanding units of that series; or • If the change affects the units of more than one series issued under that agreement, it must be app...
Unit Agreements. The unit agreements, unit operating agreements, joint operating agreements and facility operating agreements described in Part B of Schedule 2 attached to this Agreement (the "Unit Agreements");
Unit Agreements. Milnesand San ▇▇▇▇▇▇ Unit Agreement No. NMNM-070990X, dated March 17, 1969, effective August 1, 1969.