Casing Point Election - Onshore Prospects Sample Clauses

Casing Point Election - Onshore Prospects. At such time as an Exploratory Well has been drilled to the final total depth on an Onshore Prospect, McMoRan shall notify Participant that the Casing Point has been reached on such well, and whether or not McMoRan recommends that an attempt be made to complete such well. McMoRan shall also furnish, if requested in writing by Participant, the estimated costs of completing and equipping the well and plugging and abandoning same if the completion is unsuccessful, and all well logs, core analyses and other information in its possession not theretofore furnished relevant to evaluation of a completion attempt. Within forty-eight (48) hours (inclusive of Saturday, Sunday and legal holidays) of receipt of such recommendation, Participant shall advise McMoRan whether or not it desires to participate in the recommended completion attempt. If McMoRan and Participant agree to attempt completion, McMoRan shall thereupon be authorized to proceed with the completion attempt and to charge the cost thereof as a Development Expenditure; provided, however, the cost of plugging and abandoning the well shall be charged as an Exploration Expenditure if the completion attempt is unsuccessful. If Participant does not elect to participate in such completion attempt, it shall have no further rights hereunder as to the Prospect involved. If McMoRan recommends abandonment without a completion attempt, McMoRan shall have the well plugged and abandoned, charging the cost thereof as an Exploration Expenditure. Additionally, if Participant does not elect to participate in a second or subsequent Exploratory Well in a particular Prospect, Participant shall have no further rights hereunder as to the Prospect involved.
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Related to Casing Point Election - Onshore Prospects

  • Defect Eliminated in Final Prospectus The foregoing indemnity agreements of the Company and Holders are subject to the condition that, insofar as they relate to any Violation made in a preliminary prospectus but eliminated or remedied in the amended prospectus on file with the SEC at the time the registration statement in question becomes effective or the amended prospectus filed with the SEC pursuant to SEC Rule 424(b) (the "Final Prospectus"), such indemnity agreement shall not inure to the benefit of any person if a copy of the Final Prospectus was timely furnished to the indemnified party and was not furnished to the person asserting the loss, liability, claim or damage at or prior to the time such action is required by the Securities Act.

  • Joint Election As a condition of the Units granted hereunder, you agree to accept any liability for secondary Class 1 National Insurance Contributions (the “Employer NICs”), which may be payable by the Company or your Employer with respect to the Units and/or payment of the Units and issuance of Shares pursuant to the Units, the assignment or release of the Units for consideration, or the receipt of any other benefit in connection with the Units. Without limitation to the foregoing, you agree to make an election (the “Election”), in the form specified and/or approved for such election by HMRC, that the liability for your Employer NICs payments on any such gains shall be transferred to you to the fullest extent permitted by law. You further agree to execute such other elections as may be required between you and any successor to the Company and/or your Employer. You hereby authorize the Company and your Employer to withhold such Employer NICs by any of the means set forth in Section III of the Agreement. Failure by you to enter into an Election, withdrawal of approval of the Election by HMRC or a joint revocation of the Election by you and the Company or your Employer, as applicable, shall be grounds for the forfeiture and cancellation of the Units, without any liability to the Company or your Employer.

  • Distribution Compliance Period The Purchaser agrees not to resell, pledge or transfer any Purchased Shares within the United States or to any U.S. Person, as each of those terms is defined in Regulation S, during the 40 days following the Closing Date.

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  • BENEFIT PAYMENT ELECTIONS Not earlier than 90 days, but not later than 30 days, before the Participant's annuity starting date, the Advisory Committee must provide a benefit notice to a Participant who is eligible to make an election under this Section 6.03. The benefit notice must explain the optional forms of benefit in the Plan, including the material features and relative values of those options, and the Participant's right to defer distribution until he attains the later of Normal Retirement Age or age 62. If a Participant or Beneficiary makes an election prescribed by this Section 6.03, the Advisory Committee will direct the Trustee to distribute the Participant's Nonforfeitable Accrued Benefit in accordance with that election. Any election under this Section 6.03 is subject to the requirements of Section 6.02 and of Section 6.04. The Participant or Beneficiary must make an election under this Section 6.03 by filing his election with the Advisory Committee at any time before the Trustee otherwise would commence to pay a Participant's Accrued Benefit in accordance with the requirements of Article VI.

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