Existing Operating Agreements Sample Clauses
The 'Existing Operating Agreements' clause defines how current operating agreements related to a business or entity are recognized and treated within a new contract or transaction. It typically specifies whether these agreements will remain in effect, be amended, or be superseded by the new arrangement, and may require parties to disclose all such agreements prior to closing. This clause ensures that all parties are aware of and account for any pre-existing obligations or governance structures, thereby preventing conflicts and promoting transparency in the transaction.
Existing Operating Agreements. At the First Closing, Buyer has executed and delivered to Seller ratifications, recording memoranda, and other appropriate documentation evidencing Buyer’s agreement to adopt, ratify, confirm, and agree to be bound by, and to assume and agree to pay, perform, and discharge its share of the obligations and Liabilities arising under, the terms of the Existing Operating Agreements with respect to its Ownership Interests in the Properties. At the Supplemental Closing, Buyer shall execute and deliver to Seller amendments to the Existing Operating Agreements and the recording memoranda executed in connection therewith that add to the descriptions of the respective Contract Areas contained therein the descriptions of, respectively, the Exhibit A-1 Supplemental Properties and the Exhibit A-2 Supplemental Properties conveyed to Buyer. Buyer acknowledges that Halcón Operating Co., Inc., has been designated as the “Operator” under the terms of each Existing Operating Agreement.
Existing Operating Agreements. Attached hereto as Annex I are true, complete, and current copies of the Existing Operating Agreements, which agreements are in full force and effect and are the only agreements in effect with respect to the matters described therein as of the date hereof.