Farmee’s Obligations Clause Samples
Farmee’s Obligations. During the Interim Period Farmee shall comply with each of the following undertakings:
a. The Farmee agrees to indemnify and hold the Farmor and the Operator harmless for any claims, causes of action, or liabilities, which arise out of the drilling, completion, testing, production, crude commercialization or abandonment of the operations, including the contractual obligations and liabilities related to those activities, except in the case that Farmor or the Operator is guilty of Willful Misconduct or Gross Negligence.
b. The Farmee agrees to fulfill the requirements of the Government to hold the Transaction Interest, prior to the submission of the Assignment to the Government for the Government’s approval, and to maintain such requirements fulfilled during the period of the Contract.
c. The Farmee agrees to indemnify and hold the Farmor and the Operator harmless for any claims, causes of action, or liabilities, which arise out any circumstances that impede the effective assignment of the Transaction Interest to the Farmee, even in the case Government decides to terminate the Contract with the Farmor, except in the case that Farmor is guilty of Willful Misconduct or Gross Negligence.
Farmee’s Obligations. 2.1 The Farmee hereby undertakes to the Farmor, Altwood and the Buy-in Party, that subject as hereinafter set forth, the Farmee shall conduct the Farmin Works, and with the benefit of all funds deposited in the Farmin Account, bear and hold harmless and indemnify the Farmor and the Buy-in Party., against one hundred percent (100%) of the Farmin Works Costs, to the extent of the indemnity set forth in Clause 18;
2.2 If necessary, because of mechanical problems or bad hole conditions of whatever kind with the Drilling, other than impenetrable geological formations, the Farmee shall undertake the re-Spudding and re-Drilling of any such Farmin Well ("Substitute Farmin Well").