Farmor Obligations Sample Clauses

The 'Farmor Obligations' clause defines the specific duties and responsibilities that the farmor (the party transferring an interest in an oil and gas property) must fulfill under a farmout agreement. Typically, these obligations include actions such as funding or conducting exploration, drilling, or development operations on the property before the farmee (the receiving party) earns its interest. For example, the farmor may be required to drill a certain number of wells or achieve a particular production milestone. This clause ensures that the farmor's commitments are clearly outlined, thereby providing certainty to both parties and reducing the risk of disputes over performance expectations.
Farmor Obligations. During the Interim Period, the Farmor shall continue to meet all of its material obligations under the Contract, agree to be bound by the terms of the JOA as if the same were in effect and shall comply with the following:
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Farmor Obligations. During the Interim Period, Farmor shall comply with the following:
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Farmor Obligations. A. During the Interim Period, Farmor shall comply with the following: (i) Farmor shall promptly notify Farmee and provide details upon the occurrence of: (a) any written notice of default or termination received or given by Farmor with respect to the Contract, (b) any written notice of any pending or threatened claim, demand, action, suit, inquiry or proceeding related to the Contract, (c) any material damage, destruction or loss to major assets under the Contract, or (d) any new event or condition between the date of this Agreement and the Approval Date that (i) would have a material adverse effect on the business, operations, or results of operations under the Contract, taken as a whole, or (ii) would render impossible Farmee’s right to the Assignment. (ii) Farmor agrees to consult with Farmee before voting on material decisions under the Contract during the Interim Period. (iii) Farmor agrees to retain US $2,000,000 from the funds received by it in connection with the transactions contemplated hereunder and under the Exchangeable
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Farmor Obligations. As of the Effective Date, Farmor shall promptly notify Farmee and provide details upon the occurrence of: a) Any written notice of default or termination received or given by Farmor with respect to the J-V Agreement, the Buenavista Contract or the JOA; b) Any written notice of any pending or threatened claim, demand, action, suit, inquiry or proceeding related to the J-V Agreement, the Buenavista Contract or the JOA; c) Any material damage, destruction or loss to major assets under the J-V Agreement, the Buenavista Contract or the JOA; or d) Any event or condition occurring or existing at any time between the Effective Date and the Closing Date that (i) would have a material adverse effect on the business, operations, financial condition or results of operations under the Buenavista Contract or the JOA, taken as a whole, or (ii) would render impossible Farmee’s right to the assignment contemplated hereunder.
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Farmor Obligations. A. During the Interim Period, Farmor shall comply with the following: (i) Farmor shall promptly notify Farmee and provide details upon the occurrence of: (a) any written notice of default or termination received or given by Farmor with respect to the Contract, (b) any written notice of any pending or threatened claim, demand, action, suit, inquiry or proceeding related to the Contract, (c) any material damage, destruction or loss to major assets under the Contract, or (d) any new event or condition between the date of this Agreement and the Approval Date that (i) would have a material adverse effect on the business, operations, or results of operations under the Contract, taken as a whole, or (ii) would render impossible Farmee’s right to the Assignment. (ii) Farmor agrees to consult with Farmee before voting on material decisions under the Contract during the Interim Period. (iii) ▇▇▇▇▇▇ agrees to retain US $2,000,000 from the funds received by it in connection with the transactions contemplated hereunder and under the Exchangeable Note (the “Qinnan Reserve”). Farmor shall spend the Qinnan Reserve during the Interim Period in accordance with the approved Work Program and minimum expenditure obligations under the Contract; subject to the receipt of any required approvals or consents necessary to undertake such work and in the exercise of its reasonable, good-faith discretion as Operator. Notwithstanding the foregoing, the creation and expenditure of the Qinnan Reserve shall not waive or mitigate Farmee’s obligation to reimburse all such expenses in connection with the Sunk Cost Reimbursement or payment of Contract Expenses. B. Farmor shall provide Farmee unfettered access, at Farmee’s expense, to data collected during their CBM screening assessment, drilling and reconnaissance program, as well as any and all data collected to date during Exploration Operations. C. Farmor acknowledges the Farmee is obliged to offer to transfer to a Shell Entity up to fifty percent (50%) of Farmee’s interest in the Contract (once earned) and the JOA on a once only basis exercisable at any time during the life of the Contract. In this regard, Farmor undertakes to provide its consent to such transfers in the future (such transfers still being subject to necessary consents from appropriate Government authorities and other Contract counterparties). Notwithstanding the foregoing, Farmor shall have no liability if Farmee is unable to obtain such consents.
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Related to Farmor Obligations

  • Prior Obligations I represent that my performance of all terms of this Agreement as a consultant of the Company has not breached and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by me prior or subsequent to the commencement of my Relationship with the Company, and I will not disclose to the Company, or use, any inventions, confidential or non-public proprietary information or material belonging to any current or former client or employer or any other party. I will not induce the Company to use any inventions, confidential or non-public proprietary information or material belonging to any current or former client or employer or any other party.

  • Contractor Obligations EXPIRATION OR TERMINATION. Upon expiration or termination of this Contract, Contractor shall: (a) continue to fulfill its warranty obligations with respect to any Services sold hereunder and all provisions of the Contract that, by their nature, would continue beyond the expiration, termination, or cancellation of the Contract shall so continue and survive; and (b) promptly return to Purchaser all keys, badges, and other materials supplied by Purchaser for the performance of any Purchase Order entered into pursuant to this Contract.

  • Buyer Obligations During the Delivery Term, Buyer shall arrange and be responsible for transmission service, including risk of transmission outage or curtailment, from the Delivery Point and bear all risks and costs associated with such transmission service, including, but not limited to, any transmission outages or curtailment. During the Delivery Term, Buyer shall Schedule or arrange for Scheduling Coordinator services with its Transmission Providers to receive the Product at the Delivery Point. During the Delivery Term, Buyer shall be responsible for all CAISO costs and charges, electric transmission losses and congestion from the Delivery Point.

  • ▇▇▇▇▇ OBLIGATIONS A ▇▇▇▇▇▇▇'s acceptance of funds directly under the Grant or indirectly through a subaward acts as acceptance of the authority of the State, under the direction of the legislative audit committee, to conduct an audit or investigation in connection with those funds. In accordance with the legislative audit committee, DFPS can request any documentation, at any time, to be sent to DFPS to a location DFPS chooses. Examples of documentation that DFPS may request include, but are not limited to: 1. Participant files in their entirety. This includes, but is not limited to: a. Progress notes. b. Action plans. c. Registration forms. d. Surveys. e. Sign-in sheets. f. Monthly tracking forms.

  • Developer Obligations In accordance with applicable NYISO requirements, Developer shall maintain satisfactory operating communications with Connecting Transmission Owner and NYISO. Developer shall provide standard voice line, dedicated voice line and facsimile communications at its Large Generating Facility control room or central dispatch facility through use of either the public telephone system, or a voice communications system that does not rely on the public telephone system. Developer shall also provide the dedicated data circuit(s) necessary to provide Developer data to Connecting Transmission Owner and NYISO as set forth in Appendix D hereto. The data circuit(s) shall extend from the Large Generating Facility to the location(s) specified by Connecting Transmission Owner and NYISO. Any required maintenance of such communications equipment shall be performed by Developer. Operational communications shall be activated and maintained under, but not be limited to, the following events: system paralleling or separation, scheduled and unscheduled shutdowns, equipment clearances, and hourly and daily load data.