Common use of Interim Operation Clause in Contracts

Interim Operation. Seller will continue the operation of the Properties in the ordinary course of its business (or, where Seller is not the operator of a Property, will continue its actions as a non-operator in the ordinary course of its business), and will not sell or otherwise dispose of any portion of the Properties, except for sales or other dispositions of (i) oil, gas and other minerals in the ordinary course of business after production, or (ii) equipment and other personal property or fixtures in the ordinary course of business where the same has become obsolete, is otherwise no longer necessary for the operation of the Properties, or is replaced by an item or items of at least equal suitability. Seller shall not sell any portion of the Properties valued in the aggregate of $500,000 or more without Buyer's written approval. Should Seller receive (or desire to make) any proposals to drill additional ▇▇▇▇▇ on the Oil and Gas Properties, or to conduct other operations which require consent of non-operators under the applicable operating agreement, it will notify Buyer of, and consult with Buyer concerning, such proposals. Any decisions with respect to such proposals shall be made mutually by Seller and Buyer after consultation. Seller shall not permit new production imbalances other than those scheduled on Exhibit 2.1(a)(ix) greater in value than $15,000 for the Oil and Gas Properties located in Kentucky and Tennessee or $6,000 for those Oil and Gas Properties located in West Virginia. Without expanding any obligations which Seller may have to Buyer, it is expressly agreed that Seller shall never have any liability to Buyer with respect to operation of a Property greater than that which it might have as the operator to a non-operator under the applicable operating agreement (or, in the absence of such an agreement, under the AAPL 610 (1989 Revision) form Operating Agreement), IT BEING RECOGNIZED THAT, UNDER CERTAIN OF SUCH AGREEMENTS AND SUCH FORMS, THE OPERATOR MAY NOT BE RESPONSIBLE FOR ITS OWN NEGLIGENCE, AND HAS NO RESPONSIBILITY OTHER THAN FOR GROSS NEGLIGENCE OR WILFUL MISCONDUCT.

Interim Operation. Seller will continue the operation of the Properties in the ordinary course of its business (or, where Seller is not the operator of a Property, will continue its actions as a non-operator in the ordinary course of its business), and will not sell or otherwise dispose of any portion of the Oil and Gas Properties, except for sales or other dispositions of (i) oil, gas and other minerals in the ordinary course of business after production, or (ii) equipment and other personal property or fixtures in the ordinary course of business where the same has become obsolete, is otherwise no longer necessary for the operation of the Properties, or is replaced by an item or items of at least equal suitability. Seller shall not sell any portion of the Properties valued in the aggregate of $500,000 or more without Buyer's written approval. Should Seller receive (or desire to make) any proposals to drill additional ▇▇▇▇▇ on the Oil and Gas Properties, or to conduct other operations which require consent of non-operators nonoperators under the applicable operating agreement, it will notify Buyer of, and consult with Buyer concerning, such proposals. Any , but any decisions with respect to such proposals shall be made mutually by Seller and Buyer after consultation. Seller shall not permit new production imbalances other than those scheduled on Exhibit 2.1(a)(ix) greater in value than $15,000 for its sole discretion, so long as the Oil and Gas Properties located decisions are made in Kentucky and Tennessee or $6,000 for those Oil and Gas Properties located in West Virginiathe ordinary course of business. Without expanding any obligations which Seller may have to Buyer, it is expressly agreed that Seller shall never have any liability to Buyer with respect to operation of a Property greater than that which it might have as the operator to a non-operator under the applicable operating agreement (or, in the absence of such an agreement, under the AAPL 610 (1989 Revision) form Operating Agreement), IT BEING RECOGNIZED THAT, UNDER CERTAIN OF SUCH AGREEMENTS AND SUCH FORMSFORM, THE OPERATOR MAY IS NOT BE RESPONSIBLE FOR ITS OWN NEGLIGENCE, AND HAS NO RESPONSIBILITY OTHER THAN FOR GROSS NEGLIGENCE OR WILFUL WILLFUL MISCONDUCT.

Interim Operation. Seller will continue the operation of the Properties in the ordinary course of its business (or, where Seller is not the operator of a Property, will continue its actions as a non-operator in the ordinary course of its business), and will not sell or otherwise dispose of any portion of the Properties, except for sales or other dispositions of (i) oil, gas and other minerals in the ordinary course of business after production, or (ii) equipment and other personal property or fixtures in the ordinary course of business where the same has become obsolete, is otherwise no longer necessary useful for the operation of the Properties, or is replaced by an item or items of at least equal suitability. Seller shall not sell any portion of the Properties valued in the aggregate of $500,000 or more without Buyer's written approval. Should Seller receive (or desire to make) any proposals to drill additional ▇w▇▇▇▇ on the Oil and Gas Properties, or to conduct other operations which require consent of non-operators under the applicable operating agreement, it will notify Buyer of, and consult with Buyer concerning, such proposals, and will not consent to any single operation exceeding $50,000 in cost (net to Seller's interest) without the consent of Buyer, which such consent will not be unreasonably withheld. Any If such proposed operation does not exceed $50,000 (net to Seller's interest) any decisions with respect to such proposals proposal shall be made mutually by Seller and Buyer after consultation. Seller shall not permit new production imbalances other than those scheduled on Exhibit 2.1(a)(ix) greater in value than $15,000 for its sole discretion, so long as the Oil and Gas Properties located decisions are made in Kentucky and Tennessee or $6,000 for those Oil and Gas Properties located in West Virginiathe ordinary course of business. Without expanding any obligations which Seller may have to Buyer, it is expressly agreed that Seller shall never have any liability to Buyer with respect to operation of a Property greater than that which it might have as the operator to a non-operator under the applicable operating agreement (or, in the absence of such an agreement, under the AAPL 610 (1989 Revision) form Operating Agreement), IT BEING RECOGNIZED THAT, UNDER CERTAIN OF SUCH AGREEMENTS AND SUCH FORMSFORM, THE OPERATOR MAY IS NOT BE RESPONSIBLE FOR ITS OWN NEGLIGENCE, AND HAS NO RESPONSIBILITY OTHER THAN FOR GROSS NEGLIGENCE OR WILFUL WILLFUL MISCONDUCT.

Interim Operation. Seller HOC will continue the operation of the Properties in the ordinary course of its business (orbusiness, where Seller is not the operator of a Property, Sellers will continue its their actions as a non-operator operators in the ordinary course of its their business), and without Buyer’s consent, will not sell or otherwise dispose of any portion of the Properties, except for sales or other dispositions of (i) oil, gas and other minerals in the ordinary course of business after production, or (ii) equipment and other personal property or fixtures in the ordinary course of business where the same has become obsolete, is otherwise no longer necessary for the operation of the Properties, or is replaced by an item or items of at least equal suitability. Seller shall not sell any portion of the Properties valued in the aggregate of $500,000 or more without Buyer's written approval. Should Seller receive (or desire to make) any proposals to drill additional ▇▇▇▇▇ on the Oil and Gas Properties, or to conduct other operations which require consent of non-operators under the applicable operating agreement, it will notify Buyer of, and consult with Buyer concerning, such proposals. Any , but any decisions with respect to such proposals shall be made mutually by Seller and Buyer after consultation. Seller shall not permit new production imbalances other than those scheduled on Exhibit 2.1(a)(ix) greater in value than $15,000 for its sole discretion, so long as the Oil and Gas Properties located decisions are made in Kentucky and Tennessee or $6,000 for those Oil and Gas Properties located in West Virginiathe ordinary course of business. Without expanding any obligations which Seller HOC may have to Buyer, it is expressly agreed that Seller HOC shall never have any liability to Buyer with respect to operation of a an Oil and Gas Property greater than that which it might have as the operator to a non-operator under the applicable operating agreement (or, in the absence of such an agreement, under the AAPL 610 (1989 Revision) form Operating Agreement), IT BEING RECOGNIZED THAT, UNDER CERTAIN OF SUCH AGREEMENTS AND SUCH FORMSFORM, THE OPERATOR MAY IS NOT BE RESPONSIBLE FOR ITS OWN NEGLIGENCE, AND HAS NO RESPONSIBILITY OTHER THAN FOR GROSS NEGLIGENCE OR WILFUL WILLFUL MISCONDUCT.