Common use of Management Standards Clause in Contracts

Management Standards. Subject to the terms hereof, the Manager will act in compliance with the provisions of this Agreement and, where this Agreement does not specifically establish a particular obligation or standard, (a) with respect to Assets subject to an Operating Agreement of which Manager or an Affiliate of the Manager is the Operator (and if the Owner or any of its subsidiaries is designated as the Operator of any Assets Owner shall take such actions as are necessary or appropriate to cause the Manager (or its designated Affiliate) to be designated as the Operator of same), in compliance with the terms of such Operating Agreement as they apply to the Assets; (b) with respect to Assets subject to an operating agreement of which the Manager (or its designated Affiliate) is not the Operator, as a Reasonably Prudent Operator consistent with generally acceptable standards for non-operated properties in the oil and gas business based on information regarding such operations furnished or otherwise obtained by the Manager and (c) with respect to Assets or business of the Owner not subject to an Operating Agreement, in a manner consistent with generally acceptable standards in the oil and gas business. The Manager shall have no obligation to advance funds for the account of the Owner or to pay any sums of its own in connection with the performance of the actions which it is authorized or required to take on behalf of the Owner hereunder.

Management Standards. Subject to the terms hereof, the Manager will act in compliance with the provisions of this Agreement and, where this Agreement does not specifically establish a particular obligation or standard, (a) with respect to Assets subject to an Operating Agreement of which Manager or an Affiliate of the Manager is the Operator (and if the Owner or any of its subsidiaries is designated as the Operator of any Assets Owner shall take such actions as are necessary or appropriate to cause the Manager (or its designated Affiliate) to be designated as the Operator of same), ) in compliance with the terms of such Operating Agreement as they apply to the Assets; (b) with respect to Assets subject to an operating agreement of which the Manager (or its designated Affiliate) is not the Operator, as a Reasonably Prudent Operator consistent with generally acceptable standards for non-operated properties in the oil and gas business based on information regarding such operations furnished or otherwise obtained by the Manager and (c) with respect to Assets or business of the Owner not subject to an Operating Agreement, in a manner consistent with generally acceptable standards in the oil and gas business. The Manager shall have no obligation to advance funds for the account of the Owner or to pay any sums of its own in connection with the performance of the actions which it is authorized or required to take on behalf of the Owner hereunder.