Oil Sample Clauses

Oil. To deliver to the credit of Lessor, free of cost, a Royalty of the equal percent ( %) part of all oil and any constituents thereof produced and marketed from the Leasehold.

Oil. The generic term used to describe all products including minerals and hydrocarbons other than natural gas or natural gas liquids.

Oil. The programs and measures to be adopted for the prevention of discharges of harmful quantities of oil shall include; (a) Compatible regulations for design, construction, and operation of vessels based on the following principles. (i) Each vessel shall have a suitable means of containing on board cargo oil spills caused by loading or unloading operations; (ii) Each vessel shall have a suitable means of containing on board fuel oils spills caused by loading or unloading operations, including those from tank vents and overflow pipes; (iii) Each vessel shall have the capability of retaining on board oily wastes accumulated during vessel operation; (iv) Each vessel shall be capable of off-loading retained oily wastes to a reception facility; (v) Each vessel shall be provided with a means for rapidly and safely stopping the flow of cargo or fuel oil during loading, unloading or bunkering operations in the event of an emergency; (vi) Each vessel shall be provided with suitable lighting to adequately illuminate all cargo and fuel oil handling areas if the loading, unloading or bunkering operations occur at night; (vii) Hose assemblies used on board vessels for oil loading, unloading, or bunkering shall be suitably designed, identified, and inspected to minimize the possibility of failure; and (viii) Oil loading, unloading, and bunkering systems shall be suitably designed, identified, and inspected to minimize the possibility of failure; and (b) Programs to ensure that merchant vessel personnel are trained in all functions involved in the use, handling, and stowage of oil and in procedures for abatement of oil pollution.

Oil. Contracts entered into with the purpose and effect of fixing prices on oil expected to be produced, sold or transported by Restricted Persons from its oil and gas properties, provided that at all times: (i) no such contract fixes a price for a term of more than 60 months except (A) contracts that are directly hedged to offset a longer term fixed rate contract and (B) contracts covering oil and gas properties in the Midway-Sunset Field which have a term not to exceed 84 months; (ii) the aggregate monthly production covered by all such contracts (determined, in the case of contracts that are not settled on a monthly basis, by a monthly proration reasonably acceptable to Administrative Agent) for any single month does not in the aggregate exceed 90% of Restricted Persons’ aggregate Projected Oil Production (determined, with respect to 2011 production only, with respect to Proved Reserves instead of Proved Developed Producing Reserves) anticipated to be sold in the ordinary course of Restricted Persons’ businesses for such month, and the aggregate monthly production covered by all such contracts referred to in Section 7.3(a)(i)(B) having a term of more than 60 months but not more than 84 months shall not in the aggregate exceed 60% of the Restricted Persons’ aggregate Projected Oil Production from the Midway-Sunset Field anticipated to be sold in the ordinary course of such Persons’ business for such month, (iii) except for letters of credit and the Collateral under the Security Documents with respect to Lender Hedging Obligations, no such contract requires any Restricted Person to put up money, assets or other security against the event of its nonperformance prior to actual default by such Restricted Person in performing its obligations thereunder, and (iv) each such contract is with a counterparty or has a guarantor of the obligation of the counterparty who (unless such counterparty is a Lender or one of its Affiliates) at the time the contract is made has long-term obligations rated A1 by ▇▇▇▇▇’▇ or A+ by S & P, or better, respectively, by either Rating Agency.