Operation of the Assets Prior to Closing. From and after the date of the execution of this Purchase Agreement and until Closing, and subject to the provisions of applicable operating and other agreements, McMoRan shall use its commercially reasonable efforts to cause other operators to, operate and administer the Assets in a good and workmanlike manner consistent with its past practices, and shall carry on its business with respect to the Assets in substantially the same manner as before execution of this Purchase Agreement. McMoRan shall use its commercially reasonable efforts to preserve in full force and effect all the Assets.
Operation of the Assets Prior to Closing. From and after the date of execution of this Agreement and until Closing, and subject to the provisions of applicable oil and gas or other Minerals leases and other agreements, Sellers shall administer the Assets in a good and workmanlike manner consistent with their past practices, and shall carry on their business with respect to the Assets in substantially the same manner as before execution of this Agreement; provided, however, without the written consent of Buyer, Sellers shall not enter into any new leases or other agreements providing for future leases relating to the Assets from the execution hereof until Closing or termination of this Agreement. Sellers shall provide Buyer with timely notice of all matters requiring action with respect to the Assets, including, without limitation, notices of forced pooling actions, and shall act cooperatively with Buyer with respect to such actions.
Operation of the Assets Prior to Closing. (a) From and after the date of the execution of this Agreement and until Closing, and subject to the provisions of applicable operating and other agreements, the IPP Parties shall, and shall use commercially reasonable efforts to cause other operators to, operate and administer the Assets in a good and workmanlike manner consistent with their past practices, and shall carry on their business with respect to the Assets in substantially the same manner as before execution of this Agreement. The IPP Parties shall use commercially reasonable efforts to preserve in full force and effect all oil and gas leases, operating agreements, easements, rights-of-way, permits, licenses and agreements that relate to the Assets.
Operation of the Assets Prior to Closing. During the period commencing on the date hereof and terminating upon the Closing or the termination of this Agreement, Seller shall not, without Buyer's prior consent (i) propose or conduct any operation with respect to the Assets reasonably expected to cost Seller in excess of $50,000, (ii) consent to any operation with respect to the Assets reasonably expected to cost Seller in excess of $50,000 that is proposed by any third party and for which consent may be given after the Closing Date, (iii) enter into any contract with a term in excess of 6 months, or (iv) reduce or terminate (or cause to be reduced or terminated) any insurance coverage now held in connection with the Assets.
Operation of the Assets Prior to Closing. From the date hereof until Closing, Seller, if within its reasonable power to do so: (1) shall not create any lien, security interest or other encumbrance with respect to its interest in the Assets or enter into any agreement for the sale, disposition or encumbrance of any of its interest in the Assets, or dedicate, sell, encumber or, without notifying Buyer, dispose of any oil and gas production, except in the ordinary course of business; (2) shall maintain all material agreements comprising or affecting the Assets in full force and effect and comply with all express or implied covenants contained therein; (3) shall pay or cause to be paid all material costs and expenses incurred in connection with its interest in the Assets before the earlier of forty-five (45) days from receipt or the date on which they became delinquent.
Operation of the Assets Prior to Closing. (a) From and after the date of the execution of this Agreement and until Closing, and subject to the provisions of applicable operating and other agreements, Sellers shall, and shall use their commercially reasonable efforts to cause other operators to, operate and administer the Assets in a good and workmanlike manner consistent with its past practices, and shall carry on their business with respect to the Assets in substantially the same manner as before execution of this Agreement. Sellers shall use their commercially reasonable efforts to preserve in full force and effect all oil and gas leases, operating agreements, easements, rights-of-way, permits, licenses and agreements that relate to the Assets.
Operation of the Assets Prior to Closing. From and after the date of execution of this Agreement and until Closing, and subject to the provisions of applicable oil and gas or other Mineral leases, Seller shall administer the Assets in a good and workmanlike manner consistent with its past practices, and shall carry on its business with respect to the Assets in substantially the same manner as before execution of this Agreement; provided, however, unless approved by Buyer in writing, which consent shall not be unreasonably withheld, Seller shall not engage in any leasing activity nor execute, amend , or waive any right set forth in a document that is, or would be if executed, a Basic Document, relating to the Assets.
Operation of the Assets Prior to Closing. Except as set forth in Paragraph 26 below, Seller is not aware of any legally binding agreements presently existing, except in the ordinary course of business, that may cause Seller prior to Closing, or Buyer after Closing, to acquire assets related to the Assets or otherwise improve the Assets.
Operation of the Assets Prior to Closing. From the date hereof until Closing, Seller, if within Seller’s reasonable power to do so: (1) shall not abandon any well capable of commercial production, or release or abandon all or any part of its interest in the Assets without Buyer’s prior written consent; (2) shall cause the Assets to be developed, maintained or operated in a manner materially consistent with prior operations; (3) shall not commence or agree to participate in any operation on the Assets anticipated to be conducted after Closing and to cost in excess of twenty five thousand dollars ($25,000) per operation net to Buyer’s interest without Buyer’s prior written consent; (4) shall not create any lien, security interest or other encumbrance with respect to their interest in the Assets or enter into any agreement for the sale, disposition or encumbrance of any of their interest in the Assets, or dedicate, sell, encumber or, without notifying Buyer, dispose of any oil and gas production, except in the ordinary course of business on a contract which is terminable on not more than thirty (30) days notice; (5) shall maintain in force all insurance policies covering their interest in the Assets; (6) shall maintain all agreements comprising or affecting the Assets in full force and effect and comply with all express or implied covenants contained therein; (7) shall pay or cause to be paid all material costs and expenses incurred in connection with their interest in the Assets before the earlier of forty-five (45) days from receipt or the date on which they became delinquent; and (8) shall maintain in all material respects the Assets taken as a whole in good and effective operating condition.
Operation of the Assets Prior to Closing. From the date hereof until the Closing Date, except as otherwise consented to by Buyer in writing, Seller shall (i) not mortgage, pledge or subject to any security interest any of the Assets; (ii) not enter into any termination or amendment of any material agreement affecting the Assets except in the ordinary course of business; (iii) not enter into any settlement of any Litigation in excess of $50,000 involving any of the Assets or cause a surrender of the Assets; (iv) not consent to the entry of any decree or order by a governmental body or pay any fine having an adverse effect of more than $5,000 to the Assets; (v) not enter into any agreement affecting the Assets with a term in excess of thirty (30) days, unless such transaction is in the ordinary course of business and is terminable without penalty on notice of ninety (90) days or less; (vi) use its best efforts to take all action necessary to comply with any Preference Right or Transfer Requirement affecting the Assets; and (vii) use its best efforts not to subject to any lien, claim or encumbrance any of the Assets.
