Property Operation. 5.1 Concurrent with the execution of this, Services is hereby irrevocably appointed as the operator of the Property and shall carry out exploration and development programs on the Property on the following terms:
Property Operation. Except as set forth on Schedule 4.10, as to Xxxxx operated by TEG and, to Sefton’s Knowledge, as to Xxxxx operated by Third Parties, there is no Well that TEG is currently obligated by Law or contract or agreement to plug and abandon because the Well is not currently capable of producing in commercial quantities. Schedule 4.10 also sets forth an estimate of TEG’s plugging and abandonment obligations for its Xxxxx.
Property Operation. To the Company’s Knowledge: (i) the Producing Xxxxx operated by the Company have been drilled, completed, operated, developed and produced in material compliance with all applicable judgments, orders, laws, rules and regulations; and (ii) all necessary certificates, consents, permits, licenses and other governmental authorizations affecting the Major Properties have been obtained and are in force or the failure to obtain or to be in force would not constitute a Material Adverse Effect.
Property Operation. Between the Effective Date and the date which is five (5) Business Days prior to the expiration of the Due Diligence Period (the “Seller Discretion Period”), Seller may lease, operate, manage, and enter into contracts with respect to the Property in the ordinary course of business consistent with the practices and procedures of Seller prior to the date hereof, subject to the limitations contained below in this Section 7.1.3. During the Seller Discretion Period, Seller shall (i) promptly notify Purchaser in writing of the commencement of any negotiations pertaining to the modification of any existing Leases or Property Agreements or the execution of any new Leases or Property Agreements that will affect the Property after the Closing, (ii) promptly send to Purchaser a copy of all written offers, letters of intent, leases, lease amendments, contracts and contract amendments, in each case, that pertain to the modification of any existing Lease or Property Agreement or any new Lease or Property Agreement that are received from or sent to Seller, other than any such documents sent between Seller and any of its affiliates or any employees, counsel, agents or advisors of Seller or any of its affiliates, and (iii) prior to the expiration of the Seller Discretion Period, send Purchaser a true and complete copy of any modifications of any Lease or Property Agreement or new Leases or Property Agreements that Seller enters into accompanied by a statement of all Purchaser Leasing Costs (as defined in Section 10.3.4) that Purchaser would be responsible for under Section 10.3.4 hereof. Seller hereby notifies Purchaser that the Additional Leases have been sent to the tenants thereunder for execution. Following the expiration of the Seller Discretion Period, Seller shall not enter into any new lease, Lease modification, Property Agreement modification or contract that cannot be terminated prior to the Closing without the prior written approval of Purchaser (which approval may be given or withheld in Purchaser’s sole discretion). Notwithstanding the foregoing, in no event (even during the Seller Discretion Period) shall Seller (a) apply any tenant security deposits unless the applicable lease is terminated and the tenant thereunder has vacated its premises, (b) initiate any zoning reclassification of the Property or seek any variance under existing zoning ordinances applicable to the Property, or (c) impose any additional restrictive covenants or encumbrances on the Propert...
