Resignation or Removal of Operator. Operator may resign at any time by giving written notice thereof to the Non-Operators. If Operator terminates its legal existence, no longer owns an interest in the any of the Oil & Gas Leases, or is no longer capable of serving as Operator, Operator shall be deemed to have resigned without any action required by the Non-Operators, except the selection of a successor. Prior to such time that a total sum of $2,000,000.00 is expended in connection with operations hereunder, Operator may be removed as Operator only upon one of the following: (a) by the unanimous vote of the Non-Operators, as evidenced by written notice provided to the Operator by the Non-Operators; or (b) for “good cause” (as defined below) by the vote of a majority in interest of the Non-Operators based upon the ownership as shown in Exhibit A. On and after such time that a total sum of $2,000,000.00 is expended in connection with operations hereunder, Operator may be removed as Operator at any time by the vote of a majority in interest of the Non-Operators based on ownership as shown in Exhibit A. For purposes hereof, “good cause” means (i) fraud, gross negligence, willful misconduct, and/or the material breach of, or inability to meet, the standards of operation contained in Article V.A; (ii) the material failure or inability to perform its obligations under this Agreement to the extent not cured within thirty (30) days from the date of its receipt of a written notice from a Non-Operator(s) detailing the event of good cause supporting Operator’s removal ─ or, if the noticed default concerns an operation then being conducted, within forty-eight (48) hours of Operator’s receipt of such notice (the “Initial Cure Period”); provided, however, if, despite Operator’s diligent efforts, Operator has failed to cure such default prior to the end of the Initial Cure Period, then the time period for curing such default shall be extended for up to an additional 30 days provided that Operator diligently continues its attempt to cure such default during such 30-day extension period; (iii) any decision by the Operator to go non-consent with respect any of the operations hereunder; (iv) any act of the Operator or any partner, shareholders, member, director, manager, officer, employee or agent of the Operator, in contravention of the terms or intent of any provision contained in this Agreement to the extent not cured within the Initial Cure Period; provided, however, if, despite Operator’s diligent efforts, ...
Resignation or Removal of Operator. Operator may resign at any time by giving written notice thereof to Non-Operators. If Operator terminates its legal existence, no longer owns an interest hereunder in the Contract Area, or is no longer capable of serving as Operator, Operator shall be deemed to have resigned without any action by Non-Operators, except the selection of a successor. Operator may be removed if it fails or refuses to carry out its duties hereunder, or becomes insolvent, bankrupt or is placed in receivership, by the affirmative vote of two (2) or more Non-Operators owning a majority interest based on ownership as shown on Exhibit “A” remaining after excluding the voting interest of Operator. Such resignation or removal shall not become effective until 7:00 o’clock A.M. on the first day of the calendar month following the expiration of ninety (90) days after the giving of notice of resignation by Operator or action by the Non-Operators to remove Operator, unless a successor Operator has been selected and assumes the duties of Operator at an earlier date. Operator, after effective date of resignation or removal, shall be bound by the terms hereof as a Non-Operator. A change of a corporate name or structure of Operator or transfer of Operator’s interest to any single subsidiary, parent or successor corporation shall not be the basis for removal of Operator.
Resignation or Removal of Operator. Operator may resign as operator and cancel this O&M Agreement at any time by giving written notice thereof to Owner on ninety (90) days prior written notice. Owner may remove Operator on thirty (30) days written notice to Operator. Upon any such removal or resignation prior to the expiration of the Term, this Agreement shall be terminated as set forth in Section 4.3.
Resignation or Removal of Operator. Operator may resign at any time by giving written notice thereof to Non-Operators. If Operator terminates its legal existence, no longer owns an interest hereunder in the Contract Area, or is no longer capable of serving as Operator, Operator shall be deemed to have resigned without any action by Non-Operators, except the selection of a successor. Operator may be removed only for good cause by the affirmative vote of Non-Operators owning a majority interest based on ownership as shown on Exhibit "A" remaining after excluding the voting interest of Operator; such vote shall not be deemed effective until a written notice has been delivered to the Operator by a Non-Operator detailing the alleged default and Operator has failed to cure the default within thirty (30) days from its receipt of the notice or, if the default concerns an operation then being conducted, within forty-eight (48) hours of its receipt of the notice. For purposes hereof, "good cause" shall mean not only gross negligence or wilful misconduct but also the material breach of or inability to meet the standards of operation contained in Article V.A or material failure or inability to perform its obligations under this agreement. OPERATING AGREEMENT
Resignation or Removal of Operator. (a) Operator may resign its duties and obligations under this Agreement at any time by giving Hesed written notice of not less than ninety (90) days. Upon resignation or termination, Operator shall immediately deliver to the new Operator (as selected by Hesed) copies of all records and information necessary for the new Operator to discharge its duties and obligations. Operator, after the effective date of removal or resignation, shall be bound by the terms hereof as a Non-Operator.
Resignation or Removal of Operator. Operator may resign at any time by giving one hundred eighty (180) days written notice thereof to Non-Operators. If Operator terminates its legal existence or is no longer capable of serving as Operator, Operator shall be deemed to have resigned without any action by Non-Operators, except the selection of a successor. Operator may be removed only for good cause. In the case of gross negligence, the Operator may be removed upon notice from Owner, such notice shall not be deemed effective until a written notice has been delivered to the Operator by Owner detailing the alleged default and Operator has failed to cure the default within thirty (30) days from its receipt of the notice or, if the default concerns an operation then being conducted, within forty-eight (48) hours of its receipt of the notice. For purposes hereof, "good cause" shall mean not only gross negligence or willful misconduct, but also the material breach of or inability to meet the standards of operation contained in this agreement or material failure or inability to perform its obligations under this Agreement.
Resignation or Removal of Operator. (a) Operator may resign as operator and terminate this Agreement in whole or as to any individual Facility at any time (an “Operator Resignation”) by giving written notice thereof to the Owners and, unless otherwise agreed by the Owners, such resignation shall be effective on the date that is the earlier of (a) the end of the twelfth full Month from the date of notice of an Operator Resignation, and (b) the date the applicable Owner or its Replacement Designee takes over the applicable O&M Services at the Facility or Facilities, as applicable, subject to such Operator Resignation.
Resignation or Removal of Operator. Operator may resign at any time by giving written notice thereof to the Non-Operator(s). If Operator terminates its legal existence, no longer owns an interest hereunder in the Contract Area, or is no longer capable of serving as Operator, Operator shall be deemed to have resigned without any action by Non-Operator(s), except the selection of a successor. Operator may be removed if it becomes insolvent, bankrupt or is placed in receivership. Such resignation or removal shall not become effective until 7:00 o’clock A.M. on the first day of the calendar month following the expiration of ninety (90) days after the giving of notice of resignation by Operator, unless a successor Operator has been selected and assumes the duties of Operator at an earlier date. Operator, after the effective date of resignation or removal, shall be bound by the terms hereof as a Non-Operator. A change of a corporate name or structure of Operator or transfer of Operator’s interest to any subsidiary, parent or successor corporation shall not be the basis for removal of Operator.
Resignation or Removal of Operator. Operator may resign at any time by giving written notice thereof to Non-Operators. In addition, Operator may be removed by the affirmative vote of the Parties owning a combined Working Interest of fifty-one percent (51%) or more after excluding Operator’s Working Interest if:
Resignation or Removal of Operator a. Operator may resign as Operator hereunder, and under the rules of the Oklahoma Corporation Commission, any time upon thirty (30) days written notice to Owner.
