Return of Undivided Interest Sample Clauses

Return of Undivided Interest. Unless the Undivided Interest shall have been transferred to the Lessee pursuant to this Lease, the Lessee, at its own expense, shall, subject to the terms and conditions of the Operating Agreement and the Agency and Support Agreement, relinquish possession and use of the Undivided Interest to the Lessor or to any transferee or assignee of the Lessor upon the expiration or termination of the Lease Term by surrendering the same to the Lessor or such transferee or assignee at the respective locations of the Major Components thereof. Upon the return of the Undivided Interest pursuant to this Section 8.1, (x) the Production System shall be (i) if Enserch Exploration or any of its Affiliates is then the Operator or the operator of the Production System, in at least as good condition as required by Section 11.1 or (ii) if neither Enserch Exploration nor any of its Affiliates is then the Operator or the operator of the Production System, in at least as good condition as the Production System would be if it were maintained by a prudent operator which is in the business of maintaining and operating facilities similar to the Production System (which operator does not discriminate in such maintenance based on the leased status of the Production System or otherwise (including, without limitation, any discrimination with respect to the installation of Modifications required by Governmental Rules that may be phased in over a period of time that commences prior to and extends beyond the end of the Lease Term)), in compliance in all material respects with all then applicable Governmental Rules (including, without limitation, all Environmental Laws) and in such condition as will entitle the Platform to the same classification and rating from the
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Return of Undivided Interest. Unless the Lease Term shall end pursuant to Section 12 or the Lessee shall have exercised its renewal option pursuant to Section 5 or the Lessee shall have purchased the Undivided Interest pursuant to Section 6.1 or Section 7A hereof and paid the purchase price and other amounts required thereby, the Lessee shall, at its own expense and subject to the terms and conditions of the Joint Operating Agreement and the Support Agreement, relinquish possession and use of the Undivided Interest by returning such Undivided Interest to the Lessor or any transferee or assignee of the Lessor upon the expiration or termination of the Lease Term, and shall deliver such documents, instruments and certificates (including, without limitation, an assignment of any permits as described in the list referred to in clause (iv) of Section 8(b) below) as the Lessor shall request in connection with such return; provided, however, that, so long as no Lease Default or Lease Event of Default shall have occurred and be continuing, the Lessee shall have the option, on one occasion, to extend the date of the return of the Undivided Interest for a period up to 60 days (the “Return Extension Period”), if at the time of the scheduled expiration of the Lease Term the Lessee requires such Return Extension Period in order to complete the drilling of a well connected to the Platform; provided further, however, for the avoidance of doubt, the Lessee hereby agrees that the Lessee’s right to elect the Return Extension Period shall not extend the time for payment of any amounts due and payable in connection with the scheduled expiration of the Lease Term. If the Lessee elects to exercise the option for a Return Extension Period, it shall be a condition to the exercise of such option that the Lessee gives irrevocable written notice of same to the Lessor, the Owner Spinnaker Lease Agreement 2005-l Participant and the Indenture Trustee at least 120 days but not more than 150 days prior to the scheduled expiration of the Lease Term. The Lessee shall pay to the Lessor as Supplemental Rent, on or before the fifth Business Day prior to the commencement of the Return Extension Period, if any, an amount equal to the greater of (x) 100% of the Fair Market Rental Value of the Undivided Interest for the Return Extension Period and (y) the average daily Base Rent during the last year of the Lease Term multiplied by the total number of days in the Return Extension Period. Upon the return of the Undivided Interes...
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Return of Undivided Interest. Upon termination of this Head Lease pursuant to Section 10.2 or, subject to Section 10.1, on the last day of the Head Lease Term, the Head Lessee shall return the Undivided Interest by delivering constructive possession of the same to the Head Lessor as is and where is without representation or warranty other than that the Undivided Interest is free and clear of all Sublessor's Liens, without any other liability or cost to the Head Lessee. The obligations of the Head Lessee under this Section 6 shall survive termination of this Head Lease.
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Return of Undivided Interest. 9 Section 5.1. Return...................................................... 9 Section 5.2. Condition Upon Return....................................... 10 Section 5.3. Expenses.................................................... 13 SECTION 6. LIENS............................................................... 13 SECTION 7. MAINTENANCE; REPLACEMENTS OF COMPONENTS............................. 13 Section 7.1. Maintenance................................................. 13 Section 7.2. Replacement of Components................................... 14 Section 7.3. Environmental Matters....................................... 15
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Return of Undivided Interest. 9 Section 5.1. Return.................................................................................. 10 Section 5.2. Condition Upon Return................................................................... 10 Section 5.3. Payments in Connection with Rejectable Offers........................................... 14 Section 5.4. Expenses................................................................................ 15 SECTION 6. LIENS............................................................................................ 15
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Return of Undivided Interest. XXXXXXXXX FACILITY LEASE (L1) -----------------------------
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Return of Undivided Interest 
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Related to Return of Undivided Interest

  • Percentage Interest Ownership of the Company shall be divided into, represented by, and each Member’s Percentage Interest shall be expressed in Units of the Company. The name, address, Units and Percentage Interest of each Member are set forth on Exhibit “A” attached hereto, which may be amended from time to time as necessary to reflect changes in the Percentage Interests and Units held by the Members.

  • Capital Contributions; Percentage Interest The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.

  • Allocation of Net Deferred Interest For any Distribution Date, the Net Deferred Interest on the Mortgage Loans will be allocated among the Classes of Certificates (or, with respect to the Class X Certificates, the Class PO Certificates) in proportion to the excess, if any, for each such Class of (i) the Monthly Interest Distributable Amount accrued at the Pass-Through Rate for such Class, over (ii) the amount of the Monthly Interest Distributable Amount for such Class calculated at the applicable Adjusted Cap Rate for such Class. On each Distribution Date, any amount of Net Deferred Interest allocable to a Class of Certificates (other than the Interest-Only Certificates) on such Distribution Date will be added as principal to the outstanding Class Principal Balance of such Class of Certificates. With respect to the Class X Certificates and each Distribution Date, any amount of Net Deferred Interest added to the Principal Balances of the related Mortgage Loans that is allocated to the Class X Certificates on such Distribution Date will be added as principal to the outstanding Class Principal Balance of the Class PO Certificates.

  • Late Payment Interest If Lessee fails to pay any amount payable under the Lease on the due date, Lessee will pay on demand from time to time to Lessor interest (both before and after judgement) on that amount, from the due date to the date of payment in full by Lessee to Lessor, at the Interest Rate. All such interest will be compounded monthly and calculated on the basis of the actual number of days elapsed in the month, assuming a 30 day month and a 360 day year.

  • Minimum Interest In no event shall the rate of interest chargeable hereunder for any day be less than 7.0% per annum. To the extent that interest accrued hereunder at the rate set forth herein would be less than the foregoing minimum daily rate, the interest rate chargeable hereunder for such day automatically shall be deemed increased to the minimum rate.

  • Membership Interest The Member shall own one hundred percent (100%) of the membership interests in the LLC, and all profits and losses shall be allocated to the Member.

  • Percentage Interests If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

  • Certificate of Limited Liability Company Interest A Member’s limited liability company interest may be evidenced by a certificate of limited liability company interest executed by the Manager or an officer in such form as the Manager may approve; provided that such certificate of limited liability company interest shall not bear a legend that causes such limited liability company interest to constitute a security under Article 8 (including Section 8-103) of the Uniform Commercial Code as enacted and in effect in the State of Delaware, or the corresponding statute of any other applicable jurisdiction.

  • Common Interest All information exchanged between the Parties regarding the Prosecution and Maintenance, and enforcement and defense, of the Patents under this Section 14 will be deemed Confidential Information of the disclosing Party. In addition, the Parties acknowledge and agree that, with regard to such Prosecution and Maintenance, and enforcement and defense, the interests of the Parties as collaborators and licensor and licensee are to obtain the strongest patent protection possible, and as such, are aligned and are legal in nature. The Parties agree and acknowledge that they have not waived, and nothing in this Agreement constitutes a waiver of, any legal privilege concerning the Patents under this Section 14, including privilege under the common interest doctrine and similar or related doctrines. Notwithstanding anything to the contrary contained herein, to the extent a Party has a good faith believe that any information required to be disclosed by such Party to the other Party under this Section 14 is protected by attorney-client privilege or any other applicable legal privilege or immunity, such Party shall not be required to disclose such information and the Parties shall in good faith cooperate to agree upon a procedure (including entering into a specific common interest agreement, disclosing such information on a “for counsel eyes only” basis or similar procedure) under which such information may be disclosed without waiving or breaching such privilege or immunity.

  • Interest Amount Unless otherwise specified in Paragraph 13 and subject to Paragraph 4(a), in lieu of any interest, dividends or other amounts paid or deemed to have been paid with respect to Posted Collateral in the form of Cash (all of which may be retained by the Secured Party), the Secured Party will Transfer to the Pledgor at the times specified in Paragraph 13 the Interest Amount to the extent that a Delivery Amount would not be created or increased by that Transfer, as calculated by the Valuation Agent (and the date of calculation will be deemed to be a Valuation Date for this purpose). The Interest Amount or portion thereof not Transferred pursuant to this Paragraph will constitute Posted Collateral in the form of Cash and will be subject to the security interest granted under Paragraph 2.

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