Rights of Paying Parties Sample Clauses

Rights of Paying Parties. A Non-Defaulting Party (including without limitation the Operator in its capacity as a Party) which pays to the Operator or bears any amount payable by it under Clause 15.5 is herein called a "Paying Party" and is deemed to have advanced such amount to the Defaulting Party on the terms that it is immediately repayable and may sux xhe Defaulting Party to recover the same but without prejudice to any other rights and remedies. The amount owing by a Defaulting Party to a Paying Party shall bear interest at the Default Interest Rate from the date the Paying Party made the payment under Clause 15.5 to the date it has recovered such amount in full. 15.7 Defaulting Party's Petroleum For so long as any Unpaid Amount is not paid in full the Defaulting Party forfeits its rights to take any Petroleum produced from the Area and the Operator shall be entitled to take and receive all of the Defaulting Party's share of Petroleum produced from the Area and to sell and dispose of the same until such time as the net proceeds of sale of such Petroleum exceeds the Unpaid Amount plus interest on the Unpaid Amount at the Default Interest Rate. Such net proceeds of sale shall be distributed to the Paying Parties in proportion to the amounts paid by them pursuant to Clause 15.5 until all amounts owing by the Defaulting Party to the Paying Parties plus interest thereon at the Default Interest Rate has been paid in full and any remaining surplus of such net proceeds of sale will be distributed to the Defaulting Party. The receipt of any amounts by the Non-Defaulting Parties under this Clause 15.7 shall be without prejudice to any other rights or remedies of such Non- Defaulting Parties.
Sample 1
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Rights of Paying Parties. A Non-Defaulting Party (including without limitation the Operator in its capacity as a Party) which pays to the Operator or bears any amount payable by it under Clause 15.5 is herein called a "Paying Party" and is deemed to have advanced such amount to the Defaulting Party on the terms that it is immediately repayable and may sux xhe Defaulting Party to recover the same but without prejudice to any other rights and remedies. The amount owing by a Defaulting Party to a Paying Party shall bear interest at the Default Interest Rate from the date the Paying Party made the payment under Clause 15.5 to the date it has recovered such amount in full.
Sample 1

Related to Rights of Paying Parties

  • Rights of Parties Nothing in this Agreement, whether express or implied, is intended to confer any rights or remedies under or by reason of this Agreement on any Persons other than the parties hereto and their respective successors and assigns, nor shall any provision give any third Persons any right of subrogation or action over against any party to this Agreement. Without limiting the generality of the foregoing, it is expressly understood that this Agreement does not create any third party beneficiary rights.

  • Rights of the Holders to Receive Payment Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of and interest on the Securities held by such Holder, on or after the respective due dates expressed or provided for in the Securities, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder.

  • Rights of Partners Except as otherwise provided in this Agreement, the Partners shall look solely to the assets of the Partnership for the return of their capital contributions and shall have no right or power to demand or receive property other than cash from the Partnership.

  • Rights of Collection Exercise on behalf of the Lenders all of its other rights and remedies under this Agreement, the other Loan Documents and Applicable Law, in order to satisfy all of the Borrower's Obligations.

  • Registration Rights of Third Parties Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Securities Act or to include any such securities in a registration statement to be filed by the Company.

  • Benefits of Agreement; No Third-Party Rights None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of the Member. Nothing in this Agreement shall be deemed to create any right in any Person (other than Covered Persons) not a party hereto, and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit of any third Person.

  • Rights of Third Parties Nothing herein expressed is intended to or shall be construed to confer upon or give to any person, firm or other entity, other than the parties hereto and their permitted assigns, any rights or remedies under or by reason of this Agreement.

  • Rights of Beneficiaries Each Beneficiary shall be entitled to participate in the rights and benefits due to a Beneficiary hereunder according to his Beneficial Interest. Each Beneficiary shall take and hold the same subject to all the terms and provisions of this Agreement. The interest of the Beneficiary hereby is declared and shall be in all respects personal property and upon the death of an individual Beneficiary, his Beneficial Interest shall pass as personal property to his legal representative and such death shall in no way terminate or affect the validity of this Agreement, provided that the Trustee shall not be required to evidence a book entry transfer of a deceased Beneficiary’s Beneficial Interest to his legal representative until the Trustee shall have received Letters Testamentary or Letters of Administration and written notice of the death of the deceased Beneficiary. A Beneficiary shall have no title to, right to, possession of, management of, or control of, the Trust Assets except as herein expressly provided. No widower, widow, heir, or devisee of any person who may be a Beneficiary shall have any right of dower, homestead, or inheritance, or of partition, or of any other right, statutory or otherwise, in any property forming a part of Trust Assets but the whole title to the Trust Assets shall be vested in the Trustee and the sole interest of the applicable Beneficiaries shall be the rights and benefits given to such Persons under this Agreement.

  • Limitations on Rights of Third Parties The provisions of this Agreement are solely for the benefit of the Seller, the Issuer, the Indenture Trustee (for the benefit of the Secured Parties) and the other Persons expressly referred to herein, and such Persons shall have the right to enforce the relevant provisions of this Agreement. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Recovery Property or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

  • Benefits of Indenture; Third-Party Beneficiaries This Indenture and the Notes are for the benefit of and will be binding on the parties and their permitted successors and assigns. The Secured Parties, each Person with rights to payments or distributions under this Indenture and the holder of the Residual Interest will be third-party beneficiaries of this Indenture and may enforce this Indenture according to its terms. No other Person will have any right or obligation under this Indenture or the Notes.

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