Common use of Second Opportunity to Participate Clause in Contracts

Second Opportunity to Participate. If fewer than all but one (1) or more Parties having a combined Working Interest of forty percent (40%) or more elect to participate in the Platform and/or Development Facilities, then the proposing Party shall notify the Parties of the elections made, whereupon a Party originally electing not to participate may then elect to participate by notifying the proposing Party within forty-eight (48) hours, exclusive of Saturdays, Sundays, and federal holidays, after receipt of such notice. If all Parties elect to participate in the Platform and/or Development Facilities, Operator shall timely commence the fabrication and installation of the Platform and/or Development Facilities at their cost and risk. If there are only two (2) Parties to this Agreement, then there shall not be a second opportunity to elect to participate, and if the Participating Party agrees to pay and bear one hundred percent (100%) of the costs and risks of the operation, then the Operator, subject to Article 4.2 (Substitute Operator), shall conduct the operation as a Non-consent Operation for the benefit of the Participating Party, and the provisions of Article 13 (Non-consent Operations) shall apply.

Second Opportunity to Participate. If there are more than two (2) Parties and if fewer than all but one (1) or more Parties having a combined Working Interest of forty fifty percent (4050%) or more elect to participate in the Platform and/or Development Facilities, then the proposing Party shall notify the Parties of the elections made, whereupon a Party originally electing not to participate may then elect to participate by notifying the proposing Party within forty-eight (48) hours, exclusive of Saturdays, Sundays, and federal holidays, after receipt of such notice. If all Parties elect to participate in the Platform and/or Development Facilities, Operator shall timely commence the fabrication and installation of the Platform and/or Development Facilities at their cost and risk. If there are only two (2) Parties to this Agreement, then there shall not be a second opportunity to elect to participate, and if the Participating Party agrees to pay and bear one hundred percent (100%10b%) of the costs and risks of the operation, then the Operator, subject to Article 4.2 (Substitute Operator), shall conduct the operation as a Non-consent Operation for the benefit of the Participating Party, and the provisions of Article 13 (Non-consent Operations) shall apply.

Second Opportunity to Participate. If there are more than two (2) Parties to this Agreement and if fewer than all but one two (12) or more Parties having a combined Working Interest of forty forty-five percent (4045%) or more elect to participate in the Platform and/or Development Facilitiesparticipate, then the proposing Party shall notify the Parties of the elections made, whereupon a Party originally electing not to participate may then elect to participate by notifying the proposing Party within forty-forty eight (48) hours, exclusive of Saturdays, Sundays, and federal holidays, after receipt of such notice. If all Parties elect to participate in the Platform and/or Development Facilitiesproposed operation, Operator shall timely commence conduct the fabrication and installation of the Platform and/or Development Facilities operation at their cost and risk. If there are only two (2) Parties to this Agreement, then there shall not be a second opportunity Agreement and one (1) of the Parties having forty-five percent (45%) or more of the Working Interest elects to elect to participate, participate and if the Participating Party agrees to pay and bear one hundred percent (100%) of the costs and risks of the operation, then there shall be no second election and the Operator, subject to Article 4.2 (Substitute Operator), shall conduct the operation as a Non-consent Operation for the benefit of the Participating Party, and the provisions of Article 13 (Non-consent Operations) shall apply.

Second Opportunity to Participate. If fewer than all but one (1) or more Parties having a combined Working Interest of forty percent (40%) or more elect to participate in the Platform and/or Development Facilitiesparticipate, then the proposing Party shall notify the Parties of the elections made, whereupon a Party originally electing not to participate may then elect to participate by notifying the proposing Party within fortytwenty-eight four (4824) hours, exclusive of Saturdays, Sundays, and federal holidays, after receipt of such notice. If all Parties elect to participate in the Platform and/or Development Facilitiesproposed operation, Operator shall timely commence conduct the fabrication and installation of the Platform and/or Development Facilities operation at their cost and risk. If there are only two (2) Parties to this AgreementAgreement and no counterproposal is made pursuant to Article 10.2, then there shall not be a second opportunity to elect to participate, and if the Participating Party agrees to pay and bear one hundred percent (100%) of the costs and risks of the operation, then the Operator, subject to Article 4.2 (Substitute Operator), shall conduct the operation as a Non-consent Operation for the benefit of the Participating Party, and the provisions of Article 13 (Non-consent Operations) shall apply.

Second Opportunity to Participate. If there are more than two (2) Parties to this Agreement and if fewer than all but one (1) or more Parties having a combined Working Interest of forty twenty percent (4020%) or more elect to participate in the Platform and/or Development Facilitiesparticipate, then the proposing Party shall notify the Parties of the elections made, whereupon a Party originally electing not to participate may then elect to participate by notifying the proposing Party within fortytwenty-eight four (4824) hours, exclusive of Saturdays, Sundays, and federal holidays, after receipt of such notice. If all Parties elect to participate in the Platform and/or Development Facilitiesproposed operation, Operator shall timely commence conduct the fabrication and installation of the Platform and/or Development Facilities operation at their cost and risk. If there are only two (2) Parties to this Agreement, then there shall not be a second opportunity to elect to participate, and if the Participating Party agrees to pay and bear one hundred percent (100%) of the costs and risks of the operation, then the Operator, subject to Article 4.2 (Substitute Operator), shall conduct the operation as a Non-Non consent Operation for the benefit of the Participating Party, and the provisions of Article 13 (Non-Non consent Operations) shall apply.

Second Opportunity to Participate. If fewer than all but one (1) or more Participating Parties having a combined Working Interest of forty percent (40%) or more elect to participate in the Platform and/or Development Facilitiesan operation, then the proposing Party shall notify the Participating Parties (and any Non-participating Party subject to Article 13.3) of the elections made, whereupon a Party originally electing not to participate in the proposed (or original) operation may then elect to participate by notifying the proposing Party within fortytwenty-eight four (4824) hours, exclusive inclusive of Saturdays, Sundays, and federal holidays, after receipt of such notice. If all Parties elect to participate in the Platform and/or Development Facilitiesproposed operation, Operator shall timely commence conduct the fabrication and installation of the Platform and/or Development Facilities operation at their cost and risk. If there are only two (2) Parties to this AgreementAgreement and no counterproposal is made pursuant to Article 11.8.1, then there shall not be a second opportunity to elect to participate, and if the Participating Party agrees to pay and bear one hundred percent (100%) of the costs and risks of the operation, then the Operator, subject to Article 4.2 (Substitute Operator), shall conduct the operation as a Non-consent Operation for the benefit of the Participating Party, and the provisions of Article 13 (Non-consent Operations) shall apply.

Second Opportunity to Participate. If fewer than all but one (1) or more Participating Parties having a combined Working Interest interest of forty percent (40%) or more elect to participate in the Platform and/or Development Facilitiesan operation, then the proposing Party shall notify the Participating Parties (and any Non-participating Party subject to Article 13.3.) of the elections made, whereupon a Party originally electing not to participate in the proposed (or original) operation may then elect to participate by notifying the proposing Party within fortytwenty-eight four (4824) hours, exclusive inclusive of Saturdays, Sundays, and federal holidays, after receipt of such notice. If all Parties elect to participate in the Platform and/or Development Facilitiesproposed operation, Operator shall timely commence conduct the fabrication and installation of the Platform and/or Development Facilities operation at their cost and risk. If there are only two (2) Parties to this AgreementAgreement and no counterproposal is made pursuant to Article 10.8.1, then there shall not be a second opportunity to elect to participate, and if the Participating Party agrees to pay and bear one hundred percent (100%) of the costs and risks of the operation, then the Operator, subject to Article 4.2 (Substitute Operator), shall conduct the operation as a Non-consent Operation for the benefit of the Participating Party, and the provisions of Article 13 (Non-consent Operations) shall apply.

Second Opportunity to Participate. If there are more than two (2) Parties to this Agreement and if fewer than all but one (1) or more Parties having a combined Working Interest of forty twenty percent (4020%) or more elect to participate in the Platform and/or Development Facilitiesparticipate, then the proposing Party shall notify the Parties of the elections made, whereupon a Party originally electing not to participate may then elect to participate by notifying the proposing Party within forty-eight (48) hours, exclusive of Saturdays, Sundays, and federal holidays, after receipt of such notice. If all Parties elect to participate in the Platform and/or Development Facilitiesproposed operation, Operator shall timely commence conduct the fabrication and installation of the Platform and/or Development Facilities operation at their cost and risk. If there are only two (2) Parties to this Agreement, then there shall not be a second opportunity to elect to participate, and if the Participating Party agrees to pay and bear one hundred percent (100%) of the costs and risks of the operation, then the Operator, subject to Article 4.2 (Substitute Operator), shall conduct the operation as a Non-Non consent Operation for the benefit of the Participating Party, and the provisions of Article 13 (Non-Non consent Operations) shall apply.