SECTION SEVEN – OWNERSHIP OF OIL AND GAS Sample Clauses

SECTION SEVEN – OWNERSHIP OF OIL AND GAS. 7.1. The volumes of Oil and Gas obtained at the Measurement Point shall be distributed between the Contracting Party and the Contracted Parties, according to the percentage of Profit Oil established in the Production Sharing Agreement. The Profit Oil share of the Production of Oil and Gas, plus the volumes regarding the refund of Cost Oil and the volume corresponding to the Royalties payable by each Contracted Party, shall be distributed according to the Contracted Parties’ Shares, as provided for in this Consortium Agreement.
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SECTION SEVEN – OWNERSHIP OF OIL AND GAS. The volumes of Oil and Gas obtained at the Measurement Point shall be distributed between the Contracting Party and the Contracted Parties, according to the percentage of Profit Oil established in the Production Sharing Agreement. The Profit Oil share of the Production of Oil and Gas, plus the volumes regarding the refund of Cost Oil and the volume corresponding to the Royalties payable by each Contracted Party, shall be distributed according to the Contracted Parties’ Shares, as provided for in this Consortium Agreement. Each Consortium Member shall be responsible for the sale of its share of Oil and Gas produced. Each Consortium Member is free to sell its share of the Production at the price and under the terms and conditions it deems applicable, pursuant to the provisions of the Production Sharing Agreement and the Applicable Laws and Regulations.

Related to SECTION SEVEN – OWNERSHIP OF OIL AND GAS

  • Ownership of the Property Borrower shall take all necessary action to retain title to the Property and the related Collateral irrevocably in Borrower, free and clear of any Liens other than Permitted Liens. Borrower shall warrant and defend the title to the Property and every part thereof, subject only to Permitted Liens, in each case against the claims of all Persons whomsoever.

  • OWNERSHIP OF THE ASSETS LNY will have exclusive and absolute ownership and control of its assets, including all assets in the Variable Account.

  • Ownership of Seller Originator owns, directly or indirectly, 100% of the issued and outstanding capital stock of Seller, free and clear of any Adverse Claim. Such capital stock is validly issued, fully paid and nonassessable, and there are no options, warrants or other rights to acquire securities of Seller.

  • Ownership of Material Copyright in the pages and in the screens displaying the pages, and in the information and material therein and in their arrangement, is owned by Relyance Bank, N. A. and/or its Service Providers unless otherwise indicated. All registered and unregistered trademarks used in the Service are the sole property of their respective owners. Unauthorized reproduction in whole or part is prohibited.

  • Ownership of Acquired Property Except to the extent that a specific provision of this contract states to the contrary, the State shall own all intellectual property acquired or developed under this contract and all equipment purchased by the Engineer or its subcontractors under this contract. All intellectual property and equipment owned by the State shall be delivered to the State when the contract terminates, or when it is no longer needed for work performed under this contract, whichever occurs first.

  • Ownership of Membership Interests The Member shall own all of the membership interests in the Company and the Member shall have a 100% distributive share of the Company’s profits, losses and cash flow.

  • Ownership of Content 4.1 All materials including paper based resources, and all materials displayed on the Site and the Apps, including without limitation all information, text, materials, graphics, software, tools, results derived from the use of software and tools, advertisements, names, logos and trade marks on the paper based version, the Site and the Apps (Content) are protected by copyright, trade mark and other intellectual property laws unless otherwise indicated.

  • Company Ownership of Other Entities The Company does not own an interest in any corporation, partnership, limited liability company, joint venture, trust or other entity.

  • Ownership of Materials All reports, documents or other materials developed or received by Consultant or any other person engaged directly by Consultant to perform the services required hereunder shall be and remain the property of City without restriction or limitation upon their use.

  • Ownership of Properties Except as set forth on Schedule 2, on the date of this Agreement, the Borrower and its Subsidiaries will have good title, free of all Liens other than those permitted by Section 6.15, to all of the Property and assets reflected in the Borrower's most recent consolidated financial statements provided to the Agent as owned by the Borrower and its Subsidiaries.

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