SURRENDER OF INTEREST Sample Clauses

SURRENDER OF INTEREST. 17.1 Any party not in default hereunder may, at any time upon notice, surrender its entire Interest to the other parties by giving those parties notice of surrender. The notice of surrender shall:
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SURRENDER OF INTEREST. Any Member not in default under this Agreement may, at any time upon notice, surrender its entire Ownership Interest and Capital Account to the other Member(s) by giving those Members notice of surrender. The notice of surrender will:
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SURRENDER OF INTEREST. If at any time after a well has been completed as a well capable of producing oil or gas, whether before or after any earned assignment(s) have been made, Farmee desires to discontinue operations and to plug any such well drilled on the Subject Lease, then Farmee must notify Farmor in writing and concurrently furnish Farmor with an electrical log, copies of any other logs possessed by Farmee, and any other information requested by Farmor from Farmee’s files relating to the well, and Farmor shall then have thirty (30) days after receipt of such notice and information within which Farmor may inspect and test such well and notify Farmee whether Farmor desires to take over any such well, and if Farmor elects to take over such well, Farmee shall, within ten (10) days after receipt of written notice from Farmor of such election, deliver to Farmor an assignment of such well (free and clear of all burdens not now existing) the rights to produe and ownership of any oil and gas obtainable from the wellbore as to any formations penetrated thereby, and all the personal property and equipment related thereto and, upon receipt of such assignment, Farmor shall pay Farmee for the salvage value of the equipment so assigned. Such re-assignment shall also include all rights in the previously assigned acreage as to all formations from which Farmee is not then producing oil or gas. If such well is the only well then being operated by Farmee on an acreage tract previously assigned to Farmee, then such re-assignment shall include all of the acreage and formations in that tract originally assigned. Farmee shall also deliver to Farmor with such assignment all well files and ownership and land files associated with the wxxxx covered by such assignment, including but not limited to well logs, mud logs, seismic data, geologic, drilling, and engineering reports, division order lists and owner addresses, title opinions, and any other documentary information and data in Farmee’s possession useful or generated in connection with the interests being assigned. For the purposes hereof “salvage value” shall be deemed to mean Farmor’s good faith estimates of the fair market value of salvageable equipment less reasonable cost of salvaging same, and less the estimated present cost of plugging and abandoning the well and restoring the surface of the wellsite. If the wellsite area is left in a condition requiring any remediation in order to comply with any regulatory or environmental laws or regu...
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SURRENDER OF INTEREST. 13.1 A Participant may, at any time on notice, surrender its entire Participating Interest to the other Participant by giving that party notice of surrender, which notice shall:
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SURRENDER OF INTEREST. Surrender of Interest
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SURRENDER OF INTEREST. If at any time after any such assignment as provided for herein has been delivered to Farmee, Farmee desires to discontinue operations and to plug any Test Well and release, surrender or abandon Farmee’s interest earned hereunder by reason of the drilling and completion of the same, Farmee shall notify Farmor in writing and concurrently furnish Farmor with an electrical log acceptable to Farmor, and Farmor shall have thirty (30) days after receipt of such notice within which Farmor my inspect and test such well and notify Farmee whether Farmor desires to take over the interest previously earned therefore by Farmee, and if Farmor elects to take over such interest Farmee shall, within ten (10) days after receipt of written notice from Farmor of such election, deliver to Farmor an assignment of such interest (free and clear of all burdens not now existing) and of all the personal property and equipment related thereto and, upon receipt of such assignment, Farmor shall pay Farmee for the salvage value of the equipment so assigned. For the purposes hereof “salvage value” shall be deemed to mean the fair market value of salvageable equipment less the reasonable cost of salvaging same.
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SURRENDER OF INTEREST. 27.01 any party may, at any time upon notice, surrender its entire Interest to the other parties by giving those parties notice of surrender which shall indicate a date for surrender not less than three months after the date on which the notice is given and contain an undertaking that the surrendering party will:
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SURRENDER OF INTEREST. 33.1 A party shall be entitled to surrender its interest to the other parties on Notice to them. A surrender of interest shall not release a party from liabilities accrued prior to the effective surrender date. Should the other parties not consent to receive the interest offered for surrender under this §33.1, then the Joint Venture shall be terminated and the assets shall be liquidated or sold and the assets or proceeds from the sale thereof distributed to the parties, net of liabilities hereunder or related thereto, in accordance with their interests in the Joint Venture. Each party shall be responsible for its cost share of all costs and expenses related to such termination and liquidation.
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Related to SURRENDER OF INTEREST

  • Transfer of Interest The Interest is personal property and may be transferred or assigned, in whole or in part, as permitted by the Equityholders Agreement, in the sole discretion of the Member. Notwithstanding anything to the contrary set forth herein, no Interest in the Company may be issued, transferred or pledged in any manner whatsoever except in compliance with all applicable Gaming Licenses and Gaming Laws, except as contemplated by Section 9.2.

  • Transfer of Interests The Member may sell, assign, pledge, encumber, dispose of or otherwise transfer all or any part of the economic or other rights that comprise its Interest. The transferee shall have the right to be substituted for the Member under this Agreement for the transferor if so determined by the Member. No Member may withdraw or resign as Member except as a result of a transfer pursuant to this Section 7 in which the transferee is substituted for the Member. None of the events described in Section 18-304 of the Act shall cause the Member to cease to be a Member of the Company.

  • Transfer of Interest Amount The Transfer of the Interest Amount will be made on the second Local Business Day following the end of each calendar month and on any other Local Business Day on which Posted Collateral in the form of Cash is Transferred to the Pledgor pursuant to Paragraph 3(b); provided, however, that the obligation of Party B to Transfer any Interest Amount to Party A shall be limited to the extent that Party B has earned and received such funds and such funds are available to Party B.

  • Payment of Interest The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of each Interest Period (and, if the Interest Period is longer than six Months, on the dates falling at six monthly intervals after the first day of the Interest Period).

  • Certificate and Transfer of Interest 8 SECTION 3.1. Initial Ownership..................................................... 8 SECTION 3.2. The Certificate....................................................... 8 SECTION 3.3. Authentication of Certificate......................................... 8 SECTION 3.4. Registration of Transfer and Exchange of Certificate.................. 9 SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates..................... 9 SECTION 3.6.

  • Sale of Interest No Borrower may sell, assign or transfer any interest in this Agreement, any of the other Loan Documents, or any of the Obligations, or any portion thereof, including, without limitation, such Borrower's rights, title, interests, remedies, powers, and duties hereunder or thereunder.

  • Certificates and Transfer of Interests 9 Section 3.1 Initial Ownership 9 Section 3.2 The Certificates 9 Section 3.3 Authentication of Certificates 10 Section 3.4 Registration of Certificates; Transfer and Exchange of Certificates 10 Section 3.5 Mutilated, Destroyed, Lost or Stolen Certificates 12 Section 3.6 Persons Deemed Owners 13 Section 3.7 Access to List of Certificateholders’ Names and Addresses 13 Section 3.8 Maintenance of Office or Agency 14 Section 3.9 Appointment of Paying Agent 14

  • Trust Certificates and Transfer of Interests SECTION 3.01 [Reserved].

  • Payment of Interest Rights Preserved Interest on any Note that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest specified in Section 301. Any interest on any Note that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election, as provided in clause (1) or clause (2) below:

  • Assignment of Interest The lessee may not assign or sublet any interest held under this lease, including a security interest, without the prior written approval of the lessor. The lessor may approve such assignment or subletting if the lessor finds it to be in the best interest of the state. No such assignment or subletting will be effective until approved by the lessor in writing, and the assignee agrees to be subject to and governed by the provisions of this lease, any subsequent amendments to this lease, any additional stipulations, or reappraisal as deemed appropriate by the lessor, and all applicable laws, regulations, and ordinances in the same manner as the original lessee. No assignment or subletting of the leasehold, or any portion thereof, by the lessee will annul the lessee's obligation to pay the compensation required for the full term of this lease. Except as provided in this lease, no subdivision of the leasehold interest may occur without the prior written approval of the lessor.

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