Applicable Operating Agreement definition
Examples of Applicable Operating Agreement in a sentence
To the extent that such amendment is approved by the Operating Committee, the Development Work Program and relevant Annual Work Program and Budget shall, subject to any required approvals under any Applicable Operating Agreement, be deemed amended accordingly, provided that any such amendment shall not invalidate any commitment or expenditure already made by an operator under an Applicable Operating Agreement in accordance with any previous authorization given pursuant hereto.
In the event of any conflict or inconsistency between the terms and conditions of the Tax Partnership Agreement and the terms and conditions of this Agreement or any attachment or exhibit hereto or any Applicable Operating Agreement, the terms and conditions of the Tax Partnership Agreement shall govern and control as between the Parties.
Reliance shall not be entitled to conduct title examination of, or cause title corrective work to be made with respect to, the Conveyed Interests pursuant to the terms of this Agreement or any Applicable Operating Agreement.
All references in this Agreement to “Development Operator” shall be deemed to include such Party in its role as Development Operator under this Agreement and in its role (or in the case of Atlas, in its or its designee’s role) as operator under an Applicable Operating Agreement.
In addition, to the extent requested by CONSOL Operator, the Parties agree to use their respective commercially reasonable efforts to support CONSOL Operator in any vote with respect to becoming or remaining as operator under each other Applicable Operating Agreement relating to the CNX Operated Area.
Notwithstanding the terms of any Applicable Operating Agreements, and subject to Article X, a Development Operator may be removed as Development Operator under this Agreement (and as an operator under any other Applicable Operating Agreement) only for Good Cause.
The rights and remedies granted to the Non-Defaulting Party in Section 10.1 and in any Applicable Operating Agreement shall be cumulative, not exclusive, and shall be in addition to any other rights and remedies that may be available to the Non-Defaulting Party, at law, in equity or otherwise.
The Development Operator shall hold or cause a qualified escrow agent or trustee to hold for the account of the Parties any funds of the Parties advanced or paid to the Development Operator for the conduct of Development Operations pursuant to this Agreement and an Applicable Operating Agreement, and such funds shall remain the funds of the Party on whose account they are advanced or paid until used as provided in accordance with the terms of this Agreement and an Applicable Operating Agreement.
Reliance shall be entitled to exercise all rights available to it under the Applicable Operating Agreement to audit the accounts of the operator thereunder with respect to such payments.
Any such Non-Budgeted Operation in which less than all of the Development Parties elect to participate (i) that may be undertaken as a Sole Risk Development Operation under the terms of the relevant Applicable Operating Agreement or (ii) that is an Area-Wide Operation may be proposed and conducted as a Sole Risk Development Operation.