EXXI definition
Examples of EXXI in a sentence
During the Term, Landlord shall not enter into, create, place of record, amend, assign, restate, modify, or terminate any Record Agreement (including any document or instrument creating or governing any of the Right of Use Agreements) or any Other Recorded Document except (A) the “Closing Deliverables” of Landlord and EXXI USA under the Purchase Agreement, (B) as requested by Tenant in writing, or (C) as consented to by Tenant in writing prior to the date of Landlord’s execution thereof.
Centurion and/or EXXI will incur additional costs and expenses (exclusive of well costs) associated with the Gridiron AMI and the Prospects as defined below in Section 3.01.
Centurion and EXXI agree that the initial consideration (“Initial Consideration”) to be paid by EXXI to Centurion simultaneously with execution of this Agreement for the transactions contemplated herein shall be $2,381,667, the receipt of which is hereby acknowledged by Centurion.
Centurion and EXXI shall use all reasonable diligence to remove the force majeure event as quickly as practicable.
If prior to attaining Authorized Depth such well encounters Mechanical or Gulf Coast Conditions, EXXI agrees to pay sixty-six and two-thirds percent (66.667%) of all of such costs and expenses plus sixty-six and two-thirds percent (66.667%) of the costs and expenses of plugging and abandoning such Initial Prospect Well.
Upon receipt of any such recommendation from EXXI, Centurion and/or Ellora shall either consent to such plugging and abandonment or shall notify EXXI of its (or their) election to takeover such Initial Prospect Well in return for committing to plug and abandon such Initial Prospect Well.
The execution and return of an original AFE to EXXI within thirty (30) days of receipt of such AFE by each BCP Participant shall be BCP Participant’s commitment to join in such Initial Prospect Well as to its proportionate share of the actual costs incurred in the drilling of such well.
Simultaneously with execution of this Agreement, Centurion has executed and delivered to EXXI a recordable assignment of all such Leasehold Assets which it presently has the authority to assign.
As to the future acquisition of Oil and Gas Properties within the Gridiron AMI regardless of whether or not Centurion or EXXI is the acquiring party, without Centurion’s and EXXI’s express mutual written approval and consent, the net revenue interest delivered to EXXI shall not be less than a proportionate seventy percent (70%).
EXXI hereby expressly agrees to take assignment of such TODCO Barge Contract provided such TODCO Barge Contract can be legally assigned, and does not require modification of the terms and provisions thereof unless mutually agreed upon by and between Centurion, EXXI and TODCO.