Midstream Contracts definition
Examples of Midstream Contracts in a sentence
For avoidance of doubt, the Parties agree that the billing and payment provisions set forth in this Article III will apply during the period in which the Marketing Transition Services Agreement is in effect, including the payment of amounts to Producer for the resale of Producer’s Hydrocarbons and the allocation of demand charges under the Midstream Contracts.
Notwithstanding the above, if Marketer has entered into Midstream Contracts that are attributable to Producer’s Hydrocarbons and such contracts were approved by Producer prior to the exercise of its repurchase right hereunder, then Producer will not be entitled to exercise its repurchase rights hereunder for the portion of Producer’s Hydrocarbons committed to such approved Midstream Contracts during the term of such Midstream Contracts.
Following early termination under Sections 7.2(a), 7.2(b), or 7.2(c) upon Producer’s request, Marketer and its Affiliates shall use commercially reasonable efforts to work with Producer and the applicable counterparties to partially assign, or to enter into replacements for, any of the Midstream Contracts identified by Producer to assist in the continued delivery of Producer’s Hydrocarbons following the termination of this Agreement.
Marketer shall purchase and provide services for Producer’s Hydrocarbons delivered hereunder in accordance with all applicable Laws and in compliance with the terms of the applicable Midstream Contracts, and shall use commercially reasonable efforts to (a) obtain market rates in the area under any new contracts for the resale of Producer’s Hydrocarbons, and (b) avoid any imbalances or scheduling variances and any penalty charges associated therewith under the Midstream Contracts.
The term “Force Majeure” means any event or circumstance not reasonably within the control of the Party claiming suspension declared as Force Majeure by a counterparty to any of the Midstream Contracts.
True and complete copies of the written Material Midstream Contracts and complete and accurate abstracts of the material provisions of all oral Material Midstream Contracts have heretofore been made available to Buyer.
The consummation of the transactions contemplated by this Agreement will not constitute a breach or violation of, or entitle any other party thereto to terminate, any of the Material Midstream Contracts.
The Credit Parties shall use commercially reasonable efforts to cause the Bankruptcy Court to enter a Final Order approving the rejection of the Midstream Contracts pursuant to section 365 of the Bankruptcy Code no later than sixty (60) days after the Petition Date.