Offset Obligations definition

Offset Obligations means an obligation or liability under a petroleum and natural gas Lease or similar instrument that arises as a result of a well located on lands adjacent to the lands that are subject to the Lease or similar instrument and that requires Torque to elect to do any of (A) drill a well; (B) pay a compensatory royalty; or (C) surrender lands.
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Offset Obligations. Section 3.14(c) "Other Seller Guarantees" Section 7.12 "Plan" and "Plans" Section 3.18(a) "Plan Assets" Section 2.10(a) "Plan Liabilities" Section 2.10(b) "Pre-Closing Tax Period" Section 7.8(b) "Purchase Price" Section 2.2 "Restricted Business" Section 7.9(a) "Section 338(h)(10)
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Offset Obligations means any offset, counter trade or barter obligations arising under or relating to any contract in favor of any foreign government.
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Examples of Offset Obligations in a sentence

  • In the event that Offset Obligations are imposed, the prices, terms and conditions of sale to Buyer are subject to revision and Seller reserves the right to renegotiate such prices, terms and conditions with the Buyer.

  • Seller has no obligations to supply any goods, parts and/or services to Buyer if the Parties are unable to reach further agreement on revised prices, terms, and conditions due to Offset Obligations imposed.

  • Except as provided in Clause 7 (Offset Obligations), Lessee, when not in breach under Clause 10 (Default), may at any time surrender a portion or its entire interest in this Lease.

  • This Agreement shall expire by its terms upon fulfillment by the Parties of their respective Offset Obligations to the extent provided for in this Agreement.

  • Intel shall defend, indemnify and hold harmless ISC and the State of New Mexico from all actions, proceedings, claims, losses, demands, costs, damages, attorneys’ fees and all other liabilities and expenses of any kind from any source which may arise from, or relate to, the License except to the extent that they arise from, or relate to, ISC’s Offset Obligations.