Prudent Operator definition

Prudent Operator means a prudent operator of property similar in use and configuration to the Premises and located in the locality where the Premises are located.

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Prudent Operator means the standard of care taken by a prudent operator of property and assets similar in use and configuration to the Pledged Collateral and located in the locality where the Pledged Collateral is located.

Prudent Operator means, with respect to the Operator, a reasonable, prudent operator experienced in the exploration and production of Hydrocarbons and who is, at the time of any specific determination, situated similarly to Borrower or Operator, as applicable, in all material respects, and with respect to Borrower where it is not the Operator of the Property at issue, a reasonably prudent owner of a working interest using commercially reasonable judgment who is, at the time, situated similarly to Borrower in all material respects.

Examples of Prudent Operator in a sentence

• Assignor shall market or shall cause to be marketed Assignor’s Net Share of Minerals (including Assignee Minerals) in good faith and in accordance with the Reasonably Prudent Operator Standard and Section 4.02(d).

• In exercising its powers and performing its duties as Assignee’s agent and representative, Assignor shall act in good faith and in accordance with the Reasonably Prudent Operator Standard.

• The TSO will therefore act as a Reasonable and Prudent Operator in order to facilitate the day to day operations of the delivery and the redelivery of Natural Gas, in accordance with attachment C1 of the Access Code for Transmission.

• It shall not be a violation of such standard of conduct for Assignor (i) to sell Assignor’s Net Share of Minerals or Assignee Minerals to an Affiliate pursuant to any purchase agreement or contract, or (ii) to delegate some or all of Assignor’s duties as Assignee’s agent and representative to its Affiliates (so long as such Affiliates perform in good faith and in accordance with the Reasonably Prudent Operator Standard), with Assignor remaining liable to Assignee for the performance of such duties.

• For purposes of determining the amount of Assignee Proceeds for any Computation Period, if, when calculating Assignee Minerals for any Computation Period, Assignor is unable to determine the precise volume of Minerals produced, sold and attributable to Assignor’s Net Share of Minerals, then Assignor shall, in good faith and in accordance with the Reasonably Prudent Operator Standard, estimate the volume of such Minerals produced, sold and attributable to Assignor’s Net Share of Minerals.

More Definitions of Prudent Operator

Prudent Operator means the standard of care taken by a prudent operator of property similar in use and configuration to the Premises and located in the locality where the Premises are located..

Prudent Operator has the meaning set forth in the applicable Collateral Document.

Prudent Operator means the standard of care taken by a prudent ---------------- operator of property similar in use and configuration to the Owned Premises or Leased Premises, as the case may be, and located in the locality where the Owned Premises or Leased Premises, as the case may be, are located.

Prudent Operator means a prudent and competent operator of services similar to the Services, acting reasonably in good faith;

Prudent Operator has the meaning set forth in the applicable Security Document.

Prudent Operator means a person acting in good faith with the

Prudent Operator means a Person that acts (a) as a reasonably prudent operator would act in owning and operating its own property under the same or similar circumstances; (b) in a good 35 and workmanlike manner, in accordance with good engineering practice, and in accordance with generally accepted industry practices and standards; (c) in accordance with Applicable Law; and (d) without regard to the existence, financial effect, or other effect of the Production Payment Interest.