Definition of PXP Properties


PXP Properties means any Property that is not a McMoRan Non-Operated Property or a McMoRan Operated Property.
Sample 1

Examples of PXP Properties in a sentence

To PXP's knowledge, there is no actual or threatened taking (whether permanent, temporary, whole or partial) of any part of the PXP Properties by reason of condemnation or the threat of condemnation.
All currently producing Wells and Equipment related to the PXP Properties operated by PXP are in an operable state of repair adequate to maintain normal operations in accordance with past practices, ordinary wear and tear excepted.
Within fifteen days after execution of this Agreement, PXP shall send notices to all co-owners of the PXP Properties that PXP currently operates nominating and recommending PXP Gulf or PXP Offshore as successor operator following the Closing Date.
Solely with respect to the PXP Properties, PXP shall endeavor to name McMoRan as an additional insured under PXP's insurance policies for the period of time between the Effective Time and the Closing Date.
PXP has all material easements, rights of way, licenses and authorization from Governmental Authorities necessary to access, construct, operate, maintain and repair the Equipment related to the PXP Properties operated by PXP in the ordinary course of business as currently conducted by PXP and in material compliance with all applicable Laws.