Common use of Resignation of Operator Clause in Contracts

Resignation of Operator. In addition to all rights and remedies under this Mortgage, at law and in equity, if any Event of Default has occurred and be continuing and Mortgagee shall exercise any remedies under this Mortgage with respect to any portion of the Mortgaged Property (or Mortgagor shall transfer any Mortgaged Property in “lieu of foreclosure”), Mortgagee shall have the right to request that any operator of any Mortgaged Property that is Mortgagor or any Affiliate of Xxxxxxxxx to resign as operator under the joint operating agreement applicable thereto. No later than sixty (60) days after receipt by Xxxxxxxxx of any such request, Xxxxxxxxx shall resign (or cause such other party to resign) as operator of such Mortgaged Property.

Resignation of Operator. In addition to all rights and remedies under this MortgageDeed of Trust, at law and in equity, if any Event of Default has occurred shall occur and be continuing and Trustee or Mortgagee shall exercise any remedies under this Mortgage Deed of Trust with respect to any portion of the Mortgaged Deed of Trust Property (or Mortgagor shall transfer any Mortgaged Deed of Trust Property “in “lieu of of’ foreclosure”), Mortgagee or Trustee shall have the right to request that any operator of any Mortgaged Deed of Trust Property that which is either Mortgagor or any Affiliate affiliate of Xxxxxxxxx to resign as operator under the joint operating agreement applicable thereto. No , and no later than sixty (60) 60 days after receipt by Xxxxxxxxx of any such request, Xxxxxxxxx shall resign (or cause such other party to resign) as operator of such Mortgaged Deed of Trust Property.

Resignation of Operator. In addition to all rights and remedies under this Mortgage, at law and in equity, if any Event of Default has occurred shall occur and be continuing and Trustee or Mortgagee shall exercise any possessory remedies under this Mortgage with respect to any portion of the Mortgaged Hydrocarbon Property (or Mortgagor shall transfer any Mortgaged Property “in “lieu of of” foreclosure”), Mortgagee or Trustee shall have the right to request that any operator of any Mortgaged Hydrocarbon Property that which is either Mortgagor or any Affiliate of Xxxxxxxxx Mortgagor to resign as operator under the joint operating agreement applicable thereto. No , and no later than sixty (60) 60 days after receipt by Xxxxxxxxx Mortgagor of any such request, Xxxxxxxxx Mortgagor shall resign (or cause such other party to resign) as operator of such Mortgaged Hydrocarbon Property.