Examples of Substitute Well in a sentence
The Company or any of its Subsidiaries may act as Paying Agent or Registrar.(b) The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.(c) The Company initially appoints the Trustee to act as Registrar and Paying Agent and to act as Custodian with respect to the Global Notes, and the Trustee hereby agrees so to initially act.Section 2.04.
This Agreement shall terminate as to each Prospect Area upon (i) the mutual agreement of the Parties; (ii) failure to commence actual drilling operations on a Test Well for such Prospect Area within the time period specified in this Agreement; (iii) failure to commence the drilling of a Substitute Well for such Prospect Area within the time period specified in this Agreement; or (iv) the bankruptcy or insolvency of Ridgewood.
RIDGEWOOD shall bear and pay thirty percent (30.0%) of the actual costs to drill and test the ITW to Casing Point ; however, if prior to reaching Casing Point the actual aggregate cost of the ITW, and any Substitute Well therefor, exceeds one hundred percent (100%) of the dry hole cost estimate provided for in the Approved AFE (“ Promote Cap”), RIDGEWOOD shall bear and pay fifteen percent (15%) of the actual costs to drill and test the ITW thereafter.
In the event NEWFIELD does not propose a Substitute Well within the time period provided for above, then RIDGEWOOD may propose the drilling of a Substitute Well pursuant to the terms of the Operating Agreement.
If there is a conflict between the terms and conditions of this Agreement and the terms and conditions of the Operating Agreement prior to the earlier of: (a) reaching the Objective Depth in the ITW or (b) RIDGEWOOD’s costs and expenses incurred in the ITW and any Substitute Well therefor reaching the Promote Cap, then the terms and conditions of this Agreement shall control.