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Subordination Agreement Oil And Gas Lease

Subordination Agreement Oil And Gas Lease Template for England and Wales

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Key Requirements PROMPT example:

Subordination Agreement Oil And Gas Lease

"I need a Subordination Agreement Oil And Gas Lease to establish priority between ABC Bank as senior creditor and XYZ Investment Fund as junior creditor, relating to our North Sea exploration lease, with specific provisions for revenue sharing and enforcement rights during a default scenario."

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Document background
A Subordination Agreement Oil And Gas Lease is utilized when multiple creditors have security interests in the same oil and gas lease assets under English and Welsh jurisdiction. This document becomes necessary when financing arrangements involve different tiers of debt, ensuring clear priority structures and protecting senior creditors' interests. It typically includes detailed provisions about payment restrictions, enforcement rights, and turnover obligations, while considering specific requirements of oil and gas regulations and property law in England and Wales.
Suggested Sections

1. Parties: Identification of all parties to the agreement including senior and junior creditors

2. Background: Context of the oil and gas lease and existing security arrangements

3. Definitions: Key terms including Senior Debt, Junior Debt, Security Interests

4. Subordination Provisions: Core terms establishing priority of security interests and debt

5. Payment Restrictions: Limitations on payments to junior creditors

6. Turnover Provisions: Requirements for junior creditors to turn over received payments

Optional Sections

1. Purchase Option: Senior creditor's right to purchase junior debt - include when parties want debt purchase mechanisms

2. Standstill Provisions: Restrictions on enforcement actions - include when specific enforcement restrictions are required

3. Amendment Provisions: Rules for modifying underlying agreements - include when flexibility in underlying agreements is needed

Suggested Schedules

1. Form of Accession Deed: Template for additional parties to join the agreement

2. Details of Existing Security: List of all security interests affecting the oil and gas lease

3. Form of Notice: Templates for required notices under the agreement

4. Description of Oil and Gas Lease: Detailed description of the underlying lease being subordinated

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries
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Relevant Roles
Industries

Petroleum Act 1998: Primary legislation governing oil and gas exploration and production in the UK, establishing petroleum ownership rights and the licensing regime

Energy Act 2016: Updated regulatory framework defining North Sea Transition Authority (formerly OGA) powers and responsibilities in oil and gas sector

Infrastructure Act 2015: Legislation covering underground access for oil and gas extraction and related environmental safeguards

Companies Act 2006: Corporate governance requirements, registration of charges, and security interests relevant to oil and gas companies

Law of Property Act 1925: Fundamental property law governing real property interests, registration requirements, and priority of interests

Environmental Protection Act 1990: Key environmental legislation affecting oil and gas operations and environmental protection measures

Environment Act 2021: Recent environmental legislation implementing new environmental principles and requirements

Climate Change Act 2008: Framework for reducing greenhouse gas emissions, affecting oil and gas operations

Insolvency Act 1986: Legislation governing priority of creditors and security enforcement in case of insolvency

Land Registration Act 2002: Legislation governing registration of interests in land and priority notices for property rights

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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