A Subordination Agreement Oil And Gas Lease is essential when multiple parties have security interests in the same oil and gas properties. This document becomes necessary when new financing is required or when restructuring existing debt arrangements. It clearly defines the order of priority among creditors, specifies the subordination terms, and ensures compliance with applicable U.S. federal and state regulations. The agreement is particularly important in protecting creditors' rights in case of default or bankruptcy and must be properly recorded to be effective against third parties.
Subordination Agreement Oil And Gas Lease for the United States
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Subordination Agreement Oil And Gas Lease
"I need a Subordination Agreement Oil And Gas Lease for our Texas oil field operation where ABC Bank will subordinate their existing lien to XYZ Capital's new $10M financing arrangement, to be effective from March 1, 2025."
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1. Parties: Identification of all parties involved in the agreement, including the senior creditor, subordinate creditor, and borrower/lessee
2. Background/Recitals: Context of the agreement, including reference to existing oil and gas lease and security interests
3. Definitions: Key terms used throughout the agreement, including 'Senior Debt', 'Subordinate Debt', 'Collateral', 'Lease Rights'
4. Subordination Terms: Core provisions detailing the subordination arrangement and priority of interests
5. Property Description: Detailed legal description of the leased property and associated rights
6. Representations and Warranties: Statements of fact and guarantees by all parties
7. Term and Termination: Duration of the agreement and conditions for termination
1. Environmental Compliance: Specific environmental obligations and compliance requirements when environmental concerns are significant or specifically required by state/federal law
2. Insurance Requirements: Specific insurance obligations of parties when additional insurance requirements are needed beyond the base lease
3. Assignment Rights: Terms governing the transfer of rights under the agreement when parties want to specifically address assignment capabilities
4. Dispute Resolution: Specific procedures for resolving disputes when parties want to specify arbitration or other alternative dispute resolution methods
1. Schedule A - Property Description: Detailed legal description of the property including surveys and maps
2. Schedule B - Existing Liens: List of all existing liens and encumbrances on the property
3. Schedule C - Senior Debt Documents: List and copies of all senior debt documents
4. Schedule D - Subordinate Debt Documents: List and copies of all subordinate debt documents
5. Appendix 1 - Original Lease Agreement: Copy of the original oil and gas lease being subordinated
6. Appendix 2 - Required Notices: Forms of required notices under the agreement
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