Common use of DETERMINATION OF OCCUPANCY Clause in Contracts

DETERMINATION OF OCCUPANCY. The right of occupancy will forthwith cease and determine on the happening of any of the following events namely — (a) upon the Joint Venturers by notice to the Minister relinquishing the same; or (b) upon the initial or any renewed period thereof expiring by effluxion of time; or (c) upon the State granting to the Joint Venturers a mineral lease pursuant to section 9.01 (notwithstanding that the instrument of such lease may not be issued); or (d) upon the Joint Venturers making default in the due and punctual payment of any annual fee payable pursuant to Section 3.07 and failing to comply with a notice from the State specifying such default and calling upon the Joint Venturers to remedy the same within a period of fourteen (14) days of the service of such notice, or