Mining Usufruct Rights Clause Samples

Mining Usufruct Rights. (a) The Borrower and the Parent shall use best endeavours to obtain (by way of transfer from PGNiG to the Borrower) a 49% interest in the mining usufruct rights for exploitation for each of the KSK Fields and the consent of the State Treasury of the Republic of Poland to such transfer. Failure by the Borrower and/or the Parent to obtain such transfer and/or consent shall in no way prejudice the conditions that need to be satisfied for KSK First Production to have been achieved. (b) To the extent the Borrower is legally able to do so, the Borrower will grant and perfect a pledge (or pledges) in favour of the Security Trustee, in form and substance satisfactory to the Agent, over mining usufruct rights in respect of any applicable Borrowing Base Asset which the Agent requires to be pledged to the Security Trustee within 60 days of the Borrower so being able to grant such pledge.