Reservation of Working Interest APO in Leasehold Interests Sample Clauses

Reservation of Working Interest APO in Leasehold Interests. The Term Assignment shall contain a reservation of a twenty-five percent (25%) back-in after payout working interest, which shall be applicable to each Well and its associated Governmental Proration Unit drilled on behalf of Participant (“Reserved Back-In Interest”). Upon Project Payout, the Reserved Back-In Interest shall immediately and automatically revert to Next Bridge free and clear of all risks incident to and all expense of drilling, testing, completing, equipping, developing, operating, and maintaining the Well prior to the reassignment, and Participant shall warrant the interest to be reverted to be free and clear of all liens, claims, clouds, and encumbrances caused, suffered or created by, through or under Participant, except those created in the ordinary course of business and routinely expected and accepted in the oil and gas industry generally. Notwithstanding the foregoing, Next Bridge may elect, in its sole and absolute discretion, at any time during Project Payout, to pay Participant it’s Costs attributable to all of the Wxxxx that Participant has participated in and upon such payment, the Reserved Back-In Interest shall revert immediately and automatically to Next Bridge in accordance with this Section 2.2. The Reserved Back-In Interest shall, upon reversion to Next Bridge, otherwise bear only its proportionate part of any royalties, overriding royalties, or other encumbrances burdening the Well as of the date of the Assignment. Any additional wxxxx drilled on within the Governmental Proration Unit (as defined below) after the reversion will be on a heads-up basis under the terms and conditions of the JOA (as defined below). If there is any conflict or inconsistency between the terms of this Agreement and the Term Assignment and the JOA, this Agreement shall control.
Sample 1
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Related to Reservation of Working Interest APO in Leasehold Interests

  • Leasehold Interests Each lease or agreement to which the Company is a party under which it is a lessee of any property, real or personal, is a valid and subsisting agreement without any default of the Company thereunder and, to the best of the Company's knowledge, without any default thereunder of any other party thereto. No event has occurred and is continuing which, with due notice or lapse of time or both, would constitute a default or event of default by the Company under any such lease or agreement or, to the best of the Company's knowledge, by any other party thereto. The Company's possession of such property has not been disturbed and, to the best of the Company's knowledge, no claim has been asserted against the Company adverse to its rights in such leasehold interests.

  • Equipment; Leasehold (a) All material items of equipment and other tangible assets owned by or leased to the Company are adequate for the uses to which they are being put, are in good condition and repair (ordinary wear and tear excepted) and are adequate for the conduct of the Company's business in the manner in which such business is currently being conducted. (b) The Company does not own any real property or any interest in real property, except for the leasehold created under the real property lease identified in Part 2.10 of the Disclosure Schedule.

  • PARTICULARS OF SUBJECT PROPERTY TITLE : The strata title for the subject property has not been issued. MASTER TITLE / LOT NO : Geran 80225, Lot No.20085 Seksyen 41 (formerly known as H.S.(D) 119597, PT No.449 and previously held under Geran No.73720, Lot No.3370) TOWN/DISTRICT/STATE : Kuala Lumpur / Kuala Lumpur / Wilayah Persekutuan Kuala Lumpur TENURE : Freehold FLOOR AREA : 73.86 square metres (795 square feet) REGISTERED PROPRIETOR : Macly Equity Sdn Bhd (1001715-W) ASSIGNOR : Xxxxx Xxx Xxxx ENCUMBRANCES : Assigned to RHB Bank Berhad [196501000373 (6171-M)] The subject property is located within Wisma Infinitum, Xxxxx Xxxxx Xxxxxx Xxxxxxxx, Xxxxx Xxxxxx. The subject property is a duplex 1-bedroom small office home office (SOHO) identified as Parcel No.A-12-09, Type B1, Storey No.12, Building No.Block A, together with an Accessory Parcel (1) unit of car parking bay described as :- Accessory Parcel No.L5-689, Wisma Infinitum and bearing postal address at No.A-12-09, Wisma Infinitum, Xxxxx Xxxxx Xxxxxx Xxxxxxxx, 00000 Xxxxx Xxxxxx. The subject property will be sold “as is where is basis” and subject to a reserve price of RM 704,700.00 ( RINGGIT MALAYSIA: SEVEN HUNDRED FOUR THOUSAND AND SEVEN HUNDRED ONLY) subject to the Conditions of Sale and by way of an Assignment from the above Assignee subject to consent being obtained by the successful bidder(“the Purchaser”) from the relevant authorities, if any, including all terms, conditions, stipulation and covenants which were and may be imposed by the relevant authority. All other fees, costs and charges relating to the transfer and assignment of the property shall be borne solely by the successful bidder (“the Purchaser”).Online bidders are further subject to the Terms & Conditions on xxx.xxxxxxxxxxxxxxxx.xxx All intending bidders are required to deposit 10% of the fixed reserve price by bank draft/ cashier’s order only in favour of RHB Bank Berhad prior to the auction sale with the under mentioned Auctioneer and the balance of the purcLhase price is to be settled within ninety (90) days from the date of auction to RHB Bank Berhad via XXXXXX. Details of payment via XXXXXX, please liaise with Messrs Xxx Xxxxxxx & Xxxx. For further particulars, please contact MESSRS CHE MOKHTAR & LING, Solicitors for Assignee herein whose address is at Level 00, Xxxx Xxxxx, Xxxxxx Xxxxxxx Xxxxxxxx, Xx.0, Xxxxx Xxxxxx Xxxxxxxx, 00000 Xxxxx Xxxxxx. Tel: 00-0000 0000 / Fax: 00-0000 0000 [ Ref: CML- 08A/RHB(1)/LMC/45012/23 ] or under mentioned Auctioneer. Dalam menjalankan xxx xxx kuasa xxxx diberi kepada Pihak Pemegang Serah xxx xxx di bawah Perjanjian Kemudahan, Surat Ikatan Penyerahan Hak (Penyerahan Hak Pihak Pertama) xxx Surat Kuasa Wakil (Pihak Pertama) kesemunya bertarikh 12hb September 2019di antara Pihak Pemegang Serah Xxx xxx Pihak Penyerah Xxx xxx dalam Perjanjian Jual Beli antara Pihak Penyerah Xxx xxx Macly Equity Sdn Bhd bertarikh 30hb April 2019, adalah dengan ini diisytiharkan bahawa Pihak Pemegang Xxxxx xxx dengan dibantu oleh Xxxxxxxx yang tersebut di bawah.

  • Real Property Interests (a) The Owner has provided, or upon execution of this Agreement shall promptly provide to the Developer, documentation acceptable to the Department indicating any right, title or interest in real property claimed by the Owner with respect to the Owner Utilities in their existing location(s). Such claims are subject to the Department’s approval as part of its review of the Utility Assembly as described in Paragraph 2. Claims approved by the Department as to rights or interests are referred to herein as “Existing Interests”. (b) If acquisition of any new easement or other interest in real property (“New Interest”) is necessary for the Adjustment of any Owner Utilities, then the Owner shall be responsible for undertaking such acquisition. The Owner shall implement each acquisition hereunder expeditiously so that related Adjustment construction can proceed in accordance with the Developer’s Project schedules. The Developer shall be responsible for the actual and reasonable acquisition costs of any such New Interest (including without limitation the Owner’s reasonable overhead charges and legal costs as well as compensation paid to the landowner), excluding any costs attributable to Betterment as described in Paragraph 16(c), and subject to the provisions of Paragraph 16(e); provided, however, that all acquisition costs shall be subject to the Developer’s prior written approval. Eligible acquisition costs shall be segregated from other costs on the Owner's estimates and invoices. Any such New Interest shall have a written valuation and shall be acquired in accordance with applicable law. (c) A New Interest shall be substantially equivalent (e.g., in width and type) to the Existing Interest being replaced, unless a New Interest exceeding such standard (i) is required in order to accommodate the Project or by compliance with applicable law, or (ii) is called for by the Developer in the interest of overall Project economy. Any New Interest that does not meet the requirements of the preceding sentence shall be considered a Betterment to the extent that it upgrades the Existing Interest which it replaces, or in its entirety if the related Owner Utility was not installed pursuant to an Existing Interest. Betterment costs shall be solely the Owner’s responsibility. (d) For each Existing Interest located within the final Project right of way, upon completion of the related Adjustment work and its acceptance by the Owner, the Owner agrees to execute a quitclaim deed or other appropriate documentation relinquishing such Existing Interest to the Department, unless the affected Owner Utility is remaining in its original location or is being reinstalled in a new location within the area subject to such Existing Interest. All quitclaim deeds or other relinquishment documents shall be subject to the Department's approval as part of its review of the Utility Assembly as described in Paragraph 2. For each such Existing Interest relinquished by the Owner, the Developer shall do one of the following to compensate the Owner for such Existing Interest, as appropriate: (i) If the Owner acquires a New Interest for the affected Owner Utility, the Developer shall reimburse the Owner for its actual and reasonable acquisition costs in accordance with Paragraph 16(b); or (ii) If the Owner does not acquire a New Interest for the affected Owner Utility, the Developer shall compensate the Owner for the fair market value of such relinquished Existing Interest, as mutually agreed between the Owner and the Developer and supported by a written valuation. The compensation provided to the Owner pursuant to either subparagraph (i) or subparagraph (ii) above shall constitute complete compensation to the Owner for the relinquished Existing Interest, and no further compensation shall be due to the Owner from either the Developer or the Department on account of such Existing Interest. (e) The Owner shall execute a Utility Joint Use Acknowledgment (TxDOT-U-80A) for each Adjusted Owner Utility where required pursuant to TxDOT policies. All Utility Joint Use Acknowledgments shall be subject to TxDOT approval as part of its review of the Utility Assembly as described in Paragraph 2.

  • Acquisition, Sale and Maintenance No Borrower shall acquire or accept any Inventory on consignment or approval, and shall take all steps to assure that all Inventory is produced in accordance with Applicable Law, including the FLSA. No Borrower shall sell any Inventory on consignment or approval or any other basis under which the customer may return or require a Borrower to repurchase such Inventory. Borrowers shall use, store and maintain all Inventory with reasonable care and caution, in accordance with applicable standards of any insurance and in conformity with all Applicable Law, and shall make current rent payments (within applicable grace periods provided for in leases) at all locations where any Collateral is located.

  • Title to Properties; Leases Except as indicated on Schedule 7.3 hereto, the Borrower and its Subsidiaries own all of the assets reflected in the consolidated balance sheet of the Borrower and its Subsidiaries as at the Balance Sheet Date or acquired since that date (except property and assets sold or otherwise disposed of in the ordinary course of business since that date), subject to no rights of others, including any mortgages, leases, conditional sales agreements, title retention agreements, liens or other encumbrances except Permitted Liens.

  • Exclusive Property The Executive confirms that all protected information is and shall remain the exclusive property of the Company Group. All business records, papers and documents kept or made by the Executive relating to the business of the Company shall be and remain the property of the Company Group.

  • Project Site The “Project Site” is the place where the Work is being carried on.

  • Replacement of Personal Property No personal property included as part of the Property shall be removed from the Property unless the same is replaced with similar items of at least equal quality prior to the Closing Date.

  • Leaseholds If the Mortgage Loan is secured by a long-term residential lease, (1) the lessor under the lease holds a fee simple interest in the land; (2) the terms of such lease expressly permit the mortgaging of the leasehold estate, the assignment of the lease without the lessor's consent and the acquisition by the holder of the Mortgage of the rights of the lessee upon foreclosure or assignment in lieu of foreclosure or provide the holder of the Mortgage with substantially similar protections; (3) the terms of such lease do not (a) allow the termination thereof upon the lessee's default without the holder of the Mortgage being entitled to receive written notice of, and opportunity to cure, such default, (b) allow the termination of the lease in the event of damage or destruction as long as the Mortgage is in existence, (c) prohibit the holder of the Mortgage from being insured (or receiving proceeds of insurance) under the hazard insurance policy or policies relating to the Mortgaged Property or (d) permit any increase in rent other than pre-established increases set forth in the lease; (4) the original term of such lease is not less than 15 years; (5) the term of such lease does not terminate earlier than five years after the maturity date of the Mortgage Note; and (6) the Mortgaged Property is located in a jurisdiction in which the use of leasehold estates in transferring ownership in residential properties is a widely accepted practice;

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