Trade Acreage Sample Clauses

Trade Acreage. (a) Trade Agreements. (i) Prior to Closing, the Company Groups intend to enter into certain acreage trade agreements (each, a “Trade Agreement”) with certain counterparties or their respective Affiliates identified on Schedule 6.27 (each such counterparty and its respective Affiliates, a “Trade Counterparty”), pursuant to which the Company Groups will convey to the relevant Trade Counterparty those oil, gas and/or mineral leases owned by the Company Groups and described on Schedule 6.27(a) (the “Outgoing Trade Leases”) with respect to the relevant Trade Agreement in exchange for certain oil, gas and/or mineral leases owned by the relevant Trade Counterparty and described on Annex I or Annex II, as applicable, to Exhibit A-1 (the “Incoming Trade Leases”). (ii) Schedule 6.27(a) sets forth, for each Trade Agreement, (A) the Net Revenue Interest as to the Target Formation(s) for each DSU pertaining to the Outgoing Trade Leases, (B) the Working Interest as to the Target Formation(s) for each such DSU, (C) the Allocated Value for each such DSU, and (D) the aggregate sum of the Allocated Values of such DSUs assuming that the Outgoing Trade Leases are included in such DSUs (the “Outgoing Trade Lease Allocated Value”). (iii) Schedule 6.27(b) sets forth, for each Trade Agreement, (A) the Net Revenue Interest as to the Target Formation(s) for each DSU pertaining to the Incoming Trade Leases, (B) the Working Interest as to the Target Formation(s) for each such DSU, (C) the Allocated Value for each such DSU, and (D) the aggregate sum of the Allocated Values of such DSUs assuming that the Incoming Trade Leases are included in such DSUs (the “Incoming Trade Lease Allocated Value”). (iv) For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement, the Parties acknowledge and agree that the aggregate Allocated Values of all of the DSUs and ▇▇▇▇▇ have been assigned contemplating the completion of the transactions contemplated by each of the Trade Agreements and corresponding assignment to the relevant Company Groups of the relevant Incoming Trade Leases. (v) Notwithstanding anything herein to the contrary, the applicable Company Group Members are permitted, and Purchaser has consented to, the execution and delivery of each of the Trade Agreements on commercially reasonable terms. (b) With respect to the Incoming Trade Leases, from and after the Execution Date Sellers shall afford to Purchaser and Purchaser’s representatives reasonable access (i...
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Related to Trade Acreage

  • 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;

  • Owned Real Property The Company does not own any real property.

  • Land The real property described in Exhibit A attached hereto and made a part hereof (the “Land”);

  • Real Property; Leasehold (a) No Acquired Corporation owns any, nor has any Acquired Corporation ever owned any, real property, nor is any Acquired Corporation party to any agreement to purchase or sell any real property. (b) Part ?3.8(b) of the Disclosure Schedule sets forth a list of each lease, sublease or other agreement (the “Company Leases”) pursuant to which any of the Acquired Corporations leases real property from any other Person. (All real property leased to the Acquired Corporations, including all buildings, structures, fixtures and other improvements leased to the Acquired Corporations, are referred to as the “Leased Real Property”). The present use and operation of the Leased Real Property is authorized by, and is in compliance in all material respects with, all applicable zoning, land use, building, fire, health, labor, safety and environmental laws and other Legal Requirements. There is no Legal Proceeding pending, or to the knowledge of the Company threatened, that challenges or adversely affects, or would challenge or adversely affect, the continuation of the present ownership, use or operation of any Leased Real Property. To the knowledge of the Company, there is no existing plan or study by any Governmental Body or by any other Person that challenges or otherwise adversely affects the continuation of the present ownership, use or operation of any Leased Real Property. There are no subleases, licenses, occupancy agreements or other contractual obligations that grant the right of use or occupancy of any of the Leased Real Property to any Person other than the Acquired Corporations, and there is no Person in possession of any of the Leased Real Property other than the Acquired Corporations. Each of the Acquired Corporations has complied in all material respects with the terms of all leases (to which they are parties) relating to the Leased Real Property, and all such leases are in full force and effect in all material respects. To the knowledge of the Company, the Leased Real Property is in good operating condition and repair. The Company has Made Available to Parent accurate and complete copies of all leases, subleases or other material agreements pursuant to which any of the Acquired Corporations leases real property from any other Person. To the knowledge of the Company, no Acquired Corporation is party to any Contract or subject to any claim that may require the payment of any real estate brokerage commissions, and no commission is owed with respect to any of the Leased Real Property.

  • 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.