Examples of Acquired Project in a sentence
With respect to any Acquired Project, (i) Acquired Project Net Operating Income shall constitute Pledged Receipts, and (ii) the proceeds of sale of such Acquired Project shall constitute Recoveries of Principal.
Any agreement between Xxxxxxxxx and a Third Party Purchaser for participation in an Acquired Project shall provide that the Third Party Purchaser will immediately reimburse Fellows for such Third Party Purchaser’s proportionate share of the leasehold costs relative to an Acquired Project that has been incurred by Fellows through such time as said agreement has been made effective.
If Xxxxxxxxx elects not to participate in the drilling of the second and subsequent xxxxx, Xxxxxxxxx shall forfeit any future rights to participate for a working interest in the AMI for such Acquired Project.
Any such participation by Xxxxxxxxx in the second and subsequent xxxxx of an Acquired Project shall be proportionately reduced to Fellows’ working interest in such AMI.
On a monthly basis, Fellows shall advise Xxxxxxxxx of the leasehold costs incurred for the Acquired Project during the proceeding month.