Leasehold Assets definition
Examples of Leasehold Assets in a sentence
Further, Centurion shall execute and deliver to EXXI a recordable assignment of any remaining Leasehold Assets upon securing the requisite approvals.
Subject, however, to any limitations established in any of the Leasehold Assets and Oil and Gas Properties acquired pursuant to this Agreement, this Agreement and the rights and obligations set forth herein are assignable, in whole or in part, by either Party provided the non-assigning Party consents, or has consented herein, to such assignment in writing, which consent shall not be unreasonably withheld.
If a BCP Participant does not timely and properly elect to join in such Initial Prospect Well, such BCP Participant shall relinquish to the parties who have timely elected to participate, in the percentages to which each participating party’s interest bears to the sum of all participating parties’ interests, all of its interests in and to the Prospect and the Leasehold Assets associated therewith.
Centurion does hereby transfer, assign and convey to EXXI an undivided fifty percent (50.00%) interest in and to the Leasehold Assets.
A significant portion of the consideration for the assignment of Leasehold Assets provided for above in Article 1.01 is the development by EXXI of said Leasehold Assets and each Prospect through drilling operations.
An election not to participate in such Initial Additional Prospect shall immediately result in the electing Party’s forfeiture to the proposing Party of all of its right to participate in said Additional Prospect, including but not limited to, all Leasehold Assets and Oil and Gas Properties within such Additional Prospect Contract Area without any reimbursement.
Centurion shall not be required to reimburse EXXI for any costs EXXI has incurred or obligations accrued prior to such Commencement Date attributable to any and all such Leasehold Assets and Prospects deemed to have been relinquished.
An election not to participate in such Initial Additional Prospect Well shall immediately result in the electing Party’s forfeiture to the proposing Party of all of its right to participate in said Additional Prospect and the Additional Prospect Contract Area, including but not limited to, all Leasehold Assets and Oil and Gas Properties within such Additional Prospect Contract Area, without any reimbursement.
Simultaneously with execution of this Agreement, Centurion has executed and delivered to EXXI a recordable assignment of all such Leasehold Assets which it presently has the authority to assign.
In the event Additional Prospects are generated and the Parties hereto jointly own Leasehold Assets and/or Oil and Gas Properties and elect to participate in an Initial Additional Prospect Well, an Additional Prospect JOA shall be deemed to be in force and effect as to such Additional Prospect as provided for above in Section 3.06.