Substitute Acreage definition

Substitute Acreage means leases (or interests therein) covering (a) lands that constitute Option Acreage with respect to which Buyer has exercised its option to acquire its Participating Interest Share pursuant to the Participation Agreement or (b) lands acquired by Seller in the AMI within six months after the end of the Cure Period for the applicable Title Defect (but expressly excluding acreage offered as Option Acreage to Buyer pursuant to Section 6.3 of the Participation Agreement and with respect to which Buyer has declined to exercise its option to acquire its Participating Interest Share), in each case that Seller shall have substituted for acreage subject to Title Defects pursuant to Sections 11.2(d)(ii) and 11.4.
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Substitute Acreage means Leases covering lands within the Contract Area as to which PXP and Chesapeake mutually agree (i.) no Leasehold Defect exists, and (ii.) contain equivalent terms and equivalent Net Acres for Leases where Leasehold Defects have been identified by PXP and agreed to by Chesapeake.
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Substitute Acreage in the second sentence of such Section.
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Examples of Substitute Acreage in a sentence

  • August 1Commented [LK6]: Monty (IEOSA)c.until September 1 by the Director.Additional or Substitute Acreage.

Related to Substitute Acreage

  • Substitute Award means an Award granted under the Plan upon the assumption of, or in substitution for, outstanding equity awards previously granted by a company or other entity in connection with a corporate transaction, such as a merger, combination, consolidation or acquisition of property or stock; provided, however, that in no event shall the term “Substitute Award” be construed to refer to an award made in connection with the cancellation and repricing of an Option or Stock Appreciation Right.

  • Substitute Awards means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines.

  • Undeveloped Property means all Assessor’s Parcels of Taxable Property which are not Developed Property.