Undeveloped Leases definition

Undeveloped Leases means Mineral Leases which are not, as of the Effective Date, producing or capable of producing in paying quantities and which will expire upon expiration of the primary term or, if applicable, any optional extension of the primary term of such lease if (a) production in paying quantities is not established prior to the expiration of the primary term or, if applicable, any optional extension of the primary term of such lease, or (b) operations to extend the primary or, if applicable, any optional extension of the primary term thereof are not commenced and in progress at the expiration of such primary term or extension thereof.

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Undeveloped Leases means all leases on undeveloped acreage owned ------------------ by the Company or any Subsidiary.

Undeveloped Leases is defined in the definition of Assets.

Examples of Undeveloped Leases in a sentence

• The current maintenance, operation, use and occupancy of the Star Undeveloped Theatre Properties do not, to the knowledge of Star, violate any building, zoning, health, environmental, fire or similar law, ordinance, order or regulation or the terms and conditions of any of the Star Undeveloped Leases.

• The recording information with respect to each of the Leases or Undeveloped Leases (or memoranda thereof) set forth in Schedule 8.3(a) hereto is true, complete and correct.

• The Star Undeveloped Leases have not been amended or modified except as set forth in the documents identified in Schedule 9.3(a) hereto.

• The recording information with respect to each of the Star Undeveloped Leases (or memoranda thereof) set forth in Schedule 9.3(a) hereto is true, complete and correct.

• Star has no knowledge of any dispute with any landlord under any of the Star Undeveloped Leases with respect to any term, provision or condition of any thereof.

• Each of the Leases and Undeveloped Leases is valid and subsisting, in full force and effect and binding in accordance with its terms.

• The current maintenance, operation, use and occupancy of the Theatre Properties and the ▇▇▇▇▇ Undeveloped Theatre Property do not, to the knowledge of ▇▇▇▇▇, violate any building, zoning, health, environmental, fire or similar law, ordinance, order or regulation or the terms and conditions of any of the Leases or Undeveloped Leases.

• Each of the Star Undeveloped Leases is valid and subsisting, in full force and effect and binding in accordance with its terms.

• Except as set forth in Schedule 8.5, ▇▇▇▇▇ has no knowledge of any dispute with any landlord under any of the Leases or Undeveloped Leases with respect to any term, provision or condition of any thereof.

• All rentals payable under the Undeveloped Leases prior to the Effective Date have been timely and properly paid, and all rentals that will become payable under the Undeveloped Mineral Leases through November 1, 2013, have been or will be properly paid prior to the Closing Date.

More Definitions of Undeveloped Leases

Undeveloped Leases mean and refer to those oil, gas and mineral leases separately identified in Exhibit A-2, which are oil and gas leases or oil, gas and mineral leases which are currently within their respective primary terms, under which no exploration activity as yet has occurred.

Undeveloped Leases means Mineral Leases which are not, as of the Effective Date, producing or capable of producing in paying quantities and which will expire upon expiration of the primary term or, if applicable, any optional extension of the primary term of such lease if (a) production in paying quantities is not established prior to the expiration of the primary term or, if applicable, any optional extension of the primary term of such lease, or (b) operations to extend the primary or, if applicable, any optional extension of the primary term thereof are not commenced and in progress at the expiration of such primary term or extension thereof. “WARN Act” means the Worker Adjustment and Retraining Notification Act (29 USC § 2101 et seq.) and any similar Law. “Working Interest” means, with respect to any Person, the interest of such Person in and to a Mineral Lease or Well that is burdened with the obligation to bear and pay costs and expenses of drilling, completion, maintenance, development, and operations on or in connection with such Mineral Lease or Well, but without regard to the effect of any Lease Burdens measured by, or payable out of production therefrom.

Undeveloped Leases means the remainder of the Leases (or portions thereof) which are not allocated or included in an Allocated Unit that is attributable to a Well;

Undeveloped Leases means the remainder of the Leases (or portions thereof) which are not allocated or included in an Allocated Unit that is attributable to a Well; (ii) “Per Net Mineral Acre Price” is the per net mineral acre price or value set forth for the different areas and regions described in Exhibit “D” attached hereto, and (iii) “net mineral acre” shall mean the ▇▇▇▇▇-▇▇▇▇ Parties’ undivided Working Interest in the leasehold estate created by a Lease, multiplied by the number of gross acres covered by such Lease, multiplied by the lessor’s undivided interest in the oil and gas mineral fee estate in the lands covered by such Lease. For the purpose of making the requisite Tax filings under the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder, the ▇▇▇▇▇-▇▇▇▇ Parties and Buyer agree to allocate the Purchase Price (as adjusted pursuant to the provisions hereof) among the assets of the ▇▇▇▇▇-▇▇▇▇ FB/M Successor and Pillar FB/M Successor, as provided in the Allocated Value. The ▇▇▇▇▇-▇▇▇▇ Parties and Buyer each agree to report the federal, state and local income and other Tax consequences of the transactions contemplated herein, and to prepare and file all Tax Returns in a manner consistent with the terms of the Allocated Value and shall not take any position inconsistent therewith upon examination of any such Tax Return, in any refund claim, in any litigation, investigation or otherwise unless required to do so by applicable law. The ▇▇▇▇▇-▇▇▇▇ Parties and Buyer shall confer and cooperate on any revisions to the Allocated Value, including reporting any matters that require updating (including adjustments to the Purchase Price) to be consistent with the Allocated Value.