Common use of Mandatory Relinquishments Clause in Contracts

Mandatory Relinquishments. 5.1.1 At the end of the First Exploration Period, including any extensions thereof the CONTRACTOR enters into, the CONTRACTOR shall relinquish a total of [REDACTED - SENSITIVE BUSINESS INFORMATION] percent of the original Agreement Area, provided that if the CONTRACTOR does not elect to enter into the Second Exploration Period or any extension set forth in Article 3 then the CONTRACTOR shall relinquish [REDACTED - SENSITIVE BUSINESS INFORMATION] not then converted to a Development Area or (Areas) or for approval for conversion to a Development Area is not then pending. 5.1.2 At the end of the Second Exploration Period, including any extension thereof, the CONTRACTOR shall relinquish [REDACTED - SENSITIVE BUSINESS INFORMATION].