Common use of Project Property Clause in Contracts

Project Property. Without limiting the generality of Sections 3.1(l) and 3.1(m): (i) all of the Project Property is leased, held or owned by the Project Parties, and no Person other than the Project Parties has any rights to operate or exploit the Material Projects, other than for and on behalf of the Project Parties or in connection with the Royalty Agreement, the Royalty Obligations or another Permitted Encumbrance; (ii) other than as described in Schedule 3.1(n)(ii), none of the Project Real Property or any Minerals produced therefrom are subject to an option, right of first refusal or right, title, interest, reservation, claim, rent, royalty, or payment in the nature of rent or royalty, or right capable of becoming an agreement, option, right of first refusal or right, title, interest, reservation, claim, rent, royalty, or payment in the nature of rent or royalty; and (iii) other than pursuant to the Project Authorizations and Applicable Laws, there are no restrictions on the ability of the Project Parties to exploit the Project Real Property.