Leasehold Interests definition
Examples of Leasehold Interests in a sentence
Each Borrower shall at all times pay, when and as due and payable, its rental obligations under all Leasehold Interests containing Sand Reserves that are included in the Formula Amount under which it is a tenant, and shall otherwise comply, in all material respects, with all other terms of such leases and keep all such leases in full force and effect (unless it would be prudent not to keep such leases in full force and effect in the exercise of Borrower’s reasonable business judgment).
On behalf of the Program and subject to the limitations and guidelines herein set forth, McMoRan shall evaluate and acquire Leasehold Interests in the Program Area during the Program Term which it believes to be potentially productive of oil or gas.
Without limiting or altering the effect of the AMI provisions of Article XIII hereof, from and after the end of the Program Term, McMoRan shall not be obligated to search for and offer to Participant any interest in Leasehold Interests within the Program Area.
The foregoing provision of this paragraph shall not apply nor shall they alter Participant's obligation to purchase its proportionate part of any Leasehold Interests acquired by McMoRan hereunder in those cases where the costs of acquiring such interests are Exploration Expenditures.
McMoRan shall maintain complete and accurate records of all Leasehold Interests acquired and held hereunder, the acquisition and disposition of all equipment hereunder, and of all expenditures made hereunder in accordance with generally accepted industry standards.