Production Licence Granted Sample Clauses

Production Licence Granted. (a) Paltar acknowledges and agrees that, following the Earning Date, if a Production Licence is applied for and issued in respect of any area under the Permit Area in accordance with the terms of this Agreement, (i) Paltar’s undivided interest in such Production Licence will be equal to 75%, subject to the Option granted hereunder pursuant to clause 5.3, and Nation’s undivided interest in such Production Licence will be equal to 25%. (b) Upon the issue of a Production Licence, Paltar will be deemed to have resigned as Operator with respect to the Permit Area covered by the Production Licence. (c) Upon the issue of a Production Licence to Nation pursuant to this clause 6.2, each clause of this Agreement, other than clauses 5.3 through 5.7. will cease to apply to the Permit Area covered by that Production Licence.
View SourceView Similar (5)
Production Licence Granted. (a) Paltar acknowledges and agrees that, following the Earning Date, if a Production Licence is applied for and issued in respect of any area under the Nation Blocks in accordance with the terms of this Agreement, (i) Paltar’s interest in such Production Licence will be equal to seventy-five percent (75%), insofar as it covers the Nation Block, subject to the Option granted hereunder pursuant to clause 5.3, and (ii) Nation’s interest in such Production Licence, insofar as it covers the Nation Block, will be equal to twenty-five percent (25%). (b) Upon the issue of a Production Licence for a Nation Block (or portion thereof), Paltar will be deemed to have resigned as Operator with respect to such Nation Block (or portion thereof). (c) Upon the issue of a Production Licence to Nation pursuant to this clause 6.2, each clause of this Agreement other than clauses 5.3 through 5.7 will cease to apply to the Nation Block (or portion thereof) covered by that Production Licence.
View SourceView Similar (5)
Production Licence Granted. (a) Upon the grant of a Production Licence for a Nation Block and the receipt of all necessary transfers to Paltar from any other party to the JVOA concerning the Nation Block, Paltar will deliver to Nation registrable transfer forms of Paltar’s entire interest in the Production Licence, insofar as it covers the Nation Block, except for the payment of stamp duty and registration fees. Nation will lodge the transfer forms, together with a notice appointing Nation or its designee as Operator of the Production Licence, with the Government for approval and registration, as required under the Petroleum Act, and promptly thereafter Nation must deliver to Paltar the duly executed transfer forms and pay the stamp duty and registration fees in the amounts determined by the Government. Paltar’s interest in the Production Licence shall be transferred to Nation free from any Encumbrance except as set out in Clause 6.2(b); provided, that, Paltar shall be entitled to reserve for itself an overriding royalty with respect to all petroleum produced from the portion of the relevant Nation Block covered by the Production Licence with such royalty being equal to the difference between 25% and the sum of the existing royalty burdens shown in Schedule 1 applicable to such portion of the relevant Nation Block such that the revenue interest of Nation in such production of petroleum, after giving effect to all of the royalty burdens described in Schedule 1, will be exactly 75%, and with the understanding that if a royalty burden set forth in Schedule 1 later increases in accordance with its terms, the additional overriding royalty in favor of Paltar will be correspondingly decreased, so that Nation’s revenue interest will remain constant at 75%. (b) Nation shall be entitled to that Nation Block and shall assume all the obligations of (and be assigned all the benefits of): (i) the Exploration Agreements that relate to that Nation Block; and (ii) the royalty burdens set forth in Appendix 1 in relation to that Nation Block; and Paltar shall execute all such agreements (including any deeds of assignment and assumption) as reasonably required by Nation and the counterparties to the above agreements to perfect the assumption of such obligations and the assignment of any benefits and the release of Paltar. (c) Upon the grant of a Production Licence for a Nation Block, Paltar will be deemed to have resigned as Operator with respect to such Nation Block. (d) Upon transfer of a Production L...
View SourceView Similar (3)

Related to Production Licence Granted

  • Licence Grant If you use our software as part of using our Services then we and our licensors grant you a licence that is personal to you only, which is limited, non- exclusive, revocable, non-transferable and without the right to sub-licence. A “licence” is legal way in which we are able to grant you the right to use something for a specific and limited – in this context we use to describe how we grant you the right to use the Service (including its software). You are permitted to use the software provided by us for use solely for the purposes of availing of our Services pursuant to this Agreement and for no other purpose whatsoever. Unless expressly granted by us in this Agreement, nothing in this Agreement shall be interpreted as granting you a licence to use any of our software or other intellectual property rights for any other purposes.

  • Software Licence The following licence terms apply whether HP provides software to Customer as part of a managed service or as a separate software transaction.

  • Software License The SOFTWARE is protected by copyright laws and international copyright treaties, as well as other intellectual property laws and treaties. The SOFTWARE is licensed, not sold.

  • Licences 4.1 Lonza hereby grants to Licensee a world-wide non-exclusive licence (with the right to sublicense, subject to Clause 4.3 below) under the System Know-How and Patent Rights to use, develop, manufacture, market, sell, offer for sale, distribute, import and export Product in the Territory. 4.2 Save as expressly provided by Clause 2.2 above, the Licensee hereby undertakes not to make any modifications or adaptations to the System during the subsistence of this Agreement. 4.3 Subject to the provisions of this Clause 4.3, Licensee shall be entitled to grant a sublicence to the rights granted by Clause 4.1 to any one or more third parties for the purposes of any such third party producing Product for Licensee provided always: 4.3.1 Licensee shall ensure such sublicensee’s use of the System, the Intellectual Property and the Product is undertaken solely for the purpose of establishing a manufacturing process for Product, or producing Product, for Licensee; and 4.3.2 The sublicensee shall not, by virtue of this Agreement, be granted any right or licence, either express or implied, under any patent or proprietary right vested in Lonza or otherwise, to use the System, the Intellectual Property or the Product other than for the purposes of establishing a manufacturing Process for Product or producing Product for Licensee and Licensee agrees to ensure that such sublicensee shall not assign, transfer, further sublicense or otherwise make over the benefit or the burden of the rights granted to it pursuant to this Agreement; and 4.3.3 Any sublicence granted shall be expressly subject and subordinate to the terms of this Agreement, and it shall be Licensee’s responsibility to ensure the strict adherence by any sublicensee hereunder to the terms and conditions of this Agreement; and 4.3.4 Prior to the grant of any sublicence pursuant to this Clause 4 Licensee shall obtain the written consent of Lonza (such consent not to be unreasonably withheld), to the grant of such sublicence. 4.4 If, on a country-by-country basis, any granted patents that form part of the Patent Rights (including any re-issued patents and unexpired patents), subsequently expire or no longer contain a Valid Claim such Patent Rights shall automatically fall outside the scope of this Agreement and the provisions of Clauses 4.1 to 4.3 shall only apply, with respect to granted patents, to those granted patents which contain a Valid Claim and form part of the Patents Rights for as long as those granted patents remain in force. 4.5 On a country-by-country basis, where no Valid Claims within the Patent Rights remain in force, the provisions of Clauses 4.1 to 4.3 shall only apply for as long as the System Know-How remains secret and substantial.

  • Inbound Licenses Except as disclosed on the Schedule, Borrower is not a party to, nor is bound by, any license or other agreement that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property.