Acquired Project definition
Examples of Acquired Project in a sentence
In the event Fellows rejects a Project (hereinafter referred to as “Rejected Project”) hereunder at any time prior to such Project becoming an Acquired Project (as hereinafter defined), then the Parties shall be under no further obligation or liability to each other with respect to such Rejected Project, and ▇▇▇▇▇▇▇▇▇ shall immediately be free to market such Project to a third party.
Upon a Third Party Purchaser purchasing an interest in an Acquired Project, Fellows and said Third Party Purchaser shall immediately thereafter enter into a mutually acceptable Operating Agreement that shall provide for joint acquisition of future leasehold.
If ▇▇▇▇▇▇▇▇▇ does elect to participate for such an interest in the second and subsequent ▇▇▇▇▇ on any Acquired Project then ▇▇▇▇▇▇▇▇▇ shall be responsible from that time forward for its proportionate share of any and all working interest costs associated with AMI activities in accordance with the relevant Operating Agreement that has been mutually agreed upon by the parties participating in the Acquired Project.
If Houston or a Third Party Purchaser is not participating in an Acquired Project and Fellows elects to acquire a minimum of fifty percent (50%) interest in an Acquired Project, then Fellows shall solely determine what leases are to be acquired within the AMI and the costs to be expended on said leases.
As soon as practicable after Fellows has elected to participate in an Acquired Project, Fellows shall endeavor to acquire leases and, if necessary farmouts, covering the land in the AMI for such Acquired Project.