AOC License definition
Examples of AOC License in a sentence
AOC does hereby warrant that AOC holds legal, valid, enforceable and clear (unencumbered) title to the AOC License and undertakes to hold API, OS and URMP harmless from any and all claims prior to this agreement that might affect rights under this Agreement.
In accordance with but notwithstanding provisions of the CAPL Agreement, API is entitled to recover costs incurred, including for the Testing Phase, drilling, completion and equipping and other operations out of 100% of net working interest in production from the Initial Well and the AOC License until Payout.
In the event API does not fund the Joint Account prior to 5:00 p.m. September 15, 2002, AOC is at liberty to make other arrangements to finance the Initial Well and should API not fund the Testing Phase, API shall not have earned any interest in the AOC License or the Initial Well.
On the issuance of the ▇▇▇▇▇▇ Certificate in accordance with section 3.3, API shall have earned in the Initial Well its entitled 100% working interest before payout and 72.75% working interest after payout and 81.25% interest in the AOC License, subject to the terms of this Agreement.