AOI Property definition
Examples of AOI Property in a sentence
The Production Royalty payable to Payee shall payable only on production of Valuable Minerals from the Claims and any real property interest within the Area of Interest acquired during the term of the joint venture agreement or LLC operating agreement ("AOI Property), but not production from any other properties adjacent to or in the vicinity of the Claims or within the Area of Interest.
With respect to the Claims and the AOI Property, the Payee shall have only the rights and incidents of ownership of a non-executive royalty owner.
Payee shall not have any possessory or working interest in the Claims or the AOI Property nor any of the incidents of such interest.
Notwithstanding the foregoing, if an Acquiring Party acquires an Excluded Interest, such acquiring party covenants to use its commercially reasonable efforts to cause any interest in any AOI Property that is an Excluded Interest to be included as Property in this Agreement concurrently with the closing of the Transaction which creates the Excluded Interest.
The Acquiring Shareholder’s notice must describe in detail the acquisition, the AOI Property and the mineralization believed to be present within the AOI Property, the cost of the acquisition, and the reasons why the Acquiring Shareholder believes that the acquisition of the AOI Property may be in the best interests of the Company.
Stakeholder grants Buyer the right to, at any time and from time to time, mix or commingle uranium or other Subject Minerals from any AOI Property or land pooled therewith with like substances produced from other land for transporting, treating, Processing, and storing prior to or for the purpose of sale.
If Stakeholder believes that an inspection or audit shows that uranium or other mineral production from any AOI Property or that the Proceeds calculations are incorrect, it may submit a written claim to Buyer for the additional amount of production royalty that Stakeholder believes it is entitled to.
A Member that resigns from the Company pursuant to Section 11.2 or is deemed to have resigned pursuant to Section 5.8, or a Member that otherwise transfers or forfeits its entire Membership Interest, shall not and its Affiliates shall not directly or indirectly acquire any AOI Property within the Area of Interest for 12 months after the effective date of the resignation, forfeiture or transfer.
An “Excluded Interest” shall mean any interest in a property in the Area of Interest that would otherwise be an AOI Property except that such property was acquired as a result of a major corporate transaction such as a reverse takeover, takeover, merger or amalgamation or other transaction the primary purpose of which was other than to acquire the property in the Area of Interest.
The costs and expenses associated with staking or acquiring the AOI Property will constitute Qualifying Expenditure and such costs and expenses will be funded from the South32 Initial Funding.