BLM Leases definition
Examples of BLM Leases in a sentence
In February 2002, the Company Parties paid $1,428,436.75 (the "BLM Lease Price") to the Bureau of Land Management (the "BLM") to purchase certain federal leases (the "BLM Leases").
BLM Leases I-015033 and I-015122 were issued to FMC Corporation in September 1968 and 1964, respectively, and were both reassigned to Monsanto in April 1981.
Prior to the issuance of the BLM Leases, a formal protest of such issuance (the "Protest") was filed by one or more third parties, and as of the date of this Agreement, the BLM has not issued the BLM Leases and has not refunded the BLM Lease Price to the Company Parties, pending resolution of the Protest.
The BLM Leases are noted on Exhibit A as not issued and under protest.
If the Protest is denied and the BLM Leases are issued by the BLM, the Company Parties will promptly execute and deliver to the Purchasers assignments, substantially in the form of the Closing Assignment set forth in Exhibit C-1, of an undivided 25% of the Company Parties' interest in the BLM Leases (or an undivided 27 1/2% or 30% of the Company Parties' interest, as appropriate, if the Purchasers have acquired part or all of the Additional Interest).