Joint Development Interest definition

Joint Development Interest means, with respect to a Development Party, all of such Development Party’s leasehold, working or mineral fee interest and obligations with respect to Subject Oil and Gas Assets within the East Texas/North Louisiana Area.
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Joint Development Interest means, with respect to a Development Party, (a) all of such Development Party’s interest in the Development Assets located within the AMI Area, which shall include for the avoidance of doubt in Articles 6, 7 and 8 proposed Transfers of Material Interests and Other Interests unless otherwise indicated, and (b) any Membership Interest in a Joint Entity owned by the Development Party or an Affiliate of the Development Party.
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Joint Development Interest in Appendix I shall be amended by deleting the phrase: “Material Interests and Other Interests” and replacing it with the phrase: “Material Interests, Other Interests and Shallow Rights Interests”
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Examples of Joint Development Interest in a sentence

  • In the case of a package sale, the non-transferring Development Parties may not acquire the Joint Development Interest or Material Interest, as applicable, subject to the proposed package sale unless and until the completion of the wider transaction (as modified by the exclusion of properties subject to preemptive rights or excluded for other reasons) with the package sale transferee.

  • If for any reason the package sale terminates without completion, the non-transferring Development Parties’ rights to acquire the Joint Development Interest or Material Interest, as applicable, subject to the proposed package sale shall also terminate.

  • A Development Party shall be permitted to Transfer all or any part of its Joint Development Interest after the Initial Three Year Period, provided that a transferee must have the financial ability to perform its future payment obligations hereunder and under the Associated Agreements and the technical ability to participate in the planning of future operations.

  • No Defaulting Party may, and any Defaulting Party shall cause its Affiliates not to, Transfer all or any part of its Joint Development Interest or undergo a Change in Control unless and until the Total Amount in Default is paid by such Defaulting Party or its transferee or any other Person on behalf of such Defaulting Party and then further subject to compliance with the other provisions of this ARTICLE IV.

  • Any Transfer of a Joint Development Interest shall also transfer a proportionate share of the Transferring Development Party’s interest in this Agreement and all of the Associated Agreements other than the Secondment Agreement.

  • Any Transfer of all or a portion of a Development Party’s Joint Development Interest or a Material Interest, other than a Transfer thereof to a Wholly-Owned Affiliate shall be subject to the following procedure.

  • For the purpose of maintaining uniformity of ownership in the Development Area as among the Parties, from and after the Closing Date during the term of this Agreement, no Party shall Transfer any portion of its Joint Development Interest (other than a Transfer of an Immaterial Interest or a Transfer permitted under Section 4.1(c)(i)) unless such Transfer covers the entirety of such Party's Joint Development Interest, or an undivided percentage thereof.

  • Any Transfer of an undivided portion of a Party's Joint Development Interest shall also include a proportionate share of the transferring Party's rights and obligations in and under this Agreement and any applicable Associated Agreement.

  • Further, during the Initial Three Year Period, no Affiliate of a Development Party that has been Transferred a Joint Development Interest (unless limited to an Other Interest) may undergo a Change in Equity Ownership without the prior written consent of each other Development Party, which consent may be withheld for any reason in the sole discretion of such other Development Party.

  • No Defaulting Party may, and any Defaulting Party shall cause its Affiliates not to, Transfer all or any portion of its Joint Development Interest or undergo a Change in Control unless and until the Total Amount in Default is paid by such Defaulting Party or its transferee or any other Person on behalf of such Defaulting Party and then further subject to compliance with the other provisions of this Article VI.