Top Lease definition

Top Lease shall have the meaning given that term in Section 10.02.

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Top Lease means a lease granted by a landowner during the existence of a recorded mineral lease which is to become effective if and when the existing lease expires or is terminated. Buyer shall promptly notify Seller of any reimbursement obligation arising under this this Agreement by providing Seller notice of the expiration and a copy of the subject Top Lease. Buyer shall only be entitled to reimbursement from Seller under this Section 10.02 of either (a) the aggregate of Title Defects and Environmental Defects at Closing exceeded the Defect Deductible or (b) the sum of (i) the Title Defects and Environmental Defects at Closing plus (ii) the Allocated Value of the Burdened Leases exceeds the Defect Deductible, and in the case of subparagraph (b), Buyer shall only be entitled to reimbursement to the extent that the sum of clause (i) and (ii) exceeds the Defect Deductible. The amount of reimbursement to which Buyer shall be entitled shall be an amount equal to the Allocated Value of such Lease. Seller may either account for any reimbursement required by this Section in the Final Accounting Statement, or, if the Final Accounting Statement has already been issued and agreed, then Seller shall reimburse to Buyer an amount equal to the Allocated Value (or portion thereof, should any Top Lease cover less than all of the lands subject to a Lease) for any such expired Lease within 15 days following its receipt of notice of an expiration under this Section.

Top Lease an oil and gas lease covering any interest that is subject to an effective Lease, which is acquired while such Lease is still in effect and is designed to become effective upon the expiration or termination of such existing Lease.

Examples of Top Lease in a sentence

Any Top Lease granted by Lessor in violation of this provision shall be null and void.
Buyer shall promptly notify Seller of any reimbursement obligation arising under this this Agreement by providing Seller notice of the expiration and a copy of the subject Top Lease.
Any offer must be in writing and must set forth the proposed Lessee's name, bonus consideration and royalty consideration to be paid for such Top Lease, and include a copy of the lease form to be utilized reflecting all pertinent and relevant terms and conditions of the Top Lease.
If, at any time during the primary or extended term of this Lease, Lessor receives (or seeks) an offer for a top lease on all or any portion of the Premises that would cover all or any portion of the Geothermal Resources (“Top Lease Offer”), before Lessor may execute or accept consideration as to such Top Lease Offer, Lessor must first provide Lessee with written notice of such Top Lease Offer, and the right to match such Top Lease Offer on the same terms and conditions of the Top Lease Offer.
Seller may either account for any reimbursement required by this Section in the Final Accounting Statement, or, if the Final Accounting Statement has already been issued and agreed, then Seller shall reimburse to Buyer an amount equal to the Allocated Value (or portion thereof, should any Top Lease cover less than all of the lands subject to a Lease) for any such expired Lease within 15 days following its receipt of notice of an expiration under this Section.
If Lessee elects to match such Top Lease Offer, it shall provide written notice of such election within such thirty (30) day period, which election shall constitute a binding obligation to match such Top Lease Offer; provided however that Lessee shall not be obligated to pay any upfront rental, bonus or other consideration that, by the terms of the Top Lease Offer are required to be paid at execution, until this Lease shall actually terminate and expire by its terms (or be surrendered by Lessee).
Notwithstanding any other provision in this Agreement, Recipient understands and agrees that, during the term of this Agreement, Recipient shall not, nor permit any of its subsidiaries, affiliates or Representatives to, acquire an interest in, or execute an agreement to acquire an interest in (or cause to be acquired or executed for their benefit by use of a broker or otherwise), directly or indirectly, any Top Lease.
If at any time within the primary term of this Lease or any continuation or extension thereof, Lessor receives any bona fide offer, acceptable to Lessor, to grant an additional lease (“Top Lease”) covering all or part of the Leasehold, Lessee shall have the continuing option by meeting any such offer to acquire a Top Lease on equivalent terms and conditions.
If, at any time within the Primary Term of this Lease or any continuation thereof, Lessor receives any bona fide offer, acceptable to Lessor, to grant an additional lease (“Top Lease”) covering all or part of the Lease Premises, Lessee shall have the continuing option, by meeting any such offer, to acquire such Top Lease.
Lessee shall have thirty (30) days from receipt of the Top Lease Offer, to elect to match such Top Lease Offer.

More Definitions of Top Lease

Top Lease means the acquisition of a mineral lease (or an option to acquire a mineral lease) covering the Lands under any of the Leases conveyed by Seller to Buyer under this Agreement, to become possessory only upon expiration or termination of such Leases.

Top Lease means a lease between a third party (as lessor) and Seller (as lessee), which has not become effective as of the date of the applicable Closing, as a result of a pre-existing recorded oil and gas lease pertaining to all or a portion of the same tract of land, and/or the same undivided interest in land, as the Top Lease, and which is to become effective if and when the pre-existing lease expires or is terminated.

Top Lease means any top lease, lease option, top term assignment, or any option (or other contractual right) to acquire any of the foregoing on any of Disclosing Party’s oil and gas leases or term assignments.