Paid-up lease

{
  "id": "MLC-T-OAG-002683",
  "term": "Paid-up lease",
  "field": "Oil and gas",
  "definition": "An oil and gas lease where all delay rentals for the primary term are paid in advance at the time the lease is executed. This eliminates the need for the lessee to make annual rental payments to keep the lease in force during the primary term. The lease remains active without drilling as long as the primary term has not expired.",
  "subject": "Oil and Gas Business",
  "url": "https://mlchart.com/terminology/oil-and-gas/paid-up-lease/"
}