Common use of Additional Royalties Clause in Contracts

Additional Royalties. For a period commencing on the date of this Agreement and expiring on October 15, 2005, Delta shall not acquire any mineral, landowner’s royalty or overriding royalty interests (collectively, “Additional Royalties”) from Savant, the Participants, K▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇, D▇▇▇▇ ▇. ▇▇▇▇▇, P▇▇▇ ▇. ▇▇▇▇, T▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇, B▇▇ ▇. Law or E▇▇▇▇▇ ▇. ▇▇▇▇▇▇, their affiliates, or their spouses, children or trusts for such parties, covering any land within the CRB Area. From and after October 15, 2005 and during the remainder of the Standstill Period (described in Section 11 above), if either Party (the “Acquiring Party”) acquires any Additional Royalties, either directly or indirectly, the Acquiring Party shall deliver written notice thereof to the other Party (the “Receiving Party”) describing the interest acquired, the actual cost thereof, and the offering the Receiving Party the opportunity to acquire the Receiving Party’s proportionate share of such Additional Royalties in accordance with the terms and conditions hereof. For purposes of this Section 11(c), Savant’s proportionate share shall be equal to fifty percent (50%), and Delta’s proportionate share shall be equal to fifty percent (50%). The Receiving Party shall have thirty (30) days after receipt of such notice in which to elect to participate in such acquisition by written notice delivered to the Acquiring Party of the Receiving Party’s election to participate along with payment of the Receiving Party’s proportionate share of the cost of such acquisition. The failure of the Receiving Party to deliver to the Acquiring Party such written election, along with payment, within said time period shall be deemed conclusively to be an election not to participate in such acquisition. If the Receiving Party elects to participate in such Additional Royalties hereunder, the Acquiring Party shall promptly execute, acknowledge and deliver to the Receiving Party an assignment, in recordable form, of the Receiving Party’s proportionate share of such Additional Royalties.

Additional Royalties. For a period commencing on the date of this Agreement and expiring on October 15, 2005, Delta shall not acquire any mineral, landowner’s 's royalty or overriding royalty interests (collectively, “"Additional Royalties”") from Savant, the Participants, K▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇, D▇▇▇▇▇ ▇. ▇▇▇▇▇, P▇▇▇▇ ▇. ▇▇▇▇, T▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇, B▇▇▇ ▇. Law or E▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, their affiliates, or their spouses, children or trusts for such parties, covering any land within the CRB Area. From and after October 15, 2005 and during the remainder of the Standstill Period (described in Section 11 above), if either Party (the “"Acquiring Party”") acquires any Additional Royalties, either directly or indirectly, the Acquiring Party shall deliver written notice thereof to the other Party (the “"Receiving Party”") describing the interest acquired, the actual cost thereof, and the offering the Receiving Party the opportunity to acquire the Receiving Party’s 's proportionate share of such Additional Royalties in accordance with the terms and conditions hereof. For purposes of this Section 11(c), Savant’s 's proportionate share shall be equal to fifty percent (50%), and Delta’s 's proportionate share shall be equal to fifty percent (50%). The Receiving Party shall have thirty (30) days after receipt of such notice in which to elect to participate in such acquisition by written notice delivered to the Acquiring Party of the Receiving Party’s 's election to participate along with payment of the Receiving Party’s 's proportionate share of the cost of such acquisition. The failure of the Receiving Party to deliver to the Acquiring Party such written election, along with payment, within said time period shall be deemed conclusively to be an election not to participate in such acquisition. If the Receiving Party elects to participate in such Additional Royalties hereunder, the Acquiring Party shall promptly execute, acknowledge and deliver to the Receiving Party an assignment, in recordable form, of the Receiving Party’s 's proportionate share of such Additional Royalties.