Common use of Delay Rentals Clause in Contracts

Delay Rentals. Upon receipt of a joint interest billing therefore, Universal further agrees to pay and/or reimburse Yuma for Ten and No/100ths percent (10.00%) of any delay rentals that must be paid pursuant to the terms of the Leases in order to maintain such Leases in force and effect until such time as the Initial Test Well is drilled to Casing Point. Thereafter, the payment of delay rentals under the terms and provisions of the Leases will be governed by the terms, provisions and conditions of the Operating Agreement.

Delay Rentals. Upon receipt of a joint interest billing therefore, Universal further agrees to pay and/or reimburse Yuma for Ten Eighteen and No/100ths 75/100ths percent (10.0018.75%) of any delay rentals that have or must be paid pursuant to the terms of the Leases in order to maintain such Leases in force and effect until such time as the Initial Test Well is drilled to Casing Point. Thereafter, the payment of delay rentals under the terms and provisions of the Leases will be governed by the terms, provisions and conditions of the Operating Agreement.

Delay Rentals. Upon receipt of a joint interest billing therefore, Universal further agrees to pay and/or reimburse Yuma for Ten Seven and No/100ths 50/100ths percent (10.007.50%) of any delay rentals that have or must be paid pursuant to the terms of the Leases in order to maintain such Leases in force and effect until such time as the Initial Test Well is drilled to Casing Point. Thereafter, the payment of delay rentals under the terms and provisions of the Leases will be governed by the terms, provisions and conditions of the Operating Agreement.