Common use of Grant of Overriding Royalty Interest Clause in Contracts

Grant of Overriding Royalty Interest. Promptly after the Effective Date, Grantor will cause a Recordable Conveyance to be filed of record in all appropriate records of the Minerals Management Service and in the counties and parishes adjacent to where the Existing Subject Interests are located and the Overriding Royalty Percentage as such term is used in the Recordable Conveyance, with respect to each of the Existing Subject Interests shall equal the amount for such property as set forth on Exhibit C. From time to time during the Grant Period, as Grantor or its Affiliates enter into any additional Leases related to the Subject Interest, Grantor will cause a Recordable Conveyance to be filed of record in all appropriate records of the Minerals Management Service and in the counties or parishes adjacent to where such Subject Interests are located. The Overriding Royalty Percentage as such term is used in the Recordable Conveyance, with respect to each Lease within the Subject Interest, shall be determined with respect to each such Lease as set forth in Section 2.2 below.