MorMeg After Payout ORRI Assignment Clause Samples

MorMeg After Payout ORRI Assignment. The Parties agree that MorMeg shall be assigned a 5.0% (8/8ths) Overriding Royalty Interest in Phase II once the Company receives 100% return of (i) the amount of Phase II Capital Expenditures actually made by the company, and (ii) the Phase II Purchase Consideration (“Phase II Payout”). Phase II Payout shall be defined as the point in time, following the expiration of the Phase II Reversionary Interest Term, that pre-tax cash flow net to the Company from Phase II totals the sum of (i) cumulative Capital Expenditures spent on Phase II, plus (ii) the Phase II Purchase Consideration. The Company shall calculate the outstanding payout balance on a monthly basis upon expiration of the Phase II Reversionary Interest Term.
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MorMeg After Payout ORRI Assignment. The Parties agree that MorMeg shall be assigned a 5.0% (8/8ths) Overriding Royalty Interest (“ORRI”) in Phase I once the Company receives 100% return of (i) the amount of Phase I Capital Expenditures actually made by the Company, (ii) the $50,000 Option Payment, and (iii) the $450,000 cash payment pursuant to Section 3.2(b), above (“Phase I Payout”). Phase I Payout shall be defined as the point in time, following the expiration of the Phase I Reversionary Interest Term, that pre-tax cash flow net to the Company from Phase I totals the sum of the Capital Expenditures. The Company shall calculate and make the required ORRI payment on a monthly basis commencing after expiration of the Phase I Reversionary Interest Term.
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Related to MorMeg After Payout ORRI Assignment

  • Benefit; Assignment Subject to provisions herein to the contrary, this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective legal representatives, successors and assigns. No party may assign this Agreement without the prior written consent of the other party; provided, however, that a party hereto may assign its interest (or a portion thereof) in this Agreement to an Affiliate, but, in such event, the assignor shall be required to remain obligated hereunder in the same manner as if such assignment had not been effected.

  • Benefits of Agreement; Assignment The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, representatives, heirs and estate, as applicable. This Agreement shall not be assignable by ALPS without the express written consent of the Trust. Any purported assignment in violation of the immediately preceding sentence shall be void and of no effect.

  • Employees on Long Term Supply Assignments Subject to paragraph d) below, Employees completing a full year long-term supply assignment shall be allocated one hundred and twenty (120) short-term disability days payable at ninety percent (90%) of wages at the start of the assignment. An employee completing a long-term supply assignment that is less than a full year will be allocated one hundred and twenty (120) short-term disability days payable at ninety percent (90%) of wages reduced to reflect the proportion the long term supply assignment bears to the length of the regular work year for the position.

  • ASSIGNMENT/SUB-CONTRACTING The Contractor agrees that he will not sell, assign or transfer this Agreement or any part thereof or interest therein without the prior written consent of the Owner.

  • Mortgage Payments Received After Transfer Date The amount of any related Monthly Payments received by the Seller after the related Transfer Date shall be forwarded to the Purchaser by overnight mail within one (1) Business Day following the date of receipt. The Seller shall notify the Purchaser of the particulars of the payment, which notification requirement shall be satisfied if the Seller forwards with its payment sufficient information to permit appropriate processing of the payment by the Purchaser. The Seller shall assume full responsibility for the necessary and appropriate legal application of such Monthly Payments received by the Seller after the related Transfer Date with respect to related Mortgage Loans then in foreclosure or bankruptcy; provided, for purposes of this Agreement, necessary and appropriate legal application of such Monthly Payments shall include, but not be limited to, endorsement of a Monthly Payment to the Purchaser with the particulars of the payment such as the account number, dollar amount, date received and any special Mortgagor application instructions and the Seller shall comply with the foregoing requirements with respect to all Monthly Payments received by it after the related Transfer Date.