Common use of Net Revenue Interest Clause in Contracts

Net Revenue Interest. Participant shall acquire from SECI a delivered net revenue in all leasehold acquired in the Project Area equal to the delivered net revenue acquired by SECI, less an overriding royalty Interest of 3%. Notwithstanding the foregoing, Participant shall not receive a delivered net revenue of less than 77% unless the delivered net revenue received by SECI is less than 77%, in which case the leasehold will be assigned to Participant at the same delivered net revenue received by SECI.

Net Revenue Interest. Participant shall acquire from SECI a delivered net revenue interest in all leasehold acquired in the Project Area equal to the delivered net revenue interest acquired by SECI, less an overriding royalty Interest interest of 3%% of 8/8ths in favor of SECI, proportionately reduced to the interest acquired by Participant as to all leasehold other than State Leases which will be assigned to Participant at a proportionate 79.5% net revenue interest. Notwithstanding the foregoing, Participant shall not receive be delivered a delivered net revenue of interest lease less than 77% unless the delivered net revenue interest received by SECI is less than 77%, in which case then the leasehold will be assigned net revenue interest delivered to Participant at the same delivered net revenue shall be that received by SECI.