Overriding Royalty Interests Sample Clauses

Overriding Royalty Interests. (a) As additional consideration for the making of the Loans by the Lenders, the Borrower agrees to convey to the Lenders, in undivided shares proportionate to their respective Commitments, an overriding royalty interest in the aggregate amount specified below in and to the Oil and Gas Properties referred to below. The overriding royalty shall be conveyed with respect to certain Oil and Gas Properties currently owned by the Borrower. (b) The overriding royalty interest in any Oil and Gas Property required to be conveyed with respect to any well shall equal (i) three percent (3%) of 8/8ths (proportionately reduced) in the Oil and Gas Properties described on Schedule 9.18(b)(i) and (ii) two percent (2%) of 8/8ths (proportionately reduced) in the Oil and Gas Properties described on Schedule 9.18(b)(ii). The overriding royalty shall be subject to the terms and conditions set forth in the form of the ORRI Conveyance. (c) An overriding royalty required to be conveyed hereby: (i) with respect to any well now in existence shall be effective as of the first day of the calendar month in which this Agreement is executed and with respect to any future well the first day of the calendar month in which the relevant well was completed, and (ii) shall survive any termination of the Credit Agreement. (d) If, prior to finalization of the division order process, the Borrower receives proceeds of production from a well with respect to which the Borrower is required to convey an overriding royalty under this Section 9.18, the Borrower shall estimate the amount of such revenue payable on account of the overriding royalty and shall pay such estimated proceeds to the Lenders; provided that, upon the completion of the division order process, if any amounts -------- are determined to have been overpaid or underpaid to the Lenders, the Borrower and the Lenders shall promptly make appropriate adjustments among themselves to give effect to the correct division of interests, retroactive to the effective date of such overriding royalty. (e) Within twenty days (20) after the end of each fiscal quarter, the Borrower will prepare a summary of all ▇▇▇▇▇ spudded during the preceding fiscal quarter. Such summary shall indicate the date each well was completed (or anticipated to be completed) and those ▇▇▇▇▇ for which an Override pursuant to (c) above has been recorded in the appropriate land records and delivered to the Lenders. For those ▇▇▇▇▇ where no override has been filed of record, an ap...

Overriding Royalty Interests. This Assignment shall be subject to such overriding royalty interests (“ORRI”) as have been retained or reserved by Assignor’s predecessors-in-interest and that appear of record in the county or jurisdiction within the State of Utah in which the lands covered by the Leases are situated or in the records of BLM. No ORRI is being reserved by Assignor under this Assignment.

Overriding Royalty Interests. ELM RIDGE and PROVIDENCE acknowledge that there are overriding royalty interests due certain contributors to this prospect. These parties and their respective overriding royalty interests are set forth in Exhibit “D,” which is attached hereto and made a part of this agreement. These overriding royalties will be assigned and filed of record prior to the first drilling of the first test well. Each working interest owner in the Leases, including interests owned by Global Mineral Solutions, L.P., will bear its pro rata part of each of these overriding royalty interests.

Overriding Royalty Interests. The overriding royalty interests provided for herein shall be treated as a lease burden existing on the effective date of this Agreement and not as a subsequently created interest. Said overriding royalties shall not merge with any working interest assigned or retained herein. The overriding royalties provided for hereunder shall apply to any extension or renewal of the Leasehold, insofar as such extension and renewal leases include lands covered by the Leasehold. For the purposes of this provision a renewal of an oil and gas lease is the taking by any party to this Agreement of any oil and/or gas lease within one year of the expiration, termination, or release of the preceding lease and a top lease. A renewal of a federal or state oil and gas lease is the taking by any party to this Agreement of any oil and gas lease offered at the next federal or state lease sale at which all or a part of the acreage covered by the preceding federal or state lease subject to this Agreement is offered for lease, as long as any party hereto has made a request to the BLM or State, within six (6) months from the expiration or termination of the preceding federal or state lease, to post such acreage for lease. The overriding royalties assigned hereunder shall apply to any extension or renewal of the Leasehold and such assignments of overriding royalties on renewals and extensions are to be provided in recordable form to the Assignors, or to its designees, within 30 days of the acquiring party’s acquisition of the lease(s). Further, any overriding royalty reserved by or assigned to the Assignors pursuant to this Agreement shall (i) be reduced proportionately to the leasehold working interests and the mineral estates leased thereby, which are burdened by said overriding royalty; (ii) be free of all drilling, development, production, operating and overhead costs and expenses; (iii) bear and pay its proportionate share of gross production taxes, pipeline taxes, ad valorem taxes and other taxes assessed against the gross production attributable to said overriding royalty interests; (iv) shall be computed upon the same basis as royalties payable to the United States on production from the West Greybull Project are calculated, in accordance with CFR code Chapter II, 206.150 thru 206.160 inclusive and payable to the Minerals Management Service.

Overriding Royalty Interests. At all times while this Agreement is in effect, the aggregate overriding royalty interests to be held by or due to Hube▇ ▇▇▇ employees of Hardy (excluding Alan ▇. ▇▇▇▇▇▇▇▇) ▇▇rsuant to the applicable employment agreement described in EXHIBIT 7 to this Agreement or otherwise shall not exceed an aggregate of 1-1/2% before Payout (as defined in EXHIBIT 7) and an aggregate of 6% after Payout, proportionately reduced to the Company Group's Working Interest (as defined in EXHIBIT 7) and the aggregate overriding royalty interest to be held by or due to Alan ▇. ▇▇▇▇▇▇▇▇ ▇▇▇ consultants (excluding Hube▇) ▇▇rsuant to the consulting services agreement described in EXHIBIT 7 to this Agreement or otherwise shall not exceed an aggregate of 1-1/2% before Payout and an aggregate of 1-1/2% after Payout, proportionately reduced to the Company Group's Working Interest, in each case subject to the adjustments, including without limitation those described in Sections 9.4.8(a), 9.4.8(b), 9.4.9 and 9.5, provided for in such employment agreements and the comparable provisions in such consulting services agreements; provided, however, that the aggregate overriding royalty interests held by and due to employees and consultants in a prospect owned by Hardy as of the date hereof shall not be increased except as provided in such employment or consulting services agreement. The division from time to time while this Agreement is in effect among employees and consultants of the percentages described in the foregoing sentence will be determined by the mutual agreement of the Representatives at the Closing Time and thereafter will be determined by the Compensation Committee of the board of directors of Hardy based on the recommendation of the chief executive officer of Hardy.

Overriding Royalty Interests. Borrower shall have duly and validly executed and delivered to EIF all documents, in form and substance satisfactory to EIF, and such documents shall have been filed in such places, necessary or appropriate to effect the assignment and conveyance of the Overriding Royalty Interests.

Overriding Royalty Interests. Neither the Company nor any of its Subsidiaries has granted any overriding royalty interest (or similar instrument) that remains outstanding in respect of property of the Company or its Subsidiaries relating to any Hydrocarbon Interest on which there were no producing ▇▇▇▇▇ as of the time of grant of such interest (or similar instrument).

Overriding Royalty Interests. With regard to the oil and gas properties of the Company and each Subsidiary (the “Properties”), except with regard to the Disclosed Overrides, (i) no director, executive officer or key employee of the Company or any Subsidiary or any immediate family member of the foregoing owns any overriding royalty interest in the Properties and (ii) none of the Company, any Subsidiary or any person acting on behalf of the Company or any Subsidiary has an obligation to or plans to grant to any director, executive officer or key employee of the Company or any Subsidiary any overriding royalty interest in the Properties. For purposes of this paragraph, “Disclosed Overrides” shall mean the overriding royalty interests disclosed in the Statutory Prospectus and the Prospectus under the caption “Certain Relationships and Related Party Transactions” that would otherwise be subject to (i) and (ii) above, and “immediate family member” shall mean the spouse and natural and adopted children of an individual. The description of the Disclosed Overrides in the Statutory Prospectus and the Prospectus is accurate and complete and contains no material misstatements or omissions.

Overriding Royalty Interests. In addition to royalties and additional payments to the IPC, the Block is encumbered by a (%) percent overriding royalty to be paid to a third party and 12.5% Government royalty. Such overriding royalty will be borne between TomCo and Avenue as to 50% each.