Consideration; Term Assignment Sample Clauses

Consideration; Term Assignment. Immediately upon the execution hereof, Participant shall pay to Next Bridge by wire transfer of immediately available funds to the account(s) designated by Next Bridge, a total amount equaling: $7,000,000 multiplied by Participant’s Interest. For the purposes of this Agreement, Simultaneously with the execution of this Agreement, Next Bridge, through itself or a subsidiary, shall execute and deliver to Participant a Term Assignment, in the form attached as Exhibit B (the “Term Assignment”) of the Leasehold Interests and Casing Pipe Interests contained within the Contract Area, for an initial term (the “Initial Term”) which shall commence at the execution hereof and terminate on December 31, 2023, unless extended by H▇▇▇▇▇▇▇ Operating, LLC, a Texas limited liability company (the “Operator”) in its discretion (such extension, the “Extended Term” and together with the Initial Term, the “Term”). The Term Assignment shall be of all depths owned by Next Bridge (provided that Next Bridge makes no representation or warranty with respect to any depth or formation).