Net Profits Interest Sample Clauses

Net Profits Interest. Generally, a Nonoperating Interest in an oil and gas property which entitles the owner to a specified percentage share of the Gross Proceeds generated by such property, net of Operating Costs. The holder of a Net Profits Interest has no personal liability for Operating Costs and other expenses incurred in producing oil and gas from the underlying Producing Property. Under a Net Profits Agreement, the Partnership will receive from its companion Operating Partnership Net Profits Interests having the particular characteristics described therein.
Net Profits Interest. From and after such time as Lessee shall have recovered its Investment, as hereinafter defined, Owner shall have twenty percent (20%) Net Profits Interest in the claims, said twenty percent (20%) Net Profits Interest shall continue to be due under all circumstances even if Owner's claims are lost or invalidated through any governmental action, or Lessee asserts extralateral rights to mine areas appurtenant to Lessee's HR claims. The said Net Profits Interest shall be calculated and paid by Lessee in the manner set forth in Exhibit "B" attached hereto, for any minerals removed and sold by Lessee from beneath the vertical boundaries of the claims listed in Exhibit "A", attached hereto, as they existed of record on the date of this Agreement. The claims to which this subsection refers are depicted on the map attached hereto as Exhibit "C". The provisions of this Section 3(a) shall survive the termination of this Agreement. It is agreed by the parties hereto that this Amendment effects only Section 3(a) of said Lease and Option to Purchase Agreement and all other provisions of the Agreement shall remain unaffected by this Amendment and shall continue to be binding obligations of the parties. Submission page 71 of 98
Net Profits Interest. 3.1. If the Creditor exercises the Conversion Option, the Creditor will receive a net profits interest (the “Net Profits Interest”) in any future profits received by the Company that are derived from each Exploitation Activity as computed in accordance with paragraph 3.2 of this Agreement (the “Net Profits”), at a basis of 1% of the Company’s Net Profits for every $10,000.00 of the Converted Amount;
Net Profits Interest. CEPI has purchased an undivided twenty-five -------------------- percent (25%) interest in and to the "Net Proceeds" (as defined in section 14 below) from the sale of production from the Antelope Creek Field until such time as CEPI has received the Net Proceeds from the sale of Sixty-Seven Thousand Three Hundred Eighty-Nine (67,389) barrels of oil equivalent ("BOE") (hereinafter referred to as the "Net Profits Interest"), such Net Profits Interest to be paid out of PGP's fifty percent (50%) interest in and to the Antelope Creek Field. CEPI shall be entitled to receive seventy-five percent (75%) of the Net Proceeds from the sale of oil and gas produced from the Antelope Creek Field for the period from the Effective Date through the termination of the Net Profits Interest. From and after termination of the Net Profits Interest, CEPI shall be entitled to fifty percent (50%) of the Net Proceeds, except as otherwise provided in sections 5, 7, 9, and 10 below. For purposes of this section 2, six (6) MMBtus of gas shall equal one (1)
Net Profits Interest. In consideration for the payment by Investor to Owner of the Advance, Investor shall have the rights provided for in this Article III and elsewhere in this Agreement with respect to the Accounts, including without limitation the rights to receive payments from Owner measured by each Account pursuant to Section 3.7 (all of such rights are herein collectively called the "Net Profits Interest"). The Net Profits Interest is intended to provide to Investor substantially the same economic benefit as if Investor was the owner of a direct net profits interest in each Association Contract to the extent it relates to the Designated Percentage of the related Subject Interests and on the terms otherwise provided for herein; provided, however, that no rights or interest of any nature whatsoever in an Association Contract, any Subject Interests or Harken Colombia are intended to be, or are hereby, assigned or conveyed to Investor, it being understood and agreed that the Net Profits Interest is solely a contractual obligation of Owner as expressed in this Agreement.
Net Profits Interest. As additional compensation to Lender for its extensions of credit under this Agreement, Borrower shall pay to Lender on each Net Profits Payment Date an amount equal to 50% of the aggregate Net Profits generated by Loan Parties between the Closing Date through such Net Profits Payment Date less any amounts previously paid to Lender pursuant to this Agreement as either Interest Paid and/or any Net Profits Paid prior to such Net Profits Payment Date (the “Net Profits Interest”) (the Advance Request delivered to Lender on or about such date, as applicable, shall include calculations of the Net Profits from the Closing Date through such date in reasonable detail, together with such other information necessary or reasonably requested to support such calculations). The payment of Net Profits Interest shall apply to all Net Profits generated by Loan Parties between the Closing Date and Termination Date. Borrower’s obligation to pay Net Profits Interest to Lender shall exist regardless of, and shall not be diminished by, the actual amount outstanding, if any, under this Agreement and regardless of whether there are any claims, defenses or offsets, it being understood that said obligation is not subject to any rights, claims, defenses or offsets, each of which are knowingly, expressly and unequivocally waived by Borrower with respect to the obligations contained in this paragraph.
Net Profits Interest. (1) If Borrower pays in full all of the Notes on or before the expiration of the two-month period commencing the date of the Notes, Borrower and each Lender agree to promptly execute and deliver that certain Reconveyance of Overriding Royalty Interest and Conveyance of Net Profits Interest substantially in the form of the instrument attached hereto as Exhibit 3(b) in all material respects (the "NPI Conveyance")(it being agreed, however, that each Lender shall be entitled to receive such Lender's Percentage Share of 6.40% of the net profits, if any, realized from the production of oil, gas and other minerals from the Subject Interests, calculated in the manner provided in the NPI Conveyance). The term "
Net Profits Interest. Payout, Subject Hydrocarbons and Subject Interest. As used herein the term Net Profits Interest shall mean the balance in the Net Profit Account. Payout shall mean that point in time when the cumulative Net Profits Interest distributed to the Assignee has reached $2.5 million or such lesser number as Assignee has delivered to Assignor pursuant to Section 2.1 plus twelve percent (12%) per annum interest thereon. Subject Hydrocarbons shall mean that portion of the oil, gas and other minerals in and under and that may be produced from and after the Effective Date, from the lands and depths covered by the Subject Interests and which are attributable to the Subject Interests, after deducting all royalties and any overriding royalties, production payments and other similar charges burdening the Subject Interests which were recorded prior to the Effective Date. There shall not be included in the Subject Hydrocarbons any oil, gas or other minerals attributable to nonconsent operations conducted with respect to the Subject Interests (or any portion thereof) as to which Assignor is a nonconsenting party and dedicated to the recoupment or reimbursement of costs and expenses of the consenting parties by the terms of the relevant agreement, provided to Assignor's election not to participate is made in conformity with Section 1.14 . Subject Interests shall mean all seventy percent (70%) of Assignor's undivided interest before Payout and thirty percent (30%) of Assignor's undivided interest after Payout in and to the following:
Net Profits Interest. As additional consideration for this Amendment and subject to the terms set forth herein, Tenant hereby waives and relinquishes any and all rights to past or future Net Proceeds Interest as defined by Exhibit “E” of the Lease (the “NPI”). This waiver and relinquishment of rights includes, but is not limited to, any rights to any current or future reserves held by the Lender or Landlord. Tenant hereby acknowledges that as of the Reduction Commencement Date, there are no net proceeds to which it is entitled to receive and disclaims, waives and relinquishes any interest in any future proceeds, reserves or any monies, whatsoever, including those as defined in Exhibit E of the Lease. This waiver of rights to past and present NPI is expressly contingent upon the approval of this Amendment by the Lender. In the event Lender fails to approve this Amendment, then Tenant’s waiver of its right in the NPI shall be rendered void and Tenant’s rights in the NPI shall continue in full force and effect.