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.
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 Kirkwood 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 past such acreage for lease. The overriding royalties assigned hereunder shall apply to any extension or renewal of the Kirkwood Leasehold and such assignments of overriding royalties on renewals and extensions are to be provided in recordable form to-the Assignor, or to its designee, within 30 days of the acquiring party’s acquisition of the lease(s). Further, any overriding royalty reserved by or assigned to the Assignor 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 Kirkwood Leasehold are calculated, in accordance with 30 CFR. Sections 206.150 thru 206.160 inclusive, (2006), or as in effect at the time of production.
Overriding Royalty Interests. To the extent that (x) certain new Properties (or new classifications of Properties) are considered by the Lender in a redetermination of the Borrowing Base and the Collateral Value, (y) the Designee has not already received an Assignment pertaining thereto and (z) pursuant to SECTION 3.5(a)(i) OR (ii), the Designee is entitled to receive an overriding royalty interest, the Designee shall have received an Assignment and a Certificate as to Overriding Royalty Interests with respect to such Properties duly executed by the Borrower and the Borrower's Subsidiaries, together with
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. (a) As additional consideration for the making of the Loans by the Lenders, the Borrower agrees to and will cause any Subsidiary to, convey to the Lenders or their designees, 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 each (i) Oil and Gas Property currently owned by the Borrower and any Subsidiary and (ii) any additional Oil and Gas Property acquired by the Borrower or any Subsidiary or in which the Borrower or any Subsidiary acquires an additional interest, in each case, after the effective date through the date this Agreement is terminated.
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 each (i) Oil and Gas Properties currently owned by the Borrower and (ii) any additional Oil and Gas Property acquired by the Borrower or any Subsidiary or in which the Borrower or any Subsidiary acquires an additional interest, in each case, after the effective date through the date this Agreement is terminated.
Overriding Royalty Interests. At all times while this Agreement is in effect, the aggregate overriding royalty interests to be held by or due to Davix X. Xxxxx xxx employees of Mariner Energy (excluding Alan X. Xxxxxxxx) xxrsuant to their employment agreements with Mariner Energy or otherwise shall not exceed an aggregate of 1-1/2% before Payout (as defined in such agreements) and an aggregate of 6% after Payout, proportionately reduced to the Company Group's Working Interest (as defined in such agreements), and the aggregate overriding royalty interest to be held by or due to Alan X. Xxxxxxxx xxx other consultants (excluding Davix X. Xxxxx) xxrsuant to their consulting services agreement with Mariner Energy 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 Mariner Energy as of April 2, 1996, 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 Compensation Committee of the board of directors of Mariner Energy based on the recommendation of the chief executive officer of Mariner Energy.
Overriding Royalty Interests. The Subject Interests to be conveyed to Buyer shall be subject to those certain Assignments of Overriding Royalty Interests described in SCHEDULE 1.2. The Subject Interests to be conveyed to Buyer shall not be subject to and shall be free and clear of those certain Assignments of Overriding Royalty Interests described in SCHEDULE 1.2A.
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 xxxxx as of the time of grant of such interest (or similar instrument).
