Existing Burdens means (i) any royalty, overriding royalty, production payment, and other similar burdens on production which burden the Subject Leases at the time of acquisition by either Party, and (ii) the Reserved Overriding Royalty Interest.
Existing Burdens means Lease Burdens and Permitted Encumbrances of record as of the Effective Date or of which Buyer has received written notice prior to the Closing Date.
Existing Burdens means all landowner royalties, overriding royalties and other burdens existing of record on the effective date hereof and burdening the Current Leasehold, or existing prior to, or created as a condition to the Parties’ acquisition of Additional Leasehold. Existing Burdens also include existing overrides of the Assignors on the Current Leasehold whether of record or not of record.
Examples of Existing Burdens in a sentence
The reference herein to the Existing Burdens shall not create, nor constitute a recognition of, any rights in third parties.
To the best of Seller's knowledge, the Assignments will convey to Buyer, subject to Existing Burdens, all of DCP's right, title and interest to the Assets without reservations.
The Subject Interests Existing Burdens include, but are not limited to, those burdens, encumbrances, contracts, and other agreements that are described on Exhibit B.
To the best of Seller's knowledge, the Assignments will convey to Buyer, subject to Existing Burdens, Seller's right, title and interests to the Assets.
The Crete Assignment shall be subject to any and all burdens, encumbrances, contracts, and other agreements that affect the Crete Prospect (the "Crete Existing Burdens").
More Definitions of Existing Burdens
Existing Burdens has the meaning assigned to that term in the Conveyances.
Existing Burdens the total of Lessor Royalty Burdens and Override Burdens attributable to the Subject Leases, determined on a lease by lease basis.
Existing Burdens means, for any period, the aggregate amounts payable in respect of existing royalty, overriding royalty and other cost-free interests as a result of production of Hydrocarbons from the Subject Interests which burdens have been taken into account in determining the working interests and the net revenue interests in the Initial Subject Interests disclosed to Lender on Item 1.1 of the Disclosure Schedule.
Existing Burdens means all royalties, overriding royalties, production payments, net profits interests, and all similar non-expense bearing interests burdening the Subject Leases, or production therefrom, which are evidenced by an instrument or instruments filed of record in Caddo or DeSoto Parish on or prior to the date of execution of this Agreement by Assignor.
Existing Burdens means, for any period, the aggregate amounts payable in respect of mineral owner royalty interests as a result of production of Hydrocarbons from the Subject Interests.
Existing Burdens means all existing and valid non-cost bearing burdens in effect immediately prior to the Effective Date affecting the Leases including the landowner’s or lessor’s royalty, overriding royalties, net profits interests, production payments, and any other charges or existing non-cost bearing burdens of a similar nature applicable thereto, but excluding the AEE Reserved Override, the BSO Reserved Override and the FXP Reserved Override.
Existing Burdens means royalty interests, overriding royalty interests, net ---------------- profits interests, production payments or other payments out of or with respect to the production of Hydrocarbons, and which are (a) in existence on the Closing Date and have been taken into account in the ownership interests of each Borrower in and to the Mortgaged Property as set forth in Exhibit A to the Oil and Gas Mortgage executed by each Borrower, (b) reserved by the grantor in an assignment of an Oil and Gas Lease to a Borrower after the Closing Date, or reserved by a lessor in any Oil and Gas Lease entered into with a Borrower after the Closing Date, (c) assigned or transferred by a Borrower in the ordinary course of business after the Closing Date, with respect to Mineral Interests that are not Mortgaged Property, or (d) permitted by the Lender in writing after the Closing Date. Final Termination Date means September 15, 2002. ----------------------