GGR definition
Examples of GGR in a sentence
GGR shall not be entitled to receive an overriding royalty interest in the event of removal pursuant to this paragraph.
If GGR has acquired the Increased Interest under the GGR Agreement prior to such removal, all amounts in clauses (a), (b) and (c) of the preceding sentence shall be increased to reflect the amounts paid by GGR to Non-Operators and to the Joint Account on account of such Increased Interest.
The reimbursement to GGR of the amounts specified in this paragraph shall be made by Emanuelle acting as agent for the Non-Operators upon delivery of the notice of the removal of GGR as Operator, and each Non-Operator shall pay to Emanuelle its proportionate share of such amounts in accordance with each Party’s Participating Interest within 10 days of the decision to effect such removal, and the failure to make such payment by any Non-Operator shall be deemed a Default under this Agreement.
The Parties other than GGR agree that the Steering Committee created by the Allocation of Rights and Settlement Agreement dated as of March 26, 2010 (the “Settlement Agreement”) shall be superseded by the Operating Committee created by this Agreement effective as of the effective date of this Agreement, but the rights and obligations of the Parties accrued prior to the Effective Date hereof with respect to the Steering Committee shall survive the execution of this Agreement.
Notwithstanding the foregoing, the PBT Agreement, the GGR Agreement and the Option Agreement shall survive the execution of this Agreement except to the extent such agreements are in conflict with this Agreement, in which event the provisions of this Agreement shall control unless otherwise stated.