Suspended Funds definition

Suspended Funds means funds which the applicable Company is holding which are owing to third party owners of royalty, overriding royalty, working or other interests in respect of past production of oil, gas or other Hydrocarbons attributable or allocated to the Company Assets of such Company.

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Suspended Funds means those proceeds from the sale of Hydrocarbons attributable to the Assets and payable to owners of working interests, royalties, overriding royalties and other similar interests that are held by Seller in suspense as of the Closing Date including royalty proceeds held in suspense.

Suspended Funds means amounts that are payable by the Debtors to the owners of royalty interests, working interests, and similar interest burdens in the Debtors’ oil and gas properties or oil and gas properties operated by the Debtors, but are otherwise unpayable to such owners for a variety of reasons, including incorrect contact information, unmarketable title, and ongoing disputes over ownership of the underlying interests.

Examples of Suspended Funds in a sentence

On or prior to the Closing, Seller shall be entitled to cause the Companies to make a distribution to Seller of all cash held in any bank accounts held by Seller and its Affiliates (other than the Companies), or Ridgewood, on behalf of the Companies, other than the Suspended Funds, if any (which shall remain held by each Company as of the Closing), and, in each case, there shall be no adjustment to the Purchase Price therefor.
As part of the final accounting in connection with the Final Statement pursuant to Section 2.8, the Seller will deliver to the Buyer the Suspended Funds along with an “Excel” spreadsheet containing the owner name, owner number, social security or federal ID number, reason for suspense, and the amount of Suspended Funds payable for each entry, together with monthly line item production detail including gross and net volumes and deductions for all suspense entries.
With the exception of the Suspended Funds accruing between the Execution Date and the Closing, except as disclosed in Schedule 3.23, all oil and gas production proceeds payable by any Company to others from the Company ▇▇▇▇▇ have been disbursed in all material respects in accordance with all of the terms and conditions of the applicable Company Leases, Company Contracts and applicable Law.
From and after Closing, Buyer shall administer the Suspended Funds to the extent such Suspended Funds are delivered to Buyer at the Closing in accordance with Section 2.2(f).
If any such penalties or interest are due to the respective suspense account owner or any state under such statutes and the Seller fails to promptly reimburse such sums to the Buyer, then the Buyer shall return to the Seller the Suspended Funds in such account that existed as of the Effective Time, and the Seller shall thereupon assume all obligations for the final payment and settlement of any such claims and accompanying Suspended Funds.
Schedule 3.20 sets forth all royalties, overriding royalties, nonparticipating royalties, net profits interests, production payments, carried interests, reversionary interests, and other burdens with respect to the Properties that are being contested in good faith and all Suspended Funds that are being held as of the Effective Time.
With the exception of the Suspended Funds accruing between the Execution Date and Closing, except as disclosed in Schedule 3.23, all oil and gas production proceeds payable by the Company to others from the Company ▇▇▇▇▇ have been disbursed in all material respects in accordance with all of the terms and conditions of the applicable Company Leases, Company Contracts and applicable Law.
Upon receipt of such information, the Buyer shall administer all such accounts and assume all payment obligations relating to the Suspended Funds in accordance with all applicable Laws, and shall be liable for the payment thereof to the proper parties.
As part of the final accounting in connection with the Final Statement pursuant to Section 2.8, CELLC will deliver to the Buyer the Suspended Funds along with an “Excel” spreadsheet containing the owner name, owner number, social security or federal ID number, reason for suspense, and the amount of Suspended Funds payable for each entry, together with monthly line item production detail including gross and net volumes and deductions for all suspense entries.
Schedule 3.19 sets forth a true, correct and complete list of all Suspended Funds as of the date set forth thereon, in respect of each of the ▇▇▇▇▇.

More Definitions of Suspended Funds

Suspended Funds is defined in Section 5.7.

Suspended Funds means proceeds of production which SM Energy is holding (including funds held in suspense for unleased interests and penalties and interest) which are owing to third party owners of royalty, overriding royalty, working, or other interests in respect of past production.

Suspended Funds means funds which Seller is holding as of the Closing Date which are owing to Third Party owners of royalty, overriding royalty, working or other interests in respect of past production of oil, gas or other Hydrocarbons attributable to the Properties. PURCHASE AND SALE AGREEMENT 48

Suspended Funds means amounts standing to the credit of the Confiscated Assets Special Account that is:

Suspended Funds is defined in Section 16(b).

Suspended Funds. As soon as practicable after the Closing, Unocal will provide to Buyer a listing showing all proceeds from production attributable to the Leasehold Interests which are currently held in suspense and shall transfer to Buyer all of those suspended proceeds. Upon request by Buyer, Unocal shall also provide Buyer with copies of documents and other historical information with respect to such proceeds. Upon receipt of such proceeds, Buyer shall be responsible for proper distribution of all the suspended proceeds, to the extent turned over to it by Unocal, to the parties lawfully entitled to them, and hereby agrees to indemnify, defend and hold harmless Unocal from and against any and all claims, liabilities, losses, costs and expenses, arising out of or relating to those suspended proceeds to the extent turned over to it by Unocal; provided, however, that Unocal shall, for a period continuing through and until the second anniversary of the Closing, indemnify and hold Buyer harmless from and against any and all claims, liabilities, losses, costs and expenses associated with any claims against the suspended proceeds to the extent such claim exceeds the proceeds transferred to Buyer in respect of such claimant and arises solely from Unocal's actions or omissions prior to the date Buyer receives such suspended proceeds.