Term ORRI definition

Term ORRI means an overriding royalty interest or production payment that does not remain in effect for the life of the burdened Lease.

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Term ORRI means the term overriding royalty interest created pursuant to that certain Conveyance of Adjustable Term Overriding Royalty Interest between Borrower, ECT Merchant and JEDI-II.

Term ORRI means the term overriding royalty interest created in favor of the holders of the Subordinated Debt pursuant to a Conveyance of Adjustable Term Overriding Royalty Interest between Borrower, ECT Merchant and JEDI-II.

Examples of Term ORRI in a sentence

Grantor shall have the obligation to market, or cause to be marketed, the oil, gas and other minerals attributable to the Term ORRI (the "ORRI Hydrocarbons") on behalf of and for the account of Grantee in arm's-length transactions with purchasers who are not Affiliates, on the same terms upon which Grantor markets its own Subject Reserves from the same Subject Well.
Nothing contained in this Section 4.4 shall, however, create a personal obligation on the part of Grantor to pay any Taxes on behalf of Grantee to the extent amounts in the possession of Grantee on account of the ORRI Hydrocarbons are insufficient to cover the payment of Taxes on account of the Term ORRI and/or the ORRI Hydrocarbons.
A Term ORRI Conveyance in the form attached hereto as Exhibit I conveying a Term ORRI in all Oil and Gas Properties owned by the Borrower, BOG or any other Affiliate of the Borrower.
Subject to Section 7.12(e) of the Indenture, nothing herein contained shall in any way limit or restrict the right of Grantee to sell, convey, assign, mortgage or otherwise dispose of the Term ORRI (including its rights, titles, interests, estates, remedies, powers and privileges appurtenant or incident to the Term ORRI under this Conveyance), in whole or in part.
It is hereby further recognized and stipulated that the Term ORRI does and shall apply to the volumes of oil, gas or other hydrocarbons taken by Grantor in reducing or making up an Underproduced Position (which volumes and any make-up rights relating thereto shall for all purposes hereof be included within the Subject Reserves), whether the subject Underproduced Position arose before, or arises after, the Effective Date hereof.
Upon Grantor's request, Grantee will confirm to Grantor in writing reasonably acceptable to Grantor the occurrence of the Recalculation Event and the termination of the Term ORRI (as to all or any one or more Hydrocarbon Interests).
TO HAVE AND TO HOLD the Term ORRI unto Grantee, its successors and assigns, during the ORRI Term.
The total consideration for the Purchased Interests will be (i) Fifteen Million Dollars ($15,000,000.00), subject to any applicable adjustments as hereinafter provided, and (ii) Seller’s (and/or its Affiliates’) receipt of the Term ORRI immediately prior to Closing ((i) and (ii), the “Purchase Price”); provided, however, any adjustments to the Purchase Price as provided for in this Agreement will only be made against the consideration described in subsection (i) of this Section 3.1.
If pursuant to any law, rule, regulation or order of any governmental body or official, any portion of the Hydrocarbon Interests is automatically or involuntarily pooled, communitized or unitized in any manner, the Term ORRI, insofar as it affects such Hydrocarbon Interests, shall also be pooled, communitized and unitized.
The Term ORRI shall be free of any expense for exploration, drilling, development, operating, marketing and other costs incident to the production and sale of oil and gas other than Permissible Charges.

More Definitions of Term ORRI

Term ORRI means any present or future right and interest in the Oil and Gas Properties owned or hereafter acquired by the Borrower, BOG or any other Affiliate of the Borrower, to be conveyed by the Borrower and/or its Subsidiaries, as applicable, to the Noteholders in accordance with this Indenture, entitling the holders thereof to 4% of the net proceeds (reducing to 3% of the net proceeds) received by the Borrower or its Subsidiary on account of production from the Subject Reserves. Each Term ORRI shall be conveyed pursuant to a Term ORRI Conveyance.

Term ORRI means an overriding royalty interest or production payment that does not remain in effect for the life of the burdened Lease. EXHIBIT A - Part 1 Leases and ▇▇▇▇▇ All of Seller’s interests in the Leases and ▇▇▇▇▇ listed herein and all other Leases and ▇▇▇▇▇, if any, that comprise Clipper, Telemark or are otherwise located in any of the Included Blocks. Notwithstanding the percentage Working Interest set forth below with respect to each Lease or Well, it is the intent that all of Seller’s interest in such Lease or Well is to be conveyed to Buyer; provided, however, that notwithstanding anything herein or the Asset Purchase Agreement to the contrary, Buyer is solely acquiring Seller’s overriding royalty interest in the Lease covering MC 348 and is not acquiring any record title or operating interest in such Lease. Those Leases described below and marked with an asterisk (*) are subject to rejection and exclusion under Section 2.02 of Asset Purchase Agreement to which this Exhibit is attached. ATWATER VALLEY BLOCK 63

Term ORRI shall have the meaning assigned to it in Section 2.1.

Term ORRI means an overriding royalty interest in and to the Net Oil and Gas Properties and in and to all Crude Oil that may be produced and saved or sold from or under the Net Oil and Gas Properties, equal to the Term Production Percentage of all Crude Oil produced from the Gross Oil and Gas Properties.

Term ORRI shall heave the meaning attributed to such term under the Indenture.