Trust Neon Light Interest definition

Trust Neon Light Interest means Sixty Percent (60%) of the Debtors' working interest in the oil and gas properties comprising the Neon Light Prospect, including without limitation to the Simoneaux #1 Well, that shall be conveyed to the Creditors Trustee (or in his discretion, a legal entity established to hold such interest) for the benefit of Creditors Trust Beneficiaries pursuant to the terms and conditions of the Neon Light Interest Conveyance. The Neon Light Interest Conveyance shall provide, inter alia, that: (a) the conveyance of the Neon Light Interest
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Trust Neon Light Interest means Sixty Percent (60%) of the Debtors' working interest in the oil and gas properties comprising the Neon Light Prospect, including without limitation to the Simoneaux #1 Well, that shall be conveyed to the Creditors Trustee (or in his discretion, a legal entity established to hold such interest) for the benefit of Creditors Trust Beneficiaries pursuant to the terms and conditions of the Neon Light Interest Conveyance. The Neon Light Interest Conveyance shall provide, inter alia, that: (a) the conveyance of the Neon Light Interest shall be considered a conveyance of immovable (i.e., real) property; (b) the Neon Light Interest shall be conveyed free and clear of any and all liens and encumbrances, with the exception of the Simoneaux #1 JOA; (c) the Reorganized Debtors shall assume the Simoneaux #1 JOA and the Creditors Trust shall be a contract party to and under the Simoneaux #1 JOA; (d) the Neon Light Interest Conveyance shall be recorded in the conveyance records of St. Charles Parish, State of Louisiana, and any other applicable Governmental Unit and shall be fully transferrable, subject to the Simoneaux #1 JOA; (e) the Reorganized Debtors will for their account and the account of the Creditors Trust obtain agreement with and ratification by the operator under the Simoneaux #1 JOA that (i) the amounts due attributable to the (60%) Trust Neon Light Interest (approximately $49,512, as of the Petition Date) and (approximately $84,294, the amount left to be paid for completion of the Simoneaux #1 well) shall be paid by means of offset on a dollar for dollar basis against revenues attributable to such 60% interest and (ii) those costs and expenses arising thereafter with respect to the Simoneaux #1 Well attributable to the (60%) Trust Neon Light Interest shall be paid by means of monthly offset against production; (f) the Neon Light Interest Conveyance shall provide that any additional development of properties subject to the Trust Neon Light Interest or sale of the interest acquired by the Creditors Trust will be governed by the assumed Simoneaux #1 JOA; and (g) the Trust Neon Light Interest shall be sold, assigned, transferred or distributed to the Creditors Trust Beneficiaries prior to termination of the Creditors Trust.
Sample 1
Trust Neon Light Interest means Sixty Percent (60%) of the Debtors' working interest in the oil and gas properties comprising the Neon Light Prospect, including without limitation to the Simoneaux #1 Well, that shall be conveyed to the Creditors Trustee (or in his discretion, a
Sample 1

Examples of Trust Neon Light Interest in a sentence

  • Under that analysis, after accounting for the costs to complete allocated to the Trust Neon Light Interest, the PV 10 value of the Trust Neon Light Interest is approximately $350,000.

Related to Trust Neon Light Interest

  • Trust Interest means an account owner's interest in the trust created by a participating trust

  • Class R-IV Interest The uncertificated Residual Interest in REMIC IV.

  • L/C Interest shall have the meaning ascribed to such term in Section 3.6 hereof.

  • Class IO Interest An uncertificated interest in the Trust Fund held by the Trustee, evidencing a REMIC Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Class R-I Interest The uncertificated Residual Interest in REMIC I.

  • Class LT-R Interest The residual interest in the Lower-Tier REMIC as described in the Preliminary Statement and the related footnote thereto.

  • Class R-4 Interest The uncertificated Residual Interest in REMIC 4.

  • Class P Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class P Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Asset Interest is defined in Section 2.1(b).

  • Lower Tier Interest As described in the Preliminary Statement.

  • Water interest means any right to the beneficial use of water, including:

  • Member Interest means an equity interest of a Member in the Company and includes any and all benefits to which such Member is entitled as provided in this Agreement, together with all obligations of such Member pursuant to the terms and provisions of this Agreement.

  • Class C Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class C Certificates, evidencing a Regular Interest in REMIC 3 for purposes of the REMIC Provisions.

  • Transferred Interest means, at any time of determination, an undivided percentage ownership interest in (i) each and every then outstanding Receivable, (ii) all Related Security with respect to each such Receivable, (iii) all Collections with respect thereto, and (iv) other Proceeds of the foregoing, which undivided ownership interest shall be equal to the Aggregate Percentage Factor at such time, and only at such time (without regard to prior calculations). The Transferred Interest in each Receivable, together with Related Security, Collections and Proceeds with respect thereto, shall at all times be equal to the Transferred Interest in each other Receivable, together with Related Security, Collections and Proceeds with respect thereto. To the extent that the Transferred Interest shall decrease as a result of a recalculation of the Aggregate Percentage Factor, the Administrative Agent on behalf of the applicable Class Investors shall be considered to have reconveyed to the Transferor an undivided percentage ownership interest in each Receivable, together with Related Security, Collections and Proceeds with respect thereto, in an amount equal to such decrease such that in each case the Transferred Interest in each Receivable shall be equal to the Transferred Interest in each other Receivable.

  • Class R-3 Interest The uncertificated Residual Interest in REMIC 3.

  • Class CE Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class CE Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Class R-II Interest The uncertificated Residual Interest in REMIC II.

  • Class R-5 Interest The uncertificated Residual Interest in REMIC 5.

  • Class R-III Interest The uncertificated Residual Interest in REMIC III.

  • Class R-2 Residual Interest The uncertificated undivided beneficial interest in REMIC II which has been designated as the single class of “residual interest” in REMIC II pursuant to Section 2.11. The Class R-2 Residual Interest, together with the REMIC II Regular Interests, shall be deemed to be a separate series of beneficial interests in the assets of the Trust consisting of the REMIC II Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute.

  • Class B Interest Each of the Class B-1 and Class B-2 Interests.