Common use of Record Title Clause in Contracts

Record Title. For convenience, McMoRan shall initially hold record title to the Leasehold Interests acquired hereunder; provided however, upon written request by Participant, McMoRan will, within 120 days following the completion by the Program on an Onshore Prospect of a well capable of producing in paying quantities, or within 120 days following the installation of the first drilling and/or production platform on an Offshore Prospect by the Program, as applicable, execute and deliver to Participant a recordable assignment of Participant's interest in all Leasehold Interests in such Prospect, unless Participant has no further rights hereunder as to a particular Prospect as the result of a decision not to participate pursuant to Paragraph 18.1, Paragraph 18.2 or Paragraph 19.2, as applicable. Notwithstanding the foregoing, if a Prospect involves the acquisition of a Leasehold Interests from a third party, the period hereinabove provided for the delivery of assignments shall be extended, if required, until 60 days following the receipt of an assignment of interest by McMoRan from such third party; provided however, in the event that such an assignment requires the approval of a governmental authority then such period will be extended for 60 days following the receipt by McMoRan of the required approval from the governmental authority. In addition, at the end of Program Xxxx XxXxXxx shall execute and deliver to Participant a recordable assignment of Participant's interest in any other Leasehold Interests not previously conveyed to Participant during the Program Term pursuant to any provision of this Agreement. Such assignment shall warrant title against all parties claiming by, through or under McMoRan, but not otherwise; but McMoRan shall assign to Participant, with full right of subrogation, to the extent so transferable, the benefit of and the right to enforce the covenants and warranties, if any, which McMoRan is entitled to enforce with respect to the interest assigned or any part thereof. Each assignment shall be subject to this Agreement and shall be charged with and burdened by the proportionate part of the royalties provided for in each lease covered thereby, any overriding royalty or similar interest with which such Leasehold Interests are burdened as authorized by Paragraph 11.1 hereof and any other contracts or agreements with which such Leasehold Interests are burdened by McMoRan as expressly authorized by other provisions of this Agreement and which continue to burden such Leasehold Interests at the time of such assignment. If, however, there are restrictions on assignability with respect to a Prospect or Leasehold Interests prohibiting McMoRan as nominee for the Program from transferring interests in such Prospect or Leasehold Interests, McMoRan shall continue to hold record title in its name on behalf of the parties owning interests therein rather than for the Program, and at the request of such parties will execute a mutually acceptable nominee agreement.

Record Title. For convenience, McMoRan shall initially hold record title to the Leasehold Interests acquired hereunder; provided however, upon written request by Participant, McMoRan will, within 120 days following the completion by the Program on an Onshore Prospect of a well capable of producing in paying quantities, or within 120 days following the installation of the first drilling and/or production platform on an Offshore Prospect by the Program, as applicable, execute and deliver to Participant a recordable assignment of Participant's interest in all Leasehold Interests in such Prospect, unless Participant has no further rights hereunder as to a particular Prospect as the result of a decision not to participate pursuant to Paragraph 18.117.1, Paragraph 18.2 17.2 or Paragraph 19.218.2, as applicable. Notwithstanding the foregoing, if a Prospect involves the acquisition of a Leasehold Interests from a third party, the period hereinabove provided for the delivery of assignments shall be extended, if required, until 60 days following the receipt of an assignment of interest by McMoRan from such third party; provided however, in the event that such an assignment requires the approval of a governmental authority then such period will be extended for 60 days following the receipt by McMoRan of the required approval from the governmental authority. In addition, at the end of Program Xxxx XxXxXxx shall execute and deliver to Participant a recordable assignment of Participant's interest in any other Leasehold Interests Interest not previously conveyed to Participant included in a Prospect during the Program Term pursuant to any provision of this Agreement. Such assignment shall warrant title against all parties claiming by, through or under McMoRan, but not otherwise; but McMoRan shall assign to Participant, with full right of subrogation, to the extent so transferable, the benefit of and the right to enforce the covenants and warranties, if any, which McMoRan is entitled to enforce with respect to the interest assigned or any part thereof. Each assignment shall be subject to this Agreement and shall be charged with and burdened by the proportionate part of the royalties provided for in each lease covered thereby, any overriding royalty or similar interest with which such Leasehold Interests are burdened as authorized by Paragraph 11.1 hereof and any other contracts or agreements with which such Leasehold Interests are burdened by McMoRan as expressly authorized by other provisions of this Agreement and which continue to burden such Leasehold Interests at the time of such assignment. If, however, there are restrictions on assignability with respect to a Prospect or Leasehold Interests Interest prohibiting McMoRan as nominee for the Program from transferring interests in such Prospect or Leasehold InterestsInterest, McMoRan shall continue to hold record title in its name on behalf of the parties owning interests therein rather than for the Program, and at the request of such parties will execute a mutually acceptable nominee agreement.

Record Title. For convenience, McMoRan shall initially hold record title to the Leasehold Interests acquired hereunder; provided however, upon written request by Participant, McMoRan will, within 120 days following the completion by the Program on an Onshore Prospect of a well capable of producing in paying quantities, or within 120 days following the installation of the first drilling and/or production platform on an Offshore Prospect by the Program, as applicable, execute and deliver to Participant a recordable assignment of Participant's interest in all Leasehold Interests in such Prospect, unless Participant has no further rights hereunder as to a particular Prospect as the result of a decision not to participate pursuant to Paragraph 18.1Xxxxxxxxx 00.0, Paragraph Xxxxxxxxx 18.2 or Paragraph 19.2, as applicable. Notwithstanding the foregoing, if a Prospect involves the acquisition of a Leasehold Interests from a third party, the period hereinabove provided for the delivery of assignments shall be extended, if required, until 60 days following the receipt of an assignment of interest by McMoRan from such third party; provided however, in the event that such an assignment requires the approval of a governmental authority then such period will be extended for 60 days following the receipt by McMoRan of the required approval from the governmental authority. In addition, at the end of Program Xxxx XxXxXxx Term McMoRan shall execute and deliver to Participant a recordable assignment of Participant's interest in any other Leasehold Interests not previously conveyed to Participant during the Program Term pursuant to any provision of this Agreement. Such assignment shall warrant title against all parties claiming by, through or under McMoRan, but not otherwise; but McMoRan shall assign to Participant, with full right of subrogation, to the extent so transferable, the benefit of and the right to enforce the covenants and warranties, if any, which McMoRan is entitled to enforce with respect to the interest assigned or any part thereof. Each assignment shall be subject to this Agreement and shall be charged with and burdened by the proportionate part of the royalties provided for in each lease covered thereby, any overriding royalty or similar interest with which such Leasehold Interests are burdened as authorized by Paragraph 11.1 hereof and any other contracts or agreements with which such Leasehold Interests are burdened by McMoRan as expressly authorized by other provisions of this Agreement and which continue to burden such Leasehold Interests at the time of such assignment. If, however, there are restrictions on assignability with respect to a Prospect or Leasehold Interests prohibiting McMoRan as nominee for the Program from transferring interests in such Prospect or Leasehold Interests, McMoRan shall continue to hold record title in its name on behalf of the parties owning interests therein rather than for the Program, and at the request of such parties will execute a mutually acceptable nominee agreement.