Common use of Accrual and Credit of Advance Royalties Clause in Contracts

Accrual and Credit of Advance Royalties. Payments of Advance Royalties may accrue and be utilized as a credit against (and a reduction of) Production Royalties for a maximum of two years following the year for which the Advance Royalties have been paid. Upon any assignment, merger, or transfer of the Lease the credit for all accrued Advance Royalty payments shall be forfeited and will no longer be recoverable from Production Royalties.

Accrual and Credit of Advance Royalties. Payments of Advance Royalties royalty payments may accrue and be utilized as a credit against (and a reduction of) Production Royalties to offset production royalties for a maximum of two years following the year for which the Advance Royalties advance royalties have been paid. Upon any assignment, merger, or transfer of the Lease the credit for all accrued Advance Royalty advance royalty payments shall be forfeited and will no longer be recoverable from Production Royaltiesproduction royalties.

Accrual and Credit of Advance Royalties. Payments of Advance Royalties may accrue and be utilized as a credit against (and a reduction of) Production Royalties for a maximum of two years following the year for which the Advance Royalties have been paid. Upon any assignment, merger, or transfer of the Lease the credit for all accrued Advance Royalty payments shall be forfeited and will no longer be recoverable from Production Royalties. * An extension of time for payment of the Advance Royalty payment due on October 1, 2015 is hereby granted by Lessor on the condition that the payment is made on or before November 1, 2015.