Additional Note Holder Consideration Clause Samples

Additional Note Holder Consideration. No later than ten (10) Business Days prior to the Funding Date for any Contingent Drilling Advance, each Note Holder (or one or more of its designees) shall have received a Cash Settled Option representing such Note Holder’s proportionate share of Cash Settled Options with an aggregate Applicable Percentage equal to 0.50% for each $1,000,000 to be advanced on the Funding Date; provided that if any Contingent Drilling Advance is made in an amount less than $1,000,000 or in an amount greater than $1,000,000 that is not a multiple thereof, such Cash Settled Options shall represent a proportionately lower or higher Applicable Percentage; and provided further, in lieu of newly issued Cash Settled Options, the Cash Settled Options held by any Note Holder (or its designee) shall, at the option of such Note Holder, be amended in form and substance satisfactory to Agent, to reflect an equivalent increase in the Applicable Percentage of such Cash Settled Option.