Assignments of Interest Sample Clauses

Assignments of Interest. Assignments, transfers, hypothecations or conveyances of any right, title or interest in the Escrow Funds are only binding upon Escrow Agent if written notice is served by Lender or Borrower and received by Escrow Agent, all of Escrow Agent's additional fees and expenses are paid, and Escrow Agent has given its written assent.
Sample 1
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Assignments of Interest. (a) Upon the Completion or plugging and abandonment of each Obligation Well (or an applicable substitute well), EDC shall assign to Stratex an undivided working interest equal to Stratex’s After First Sales Revenue Interest in and to the Initial Prospect Leases, BUT ONLY to the extent that the Initial Prospect Leases cover and include the Drilling Unit associated with such Obligation Well, pursuant to an assignment, xxxx of sale, and conveyance substantially in the form attached as Exhibit “D” to this JDA (the “Conveyance”), delivering a net revenue interest of seventy-eight percent (78%) (based on a working interest of 100%), proportionately reduced to the working interest in the relevant Initial Prospect Leases being conveyed to Stratex. (b) Upon the Completion or plugging and abandonment of each of the first five (5) Earning Xxxxx in which Stratex has elected to participate and as to which Stratex has paid all amounts it is obligated to pay with respect thereto under Article III, EDC shall assign to Stratex an undivided working interest equal to Stratex’s After First Sales Revenue Interest in and to the Initial Prospect Leases, BUT ONLY to the extent of the Drilling Unit associated with such Earning Well, pursuant to an assignment, xxxx of sale, and conveyance substantially in the form of the Conveyance, delivering a net revenue interest of seventy-eight percent (78%) (based on a working interest of 100%), proportionately reduced to the working interest in the relevant Initial Prospect Leases being conveyed to Stratex. (c) Upon the Completion or plugging and abandonment of the sixth (6th) Earning Well in which Stratex has elected to participate and as to which Stratex has paid all amounts it is obligated to pay with respect thereto under Article III, EDC shall assign to Stratex: (1) an undivided working interest equal to Stratex’s After First Sales Revenue Interest in and to the Initial Prospect Leases, BUT ONLY to the extent of the Drilling Unit associated with such sixth (6th) Earning Well; and (2) an undivided twenty five percent (25%) working interest in and to the Initial Prospect Leases to the extent that they cover lands outside of the Drilling Units for the Obligation Xxxxx and Earning Xxxxx (if any) in which Stratex has already been assigned an interest. Such assignments shall be made pursuant to an assignment, xxxx of sale, and conveyance substantially in the form of the Conveyance, and shall deliver a net revenue interest of seventy-eight per...
Sample 1
Assignments of Interest. Assignments, transfers, hypothecations or conveyances of any right, title or interest in Escrow Property are only binding upon Escrow Agent if written notice is served by Depositors and received by Escrow Agent, all of Escrow Agent's additional fees and expenses are paid, and Escrow Agent has given its assent.
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Assignments of Interest. The Member may transfer all or part of his interest in the Company.
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Assignments of Interest. (a) Any Member may sell, assign, pledge or otherwise transfer or encumber (collectively “transfer”) all or any part of its Interest in the Company to any person or entity and upon such transfer, the transferee shall be, without the requirement of any further action, amended as a Member with respect to the Interest so transferred and shall be deemed bound by all of the terms and provisions of this Agreement. (b) In the event a transfer is of all of a Member’s Interest in the Company and such Member is, at the time of such transfer, the sole Member of the Company, the transferee of such Interest shall be deemed admitted as a Member of the Company upon such transfer and the Company shall continue without dissolution.
Sample 1
Assignments of Interest. 4.1 If and when any Test Well is completed as a well capable of production, at Farmee’s request, Farmor shall execute and deliver to Farmee the following assignments as may be appropriate, to wit: 4.1.1 Subject to Paragraphs 4.1.2 and 4.1.3 below, if any Test Well is completed as a well capable of producing oil or gas in paying quantities, Farmor shall assign to Farmee fifty percent (50%) of Farmor’s leasehold working interest in the production spacing unit applicable to said well as established by the appropriate regulatory authority from the surface to the base of the lowest stratigraphic horizon penetrated by drilling. In default of a production spacing unit, said assignment shall cover the 40 acres upon which the well was drilled. 4.1.2 Each Test Well shall earn the interest set forth in Paragraph 4.1.1 only in zones which do not have a produc-ible well existing in the Test Well’s spacing unit or 40 acre tract at the time the Test Well is drilled. Farmor shall exclude any such zones containing a producible well in the assignment made to Farmee hereunder. 4.1.3 The leasehold working interest assigned from Farmor to Farmee pursuant to Paragraph 4.1.1 hereof shall be made subject to landowner’s royalty and overriding royalty burdens existing of record and as may be additionally created to convey to Farmee its interests in an eighty percent (80%) net revenue interest lease. - Such assignment shall be in recordable form and/or on a form approved for assignment by the State of Montana Department of Natural Resources and Conservation and/or the U. S. Bureau of Land Management as and when applicable. 4.2 With respect to any assignment made by Farmor to Farmee pursuant to Paragraph 4.1.1 hereof relative to a producing oil or gas well, then, as to each such well, and its permanent production spacing unit (as defined hereinafter), Farmor shall be deemed to have relinquished to Farmee, effective as of the date of first production from such well, all of Farmor’s retained working interest and to such well, the operating rights therein, and all equipment associated therewith, and all working interest production from said well, until such Test Well reaches payout (as hereinafter defined). For purposes of this Agreement, “permanent production spacing unit” shall be the spacing unit established by the Montana Board of Oil and Gas Conservation or the participating area established by the federal government, whichever of the foregoing tracts is applicable. Provided howeve...
Sample 1
Assignments of Interest. 5.1. When the Test Well has been drilled to Casing Point and the logging, coring, and testing provided in Section 3.3.(f) have been completed, and Argyle has complied with all of the terms and provisions of this Agreement, Dragon shall assign to Argyle, by recordable instrument of conveyance in form and substance identical to the form of Assignment of Oil and Gas Leases attached hereto as Exhibit "II" (the "Lease Assignment"), an undivided seventy-five percent (75%) interest in and to (a) the Leases, (b) the Test Well and all oil, gas and related hydrocarbons produced, saved, and marketed there from, (c) all other personal property and equipment located on the Leases, and (d) all appurtenances thereto. For purposes of this Agreement, the referenced percentage shall sometimes be referred to herein as Argyle's "Lease Ownership Percentage." 5.2. The specific provisions governing the assignment of interest in the Leases from Dragon to Argyle described in Section 5.1, are set forth in the Lease Assignment, the terms and provisions of which are incorporated into this Agreement for all purposes. In the event of a conflict between the provisions of the Lease Assignment and the provisions of this Agreement, the provisions of this Agreement shall govern and control. 5.3. Prior to Argyle earning an assignment of its interest in the Leases as provided in Section 5.1 above, Dragon shall maintain all of the Leases through delay rental payments as may be required. During the time Dragon is maintaining said Leases, Dragon shall, as necessary, present Argyle with an invoice no more than sixty (60) days prior to a delay rental payment being due, and Argyle shall have fifteen (15) days from the date an invoice is received within which to pay such invoice. Should Argyle fail to timely pay an invoice as provided herein, Argyle shall forever forfeit all of its rights hereunder, and neither party to this Agreement shall have any recourse against the other, and this Agreement shall terminate. Should Argyle timely pay such invoice, all of Argyle's rights hereunder shall be maintained. Subsequent to Argyle earning an assignment of its rights hereunder, and after receiving an Assignment of its interest from Dragon, all delay rental and other lease maintenance payments shall be made by Argyle pursuant to the terms of the Joint Operating Agreement attached hereto as Exhibit IV.
Sample 1
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Assignments of Interest. The Parties mutually represent and warrant to each other that they have not assigned, subrogated, or otherwise transferred any interest in any claims that are related in any way to the subject matter of this Agreement.
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Assignments of Interest. Concurrently with the execution of this Agreement, (a) Farmors have assigned to Chesapeake an undivided seventy-five percent (75%) of the rights, titles, and interests of Farmors in and to Area I; and (b) Vaquero Partners has assigned to Chesapeake an undivided seventy-five percent (75%) interest in and to Area II. Both conveyances have been made by recordable instrument of conveyance substantially in the form attached hereto as Exhibit II (collectively, the "Lease Assignments"). Farmors and Chesapeake understand that not all owners of the leasehold estate in Area I elected to join with Farmors in the execution of this Agreement, with the result that the aggregate undivided interest of Farmors in Area I immediately prior to the execution of this Agreement was an undivided eighty percent (80%). Farmors have retained, and the relevant Lease Assignment does not purport to convey to Chesapeake, an undivided twenty-five percent (25%) of the rights, titles, and interests of Farmors in and to Area I. Similarly, Vaquero Partners has retained, and the relevant Lease Assignment does not purport to convey to Chesapeake, an undivided twenty-five percent (25%) interest in and to Area II. As the result of the Lease Assignments, Area I shall be owned (including, without limitation, the interests of those interest owners who are not parties to this Agreement) in the percentages set forth inExhibit I under "Area I", and Area II shall be owned in the percentages set forth in Exhibit I under "Area II". As to each Farmor and Chesapeake, such percentage shall be referred to as such Party's "Ownership Percentage".
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Related to Assignments of Interest

  • Assignment of Interest The lessee may not assign or sublet any interest held under this lease, including a security interest, without the prior written approval of the lessor. The lessor may approve such assignment or subletting if the lessor finds it to be in the best interest of the state. No such assignment or subletting will be effective until approved by the lessor in writing, and the assignee agrees to be subject to and governed by the provisions of this lease, any subsequent amendments to this lease, any additional stipulations, or reappraisal as deemed appropriate by the lessor, and all applicable laws, regulations, and ordinances in the same manner as the original lessee. No assignment or subletting of the leasehold, or any portion thereof, by the lessee will annul the lessee's obligation to pay the compensation required for the full term of this lease. Except as provided in this lease, no subdivision of the leasehold interest may occur without the prior written approval of the lessor.

  • Payments of Interest Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

  • Assignment of Interests Except as otherwise provided in this Agreement, no Member or other person holding any interest in the Company may assign, pledge, hypothecate, transfer or otherwise dispose of all or any part of their interest in the Company, including without limitation, the capital, profits or distributions of the Company without the prior written consent of the other Members in each instance. The Members agree that no Member may voluntarily withdraw from the Company without the unanimous vote or consent of the Members. A Member may assign all or any part of such Member’s interest in the allocations and distributions of the Company to any of the following (collectively the “permitted assignees”): any person, corporation, partnership or other entity as to which the Company has given consent to the assignment of such interest in the allocations and distributions of the Company by the affirmative vote or consent of Members holding a majority of the Members’ Percentage Interests. An assignment to a permitted assignee shall only entitle the permitted assignee to the allocations and distributions to which the assigned interest is entitled, unless such permitted assignee applies for admission to the Company and is admitted to the Company as a Member in accordance with this Agreement. An assignment, pledge, hypothecation, transfer or other disposition of all or any part of the interest of a Member in the Company or other person holding any interest in the Company in violation of the provisions hereof shall be null and void for all purposes. No assignment, transfer or other disposition of all or any part of the interest of any Member permitted under this Agreement shall be binding upon the Company unless and until a duly executed and acknowledged counterpart of such assignment or instrument of transfer, in form and substance satisfactory to the Company, has been delivered to the Company. No assignment or other disposition of any interest of any Member may be made if such assignment or disposition, alone or when combine with other transactions, would result in the termination of the Company within the meaning of Section 708 of the Internal Revenue Code or under any other relevant section of the Code or any successor statute. No assignment or other disposition of any interest of any Member may be made without an opinion of counsel satisfactory to the Company that such assignment or disposition is subject to an effective registration under, or exempt from the registration requirements of, the applicable Federal and State securities laws. No interest in the Company may be assigned or given to any person below the age of 21 years or to a person who has been adjudged to be insane or incompetent. Anything herein contained to the contrary, the Company shall be entitled to treat the record holder of the interest of a Member as the absolute owner thereof, and shall incur no liability by reason of distributions made in good faith to such record holder, unless and until there has been delivered to the Company the assignment or other instrument of transfer and such other evidence as may be reasonably required by the Company to establish to the satisfaction of the Company that an interest has been assigned or transferred in accordance with this Agreement. (Check One) ☐ - SINGLE-MEMBER: Ownership of Company Property. The Company’s assets shall be deemed owned by the Company as an entity, and the Member shall have no ownership interest in such assets or any portion thereof. Title to any or all such Company assets may be held in the name of the Company, one or more nominees or in “street name”, as the Member may determine. Except as limited by the Statutes, the Member may engage in other business ventures of any nature, including, without limitation by specification, the ownership of another business similar to that operated by the Company. The Company shall not have any right or interest in any such independent ventures or to the income and profits derived therefrom.

  • Payments of Interest and Principal (a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date; provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture Supplement; and provided, further, that if a Class B(2020-3) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class B(2020-3) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class B(2020-3) Notes shall be made as set forth in Section 1102 of the Indenture. (b) The right of the Class B(2020-3) Noteholders to receive payments from the Issuer will terminate on the Class B(2020-3) Termination Date. (c) All payments of principal, interest or other amounts to the Class B(2020-3) Noteholders will be made pro rata based on the Stated Principal Amount of their Class B(2020-3) Notes.

  • Repayment of Interest and Principal Except as otherwise provided herein, the Company will repay the outstanding principal amount of this Note within fourteen (14) Business Days of the Offering Funding Date (the “Maturity Date”). This Note does not bear interest. At the option of the Lender, funds available for repayment of the loan may be held in a Company account, interest free, after the Maturity Date. Such funds shall not be used or otherwise pledged until such time as the Company and Lender have entered into another note.

  • Computations of Interest All computations of interest on Eurodollar Loans and other amounts (other than Base Rate Loans) hereunder shall be made on the actual number of days elapsed over a year of 360 days, and all computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365 or 366 days, as applicable.

  • Transfer of Interest in Agreements The Purchaser has the right to assign its interest under this Agreement, in whole or in part, to the Trustee, as may be required to effect the purposes of the Pooling and Servicing Agreement, without the consent of the Seller, and the assignee shall succeed to the rights and obligations hereunder of the Purchaser. Any expense reasonably incurred by or on behalf of the Purchaser or the Trustee in connection with enforcing any obligations of the Seller under this Agreement will be promptly reimbursed by the Seller.

  • Payment of Interest; Interest Rights Preserved Except as otherwise provided as contemplated by Section 301 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below: (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series in the manner set forth in Section 106, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). (2) The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

  • Payment of Interest The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of each Interest Period (and, if the Interest Period is longer than six Months, on the dates falling at six monthly intervals after the first day of the Interest Period).

  • Computations of Interest and Fees (a) Except for Base Rate Loans computed using the Prime Rate, on which interest shall be computed on the basis of a 365 or 366 day year as the case may be, all computations of interest and fees hereunder shall be made on the basis of the actual number of days elapsed over a year of 360 days. (b) It is the intent of the Lenders and each Borrower to conform to and contract in strict compliance with applicable usury law from time to time in effect. All agreements between the Lenders and the Borrowers are hereby limited by the provisions of this paragraph which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any obligation), shall the interest taken, reserved, contracted for, charged, or received under this Credit Agreement, under the Notes or otherwise, exceed the maximum non-usurious amount permissible under applicable law. If, from any possible construction of any of the Credit Documents or any other document, interest would otherwise be payable in excess of the maximum non-usurious amount, any such construction shall be subject to the provisions of this paragraph and such documents shall be automatically reduced to the maximum non-usurious amount permitted under applicable law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable law and which would, apart from this provision, be in excess of the maximum lawful amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans of the relevant Borrower and not to the payment of interest, or refunded to the relevant Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans of the relevant Borrower. The right to demand payment of the Loans of any Borrower or any other indebtedness evidenced by any of the Credit Documents does not include the right to receive any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of such indebtedness does not exceed the maximum non-usurious amount permitted by applicable law.

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