Carried Working Interest Sample Clauses

Carried Working Interest. In addition to the overriding royalty interest, Xxxxxxx reserves unto itself, its successors and assigns, a carried working interest equal to ten percent (10%) with respect to all xxxxx drilled and completed in the AMI. The carried working interest reserved by Xxxxxxx will be carried free and clear of all drilling and completion costs and free and clear of expenses into the tanks, pipeline or marketing point to which the well or xxxxx may be connected. Such interest shall pay its proportionate share of gross production taxes and all other taxes assessed against said interest; and shall be subject to the Operating Agreement in the form attached hereto as Exhibit “C” (the “Operating Agreement”).
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Carried Working Interest. CodeAmerica grants to Altus a 2.0% (two-percent) Carried Working Interest in the drilling, development and completion of the initial four (4) Wxxxxx formation wxxxx drilled on the Axxxxxxx lease. Upon the completion of drilling a Wxxxxx formation well, Altus acknowledges and agrees that it will be responsible for its proportionate share of all operating costs and capital expenditures requirements.
Sample 1
Carried Working Interest. Assignor reserves an undivided 3.75% Carried Interest in the lands covered by the Leases included in each Unit upon which an Initial Unit Well is drilled. Hugoton shall bear and pay for the account of Shield, on a well-by-well basis, all of the costs attributable to said 3.75% Carried Interest which are incurred by the operator under the Operating Agreement in drilling, testing, completing, and initially equipping and operating of such Initial Unit Well through the point of being completed for production or plugged and abandoned on each Unit, proportionally reduced to the extent that the Leases comprise only a portion of the Unit.
Sample 1
Carried Working Interest. If such Outside Owners elect to participate, CPC shall xxxx them (their proportionate share) of the actual cost of the System plus $12,500 which represents a license fee. When said bills are paid, CPC shall remit said amount to the Partnership. If said xxxx is not paid, the owner shall be considered in non-consent status under the JOA and its interest shall be reallocated to the consenting owners.
Sample 1
Carried Working Interest. Operator reserves and retains a carried interest with respect to one-fourth (1/4) of each unit subscribed to and purchased by Participants, which carried interest shall cease to be carried and shall convert to a working interest vested in Operator as follows: A. At pay-out, Operator’s carried interest shall convert to and become a regular working interest. At pay-out, each unit held by Participant will thereby be reduced by 1/4 and Participant or his or her heirs, successors or assigns will, if deemed necessary by Operator, execute and deliver to Operator or its successors or assigns an assignment of an undivided 1/4 of Participant’s working interest with respect of each unit owned by Participant in this program, free and clear of any liens, encumbrances or adverse claims. After pay-out, each unit held by Participant will represent an undivided 18.75% working interest, with a net revenue interest of not less than 15% of the 8/8 production. Should Participant fail or refuse to execute and deliver such assignment, then Operator shall be entitled to execute and record a Notice of Payout and the same shall have the same force and effect as an assignment executed and delivered by Participant pursuant hereto.
Sample 1
Carried Working Interest. As to the interest being assigned from Assignor to Assignee, Assignee shall be entitled to a Carried Working Interest in the Wellbore. The term “Carried Working Interest” means that the Assignor shall bear the Carried Costs (defined below) attributable to Assignee’s Wellbore Interest prior to the point of delivery of production from the Wellbore to the tanks for oil and to the first meter on the wellsite for gas. The term “Carried Costs” shall include, but are not be limited to, all costs incurred by Assignor for the drilling, completing, reworking, sidetracking, deepening, recompleting, plugging back, and equipping the Wellbore.
Sample 1
Carried Working Interest. 2.1.1 After the Initial Fund has been advance by Mankato to Energas, Energas shall commence to seek out and map oil and gas drilling prospects and to acquire oil and gas leasehold working interests by way of direct lease acquisitions, options and FAMOUNT agreements, assignments and regulatory agency compulsory pooling orders within the lands covered by each prospect. Likewise, after any additional Predrilling Costs are loaned by Mankato to Energas pursuant to Paragraph 1.3 above, Energas shall commence to use the advance Predrilling Costs for the particular prospect involved. 2.1.2 From time to time, as Energas determines that it has developed a geological prospect to the point where said prospect is ready for the drilling of an initial test well, Energas shall submit to Mankato a written predrilling report summarizing the outline of the prospect area, with supporting geological data, the extent of oil and gas leasehold rights which Energas has acquired, the proposed location of the initial test well and its objective depth. From and after the time when Mankato has received Energas' predrilling report, Mankato, if the initial well on the prospect is plugged and abandoned without a completion attempt or if Mankato elects to participate in a completion attempt, all as set forth below , shall be deemed to own an undivided ten percent (10%) of all of Energas' rights and interests in the prospect area. 2.1.3 Within 90 days following Mankato's receipt of the predrilling REPORT from Energas, Energas shall commence, or cause to be commenced, the operations for the drilling of the initial test well which was described in Energas' predrilling report. The well shall be drilled to the recommended total depth set forth in the predrilling report unless Energas concludes that it would be more practical to cease drilling at a lesser depth. Energas shall bear and pay 100% of the cost, risk and expense attributable to its interest in the well TO casing point. "Casing Point", as used herein, shall mean the point of time when the initial test well has been drilled to its total projected depth and after all logs and tests which in the opinion of Energas, should be run and taken have been so run and taken and after copies of said logs and the written results of all tests have been furnished to Mankato.
Sample 1
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Related to Carried Working Interest

  • Calculating Interest Assume that you have a single interest rate of 15.99%, your ADB is $2,250 and there are 30 days in the billing period.

  • Percentage Interest Ownership of the Company shall be divided into, represented by, and each Member’s Percentage Interest shall be expressed in Units of the Company. The name, address, Units and Percentage Interest of each Member are set forth on Exhibit “A” attached hereto, which may be amended from time to time as necessary to reflect changes in the Percentage Interests and Units held by the Members.

  • Condominiums/Planned Unit Developments If the Mortgaged Property is a condominium unit or a planned unit development (other than a de minimis planned unit development) such condominium or planned unit development project such Mortgage Loan was originated in accordance with, and the Mortgaged Property meets the guidelines set forth in the Originator's Underwriting Guidelines;

  • The Participating Interests Each Lender (other than the Lender acting as L/C Issuer in issuing the relevant Letter of Credit), by its acceptance hereof, severally agrees to purchase from the L/C Issuer, and the L/C Issuer hereby agrees to sell to each such Lender (a “Participating Lender”), an undivided percentage participating interest (a “Participating Interest”), to the extent of its Percentage, in each Letter of Credit issued by, and each Reimbursement Obligation owed to, the L/C Issuer. Upon any failure by the Borrower to pay any Reimbursement Obligation at the time required on the date the related drawing is to be paid, as set forth in Section 1.3(c) above, or if the L/C Issuer is required at any time to return to the Borrower or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Participating Lender shall, not later than the Business Day it receives a certificate in the form of Exhibit A hereto from the L/C Issuer (with a copy to the Administrative Agent) to such effect, if such certificate is received before 1:00 p.m. (Chicago time), or not later than 1:00 p.m. (Chicago time) the following Business Day, if such certificate is received after such time, pay to the Administrative Agent for the account of the L/C Issuer an amount equal to such Participating Lender’s Percentage of such unpaid or recaptured Reimbursement Obligation together with interest on such amount accrued from the date the related payment was made by the L/C Issuer to the date of such payment by such Participating Lender at a rate per annum equal to: (i) from the date the related payment was made by the L/C Issuer to the date two (2) Business Days after payment by such Participating Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date two (2) Business Days after the date such payment is due from such Participating Lender to the date such payment is made by such Participating Lender, the Base Rate in effect for each such day. Each such Participating Lender shall thereafter be entitled to receive its Percentage of each payment received in respect of the relevant Reimbursement Obligation and of interest paid thereon, with the L/C Issuer retaining its Percentage thereof as a Lender hereunder. The several obligations of the Participating Lenders to the L/C Issuer under this Section 1.3 shall be absolute, irrevocable, and unconditional under any and all circumstances whatsoever and shall not be subject to any set-off, counterclaim or defense to payment which any Participating Lender may have or have had against the Borrower, the L/C Issuer, the Administrative Agent, any Lender or any other Person whatsoever. Without limiting the generality of the foregoing, such obligations shall not be affected by any Default or Event of Default or by any reduction or termination of any Commitment of any Lender, and each payment by a Participating Lender under this Section 1.3 shall be made without any offset, abatement, withholding or reduction whatsoever.

  • Compensating Interest The Servicer shall remit to the Trustee on each Remittance Date an amount from its own funds equal to the Compensating Interest payable by the Servicer for the related Distribution Date.

  • Participating Interests Effective in the case of each Standby L/C and Commercial L/C (if applicable) as of the date of the opening thereof, the Issuing Lender agrees to allot and does allot, to itself and each other Revolving Credit Lender, and each such Lender severally and irrevocably agrees to take and does take in such Letter of Credit and the related L/C Application (if applicable), an L/C Participating Interest in a percentage equal to such Lender’s Revolving Credit Commitment Percentage.

  • Initial Capital Contribution and Ownership The Trust Beneficial Owner has paid or has caused to be paid to, or to an account at the direction of, the Trustee, on the date hereof, the sum of $15 (or, in the case of Notes issued with original issue discount, such amount multiplied by the issue price of the Notes). The Trustee hereby acknowledges receipt in trust from the Trust Beneficial Owner, as of the date hereof, of the foregoing contribution, which shall be used along with the proceeds from the sale of the series of Notes to purchase the Funding Agreement. Upon the creation of the Trust and the registration of the Trust Beneficial Interest in the Securities Register (as defined in the Trust Agreement) by the Registrar in the name of the Trust Beneficial Owner, the Trust Beneficial Owner shall be the sole beneficial owner of the Trust.

  • Ownership Interest, Etc The Seller shall (and shall cause the Servicer to), at its expense, take all action necessary or desirable to establish and maintain a valid and enforceable undivided percentage ownership or security interest, to the extent of the Purchased Interest, in the Pool Receivables, the Related Security and Collections with respect thereto, and a first priority perfected security interest in the Pool Assets, in each case free and clear of any Adverse Claim, in favor of the Administrator (for the benefit of the Purchasers), including taking such action to perfect, protect or more fully evidence the interest of the Administrator (for the benefit of the Purchasers) as the Administrator, may reasonably request.

  • Minimum Interest In no event shall the rate of interest chargeable hereunder for any day be less than 7.0% per annum. To the extent that interest accrued hereunder at the rate set forth herein would be less than the foregoing minimum daily rate, the interest rate chargeable hereunder for such day automatically shall be deemed increased to the minimum rate.

  • Insurable Interest To the extent that Purchaser may have any equitable or insurable interest in the Property, Purchaser will take appropriate steps to protect the same. Notwithstanding the foregoing, should the Property be damaged by calamity after the date hereof, but before Closing, Seller, may, at the Seller’s sole option, declare this Agreement null and void, and, on the return of the Deposit to Purchaser, the parties shall have no further liability to each other.

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