Chevron's Participation Options and Overriding Royalties Sample Clauses

Chevron's Participation Options and Overriding Royalties. All the terms and conditions for each farmout executed pursuant to the provisions of this Agreement will be found in this Article 5 and the applicable Farmout Agreement; provided however, operations for the conduct of any farmout well may not be commenced until the formal Farmout Agreement is fully executed by the Participating Parties. The Parties agree to negotiate in good faith, but the Article 3.3 timing limitation on rights to earn will continue to apply. Should the Parties fail to execute a Farmout Agreement, within sixty (60) days of the Chevron election, the well proposal will be deemed null and as if never offered. Under any Farmout Agreement contemplated pursuant to this Agreement , Chevron shall retain the continuing rights, options and elections as follows: For the Initial Test Well or Substitute Well on a Primary or Additional Opportunities Prospect for which Chevron elects to farmout its interest (the "Farmout Well"), upon completion of the Farmout Well, Chevron shall retain and have from the Participating Parties a ten percent of eight-eighths (10% of 8/8ths) overriding royalty interest, with an option at payout of the Farmout Well (recouping those well costs actually borne by the Participating Parties) to either escalate the overriding royalty interest to twelve and one-half percent of eight eighths (12.5% of 8/8ths) or convert Chevron's override to a thirty percent of eight-eighths (30% of 8/8ths) working interest. Chevron's overriding royalty interest (or the working interest if so elected after payout), shall, where it owns less than one hundred percent (100%) of the leasehold interest as of the Effective Date of this Agreement be proportionately reduced, based on the Chevron interest shown on Exhibit "A" or Exhibit "B" under the column entitled "Chevron Leasehold Interest." Company recognizes and acknowledges that the Chevron Leasehold Interests are not listed on Exhibit "B" for any of the Additional Opportunities Prospect(s). The Chevron Leasehold Interest will be added to and included on Exhibit "B" for any Additional Opportunities Prospect at the time of and in the event of an Initial Test Well proposal or Farmout Agreement for that Additional Opportunities Prospect.
Sample 1Sample 2
AutoNDA by SimpleDocs
Chevron's Participation Options and Overriding Royalties. All the terms and conditions for each farmout executed pursuant to the provisions of this Agreement shall be found in the applicable Farmout Agreement. Under any Farmout Agreement contemplated pursuant to this Agreement, Chevron shall retain the continuing rights, options and elections as follows:
Sample 1

Related to Chevron's Participation Options and Overriding Royalties

  • Production Royalty The amount of the Royalty shall be determined at the end of each month after the Effective Date. The Royalty shall be determined monthly on the basis such that payments will be determined as of and paid within thirty (30) days after the last day of each month during which Lessee produces any Geothermal Resources. The Royalty rates shall be determined as follows:

  • Running Royalties Company shall pay to JHU a running royalty as set forth in Exhibit A, for each LICENSED PRODUCT(S) sold, and for each LICENSED SERVICE(S) provided, by Company or AFFILIATED COMPANIES, based on NET SALES and NET SERVICE REVENUES for the term of this Agreement. Such payments shall be made quarterly. All non-US taxes related to LICENSED PRODUCT(S) or LICENSED SERVICE(S) sold under this Agreement shall be paid by Company and shall not be deducted from royalty or other payments due to JHU. In order to insure JHU the full royalty payments contemplated hereunder, Company agrees that in the event any LICENSED PRODUCT(S) shall be sold to an AFFILIATED COMPANY or SUBLICENSEE(S) or to a corporation, firm or association with which Company shall have any agreement, understanding or arrangement with respect to consideration (such as, among other things, an option to purchase stock or actual stock ownership, or an arrangement involving division of profits or special rebates or allowances) the royalties to be paid hereunder for such LICENSED PRODUCT(S) shall be based upon the greater of: 1) the net selling price (per NET SALES) at which the purchaser of LICENSED PRODUCT(S) resells such product to the end user, 2) the NET SERVICE REVENUES received from using the LICENSED PRODUCT(S) in providing a service, or 3) the net selling price (per NET SALES) of LICENSED PRODUCT(S) paid by the purchaser. No multiple royalties shall be due or payable because any LICENSED PRODUCT(S) or LICENSED SERVICE(S) is covered by more than one claim of the PATENT RIGHTS or by claims of both the PATENT RIGHTS under this Agreement and “PATENT RIGHTS” under any other license agreement between Company and JHU. The royalty shall not be cumulative based on the number of patents or claims covering a product or service, but rather shall be capped at the rate set forth in Exhibit A.

  • Earned Royalties Subject to of Article 7 hereof, Licensee shall pay to Licensor for the rights granted hereunder a sum equal to one and [*****] of the Net Invoice Value of Trademarked Products Sold by Licensee (the "Royalties"). The Royalties shall be remitted in accordance with Section 7.4 of this Agreement. 6.2

  • Earned Royalty In addition, Alnylam will pay Stanford earned royalties on Net Sales as follows:

  • One Royalty No more than one royalty payment shall be due with respect to a sale of a particular Licensed Product. No multiple royalties shall be payable because any Licensed Product, or its manufacture, sale or use is covered by more than one Valid Claim.

  • Single Royalty Notwithstanding anything herein to the contrary, with respect to any Licensed Product only a single royalty payment shall be due and payable, regardless if such Licensed Product is covered by more than one Valid Patent Claim or contains more than one component Covered by a Valid Patent Claim.

  • Sublicensing Rights Novartis and its Affiliates may grant sublicenses of the license granted in Section 5.3.1(a), Section 5.3.2, and Section 5.3.3, and Intellia and its Affiliates may grant sublicenses of the license granted in Section 5.3.1(b), provided that (a) such sublicense (i) is in writing, (ii) is subject and subordinate to, and consistent with, the terms and conditions of this Agreement, and (iii) requires the applicable sublicensee to comply with all applicable terms of this Agreement [***]; (b) with respect to Novartis or any of its Affiliates as the sublicensing Party to the extent required by the Key License Agreements as in effect on the Effective Date or the agreements for any Included Intellia New In-Licensed Intellectual Property, Novartis promptly notifies Intellia of the grant of each sublicense and provides Intellia a copy of the final executed sublicense agreement, redacted for information not pertinent to this Agreement to the extent that such redactions do not reasonably impair Intellia’s ability to ensure compliance with this Agreement, the Key License Agreements or agreements for any Included Intellia New In-Licensed Intellectual Property, as applicable, (c) Novartis or Intellia, as applicable, shall be responsible for the failure by its sublicensees to comply with, and Novartis or Intellia, as applicable, guarantees the compliance by each of its sublicensees with, all relevant restrictions, limitations and obligations in this Agreement, and [***]. CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

  • Sublicense Income Company shall pay Medical School {***} of all Sublicense Income. Such amounts shall be due and payable within sixty (60) days after Company receives the relevant payment from the Sublicensee.

  • Royalty Reductions (i) If a Licensed Product is generating Net Sales in a country or administrative region during the Royalty Term in such country at a time when there is no TESARO Patent that contains a Valid Claim Covering the composition of matter of such Licensed Product in such country or administrative region, then the royalty rate for such Licensed Product in such country or administrative region shall be reduced by [***].

  • Minimum Royalties If royalties paid to Licensor do not reach the minimum royalty amounts stated in Section 3.3 of the Patent & Technology License Agreement for the specified periods, Licensee will pay Licensor on or before the Quarterly Payment Deadline for the last Contract Quarter in the stated period an additional amount equal to the difference between the stated minimum royalty amount and the actual royalties paid to Licensor.

Time is Money Join Law Insider Premium to draft better contracts faster.