Common use of EARNING EVENT Clause in Contracts

EARNING EVENT. ASSIGNMENT OF RECORD TITLE ------------------------------------------ At such time as the ITW is drilled to Casing Point and Ridgewood has satisfied the monetary obligations set forth in Articles 1 and 2 above, LLOG shall execute and deliver to Ridgewood an Assignment of Record Title Interest delivering to Ridgewood a 50% Record Title Interest in each Lease so earned. The Assignments shall be without warranty of title, either express or implied, except by, through and under LLOG, but not otherwise. Additionally, such Assignment shall be subject to the approval of the authorized officer of the U.S. Mineral Management Service. However, in said Assignment, LLOG shall deliver to Ridgewood the net revenue interest set forth on Exhibit "B" attached hereto attributable to its 50% record title interest.

EARNING EVENT. ASSIGNMENT OF RECORD TITLE ------------------------------------------ At such time as the ITW is drilled to Casing Point and Ridgewood has satisfied the monetary obligations set forth in Articles 1 and 2 above, LLOG shall execute and deliver to Ridgewood an Assignment of Record Title Interest delivering to Ridgewood a 50% Record Title Interest in each Lease so earned. The Assignments shall be without warranty of title, either express or implied, except by, through and under LLOG, but not otherwise. Additionally, such Assignment shall be subject to the approval of the authorized officer oficer of the U.S. Mineral Management Service. However, in said Assignment, LLOG shall deliver to Ridgewood the net revenue interest set forth on Exhibit "B" attached hereto attributable to its 50% record title interest.