Common use of EMPLOYEE OVERRIDES Clause in Contracts

EMPLOYEE OVERRIDES. (a) As to those Oil and Gas Properties (x) that are described on Exhibit A attached hereto, (y) with respect to which such Exhibit A shows that the “record title interest” (as signified by the “(R)” appearing next to certain applicable statements of ownership interest in various places on such Exhibit A) that is represented and warranted to Mortgagee as owned by Mortgagor to Mortgagee as owned by Mortgagor exceeds the “beneficial interest” (as signified by the “(B)” appearing next to certain applicable statements of ownership interest in various places on such Exhibit A) that is represented and warranted to Mortgagee as owned by Mortgagor, and (z) with respect to which Mortgagee has a valid and binding contractual obligation to deliver an assignment of an interest in such Oil and Gas Property to another Person, upon Mortgagor’s written request delivered to Mortgagee, Mortgagee will be obligated to execute and deliver an instrument reasonably satisfactory to the assignee of such interest providing for the partial release of the liens and security interests created by this Mortgage which encumber such interest, subject, however, to the extent, and only to the extent that each condition described in subsections (a)(i) and (a)(ii) of this Section 7.23 are satisfied in full:

EMPLOYEE OVERRIDES. (a) As Except as otherwise provided in Section 7.23(b) below, as to those Oil and Gas Properties (x) that are described on Exhibit A attached hereto, (y) with respect to which such Exhibit A shows that the “"record title interest” " (as signified by the “"(R)” " appearing next to certain applicable statements of ownership interest in various places on such Exhibit A) that is represented and warranted to Mortgagee as owned by Mortgagor to Mortgagee as owned by Mortgagor exceeds the “"beneficial interest” " (as signified by the “"(B)” " appearing next to certain applicable statements of ownership interest in various places on such Exhibit A) that is represented and warranted to Mortgagee as owned by Mortgagor, and (z) with respect to which Mortgagee has a valid and binding contractual obligation to deliver an assignment of an interest in such Oil and Gas Property to another Person, upon Mortgagor’s 's written request delivered to Mortgagee, Mortgagee will be obligated to execute and deliver an instrument reasonably satisfactory to the assignee of such interest providing for the partial release of the liens and security interests created by this Mortgage which encumber such interest, subject, however, to the extent, and only to the extent that each condition described in subsections (a)(i) and (a)(ii) of this Section 7.23 are satisfied in full: