Farmout. Assignor may from time to time enter into Farmout Agreements farming out to Third Persons Assignor’s interest in the Subject Interests. In the event that Assignor enters into any such Farmout Agreement with a Third Person, (i) the Royalty Interest and this Conveyance shall only burden Assignor’s retained interest in the Subject Interest after giving effect to any interest in the Subject Interest that a counterparty to the Farmout Agreement may earn under such Farmout Agreement and (ii) only the Assignor’s retained interest in the Subject Interest will count towards Assignor’s obligation to drill Development Xxxxx under the Development Agreement.
Appears in 7 contracts
Samples: Mortgage With Power of Sale (Chesapeake Granite Wash Trust), Perpetual Overriding Royalty Interest Conveyance (Chesapeake Granite Wash Trust), Term Overriding Royalty Interest Conveyance (Chesapeake Granite Wash Trust)
Farmout. Assignor may from time to time enter into Farmout Agreements farming out to with Third Persons Assignor’s interest in with respect to the Subject Interests. In the event that Assignor enters into any such Farmout Agreement with a Third PersonPerson (a “Farmee”), (i) the Royalty Interest and this Conveyance shall only burden Assignor’s retained interest in the Subject Interest Interests after giving effect to any interest in the Subject Interest Interests that a counterparty to the Farmout Agreement Farmee may earn under such Farmout Agreement Agreement, and (ii) only the Assignor’s retained interest in the Subject Interest will count towards Assignor’s XxxxXxxxx’x obligation to drill Development Xxxxx under the Development Agreement.
Appears in 6 contracts
Samples: Term Overriding Royalty Interest (SandRidge Mississippian Trust II), Term Overriding Royalty Interest (SandRidge Mississippian Trust II), Term Overriding Royalty Interest (SandRidge Mississippian Trust II)
Farmout. Assignor may from time to time enter into Farmout Agreements farming out to with Third Persons Assignor’s interest in with respect to the Subject Interests. In the event that Assignor enters into any such Farmout Agreement with a Third Person, (i) the Royalty Interest and this Conveyance shall only burden Assignor’s retained interest in the Subject Interest after giving effect to any interest in the Subject Interest that a counterparty to the Farmout Agreement may earn under such Farmout Agreement and (ii) only the Assignor’s retained interest in the Subject Interest will count towards Assignor’s XxxxXxxxx’x obligation to drill Development Xxxxx under the Development Agreement.
Appears in 5 contracts
Samples: Term Overriding Royalty Interest (SandRidge Permian Trust), Perpetual Overriding Royalty Interest Conveyance (SandRidge Permian Trust), Perpetual Overriding Royalty Interest Conveyance (SandRidge Permian Trust)
