Founder Well Participation Program. Notwithstanding anything contained in this Conveyance to the contrary, Assignor may Transfer an undivided interest in any Development Well and/or any Subject Interests pursuant to the terms and conditions of the Founder Well Participation Program of Chesapeake Energy Corporation, free and clear of the Royalty Interest; provided, however, that any such Transfer shall not reduce the Assignor’s Net Revenue Interest warranted herein. In connection with any Transfer provided for in this Section 11.03, Assignee shall, on request, execute, acknowledge and deliver to Assignor a recordable instrument (reasonably acceptable to Assignor) that releases the Royalty Interest with respect to the undivided interest in any Development Well and the related Subject Interests being Transferred.
Appears in 7 contracts
Samples: Mortgage (Chesapeake Granite Wash Trust), Perpetual Overriding Royalty Interest Conveyance (Chesapeake Granite Wash Trust), Perpetual Overriding Royalty Interest Conveyance (Chesapeake Granite Wash Trust)
