Common use of Lien of Unit Operator Clause in Contracts

Lien of Unit Operator. Each Working Interest Owner grants to Unit Operator a lien upon its Oil and Gas Rights in each Tract, its share of Unitized Substances when produced, and its interest in all Unit Equipment, as security for payment of its share of Unit Expense, together with interest thereon at the rate of ten percent (10%) per annum. Unit Operator shall have the right to bring suit [ILLEGIBLE] enforce collection of such indebtedness with or without seeking foreclosure of the lien. In addition, upon default by any Working Interest Owner in the payment of its share of Unit Expense. Unit Operator shall have the right to collect from the purchaser the proceeds from the sale of such Working Interest Owner’s share of Unitized Substances until the amount owed by such Working Interest Owner, plus interest as aforesaid, has been paid. Each purchaser shall be entitled to rely upon Unit Operator’s written statement concerning the amount of any default.

Lien of Unit Operator. Each Working Interest Owner grants to Unit unit Operator a lien upon its Oil and Gas Rights in each Tract, its share of Unitized Substances when produced, produced and its interest in all Unit Equipment, Equipment as security for payment of its share of Unit ExpenseExpenditures, together with interest thereon at the rate of ten percent (10%) per annum. Unit Operator shall have the right to bring suit [ILLEGIBLE] to enforce collection of such indebtedness with or without seeking foreclosure of the lien. In addition, upon default by any Working Interest Owner in the payment of its share of Unit Expense. Expenditures, Unit Operator shall have the right to collect from the purchaser the proceeds from the sale of such Working Interest Owner’s 's share of Unitized Substances until the amount owed owned by such Working Interest Owner, plus interest as aforesaid, has been paid. Each purchaser shall be entitled to rely upon Unit Operator’s 's written statement concerning the amount of any default.

Lien of Unit Operator. Each Working Interest Owner grants to Unit Operator a lien upon its Oil and Gas Rights in each Tract, its share of Unitized Substances when produced, produced and its interest in all Unit Equipment, Equipment as security for payment of its share of Unit ExpenseExpenditures, together with interest thereon at the rate of ten percent (10%) per annum. Unit Operator shall have the right to bring suit [ILLEGIBLE] to enforce collection of such indebtedness with or without seeking foreclosure of the lien. In addition, upon default by any Working Interest Owner in the payment of its share of Unit Expense. Expenditures, Unit Operator shall have the right to collect from the purchaser the proceeds from the sale of such Working Interest Owner’s 's share of Unitized Substances until the amount owed owned by such Working Interest Owner, plus interest as aforesaid, has been paid. Each purchaser shall be entitled to rely upon Unit Operator’s 's written statement concerning the amount of any default.