Common use of RENTAL CREDITS Clause in Contracts

RENTAL CREDITS. The rental for any year will be credited against the first royalties as they accrue under the lease during the year for which rental was paid. (a) PRODUCTION ROYALTIES — Lessee must pay lessor a production royalty in accordance with the attached schedule. Such production royalty is due the last day of the month next following the month in which the minerals are sold or removed from the leased lands.

Appears in 4 contracts

Samples: Sodium Lease (OCI Resources LP), Sodium Lease (OCI Resources LP), Sodium Lease (OCI Resources LP)

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RENTAL CREDITS. The rental for any year will be credited against the first royalties as they accrue under the lease during the year for which rental was paid. (a) PRODUCTION ROYALTIES Lessee must pay lessor a production royalty in accordance with the attached schedule. Such production royalty is due the last day of the month next following the month in which the minerals are sold or removed from the leased lands.

Appears in 1 contract

Samples: Lease

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