Rights Earned Clause Samples

Rights Earned. In the event that the Exploratory Well or substitute well is drilled and completed and equipped into tanks (if oil) or capped (if gas), or plugged and abandoned, and all costs and expenses attributable thereto are paid by ▇▇▇ or ninety–five percent (95%) thereof by Jed, if 74305 participates, then Jed shall earn the following: a) An undivided 40.16% interest in and to the oil and gas leases and oil and gas leasehold estate, as described on Exhibit "A" (specifically excluding the Participation Unit attributable to the Timber Draw Unit #1-AH Well), including all federal, state or fee oil and gas mining leases now owned of record by the parties hereto or purchased hereinafter within the outside perimeter of the lands shown on Exhibit "A". b) an undivided 40.16% working interest in and to the Timber Draw Unit #1-AH Well, including the oil and gas leasehold interest of the Participation Unit and any and all equipment related to or appurtenant to said well and/or Participation Unit. This assignment of working interest shall be subject to its proportionate share of all royalty and overriding royalty interest presently burdening said leases and leasehold estate and shall be effective the date of completion of the Exploratory Well or the date of plugging and abandonment.
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Rights Earned. As of the date of this agreement, the seismic program has been completed timely, in its entirety and all costs and expenses of whatsoever nature have been paid by Enterra and 74305, and Enterra has earned the following: a) an undivided twenty-five percent (25%) interest in and to the oil and gas leases and oil and gas leasehold estate as described on Exhibit "A" (specifically excluding the Participation Unit attributable to the Timber Draw Unit #1-AH Well), including all federal, state or fee oil and gas mining leases now owned of record by the parties hereto or purchased within the outside perimeter of the lands shown on Exhibit "A" subsequent to the date hereof. The title to the oil and gas leases and leasehold estate shall continue to be maintained in the name of Empire Petroleum Corporation until that point in time when ▇▇▇ has either completed all earning requirements as outlined in Clause 6 under this Agreement or has elected to not earn any further interest. At that time Empire will make an assignment of leasehold interest as outlined in Clause 6.6 An undivided twenty-five percent (25%) working interest in the # 1-AH Well including the oil and gas leasehold interest and any and all equipment related to or appurtenant to said well and Participation Unit. The title to the oil and gas leases and leasehold estate shall continue to be maintained in the name of Empire Petroleum Corporation until that point in time when ▇▇▇ has either completed all earning requirements as outlined in Clause 6 under this Agreement or has elected to not earn any further interest. At that time Empire will make an assignment of leasehold interest as outlined in Clause 6.6. Empire will hold the undivided twenty-five (25%) gross working interest in the Timber Draw Unit #1-AH Well, Participation Unit and balance of the lands, in trust for Enterra effective the Stage I Earning Date to the date at which time ▇▇▇ becomes trustee for the remaining interest of Enterra. This working interest shall be subject to all royalty, overriding royalty or other burdens on production that exist as of the date hereof. Empire Petroleum Corporation, as the owner of an after-payout working interest in the Timber Draw Unit #1-AH Well, has converted such payout interest to an overriding royalty interest equivalent to the difference between the present royalty and overriding royalty burdens on production and twenty-five percent (25%) of 8/8.
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Rights Earned. If (i) the Test Well is timely and properly commenced and drilled and complies in all material respects with the terms and conditions of this Agreement (including, without limitation, the evaluation of the three (3) existing well bores located on the Farmout Acreage in accordance with Section 2.5 and an election by Farmee to proceed with development of the Farmout Acreage pursuant to Section 2.5(a)); (ii) such well meets criteria that determine that it is a well capable of producing hydrocarbons in "paying quantities" pursuant to the provisions of 30 CFR Section 250.111 (which determination by the MMS Farmee agrees to diligently pursue) or if not meeting these qualifications, Farmee commits to complete the well for production; and (iii) Farmee has supplied to Farmor evidence of same and a request for an Assignment in and to the Farmout Acreage as provided below; Farmee shall earn for the drilling of such well (hereinafter referred to as an "Earning Well") an Assignment in and to the Farmout Acreage as set forth in this Article III. The requirements set forth in this Section 3.1 are herein referred to as the "Earning Requirements".
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Rights Earned. If (i) the Test Well is timely and properly commenced and drilled and complies in all material respects with the terms and conditions of this Agreement (including, without limitation, the evaluation of the three (3) existing well bores located on the Farmout Acreage in accordance with Section 2.5 and an election by Farmee to proceed with development of the Farmout Acreage pursuant to Section 2.5(a)); (ii) such well meets criteria that determine that it is a well capable of producing hydrocarbons in "paying quantities" pursuant to the provisions of 30 CFR Section 250.111 (which determination by the MMS Farmee agrees to diligently pursue) or if not meeting these qualifications, Farmee commits to complete the well for
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Rights Earned. (a) Upon making the Buyer Payment set forth in Section 3.1, the interests in the Subject Assets shall, subject to the terms of the Term Assignment be: In addition, Buyer upon making such payment to Seller or the Trustee shall earn the right to participate in and pay the costs of the activities described in Article 4 below. Forthwith after receiving the balance of the Buyer Payment, Seller shall duly execute and deliver to Buyer the Term Assignment, or if Section 3.3 is applicable shall cause the Trustee to release the Term Assignment to Buyer. (b) All of the several obligations set forth in Sections 4.1, 4.2 and 4.3 below and the time limit prescribed for the performance of each and all such obligations are and shall be deemed material and shall consititute a single condition precedent to Seller’s obligation to make the Final Assignment. If the Buyer Payment described in Section 3.1 above is timely made to Seller or, if Section 3.3 is applicable, to the Trustee and if, thereafter, Buyer thereafter timely performs in all material respects each and all of its obligations described in Sections 4.1, 4.2 and 4.3 below, then, prior to Payout, Buyer shall thereupon have: (i) earned an additional 39.92% beneficial interest in the Subject Assets, such that the beneficial interests shall be: provided however that HSR shall retain a 49.9% registered legal interest, and shall hold the additional 39.92% beneficial interest in trust for PIN; and (ii) Buyer shall have the right to receive the Final Assignment and Seller shall forthwith thereafter duly execute and deliver to Buyer the Final Assignment. (c) In the event the Final Assignment is earned by Buyer and made by Seller and thereafter Payout occurs, Buyer shall be deemed to have thereupon relinquished to Seller the additional 39.92% beneficial interest in the Subject Assets referred to in Section 3.2(b)(i) above, such that the legal and beneficial interests in the Subject Assets shall thereupon be: (d) Upon Buyer timely making the Buyer Payment described in Section 3.1 above, thereby earning the rights described therein, the Operating Procedure shall govern the Subject Assets and all operations on or in respect of the Subject Assets, such that, as between Buyer and Seller, the Operating Procedure shall supercede the Unit Operating Agreements. Thereafter, each party shall use commercially reasonable efforts to enter into agreements with, and obtain approvals from, all relevant third parties (including those "others"...
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Related to Rights Earned

  • Performance Shares Each Performance Share is a bookkeeping entry that records the equivalent of one Share. Upon the vesting of the Performance Shares as provided in Section 2, the vested Performance Shares will be settled as provided in Section 3.

  • Performance Period This Agreement shall be performed during the period which begins Oct 01 2020 and ends Sep 30 2022. All services under this Agreement must be rendered within this performance period, unless directly specified under a written change or extension provisioned under Article 14, which shall be fully executed by both parties to this Agreement.

  • Performance Rights The Licensor here by grants to Licensee a non-exclusive license to use the Master Recording in Unlimited non-profit performances, shows, or concerts. Licensee may receive compensation from performances with this license.

  • Dividend Equivalent Rights In the event that the Company declares and pays a dividend in respect of its outstanding shares of Stock and, on the record date for such dividend, you hold Restricted Stock Units granted pursuant to this Agreement that have not been settled, the Company shall create a bookkeeping account that will track, (a) to the extent the dividend paid to stockholders generally was a cash dividend, the cash value you would have been entitled to receive as if you had been the holder of record of the number of shares of Stock related to the Restricted Stock Units that have not been settled as of the record date, or (b) to the extent the dividend paid to stockholders generally was paid in the form of property, the property you would have been entitled to receive as if you had been the holder of record of the number of shares of Stock related to the Restricted Stock Units that have not been settled as of the record date. All DER amounts credited to your bookkeeping account pursuant to this Section 3, if any, shall be deemed converted into shares of Stock on the date that the Restricted Stock Units vest (based on the Fair Market Value (as such term is defined in the Management Stockholder’s Agreement) of Stock on such date and rounded down to the nearest whole share of Stock) and paid to you in the form of additional shares of Stock on the date that the underlying Restricted Stock Units associated with such DER amounts are settled pursuant to Section 5 below. In the event that the Restricted Stock Units are forfeited to the Company without settlement to you, you will also forfeit any associated DER amounts. No interest will be payable with respect to DER amounts credited to your bookkeeping account, if any, that represent cash dividends. Property, if any, deemed credited to DER bookkeeping accounts representing dividends paid in property will be deemed invested in such property until the DER amounts are deemed converted to shares of Stock pursuant to this Section 3. The bookkeeping accounts, if any, created to track DER amounts are phantom accounts and the Company is under no obligation to set aside cash or property with respect to any DER amounts. Valuations made pursuant to this Section 3 (including any valuation of property deemed credited to a bookkeeping account) will be made by the Committee, or its designee, in its sole discretion and such valuation will be final and binding.

  • Performance Incentive 4.10.1 If the Seller delivers Coal to the Purchaser in excess of ninety percent (90%) of the ACQ in a particular Year, the Purchaser shall pay the Seller an incentive (“Performance Incentive”/ “PI”), to be determined as follows: PI = P x Additional Deliveries x Multiplier Where: PI = The Performance Incentive payable by the Purchaser to the Seller P = The Base Price of Highest Grade, as shown in Schedule II Additional Deliveries = Quantity [in tonnes] of Coal delivered by the Seller in the relevant Year in excess of 90% of the ACQ. Multiplier shall be 0.15 for Additional Deliveries between 90%-95% of ACQ and 0.30 for Additional Deliveries in excess of 95% of ACQ. 4.10.2 With respect to part of a Year in which the term of this Agreement begins or ends, the relevant quantities in Clause 4.10.1, except the Multiplier, shall apply pro-rata. 4.10.3 Within thirty (30) days of expiry of a Year, the Seller shall submit an invoice to the Purchaser with respect to the PI payable in terms of Clause 4.10.1 and the Purchaser shall pay the amount so due within thirty (30) days of the receipt of the invoice. In the event of non-payment of PI by the due date, the Seller shall have the right to suspend Coal supplies without absolving the Purchaser of its obligations under this Agreement.