Common use of Royalty Reimbursement Clause in Contracts

Royalty Reimbursement. If, due to circumstances not within Seller’s control or pursuant to the terms of a good faith settlement of a royalty dispute, Seller is required to pay excess royalty (royalty based on a value higher than the price paid by Buyer for Carbon Dioxide delivered by Seller under this Agreement) to any royalty owner including the United States of America, the State of Colorado and any overriding royalty owner, with respect to Carbon Dioxide delivered by Seller under this Agreement, Buyer shall reimburse Seller fifty percent (50%) of the amount of such excess royalty. Seller must notify Buyer of a potential claim or bring its claim to Buyer within three (3) years of the date the Carbon Dioxide delivery in question was made. Seller represents that as of the date of this Agreement, Seller has not received a royalty assessment requiring the payment of excess royalty and is not aware of any royalty underpayment claim against it involving the Carbon Dioxide. For the purposes of this Article 7.2, “excess royalty” as it applies to royalty paid the United States of America shall be the royalty paid in excess of the royalty calculated pursuant to any methodology in use by the Minerals Management Service as of the date of this Agreement based on the statutes, regulations and leases in effect on the date of this Agreement.

Royalty Reimbursement. If, due to circumstances not within Seller’s 's control or pursuant to the terms of a good faith settlement of a royalty dispute, Seller is required to pay excess royalty (royalty based on a value higher than the price paid by Buyer for Carbon Dioxide delivered by Seller under this Agreement) to any royalty owner including the United States of America, the State of Colorado Wyoming and any overriding royalty owner, with respect to Carbon Dioxide delivered by Seller under this Agreement, Buyer shall reimburse Seller fifty one hundred percent (50100%) of the amount of such excess royalty. Seller must notify Buyer of a potential claim or bring its claim to Buyer within three (3) years of the date the Carbon Dioxide delivery in question was made. Seller represents that as of the date of this Agreement, Seller has not received a notice of (actual, constructive or otherwise) nor is Seller aware of any royalty assessment requiring the payment of excess royalty and is not aware of any royalty underpayment claim against it involving the Carbon Dioxide. For the purposes of this Article 7.2, “"excess royalty” " as it applies to royalty paid the United States of America shall be the royalty paid in excess of the royalty calculated pursuant to any methodology in use by the Minerals Management Service as of the date of this Agreement based on the statutes, regulations and leases in effect on the date of this Agreement.