Common use of Salvage Fund Clause in Contracts

Salvage Fund. The Fund will (and may be required by the operator of any Oil and Gas Project to) reserve and set aside each month in a separate interest-bearing account ("Salvage Fund") a portion of the Fund's net revenue, if any, that the Fund may receive form the production and sale of oil and natural gas from each Oil and Gas Project in which the Fund has invested until such time as the Salvage Fund contains an amount equal to the Fund's anticipated salvage value of dismantling production platforms, plugging and abandoning the platform wells, and removing the platforms and platform wells in respect of exxx xuch Oil and Gas Project after its useful life, in accordance with applicable federal and state law and regulations. Any portion of the Salvage Fund that remains after the Fund pays its share of the salvage costs will be distributed to the Investors in accordance with the provisions of Section 8.1.

Salvage Fund. The Fund will (and may be required by the operator of any Oil and Gas Project to) reserve and set aside each month in a separate interest-bearing account ("Salvage Fund") a portion of the Fund's net revenue, if any, that the Fund may receive form the production and sale of oil and natural gas from each Oil and Gas Project in which the Fund has invested until such time as the Salvage Fund contains an amount equal to the Fund's anticipated salvage value of dismantling production platforms, plugging and abandoning the platform wells, and removing the platforms platfxxxx and platform wells in respect of exxx xuch Oil each such Xxx and Gas Project after its useful life, in accordance with applicable federal and state law and regulations. Any portion of the Salvage Fund that remains after the Fund pays its share of the salvage costs will be distributed to the Investors in accordance with the provisions of Section 8.1.

Salvage Fund. The Fund will (and may be required by the operator of any Oil and Natural Gas Project to) reserve and set aside each month in a separate interest-bearing account ("Salvage Fund") a portion of the Fund's net revenue, if any, that the Fund may receive form the production and sale of oil and natural gas from each Oil and Natural Gas Project in which the Fund has invested until such time as the Salvage Fund contains an amount equal to the Fund's anticipated salvage value of dismantling production platforms, plugging and abandoning the platform wells, and removing the platforms plxxxxxms and platform wells in respect of exxx xuch Oil and each sucx Xxxural Gas Project after its useful life, in accordance with applicable federal and state law and regulations. Any portion of the Salvage Fund that remains after the Fund pays its share of the salvage costs will be distributed to the Investors in accordance with the provisions of Section 8.1.

Salvage Fund. The Fund will (and may be required by the operator of any Oil and Natural Gas Project to) reserve and set aside each month in a separate interest-bearing account ("Salvage Fund") a portion of the Fund's net revenue, if any, that the Fund may receive form the production and sale of oil and natural gas from each Oil and Natural Gas Project in which the Fund has invested until such time as the Salvage Fund contains an amount equal to the Fund's anticipated salvage value of dismantling production platforms, plugging and abandoning the platform wells, and removing the platforms platfxxxx and platform wells in respect of exxx xuch Oil and each such Xxxxral Gas Project after its useful life, in accordance with applicable federal and state law and regulations. Any portion of the Salvage Fund that remains after the Fund pays its share of the salvage costs will be distributed to the Investors in accordance with the provisions of Section 8.1.

Salvage Fund. The Fund will (and may be required by the operator of any Oil and Natural Gas Project to) reserve and set aside each month in a separate interest-bearing account ("Salvage Fund") a portion of the Fund's net revenue, if any, that the Fund may receive form the production and sale of oil and natural gas from each Oil and Natural Gas Project in which the Fund has invested until such time as the Salvage Fund contains an amount equal to the Fund's anticipated salvage value of dismantling production platforms, plugging and abandoning the platform wells, and removing the platforms platxxxxx and platform wells in respect of exxx xuch Oil and each such Xxxxxal Gas Project after its useful life, in accordance with applicable federal and state law and regulations. Any portion of the Salvage Fund that remains after the Fund pays its share of the salvage costs will be distributed to the Investors in accordance with the provisions of Section 8.1.