Common use of Title Benefit Amount Clause in Contracts

Title Benefit Amount. The Title Benefit Amount resulting from a Title Benefit shall be determined in accordance with the following methodology, terms and conditions: (a) if Buyer and Seller agree on the Title Benefit Amount, then that amount shall be the Title Benefit Amount; (b) if the Title Benefit represents a discrepancy between (i) the actual Net Revenue Interest for any Well or Well Location with respect to the Target Formation and (ii) the Net Revenue Interest for such Well or Well Location shown herein with respect to the Target Formation, then the Title Benefit Amount shall be the product of (A) the Allocated Value of the affected Well or Well Location multiplied by (B) a fraction, the numerator of which is the actual Net Revenue Interest with respect to the Target Formation and the denominator of which is the Net Revenue Interest for such Well or Well Location with respect to the Target Formation shown herein, minus 1; and (c) if the Title Benefit cannot be calculated pursuant to subsections (a) or (b) above, then the Title Benefit Amount shall be determined by taking into account the Allocated Value of the subject Asset, the legal effect of the Title Benefit, the potential economic effect of the Title Benefit over the life of the subject Asset, the values placed upon the Title Benefit by Buyer and Seller and such other reasonable factors as are necessary to make a proper evaluation.

Title Benefit Amount. The Title Benefit Amount resulting from a Title Benefit shall be determined in accordance with the following methodology, terms and conditions: (ai) if Buyer BreitBurn and Seller Quicksilver agree on the Title Benefit Amount, then that amount shall be the Title Benefit Amount; (bii) if the Title Benefit represents a discrepancy between (i1) the actual Net Revenue Interest for any Well or Well Location with respect to well location (or the Target Formation specified zone(s) therein) and (ii2) the Net Revenue Interest for such Well or Well Location shown herein with respect to the Target Formationstated in Exhibit A-1, then the Title Benefit Amount shall be the product of (A) the Preliminary Allocated Value of the affected Well or Well Location well location (or the specified zone(s) therein) multiplied by (B) a fraction, the numerator of which is the actual increased Net Revenue Interest with respect to the Target Formation and the denominator of which is the Net Revenue Interest for such Well or Well Location with respect to the Target Formation shown herein, minus 1stated in Exhibit A-1; and (ciii) if the Title Benefit cannot be calculated pursuant to subsections (a) or (b) aboverepresents a decrease in the Working Interest stated in Exhibit A-1, then the Title Benefit Amount shall be determined by taking into account the Preliminary Allocated Value of the subject Assetproperty affected thereby, the portion of such property affected by the Title Benefit, the legal effect of the Title Benefit, the potential economic effect of the Title Benefit over the life of the subject Assetsuch property, the values placed upon the Title Benefit by Buyer BreitBurn and Seller Quicksilver and such other reasonable factors as are necessary to make a proper evaluation.

Title Benefit Amount. The Title Benefit Amount resulting from a Title Benefit shall be determined in accordance with the following methodology, terms and conditions: (ai) if Buyer and Seller agree on the Title Benefit Amount, then that amount shall be the Title Benefit Amount; (bii) if the Title Benefit represents a discrepancy between (iA) the actual Seller’s Net Revenue Interest for any Subject Well or Well Location with respect to the Target Formation and (iiB) the Seller’s Net Revenue Interest for such Well set forth in Exhibit A-1 or Well Location shown herein with respect to the Target FormationExhibit A-2, as applicable, then the Title Benefit Amount shall be the product of (A) the Allocated Value of the affected Subject Well or Well Location multiplied by (B) a fraction, the numerator of which is the actual Net Revenue Interest with respect to the Target Formation increase and the denominator of which is the Net Revenue Interest for such Well set forth in Exhibit A-1 or Well Location with respect to the Target Formation shown hereinExhibit A-2, minus 1as applicable; and (ciii) if the Title Benefit canis of a type not be calculated pursuant to subsections (a) or (b) described above, then the Title Benefit Amount Amounts shall be determined by taking into account the Allocated Value of the subject AssetAsset affected by such Title Benefit, the portion of such Asset affected by such Title Benefit, the legal effect of the Title Benefit, the potential economic effect of the Title Benefit over the life of the subject such Asset, the values placed upon the Title Benefit by Buyer and Seller and such other reasonable factors as are necessary to make a proper evaluation.

Title Benefit Amount. The Title Benefit Amount resulting from a Title Benefit shall be determined in accordance with the following methodology, terms and conditions: (ai) if Buyer and Seller agree on the Title Benefit Amount, then that amount shall be the Title Benefit Amount; (bii) if the Title Benefit represents a discrepancy between (iA) the actual RTP’s Net Revenue Interest for any Subject Well or Well Location with respect to the Target Formation and (iiB) the RTP’s Net Revenue Interest for such Well set forth in Exhibit A-1 or Well Location shown herein with respect to the Target FormationExhibit A-2, as applicable, then the Title Benefit Amount shall be the product of (A) the Allocated Value of the affected Subject Well or Well Location multiplied by (B) a fraction, the numerator of which is the actual Net Revenue Interest with respect to the Target Formation increase and the denominator of which is the Net Revenue Interest for such Well set forth in Exhibit A-1 or Well Location with respect to the Target Formation shown hereinExhibit A-2, minus 1as applicable; and (ciii) if the Title Benefit canis of a type not be calculated pursuant to subsections (a) or (b) described above, then the Title Benefit Amount Amounts shall be determined by taking into account the Allocated Value of the subject AssetRTP Asset affected by such Title Benefit, the portion of such RTP Asset affected by such Title Benefit, the legal effect of the Title Benefit, the potential economic effect of the Title Benefit over the life of the subject such RTP Asset, the values placed upon the Title Benefit by Buyer and Seller and such other reasonable factors as are necessary to make a proper evaluation.

Title Benefit Amount. The Title Benefit Amount resulting from a Title Benefit shall be determined in accordance with the following methodology, terms and conditions: (a) if Buyer and Seller agree on the Title Benefit Amount, then that amount shall be the Title Benefit Amount; (b) if the Title Benefit represents a discrepancy between (i) the actual Net Revenue Interest for any Well or Well Location with respect to the Target Formation and (ii) the Net Revenue Interest for such Well Xxxxx or Well Location shown herein with respect to the Target FormationLocations listed on Exhibit A-2, then the Title Benefit Amount shall be the product of (A) the Allocated Value of the affected Well or Well Location multiplied by (B) a fraction, the numerator of which is the actual Net Revenue Interest with respect to the Target Formation and the denominator of which is the Net Revenue Interest for such Well Xxxxx or Well Location with respect to the Target Formation shown herein, Locations listed on Exhibit A-2 minus 1; and; (c) if the Title Benefit cannot be calculated pursuant to subsections (aSections 3.13(a) or (b3.13(b) above, then the Title Benefit Amount shall be determined by taking into account the Allocated Value of the subject AssetWell or Well Location, the legal effect of the Title Benefit, the potential economic effect of the Title Benefit over the life of the subject AssetWell or Well Location, the values placed upon the Title Benefit by Buyer and Seller and such other reasonable factors as are necessary to make a proper evaluation; and (d) the Title Benefit Amount with respect to an Asset affected by any Title Benefit shall be determined without duplication of any costs or losses included in another Title Benefit hereunder.

Title Benefit Amount. The Title Benefit Amount amount resulting from a Title Benefit shall be determined in accordance with the following methodology, terms and conditions: (ai) if Buyer and Seller agree on the Title Benefit Amount, then that amount shall be the Title Benefit Amount; (bii) if the Title Benefit represents a discrepancy between (iA) the actual Seller’s Net Revenue Interest for any Well or Well Location with respect to the Target Formation Undeveloped Tract and (iiB) the Seller’s Net Revenue Interest for such Well set forth in Exhibit A-2 or Well Location shown herein with respect to the Target FormationExhibit A-3, as applicable, then the Title Benefit Amount shall be the product of (A) the Allocated Value of the affected Well or Well Location Undeveloped Tract multiplied by (B) a fraction, the numerator of which is the actual Net Revenue Interest with respect to the Target Formation increase and the denominator of which is the Net Revenue Interest for such Well set forth in Exhibit A-2 or Well Location with respect to the Target Formation shown hereinExhibit A-3, minus 1; andas applicable; (ciii) if the Title Benefit canis of a type not be calculated pursuant to subsections (a) or (b) described above, then the Title Benefit Amount Amounts shall be determined by taking into account the Allocated Value of the subject AssetRTP Asset affected by such Title Benefit, the portion of such RTP Asset affected by such Title Benefit, the legal effect of the Title Benefit, the potential economic effect of the Title Benefit over the life of the subject such RTP Asset, the values placed upon the Title Benefit by Buyer and Seller and such other reasonable factors as are necessary to make a proper evaluation; (iv) the amount of each Title Benefit shall be limited in the same manner as Title Defects described in Section 11.2(i); and (v) the Parties agree that if the same Title Benefit affects more than one Lease, Undeveloped Tract, or Well, then the Title Benefit Amounts for each Lease, Undeveloped Tract, or Well affected by such Title Benefit shall be aggregated. The amount that results from the procedures in (i) through (v) above is the “Title Benefit Amount.”