Common use of Working Interest Clause in Contracts

Working Interest. The Restricted Companies own a “working interest” in each of the Mortgaged Properties which is not greater than the interest specified in the description of such property in the Collateral Documents, with the term “working interest”, as used herein, meaning the right to explore for, drill and produce oil, gas or other minerals, whether such right is created by lease or otherwise, and being equivalent to the proportionate part of the cost of exploration, development and marketing of oil, gas and other minerals borne by the Restricted Companies with respect to each respective property.

Working Interest. The Restricted Companies own a “"working interest” " in each of the Mortgaged Properties which is not greater than the interest specified in the description of such property in the Collateral Documents, with the term “"working interest”", as used herein, meaning the right to explore for, drill and produce oil, gas or other minerals, whether such right is created by lease or otherwise, and being equivalent to the proportionate part of the cost of exploration, development and marketing of oil, gas and other minerals borne by the Restricted Companies with respect to each respective property.