Immaterial Interest definition

Immaterial Interest means, with respect to any Development Party, any overriding royalty interest, production payment, net profits interest or similar interest that is carved out of such Development Party’s interests in the Subject Oil and Gas Assets, the Transfer of which interest would not convey a material portion of the value of the Development Party’s interest in the Subject Oil and Gas Assets.
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Examples of Immaterial Interest in a sentence

  • For the purpose of maintaining uniformity of ownership in the Development Area as among the Parties, from and after the Closing Date during the term of this Agreement, no Party shall Transfer any portion of its Joint Development Interest (other than a Transfer of an Immaterial Interest or a Transfer permitted under Section 4.1(c)(i)) unless such Transfer covers the entirety of such Party's Joint Development Interest, or an undivided percentage thereof.

  • For the purpose of maintaining uniformity of ownership in the Development Area as among the Parties, from and after the Closing Date during the term of this Agreement, no Party shall Transfer any portion of its Joint Development Interest (other than a Transfer of an Immaterial Interest or a Transfer permitted under Section 4.1(c)(i)) unless such Transfer covers the entirety of such Party’s Joint Development Interest, or an undivided percentage thereof.