Net Profits Interests definition
Examples of Net Profits Interests in a sentence
The effect of such release, surrender or abandonment will be to release, surrender or abandon the Net Profits Interests and the Overriding Royalty Interest insofar as the Net Profits Interests or the Overriding Royalty Interest cover the applicable portion of the Subject Interests so released, surrendered or abandoned by Grantor.
Grantee shall provide Grantor with written notice of any Transfer, mortgage or pledge of all or any portion of the Net Profits Interests or Overriding Royalty Interest.
If Materials, or ▇▇▇▇▇ or facilities located on or used in connection with the Developed Properties Subject Interests, are used in connection with the Remaining Properties Subject Interests, or vice versa, costs attributable to such Materials, ▇▇▇▇▇ or facilities shall be allocated between the Subject Interests by Grantor on a fair and equitable basis (without regard to the existence of the Net Profits Interests).
No third party shall be under any obligation to inquire as to, or to see to, the application by Grantor of the proceeds received by it from any sale of production attributable to the Net Profits Interests or the Overriding Royalty Interest.
No third party (including operators, production purchasers and disbursing parties) is responsible for calculating or separately reporting and paying to Grantee any sums that are potentially attributable to the Net Profits Interests or the Overriding Royalty Interest; and such third parties may include the interest of Grantee within the interest credited to Grantor for all purposes.
The Net Profits Interests and the Overriding Royalty Interest do not include any right, title, or interest in and to any personal property, fixtures, or equipment and are exclusively interests in and to the applicable Subject Interests and the applicable Subject Hydrocarbons.
The Overriding Royalty Interests of Pension Partnership shall be payable separately from the Net Profits Interests owned by Pension Partnership.
In conjunction with such termination, the Company and the Executive acknowledge and agree that the Executive is vested in his Net Profits Interests under the NPI Agreement which have been assigned to the Executive or to which the Executive is entitled to an assignment as a result of events occurring before April 28, 2008.
Such right may be exercised at the sole discretion of the Lender and, should the Lender elect not to exercise such right, the Subject Properties so sold shall be conveyed by way of instrument(s) of conveyance made expressly subject to the Net Profits Interests and the provisions of this Agreement applicable thereto and shall remain subject to the Net Profits Interests.
Pension Partnership shall be entitled to receive all interest earned on revenues attributable to its Net Profits Interests and Overriding Royalty Interests between the date of their receipt by Operating Partnership and the date of their payment to Pension Partnership.