Net Royalty Acres definition
Net Royalty Acres with respect to a Unit, the number of Net Acres for such Unit, multiplied by the Conveyed ORRI Percentage set forth on Exhibit “A-1” for such Unit.
Net Royalty Acres means, for each Mineral Property or NPRI Property, as applicable, (i) with respect to a Mineral Property, (A) the number of Net Mineral Acres for such Mineral Property multiplied by (B)(I) for those Mineral Properties that are subject to an oil and gas lease, the lessor’s royalty percentage under the applicable lease in such Mineral Property, if any, expressed on an 8/8ths basis to such lease, divided by 1/8th or (II) for those Mineral Properties that are not subject to an oil and gas lease, twenty-five percent (25%), divided by 1/8th; and (ii) with respect to an NPRI Property, (A) the number of Net Mineral Acres for such NPRI Property, multiplied by (B)(I) for those NPRI Properties that are subject to an oil and gas lease, the applicable non-participating royalty percentage under the applicable lease for such NPRI Property, if any, expressed on an 8/8ths basis, divided by 1/8th or (II) for those NPRI Properties that are not subject to an oil and gas lease, twenty-five (25%), divided by 1/8th. For all purposes of this Agreement, the terms and provisions of this Agreement applicable to Title Defects as they relate to the Leases shall apply mutatis mutandis to the MRI Properties, as modified by this Section 3.1(k). For purposes of clarity and without limitation of the foregoing, Buyer shall be entitled to assert a Title Defect with respect to any such MRI Property (and Seller shall have cure and dispute rights with respect to any such Title Defect) in the same manner that applies to Title Defects with respect to the Leases, and the relevant provisions of this Agreement, including (by way of example and not limitation) with respect to the calculation of Title Defect Amounts, the Special Warranty of Defensible Title and the term “Interest Reduction” shall be construed in accordance with the intent of the Parties to give full effect to the spirit and purpose of this Section 3.1(k).
Net Royalty Acres means, as computed separately with respect to each Asset and stated on Exhibit A, (x) the number of gross acres in the Lands covered by such interest multiplied by (y) the Seller’s fractional interest in the Minerals covered by such Asset, multiplied by (z) Seller’s interest in the revenue attributable to such interest, multiplied by eight (8); provided that if items (x) and/or (y) vary as to different areas of lands covered by such Asset, a separate calculation shall be done for each such area;
Examples of Net Royalty Acres in a sentence
Certain of the Oil & Gas Assets include Mineral Properties and NPRI Properties (collectively, “MRI Properties”) and the Net Royalty Acres and the applicable Allocated Values, in each case, attributable to each such MRI Property are set forth on Annex A-1.