Royalty Settlement Agreement definition
Examples of Royalty Settlement Agreement in a sentence
The Commissioner may request a waiver of any notice provision, condition, or requirement of a Lease, Unit Agreement, Royalty Settlement Agreement or other agreement.
Upon termination of the State’s obligations under this Section 9.1.2, Buyer and Guarantor shall be liable for payment and performance of all their obligations for Sale Oil and Additional Sale Oil the State delivered to Buyer before termination and for a minimum of one hundred Days after termination, plus an additional 90 Days if a Lessee invokes the force majeure term of its Royalty Settlement Agreement.
If a Lessee invokes the Force Majeure terms of its Royalty Settlement Agreement as a result of a reduction in Buyer's nomination in the event of Buyer’s Force Majeure, Refinery Turnaround, or for any other reason, Buyer’s reduced nomination shall not become effective until the end of the additional 90 Day notice period.
Buyer acknowledges that if a Lessee invokes the Force Majeure provisions of its Royalty Settlement Agreement or the Leases, the State may be required to give up to 180 Days’ (i.e., an additional 90 Days) notice to the Lessee prior to decreasing the State’s nomination of Royalty Oil to be taken in-kind in any Month.
Buyer acknowledges that if a Lessee invokes the Force Majeure provisions of its Royalty Settlement Agreement, the State may be required to give up to 180 Days (i.e., an additional 90 Days) notice to the Lessee prior to decreasing the State’s nomination of Royalty Oil to be taken in-kind in any Month.
If a Lessee invokes the Force Majeure terms of its Royalty Settlement Agreement and extends the notice period an additional 90 Days, the State agrees to make commercially reasonable efforts to reduce the volume of its Royalty Oil nominations.
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If a Lessee invokes the Force Majeure terms of its Royalty Settlement Agreement and extends the notice period an additional 90 Days, the State agrees to make commercially reasonable efforts to reduce its Royalty Oil nominations to other Lessees that have not invoked Force Majeure in order to limit Buyer's obligation to purchase Sale Oil.