Royalty Trust definition

Royalty Trust means a statutory trust, business trust, limited liability company, partnership or other form of legal entity to which the Borrower or one or more of its Subsidiaries grants or conveys any term or perpetual overriding royalty interests, net profits interests or other similar interests in Oil and Gas Properties in exchange for units of beneficial interest or ownership interests in such trust or other entity, or for cash.

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Royalty Trust means a statutory or business trust, the trustee of which is a financial institution not affiliated with the Borrower, to which the Borrower or one or more of its Restricted Subsidiaries conveys, or intends to convey, royalty interests, net profits interests, or other similar mineral interests in the production of hydrocarbons from properties to which no value was attributed in the then most recent determination of the Borrowing Base, in exchange for units of beneficial interests in the trust and all or part of the cash proceeds of an underwritten public offering or a similar offering under Rule 144A of the trust’s units. For the avoidance of doubt, ▇▇▇▇▇▇▇▇▇ Mississippian Trust I, ▇▇▇▇▇▇▇▇▇ Mississippian Trust II and ▇▇▇▇▇▇▇▇▇ Permian Trust shall each constitute a Royalty Trust.

Royalty Trust means an oil or gas company spins off property to its shareholders, which means it will not be taxed at the corporate level and will offer high returns to stockholders.

Examples of Royalty Trust in a sentence

• Pursuant to the Merger Agreement, the Company’s stockholders are entitled to receive per-share consideration consisting of $14.75 in cash and 1.15 units of a royalty trust (Gulf Coast Ultra Deep Royalty Trust), which will hold a 5 percent overriding royalty interest in future production from twenty specified ultra-deep exploration prospects.

• Upon any Asset Disposition by an Oil and Gas Royalty Trust in which the Company or any Restricted Subsidiary owns Capital Stock, the Company or such Restricted Subsidiary will apply the Net Available Cash therefrom as provided in Section 4.11(a)(3).

• Trust royalty income is received from two major components, the 90% Royalty Trust Interests and the 75% Royalty Trust Interests.

• Amortization of the Royalty Trust Interests is calculated on a unit-of-production basis and charged directly to trust corpus.

• The initial carrying value of the Royalty Trust Interests of $61,100,449 was Cross Timbers Oil's historical net book value on February 12, 1991, the date of the transfer to the Trust.

• In addition to these costs, the calculation of royalty income from the 75% Royalty Trust Interests includes deductions for production and development costs since the related Underlying Properties are working interests.

• Because the 90% Royalty Trust Interests are not subject to production or development costs, royalty income from these interests generally only varies because of changes in sales volumes or prices.

• All Royalty Trust Units issued by the Trust and not distributable with respect to shares of Company Common Stock in connection with the merger shall be held by Parent upon the closing of the Merger, with the applicable number of Royalty Trust Units to remain subject to the ongoing obligation of Parent to deliver the Royalty Trust Units upon conversion of the outstanding Company Convertible Securities, as set forth in their respective underlying agreements.

• The 3% decrease in costs from 1996 to 1997 was primarily the result of decreased development costs after completion of infill drilling on some of the properties underlying the 75% Royalty Trust Interests.

• Consultant shall participate in the Pannonian Employee Royalty Trust Agreement dated March 25th, 2001 (attached as Exhibit C) according to the terms contained therein even though Consultant is not an employee of the company.

More Definitions of Royalty Trust

Royalty Trust means a statutory trust, business trust, limited liability company, partnership or other form of

Royalty Trust means a statutory or business trust, the trustee of which is a financial institution not affiliated with the Borrower, to which the Borrower or one or more of its Restricted Subsidiaries conveys, or intends to convey, royalty interests, net profits interests, or other similar mineral interests in the production of hydrocarbons from properties to which no value was attributed in the then most recent determination of the Borrowing Base, in exchange for units of beneficial interests in the trust and all or part of the cash proceeds of an underwritten public offering or a similar offering under Rule 144A of the trust’s units. For the avoidance of doubt, SandRidge Mississippian Trust I, SandRidge Mississippian Trust II and SandRidge Permian Trust shall each constitute a Royalty Trust.

Royalty Trust means equity investments that generate an income stream for investors; these primarily include natural resource assets, and pharmaceuticals and medical devices.

Royalty Trust means a mutual fund trust which, by virtue of the fact that all or substantially all of its property consists of oil and gas or mineral resource royalties, would be entitled to rely on the exception in paragraph (a) of subsection 132(7) of the Tax Act, such that it would not be subject to the Non-Resident Ownership Restriction, as described under “Special Meeting Business — Royalty Reorganization”;

Royalty Trust as it appears in Section 8.01(l) of the Loan Agreement is deleted and the term "Texas Permian Royalty Trust" is substituted therefor.

Royalty Trust means a mutual fund trust which, by virtue of the fact that since its inception, all or substantially all of its property consists of oil and gas, mineral resource royalties or other non-taxable Canadian property, would be entitled to rely on the Subsection 132(7) Exception;