Term ORRI definition

Term ORRI means the term overriding royalty interest created pursuant to that certain Conveyance of Adjustable Term Overriding Royalty Interest between Borrower, ECT Merchant and JEDI-II.
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Term ORRI means an overriding royalty interest or production payment that does not remain in effect for the life of the burdened Lease.
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Term ORRI means an overriding royalty interest or production payment that does not remain in effect for the life of the burdened Lease. EXHIBIT A - Part 1 Leases and Xxxxx All of Seller’s interests in the Leases and Xxxxx listed herein and all other Leases and Xxxxx, if any, that comprise Clipper, Telemark or are otherwise located in any of the Included Blocks. Notwithstanding the percentage Working Interest set forth below with respect to each Lease or Well, it is the intent that all of Seller’s interest in such Lease or Well is to be conveyed to Buyer; provided, however, that notwithstanding anything herein or the Asset Purchase Agreement to the contrary, Buyer is solely acquiring Seller’s overriding royalty interest in the Lease covering MC 348 and is not acquiring any record title or operating interest in such Lease. Those Leases described below and marked with an asterisk (*) are subject to rejection and exclusion under Section 2.02 of Asset Purchase Agreement to which this Exhibit is attached. ATWATER VALLEY BLOCK 63
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Examples of Term ORRI in a sentence

  • It is also worth noting that this Court has recognized that some or all of the ATP transactions may be wholly consistent with the definitions of both a debt instrument and a Term ORRI under Louisiana law.

  • Three key issues are: (i) the Designated IRR; (ii) the cash-on-cash hurdle; and, (iii) the cross-collateralization or diversification issue.TM’s expert’s addressed the issue of the Designated IRR issue: The use of an internal rate of return (“IRR”) is usual and customary in the Industry for the calculation of the Purchase Price or stated amount to be paid for any given Term ORRI or NPI ORRI.

  • Count IV of ATP’s response reads as follows: The proceeds, if any, that Macquarie has received and accepted from ATP pursuant to its ORRIs (including its Term ORRI) and in accordance with the August 23 Order should be disgorged because these proceeds are property of ATP's bankruptcy estate under section 541(a) of the Bankruptcy Code for the reasons set forth above.

  • If Grantee pays Grantor for Post Production Costs incorrectly allocated to the Term ORRI, Grantor shall be obligated to promptly return such overpayment to Grantee at such time Grantor becomes aware of such overpayment.

  • Upon request by Assignee, Assignor (at Assignor’s expense) shall promptly execute and deliver such instruments (in recordable form) as may be reasonably necessary to evidence the termination of the Limited Term ORRI.

  • Laws § 37­2­24, shall mean five (5) working days unless otherwise specified by the Purchasing Agent.

  • TO HAVE AND TO HOLD the Term ORRI unto Grantee, its successors and assigns, during the ORRI Term.

  • The Parties intend that, for federal income tax purposes (and any comparable provisions of state and/or local law), the Term ORRI will be characterized as a retained production payment, as described at Section 636(b) of the Code.

  • For the avoidance of doubt, notwithstanding the Term ORRI being hereby granted out of the Net Oil and Gas Properties, the amount of the Term ORRI is equal to the Term Production Percentage of Crude Oil produced from the Gross Oil and Gas Properties, but satisfied only out of Crude Oil produced from the Net Oil and Gas Properties.

  • The Limited Term ORRI is subject to the terms and provisions of the Active Leases, and any amendments, corrections, additions, or modifications thereto made prior to or after the execution of this Assignment witha reserved Limited Term ORRI; provided that no such amendment, correction, additions, or modifications, shall act to reduce the Limited Term ORRI.


More Definitions of Term ORRI

Term ORRI means an overriding royalty interest in and to the Net Oil and Gas Properties and in and to all Crude Oil that may be produced and saved or sold from or under the Net Oil and Gas Properties, equal to the Term Production Percentage of all Crude Oil produced from the Gross Oil and Gas Properties.
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Term ORRI shall have the meaning assigned to it in Section 2.1.
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Term ORRI shall heave the meaning attributed to such term under the Indenture.
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Term ORRI means an overriding royalty interest or production payment that does not remain in effect for the life of the burdened Lease. EXHIBIT A - Part 1
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Term ORRI means any present or future right and interest in the Oil and Gas Properties owned or hereafter acquired by the Borrower, BOG or any other Affiliate of the Borrower, to be conveyed by the Borrower and/or its Subsidiaries, as applicable, to the Noteholders in accordance with this Indenture, entitling the holders thereof to 4% of the net proceeds (reducing to 3% of the net proceeds) received by the Borrower or its Subsidiary on account of production from the Subject Reserves. Each Term ORRI shall be conveyed pursuant to a Term ORRI Conveyance.
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Related to Term ORRI

  • Term Year means a 12-month period beginning on the first day of the Term and each successive 12-month period thereafter.

  • Extended Term shall have the meaning given such term in Section 2.4.

  • Loan Commencement Date means, with respect to each Loan, the first Business Day of the calendar month following the Funding Date of such Loan.

  • Extension Term means the time period defined in §2.C.

  • Loan Term means the term of this Loan Agreement provided in Sections 3.01 and 3.03 hereof and in Exhibit A-2 attached hereto and made a part hereof.

  • Loan Period means, with respect to each LIBOR Rate Loan, the period commencing on the Funding Date for such LIBOR Rate Loan and ending on the numerically corresponding day one (1) month, two (2) months, three (3) months or six (6) months thereafter, as specified by the Borrower in the Notice of Borrowing submitted under Section 2.04; provided, however, that:

  • Original Term means the period from the Commencement Date until the end of the fiscal year of Lessee in effect at such Commencement Date.

  • Renewal Term has the meaning set forth in Section 2.

  • Additional Term shall have the meaning set forth in Section 8.2.

  • Base Term Beginning (i) with respect to the Original Premises on the Commencement Date, and (ii) with respect to the Expansion Premises on the Expansion Premises Commencement Date, and ending with respect to the entire Premises on August 31, 2024.”

  • Initial Term has the meaning set forth in Section 7.1.

  • Automatic Renewal Term has the meaning set forth in Section 10(a) hereof.

  • Term A Loan Commitment means, for each Lender, the commitment of such Lender to make its portion of the Term A Loan, in the principal amount with respect to each such Lender equal to the amount set forth opposite the name of such Lender under "Term A Loan Commitment" on Schedule 1.01(A).

  • Term Commencement Date shall be the later of (i) November 1, 2006 or (ii) the date on which Landlord’s Work is Substantially Complete (or the date on which Landlord’s Work would have been Substantially Complete absent Tenant Delay or Force Majeure (as defined below)); provided, however, that if the Term Commencement Date is not the first day of a calendar month, then the first lease year shall be extended through the last day of the calendar month in which the first 12-month period expires, and Rent for the additional period at the end of the first lease year shall be payable at the rate for the 12th month of the Term. “Force Majeure” means accident; breakage; repair; governmental regulation, moratorium or other governmental action. The “Term Expiration Date” shall be the day immediately preceding the seventh (7th) anniversary of the Term Commencement Date, provided that if such preceding day is not the last day of a calendar month, then the Term Expiration Date shall be the last date of the calendar month in which such preceding day occurs. Landlord and Tenant shall each execute and deliver to the other written acknowledgment of the actual Term Commencement Date and the Term Expiration Date when such are established, and shall attach it to this Lease as Exhibit B. Failure to execute and deliver such acknowledgment, however, shall not affect the Term Commencement Date or Landlord’s or Tenant’s liability hereunder. Failure by Tenant to obtain validation by any medical review board or other similar governmental licensing of the Premises required for the Permitted Use by Tenant shall not serve to extend the Term Commencement Date.

  • Minimum Term means each minimum initial and subsequent period of service for each Service as shown on the Service Agreement and Order Schedule, the initial period to start on the date on which the relevant Service is first made available to you for use. For the avoidance of doubt, unless otherwise agreed or if not stated on the Service Agreement or order schedules, the Minimum Term will be 12 months or such other period as may be notified to you in accordance with paragraph 19.2.

  • Renewal Period “Buyer” and “Default” have the same meanings respectively as they have in the Water Agreement.

  • Basic Term shall have the meaning specified in Section 2.2 of the Lease.

  • Term Loan Standstill Period has the meaning provided in Section 8.01(b).

  • Lease Period means each of the consecutive periods throughout the Basic Term and any Renewal Term ending on a Lease Period Date, the first such period commencing on and including the Delivery Date.

  • Term Start Date has the meaning set forth in Section 1.01.

  • Loan Year With respect to any Mortgage Loan, the one year period commencing on the day succeeding the origination of such Mortgage Loan and ending on the anniversary date of such Mortgage Loan, and each annual period thereafter.

  • Term Loan Installment Date means any Term B Loan Installment Date or any Incremental Term Loan Installment Date.

  • Fixed Term shall have the meaning given such term in Section 2.3.

  • extended reduction period means the period for which a person is in receipt of an extended reduction in accordance with paragraph 89, 96 or 101;

  • Option Term means a period, if any, through which this Agreement may be or has been extended by the JBE.

  • Term Distribution Date" shall mean the "Distribution Dates" set forth under "Investment Summary--Essential Information" in the Prospectus for the Trust.