Term ORRI definition

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 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 shall heave the meaning attributed to such term under the Indenture.
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Examples of Term ORRI in a sentence

  • The Division Order will direct such first purchaser to remit the Term ORRI payments to Grantee (to an account designated by Grantee) simultaneously with payment to Grantor for Grantor’s interest in the Crude Oil produced from the Gross Oil and Gas Properties.

  • Grantor shall have the right to net Taxes payable under this and any other Term ORRI Conveyance on account of the Term ORRI and the ORRI Hydrocarbons hereunder and thereunder against amounts otherwise distributable on account of the sale of ORRI Hydrocarbons under this and any other Term ORRI Conveyance.

  • The Term ORRI shall be free of any expense for exploration, drilling, development, operating, marketing and other costs incident to the production and sale of oil and gas other than Permissible Charges.

  • The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions.

  • With respect to each existing pool or unit, and with respect to each pool or unit in which the Term ORRI is hereafter included in accordance with the foregoing, the Term ORRI in each portion of the Hydrocarbon Interests included in such pool or unit shall apply to the portion of production from such pool or unit which is attributable to such portion of the Hydrocarbon Interests under and by virtue of the applicable pooling, communitization and unitization agreements, designations and/or orders.

  • Grantor shall have the obligation to market, or cause to be marketed, the oil, gas and other minerals attributable to the Term ORRI (the "ORRI Hydrocarbons") on behalf of and for the account of Grantee in arm's-length transactions with purchasers who are not Affiliates, on the same terms upon which Grantor markets its own Subject Reserves from the same Subject Well.

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

  • 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.

  • It is hereby recognized and stipulated that the Term ORRI is payable out of and shall burden the Non-Working Interest Properties, to the extent they constitute Subject Reserves, just as it is payable out of and burdens the balance of the Hydrocarbon Interests.

  • 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 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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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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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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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 Growth Capital Loan: (a) the first day of the first full calendar month following the Borrowing Date of such Loan if such Borrowing Date is not the first day of a month; or (b) the same day as the Borrowing Date if the Borrowing Date is the first day of a month.

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

  • Term XXXXX means, for the applicable corresponding tenor, the forward-looking term rate based on XXXXX that has been selected or recommended by the Relevant Governmental Body, and that is published by an authorized benchmark administrator and is displayed on a screen or other information service, as identified or selected by the Administrative Agent in its reasonable discretion at approximately a time and as of a date prior to the commencement of an Interest Period determined by the Administrative Agent in its reasonable discretion in a manner substantially consistent with market practice.

  • 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 any LIBOR Rate Loan, the period commencing on such LIBOR Rate Loan’s Funding Date, the date of the Conversion of any Base Rate Loan into such LIBOR Rate Loan or the date of the Continuation of such LIBOR Rate Loan for a new Loan Period and ending one week or one, two, three or six months thereafter as selected by the Borrower pursuant to Section 2.2(a); provided, however, that:

  • Original Term shall have the meaning specified in Section 10 hereof.

  • Renewal Term has the meaning set out in Section 9.1.

  • Additional Term means that term commencing on the last day of the Basic Term and terminating one (1) year thereafter.

  • Base Term Commencing (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 September 15, 2016 (“Expiration Date”).”

  • Term Loan Commitment Termination Date means with respect to the Tranche B Term Loans, the date which is the earlier to occur of (x) the date which is seven years after the Third Restatement Date and (y) the first date on which all undrawn Term Loan Commitments have been terminated or reduced to zero pursuant to the terms hereof.

  • 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, as to each Lender, its obligation to make its portion of the Term A Loan to the Borrower pursuant to Section 2.01(c), in the principal amount set forth opposite such Lender’s name on Schedule 2.01. The aggregate principal amount of the Term A Loan Commitments of all of the Lenders as in effect on the Closing Date is $675,000,000.

  • 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 the minimum initial period of service for each Service as shown on the Service Agreement and Order Schedule, such 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 the minimum term will be 12 months from your contract commencement date or other such date 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.

  • Additional Term Loan Commitment means any term commitment added pursuant to Sections 2.22, 2.23 and/or 9.02(c)(i).

  • 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.

  • Loan Year means each period of twelve (12) consecutive months commencing on the Closing Date and on each anniversary thereof.

  • Delayed Draw Term Loan Commitment Termination Date means the earliest to occur of (i) December 31, 2008, (ii) the date the Delayed Draw Term Loan Commitments are permanently reduced to zero pursuant to Section 2.1, and (iii) the date of the termination of the Delayed Draw Term Loan Commitments pursuant to Section 11.1.

  • 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.

  • Initial Term Loan Commitment means the commitment of a Lender to make or otherwise fund an Initial Term Loan and “Initial Term Loan Commitments” means such commitments of all of the Lenders in the aggregate. The amount of each Lender’s Initial Term Loan Commitment, if any, is set forth on Appendix A-1 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Initial Term Loan Commitments as of the Closing Date is $200,000,000.