Company: GULTU
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001201
Chunk: 26

Company: Gulf Coast Ultra Deep Royalty Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 26
---
 Wilmington Trust, National Association,
as Delaware trustee, and certain officers of FCX, as regular trustees. On May 29, 2013, Wilmington Trust, National Association, was replaced
by BNY Trust of Delaware, as Delaware trustee (the Delaware Trustee), through an action of the depositor. Effective June 3, 2013, the
regular trustees were replaced by The Bank of New York Mellon Trust Company, N. A., a national banking association, as trustee (the Trustee).

  41  

The
Royalty Trust was created to hold a 5% gross overriding royalty interest (collectively, the overriding royalty interests) in future production
from each of McMoRan’s Inboard Lower Tertiary/Cretaceous exploration prospects located in the shallow waters of the Gulf of Mexico
and onshore in South Louisiana that existed as of December 5, 2012, the date of the merger agreement (collectively, the subject interests).
The subject interests were “carved out” of the mineral interests acquired by FCX pursuant to the merger and were not considered
part of FCX’s purchase consideration of MMR.

In
connection with the merger, on June 3, 2013, (1) FCX, as depositor, McMoRan, as grantor, the Trustee and the Delaware Trustee entered
into the amended and restated royalty trust agreement to govern the Royalty Trust and the respective rights and obligations of FCX, the
Trustee, the Delaware Trustee, and the Royalty Trust unitholders with respect to the Royalty Trust (the Royalty Trust Agreement); and
(2) McMoRan, as grantor, and the Royalty Trust, as grantee, entered into the master conveyance of overriding royalty interests (the master
conveyance) pursuant to which McMoRan conveyed to the Royalty Trust the overriding royalty interests in future production from the subject
interests. Other than (a) its formation, (b) its receipt of contributions and loans from the Depositor (defined below) for administrative
and other expenses as provided for in the Royalty Trust Agreement, (c) its payment of such administrative and other expenses, (d) its
repayment of loans from the Depositor, (e) its receipt of the conveyance of the overriding royalty interests from McMoRan pursuant to
the master conveyance, (f) its receipt of royalties from McMoR