Adjustment Quantity definition

Adjustment Quantity shall have the meaning given to such term in the Conveyance.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Adjustment Quantity for each Month means the quantity (expressed in MMBtus) of Hydrocarbons determined by dividing the Payment Deficiency, if any, for the immediately preceding Month by the Spot Price for the Month of determination (i.e., in calculating the Adjustment Quantity for the Month of April, 2001, the Payment Deficiency for the Month of March, 2001 is divided by the Spot Price for the Month of April, 2001).

Adjustment Quantity means, during each Month, the quantity of Hydrocarbons (expressed in MMBtus of Gas and MMBtu Equivalents of Oil) determined by dividing the Monthly Adjustment Amount as of the commencement of such Month by the Field Price of Gas for such Month. Gas included in any Adjustment Quantity will be measured in MMBtus and Oil included in any Adjustment Quantity will be measured in MMBtu Equivalents.

Examples of Adjustment Quantity in a sentence

• Without limiting the generality of the foregoing, each Grantor agrees that, if on any Day for any reason there are insufficient Overriding Royalty Hydrocarbons produced and delivered from any Property to satisfy the Scheduled Amount of Overriding Royalty Hydrocarbons for such Property for such Day, any Basis Adjustment Amount and Adjustment Quantity resulting therefrom may be satisfied from other Properties whether owned by the same Grantor or another Grantor.

• Any Imbalance Adjustment Quantity shall be identified and nominated separately.

• The quantity so calculated is hereafter referred to as the “DIVERSION Adjustment Quantity.” DIVERSION in the March - October period will not exceed the otherwise applicable March-October DIVERSION quantity, less the DIVERSION Adjustment Quantity.

• If Shipper fails to bring Shipper’s Imbalance Percentage within the required range, then Transporter shall have the right to adjust the nominations of Shipper to include an Imbalance Adjustment Quantity, without any liability under a GTA for Firm Services for Shortfall Quantity arising out of such adjustment.

• Within 3 days of receipt of such statement of the Cumulative Imbalance Quantity, Shipper shall adjust its DNQ, through the Imbalance Adjustment Quantity, to reduce such Cumulative Imbalance Quantity to zero.

• The DIVERSION in an Extreme Drought will not exceed the DIVERSION Adjustment Quantity as defined in Section 6.1.3.1.C.

• Upon any such election by Working Interest Owner that is consented to by Royalty Owner (or for which, pursuant to the preceding sentence, no consent is required), such election will also be binding on the Production Payment as to the interest so temporarily or permanently forfeited but will not cause any modification in the Scheduled Quantities or in any component of the Adjustment Quantity.

• If Working Interest Owner exercises such option, Working Interest Owner will assume the risk that sufficient Hydrocarbons will be produced from the Subject Interests in the future to produce the Adjustment Quantity to which Working Interest Owner is entitled hereunder and Royalty Owner will have no liability or obligation to Working Interest Owner in the event there is insufficient production to produce any such Adjustment Quantity.

• Subject to the provisions of the preceding subsection (a) and Sections 2.1, 2.2, 2.3, 3.6, 3.7(b) and 3.8, Working Interest Owner will use all commercially reasonable efforts to ensure that the rate of production from the Subject ▇▇▇▇▇, taken as a whole, is sufficient to allow the delivery to Royalty Owner of the Scheduled Quantity and the Adjustment Quantity for such Day.

• Subject to the provisions of the preceding subsection (a) and Sections 2.1, 2.2, 2.3, 3.6, 3.7(b) and 3.8, Working Interest Owner will use all commercially reasonable efforts to ensure that the rate of production from the Subject Wells, taken as a whole, is sufficient to allow the delivery to Roy▇▇▇▇ Owner of the Scheduled Quantity and the Adjustment Quantity for such Day.

More Definitions of Adjustment Quantity

Adjustment Quantity means, during each Month, the quantity of Oil determined by dividing the Monthly Adjustment Amount as of the commencement of such Month by the Field Price of Oil for such Month.

Adjustment Quantity for each Property on each Day means the quantity (expressed in MMBtu) of Gas determined by dividing the Basis Adjustment Amount as of the commencement of such Day by the Spot Price of Gas for such Property on such Day. For deliveries occurring prior to the time such Spot Price for any Property on any Day is known, the price for the immediately preceding Day shall apply.

Adjustment Quantity with respect to a Transaction, has the meaning as defined in the Conveyance applicable to such Transaction.

Adjustment Quantity for each Month means the quantity (expressed in MMBtus) of Hydrocarbons determined by dividing the Payment Deficiency, if any, for the immediately preceding Month by the Spot Price for the Month of determination (i.e., in calculating the Adjustment Quantity for the Month of April, 2001, the Payment Deficiency for the Month of March, 2001 is divided by the Spot Price for the Month of April, 2001). "Affiliate" shall mean any entity which either directly or indirectly controls or manages, is controlled or managed by or is under common control or management with the party. For purposes hereof, "control" means the right or power to direct the policies of another through management authority, stock ownership delegated authority, voting rights or otherwise. "Assignment and Agreement" means that certain Assignment and Agreement executed April 12, 1996 from Medallion Production Company to InterCoast Global Management, Inc. and recorded in Volume 288, Page 428 of the Official Public Records of ▇▇▇▇▇▇ County, Texas. "British Thermal Unit" or "Btu" means the amount of energy required to raise the temperature of one (1) pound of pure water one degree Fahrenheit (1(degree)

Adjustment Quantity has the meaning ascribed to it in Article 5.7(B)(3)(c).

Adjustment Quantity means for each Month the quantity (expressed in Mcf Equivalent) of Hydrocarbons determined by dividing the Adjustment Amount as of the commencement of such Month (if greater than zero) by the Index Price for such Month.