Excess Oil definition

Excess Oil means the share of Net Production as defi ned in article 7.2 b) of the Contract.
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Examples of Excess Oil in a sentence

  • Notice of Owner’s intent to exercise such right to take in kind shall be in the form of a written notice from Owner to the ▇▇▇▇▇▇▇ Parties given at least twelve (12) months before the date that Owner desires to take a specific amount of Owner’s Excess Oil Production in kind.

  • If Client fails to return the Excess Oil, then it shall owe PEI an amount equal to the higher of (a) the fair market value of the Excess Oil on the day the Storage Tanks were cleared, and (b) the fair market value of the Excess Oil on the day the payment is made (the “Fair Market Value” of such Excess Oil).

  • In the event of any such exercise of entitlement, Owner will retain title to Owner’s Excess Oil Production at the Delivery Points, transport and market such Owner’s Excess Oil Production, and be responsible for the payment of royalty and severance taxes, and any other taxes based on production, on such Owner’s Excess Oil Production, and all costs and expenses associated with the transportation and marketing from such Delivery Points of such Owner’s Excess Oil Production.

  • The amount shall be payable within 14 days of PEI’s notification regarding the Client’s failure to return Excess Oil.

  • Upon receipt by Seller of the Delinquency Notice, the Purchase Price shall be reduced by the amount, if any, by which (A) the aggregate amount of the Accounts Payable, exceeds (B) the sum of (X) the aggregate amount of the "NET ACCOUNTS RECEIVABLE", which is defined as the difference between the amount of aggregate Accounts Receivable, less the aggregate amount of Delinquent Receivables, (Y) the aggregate purchase price of the Excess Oil (as hereinafter defined) and (Z) $177,703.

  • If in excess of an aggregate of Four Hundred Thousand (400,000) gallons of Acceptable Oil is located in, on or upon the Locations at Closing (such Acceptable Oil in excess of an aggregate of Four Hundred Thousand (400,000) gallons being the "Excess Oil"), Buyer shall purchase the Excess Oil at a price of forty-eight cents ($0.48) per each gallon of Excess Oil payable sixty-five (65) days after Closing, and payable if and to the extent as set forth in Paragraph 3.3 hereof.

  • At the end of each Contract Quarter in which there is an Excess Oil Volume, Gatherer will provide a revised calculation of the Oil Commitment Term.