Existing Production definition

Existing Production means the actual production of oil or gas (measured by volume unit or BTU equivalent, not sales price), as applicable, sold in the ordinary course of the Borrower’s business for a particular month from properties and interests owned by the Borrower which are Collateral and which have attributable to them proved developed oil or gas reserves as reflected in the most recent engineering report delivered pursuant to Subsection 5.2(c) (third party or internal, as applicable), after deducting production from any properties or interests sold that had been included in such report and after adding actual production from any properties or interests owned by the Borrower which have become Collateral and have not been reflected in such report that are reflected in a separate or supplemental report meeting requirements of such Subsection 5.2(c) or otherwise satisfactory to the Agent. As used herein, the term “Projected Production” means the projected production of oil or gas (measured by volume unit or BTU equivalent, not sales price), as applicable, for the term of the contracts or a particular month, as applicable, from properties and interests owned by the Borrower which are Collateral and which have attributable to them proved developed producing oil or gas reserves as reflected in the most recent engineering report delivered pursuant to Subsection 5.2(c) (third party or internal, as applicable), after deducting projected production from any properties or interests sold or under contract for sale that had been included in such report and after adding projected production from any properties or interests owned by the Borrower which have become Collateral and had not been reflected in such report that are reflected in a separate or supplemental report meeting requirements of such Subsection 5.2(c) and otherwise satisfactory to the Agent.
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Existing Production means the actual production of oil or gas (measured by volume unit or BTU equivalent, not sales price), as applicable, sold in the ordinary course of the Borrower's business for a particular month from properties and interests owned by the Borrower which are Collateral and which have attributable to them proved developed oil or gas reserves as reflected in the most recent engineering report delivered pursuant to Subsection 5.2(c), after deducting production from any properties or interests sold that had been included in such report
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Existing Production means only those Producer’s Products owned or Controlled by Producer or any of its Affiliates that are produced and saved from the Dedicated Acreage from a well with a well name and API number listed on Exhibit G as of the Effective Date.
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Examples of Existing Production in a sentence

  • The Administrative Agent shall have received evidence satisfactory to it that (a) the initial extension of credit hereunder, together with other sources of cash, shall be sufficient to refinance (but not to novate or terminate) the Existing Corporate Facility Agreement and the Existing Production Facility Agreement and (b) the two aforementioned facilities shall have actually been amended and restated as contemplated herein.

  • Existing Production: +/- 6,600 square feet General improvements Paint exposed metal decking, paint throughout, install new vct flooring, electrical lighting and life safety devices, sprinklers and ensure HVAC is sized, balanced and meets current fresh air requirements.

  • Existing Production and ▇▇▇▇▇▇▇▇▇▇ Employees will be asked to apply for the Night Weekend Crew.

  • Existing Production: [***] per Mcf for Gas, as may be adjusted in accordance with Section 5.4. [***] per Barrel for Oil and Producer’s Condensate, as may be adjusted in accordance with Section 5.4. [***] per Barrel for water.

  • The first sentence of Section 6.6(b) of the Existing Production Agreement is hereby amended to read in its entirety as follows: Commencing August 1, 2006 through the termination of this Agreement, the Company’s share of Profit will be increased during the period from ***% to ***%.

  • The SUPERINTENDENT shall perform the duties specified in Tennessee Code Annotated as well as those listed in the job description for SUPERINTENDENT as adopted by the BOARD, or is it may be amended from time to time during the term of this Contract.

  • In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the Servicer shall promptly reassign such Mortgage Loan to the Trustee and return the related Mortgage File to the place where it was being maintained.

  • Except as expressly amended in this Amendment, the terms and conditions of the Existing Production Agreement shall remain in full force and effect.

  • Upon the effectiveness of this Amendment, each reference in the Existing Production Agreement to “this Agreement” shall mean and be a reference to the Existing Production Agreement as amended hereby.

  • On the Second Amendment and Restatement Effective Date, the Borrower shall remit to the lenders under the Existing Corporate Facility Agreement and the Existing Production Facility Agreement all accrued and unpaid Commitment Fees (as defined in the Existing Corporate Facility Agreement and the Existing Production Facility Agreement) under the Existing Corporate Facility Agreement and the Existing Production Facility Agreement, in the manner set forth therein, as applicable.