Gas Imbalance means (a) a sale or utilization by Borrower or other members of the Company Group of volumes of natural gas in excess of its gross working interest, (b) receipt of volumes of natural gas into a gathering system and redelivery by Borrower or other members of the Company Group of a larger or smaller volume of natural gas under the terms of the applicable transportation agreement, or (c) delivery to a gathering system of a volume of natural gas produced by Borrower or a member of the Company Group that is larger or smaller than the volume of natural gas such gathering system redelivers for the account of Borrower or such member of the Company Group, as applicable.
Gas Imbalance means (a) a sale or utilization by Borrower or other Loan Parties of volumes of natural gas in excess of its gross working interest, (b) receipt of volumes of natural gas into a gathering system and redelivery by Borrower or other Loan Parties of a larger or smaller volume of natural gas under the terms of the applicable Transportation Agreement, or (c) delivery to a gathering system of a volume of natural gas produced by Borrower or another Loan Party that is larger or smaller than the volume of natural gas such gathering system redelivers for the account of Borrower or such other Loan Party, as applicable.
Gas Imbalance means (a) a sale or utilization by the Borrower or any of its Subsidiaries of volumes of natural gas in excess of its gross working interest, (b) receipt of volumes of natural gas into a gathering system and redelivery by the Borrower or any of its Subsidiaries of a larger or smaller volume of natural gas under the terms of the applicable transportation agreement, or (c) delivery to a gathering system of a volume of natural gas produced by the Borrower or any of its Subsidiaries that is larger or smaller than the volume of natural gas such gathering system redelivers for the account of the Borrower or any of its Subsidiaries, as applicable.
Examples of Gas Imbalance in a sentence
The Borrower will not, and will not permit any Subsidiary to, (a) incur, become or remain liable for, any Material Gas Imbalance, or (b) allow take-or-pay or other prepayments with respect to the Oil and Gas Properties of the Borrower or any Subsidiary that would require the Borrower or such Subsidiary to deliver Hydrocarbons at some future time without then or thereafter receiving full payment therefor.
On the date of this Agreement, (a) there is no Material Gas Imbalance, and (b) the aggregate amount of all Advance Payments received by any Credit Party under Advance Payment Contracts which have not been satisfied by delivery of production does not exceed $500,000.
As of the Closing Date, (a) there is no Material Gas Imbalance, and (b) the aggregate amount of all Advance Payments received by any Credit Party under Advance Payment Contracts which have not been satisfied by delivery of production does not exceed $250,000.
On the date of this Agreement, (a) there is no Material Gas Imbalance, and (b) the aggregate amount of all Advance Payments received by any Credit Party under Advance Payment Contracts which have not been satisfied by delivery of production does not exceed $2,000,000.
On the date of this Agreement, (a) there is no Material Gas Imbalance, and (b) the aggregate amount of all Advance Payments received by any Credit Party under Advance Payment Contracts which have not been satisfied by delivery of production does not exceed $1,000,000.
More Definitions of Gas Imbalance
Gas Imbalance means the difference between the volume of produced gas that Unocal took from an Asset(s) and the volume of Unocal's gas entitlement for such Asset(s).
Gas Imbalance means (a) a sale or utilization by Borrower or any Subsidiary Guarantor of volumes of natural gas in excess of its gross working interest, (b) receipt of volumes of natural gas into a gathering system and redelivery by Borrower or any Subsidiary Guarantor of a larger or smaller volume of natural gas under the terms of the applicable transportation agreement, or (c) delivery to a gathering system of a volume of natural gas produced by Borrower or any Subsidiary Guarantor that is larger or smaller than the volume of natural gas such gathering system redelivers for the account of Borrower or such Subsidiary Guarantor, as applicable.
Gas Imbalance means any gas production, pipeline, storage, processing, transportation or other imbalance or unsatisfied through-put obligations attributable to Hydrocarbons produced from the Seller’s interest in the Lands as of the Effective Time.
Gas Imbalance means any gas production, pipeline or transportation imbalance or unsatisfied through-put obligations attributable toHydrocarbons produced from the respective Seller’s interest in the Wells or the Lands.
Gas Imbalance means the net aggregate natural gas volumetric imbalance existing (i) between MPP Bay Area Pipeline, LLC (“MPPB”) and Consumers Energy Company under that certain Firm Transportation Service Agreement dated May 15, 2000, and (ii) between Cinnabar Energy Services & Trading, LLC under a Firm Transportation Service Agreement dated in February 2000, as of the Effective Date, reduced to a dollar value by multiplying said volumetric imbalance by the monthly price published in Inside FERC Market Center Spot Gas Prices, Upper Midwest, Consumers Energy city-gate for the month that commences the Effective Date. A Gas Imbalance owed to MPP shall be referred to as a “Net Positive Gas Imbalance;” A Gas Imbalance owed to Consumers Energy Company shall be referred to as a “Net Negative Gas Imbalance.”
Gas Imbalance means the quantity of Gas equal to the difference between (i) the quantity of Gas Scheduled at a Delivery Point during any period, and (ii) the quantity of Gas delivered or caused to be delivered by Seller or received by Buyer, or for Buyer's account, as the case may be, at such Delivery Point during such period.
Gas Imbalance. As to any Gas Imbalances which exist, the Parties agree that: Unocal will furnish Buyer with a statement, in the form of Exhibit "F", showing the most current estimate of the over or under production between the owners as of the most recent available date. From and after the Effective Date, any and all benefits, obligations and liabilities associated with Gas Imbalances shall accrue to and be the responsibility of Buyer. Buyer shall assume Unocal's overproduced or underproduced position in the xxxxx located on the Leasehold Properties as of the Effective Date, including but not limited to the responsibility for the payment of royalties on the volume of such gas which Unocal took in excess of its entitlement and any obligation to balance whether in cash or in kind. The Final Accounting shall include an adjustment for any Gas Imbalance differences between the volume shown on Exhibit "F" and the actual Gas Imbalances as of the Effective Date. Notwithstanding the actual amounts or proceeds that Buyer may receive from the Gas Imbalances due to underproduced positions, or the actual amounts that Buyer must pay with respect to Gas Imbalances due to overbalanced positions, the parties shall settle such Gas Imbalances as between themselves, and the adjustments to the Purchase Price and/or at the Final Accounting will be calculated using a settlement price of $1.25 per Mcf (thousand cubic feet).