Initial Production definition

Initial Production means the early production of an oil or gas well, recorded after the recovery of oil or other fluids used to fracture and stimulate the target formation has been completed, used as a potential indicator of the maximum ability of a well to produce upon Completion, without subsequent reservoir damage; provided, however, that historically, the actual sustained production of oil or gas realized from a well is usually less, on an ongoing basis, than Initial Production; and, provided further, that there can be no assurance that the actual production to be realized from a well on an ongoing basis following the conclusion of all Completion activities with respect thereto will be equal to approximate Initial Production.

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Initial Production means the development and commercial production of Mineral Products during the Initial Production Period under the Pilot Project.

Initial Production shall have the meaning ascribed thereto in Section 5 hereof. “Loss” or “Losses” shall mean actual losses, liabilities, damages, injuries, costs or expenses (including without limitation legal expenses on a full indemnity basis). “Mining Lease” means that certain lease entered into by and between the “Ministre des Ressources Naturelles” and the Seller on January 10, 1995 identified as “Bail ▇▇▇▇▇▇ superficiaire et souterrain numéro 817” for a term ending January 9, 2015, “Mining Operations” includes every kind of work done on or in respect of the Property or the products therefrom and, without limiting the generality of the foregoing, includes the work of assessment, geophysical, geochemical and geological surveys, studies and mapping, investigating, drilling, designing, examining, equipping, improving, surveying, shaft sinking, raising, cross-cutting and drifting, searching for, digging, trucking, sampling, working and procuring minerals, ores and metals, surveying, achieving commercial production and bringing any mining claims to lease or patent, and doing all other work usually considered to be prospecting, operation, development, exploration, production and mining work. “Mining Rights” means all mining titles as defined under the Mining Act (Quebec), which make up the properties which are necessary for the ownership, exploration, prospecting of the Property, held by the Seller on the Closing Date which (i) the Seller is able to transfer or cause to be transferred to the Purchaser using commercial best efforts, (ii) are related to and used

Examples of Initial Production in a sentence

• Such Period shall be referred to as the Initial Production Period.

• All initial production aircraft, including Low Rate Initial Production (LRIP) and Full Rate Production (FRP) aircraft will be produced in satisfaction of outstanding backlogs.

• As a condition on Use of the UL Mark by Subscriber with respect to a Covered Product, UL Contracting Party reserves the right to conduct an Initial Production Inspection (IPI).

• If the actual Cylinder Cost upon the expiration of the Initial Production Period is less than the Capped Price, PowderJect shall promptly reimburse AlgoRx for its overpayment for Gas Cylinders during the Initial Production Period.

• After the Initial Production Period, PowderJect shall be in a position to establish the actual cost of Manufacture of such Gas Cylinders.

• The WIOs have committed to construct an Initial Production System (“IPS”) which is to be completed by the end of the 2015- 2016 winter season.

• In the event that ▇▇▇▇ determines during the Initial Production Period that the ▇▇▇▇ Facility has the capacity to produce more Biodiesel than the amount contained on Schedule 1, ▇▇▇▇ will notify MBF of such additional capacity and the revisions to the Biodiesel Delivery Dates on the applicable Schedule 1 that would result from such increased production and MBF shall have the option to agree to such increased production.

• However, if the Commercial Discovery relates to a Natural Gas Field, the term of the Initial Production Period shall be thirty (30) years from the date in which the Production Licence in respect to the Development and Production Area corresponding to such Commercial Discovery is in full force and effect.

• Discussions regarding any possible extension of the Term shall begin on the fourth (4th) anniversary of the Initial Production Date.

• Notwithstanding the foregoing, Manufacturer shall use its best efforts to produce up to [***] of the Product per annum commencing on or before the [***] of the Initial Production Date.

More Definitions of Initial Production

Initial Production means the first Plant Product manufactured at the Plant for use or sale. Integration means integration of the Plant with the K-Fuel® Technology.

Initial Production means the earlier of the date on which diamonds in rough form produced from the A21 pipe on the Property (as defined in the Royalty Agreement) for commercial purposes are first (i) sold or transferred to any third party or (ii) valued by either a Government Valuator (as defined in the Royalty Agreement) as required by the Canada Mining Regulations (as defined in the Royalty Agreement) or by an independent valuator pursuant to Section 4.1(b) or Section 4.1(c) of the Royalty Agreement. For clarity, Initial Production would not be triggered if sales or transfers occur in connection with treating or shipping of bulk samples for testing or other non-commercial purposes;

Initial Production shall have the meaning ascribed thereto in Section 5 hereof.