Lateral Line Equivalent definition

Lateral Line Equivalent is defined as one of the following depending on the Allocation Well’s “as drilled” plat filed with the Agency. If the surface location of the Allocation Well is situated on a tract of land with different mineral ownership than the tract of land where the First Take Point is located then the Lateral Line Equivalent shall be a line that begins at the First Take Point of an Allocation Well, runs laterally towards the terminus of the Allocation Well, and ends at the Last Take Point of such Allocation Well; If the surface location of the Allocation Well is situated on the same tract of land as the First Take Point then the Lateral Line Equivalent shall be a line that begins at the surface location of an Allocation Well, runs laterally towards the terminus of the Allocation Well, and ends at the point directly above the terminus of such Allocation Well; or If the surface location of the Allocation Well is situated on the same tract of land as the First Take Point but the First Take Point is further from the terminus of the Allocation Well than the surface location to the terminus of the Allocation Well, then the Lateral Line Equivalent shall be a line that begins at the First Take Point of the Allocation Well, runs laterally towards the terminus of the Allocation Well, and ends at the point directly above the terminus of such Allocation Well.
Sample 1

Examples of Lateral Line Equivalent in a sentence

  • In the event the Lateral Line Equivalent traverses a Pooled Unit which also covers the depths from which the Lateral Line Equivalent is producing, the production or proceeds therefrom attributable to the portion of the Lateral Line Equivalent traversing the Pooled Unit shall be allocated among the parties subject to the Pooled Unit in accordance with the terms of such Pooled Unit and this Agreement.

  • Operations on and oil and gas production from each Allocation Well shall be treated as if they were actual operations on or production from the Lease underlying the Lands, so long as there are perforations in that portion of the Lateral Line Equivalent lying in the Lands covered by the Lease.

Related to Lateral Line Equivalent

  • Collateral Value The appraised value of a Mortgaged Property based upon the lesser of (i) the appraisal (as reviewed and approved by the Seller) made at the time of the origination of the related Mortgage Loan, or (ii) the sales price of such Mortgaged Property at such time of origination. With respect to a Mortgage Loan the proceeds of which were used to refinance an existing mortgage loan, the appraised value of the Mortgaged Property based upon the appraisal (as reviewed and approved by the Seller) obtained at the time of refinancing.

  • Value Increase shall have the meaning ascribed to it in Section 2.4(d)(i).

  • Incremental Revolving Increase has the meaning set forth in Section 2.16(a).

  • Applicable Commitment Percentage means, with respect to each Lender at any time, a fraction, the numerator of which shall be such Lender's Revolving Credit Commitment and the denominator of which shall be the Total Revolving Credit Commitment, which Applicable Commitment Percentage for each Lender as of the Closing Date is as set forth in Exhibit A; provided that the Applicable Commitment Percentage of each Lender shall be increased or decreased to reflect any assignments to or by such Lender effected in accordance with Section 11.1.

  • Revolving Facility Percentage means, with respect to any Revolving Facility Lender, the percentage of the total Revolving Facility Commitments represented by such Lender’s Revolving Facility Commitment. If the Revolving Facility Commitments have terminated or expired, the Revolving Facility Percentages shall be determined based upon the Revolving Facility Commitments most recently in effect, giving effect to any assignments pursuant to Section 9.04.

  • Extended Tranche has the meaning specified in Section 2.19(a).

  • Applicable Commitment Fee Percentage means, as at any date of determination, the rate per annum then applicable in the determination of the amount payable under Section 2.14(C)(i) hereof determined in accordance with the provisions of Section 2.14(D)(ii) hereof.

  • Applicable Letter of Credit Fee Rate means the percentage rate per annum based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.”

  • Adjusted Total Revolving Credit Commitment means at any time the Total Revolving Credit Commitment less the aggregate Revolving Credit Commitments of all Defaulting Lenders.

  • Available Commitment means a Lender’s Commitment minus:

  • Revolving Commitment Percentage means, for each Lender, the percentage identified as its Revolving Commitment Percentage on Schedule 2.1(a), as such percentage may be modified in connection with any assignment made in accordance with the provisions of Section 9.6(c).

  • Collateral Floating Percentage means, with respect to any Distribution Date, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is equal to the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period and the denominator of which is the Adjusted Invested Amount as of the close of business on such last day; provided, however, that with respect to the first Monthly Period, the Collateral Floating Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Collateral Initial Invested Amount and the denominator of which is the Initial Invested Amount.

  • Applicable Revolving Percentage means with respect to any Revolving Lender at any time, such Revolving Lender’s Applicable Percentage in respect of the Revolving Facility at such time.

  • Revolving Commitment Increase has the meaning set forth in Section 2.14(a).

  • Incremental Revolving Commitment has the meaning assigned to such term in Section 2.14(a).

  • Applicable Multicurrency Percentage means, with respect to any Multicurrency Lender, the percentage of the total Multicurrency Commitments represented by such Multicurrency Lender’s Multicurrency Commitment. If the Multicurrency Commitments have terminated or expired, the Applicable Multicurrency Percentages shall be determined based upon the Multicurrency Commitments most recently in effect, giving effect to any assignments.

  • Adjusted Total Term Loan Commitment means at any time the Total Term Loan Commitment less the Term Loan Commitments of all Defaulting Lenders.

  • Applicable Commitment Fee Rate means:

  • Available Incremental Amount has the meaning specified in Section 2.14(4)(c).

  • Fixed Incremental Amount shall have the meaning assigned to such term in the definition of “Maximum Incremental Facilities Amount”.

  • Commitment Value is a Customer commitment to a minimum value of expenditure with SAP over the Contract Term, as specified in the ‘Commitment Value’ Section of the Order Form.

  • Letter of Credit Commitment Amount means, on any date, a maximum amount of $25,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • Incremental cost means all costs that could be avoided in the medium term if a Segment was removed from the Network;

  • Available Revolving Commitment as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding; provided, that in calculating any Lender’s Revolving Extensions of Credit for the purpose of determining such Lender’s Available Revolving Commitment pursuant to Section 2.8(a), the aggregate principal amount of Swingline Loans then outstanding shall be deemed to be zero.

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • Letter of Credit Fee Rate means, at any time, the percentage rate per annum applicable to Letter of Credit Fees at such time as set forth in the Pricing Schedule.