Monthly PP Amount definition
Monthly PP Amount means for each Month, the lesser of (a) the product obtained by multiplying the Subject Quantity for such Month times the Spot Price for such Month or (b) the Net Proceeds for such Month.
Examples of Monthly PP Amount in a sentence
Grantor shall bear and pay all Taxes with respect to the Production Payment, the Monthly PP Amount being free of Taxes and delivered without deduction for Taxes.
On each Monthly Payment Date, Grantor shall pay or cause to be paid to Grantee the Monthly PP Amount for the immediately preceding Month from the Net Proceeds for such immediately preceding Month.