Overproduction definition
Examples of Overproduction in a sentence
The Operator shall be notified of any such demand and of any cash settlement pursuant to this Section 13, and the Overproduction and Underproduction of each Party shall be adjusted accordingly.
The Operator shall be notified of any such demand and of any cash settlement pursuant to this Section 12., and the Overproduction and Underproduction of each Party shall be adjusted accordingly.
Any Makeup Gas taken by the Underproduced Party prior to monetary settlement hereunder will be applied to offset Overproduction chronologically in the order of accrual.
In determining such allocation, CMF shall provide Seneca with sufficient information from the CMF Plan for the applicable growing season pertaining to the affected categories of Raw Products to establish that the Overproduction allocated to Seneca is in accordance with this Section 11.
If crop yields for a growing season result in an excess of Raw Products beyond the volumes contemplated in the Seneca Plan and the CMF Plan, ("Overproduction"), then (subject to the provisions of Section 13), CMF and Seneca shall purchase such Overproduction, on a pro rata basis determined based on requirements for such Raw Products as are specified in the Seneca Plan and the CMF Plan.
Notwithstanding the foregoing, any Overproduction of the Seneca Products, as defined in Section 10, shall be allocated solely to Seneca under this Section 11.
To the extent that neither Seneca nor CMF want the Overproduction allocable to them as provided in Section 11 or Bypassed Crops as provided in Section 13, then CMF will make commercially reasonable efforts to sell such Overproduction and Bypassed Crops at the highest available price under such terms and conditions as are acceptable to CMF.
Except as set forth on Schedule 6.1(h), to Seller’s knowledge, no Hydrocarbons produced from the Leases are subject to an Imbalance or Net Overproduction.
Over-production or under-production subject to an imbalance or make-up obligation with respect to Oil and Gas produced from or allocated to the Properties, regardless of whether such over-production or under-production, imbalance or make-up obligation arises at the wellhead, pipeline, gathering system, transportation or other location and regardless of whether the same arises under contract or by operation of Applicable Laws.
In determining the timing of accruals, Make-Up Gas shall be applied against Cumulative Overproduction and Cumulative Underproduction on a first-in-first-out basis.