overtake definition
overtake means that an owner of production from a Subject Well takes a greater share of Hydrocarbons produced from such Subject Well than the share which such owner is entitled to take by virtue of its ownership interest, again determined without regard to any rights under any production balancing agreement or similar arrangement or any rights under common law with respect to production balancing. If an owner undertakes, the amount of production not taken is “underproduction” and if an owner overtakes, the extra share of production taken is “overproduction”.
overtake has the meaning given to such term in Section 2.3(a).
overtake means 'catch up with and pass while travelling in same direction'.
More Definitions of overtake
overtake. , for a driver, means the action of:
overtake means, while driving on a highway, to go past or attempt to go past another slower moving vehicle or other conveyance that is travelling in the same direction;