Permitted Reduction percentage set forth in the table above in this paragraph for the actual "Total E & D Costs Level" for such fiscal year and (y) the "Permitted Reduction" percentage set forth in the table above that would be applicable if the "Total E & D Costs Level" for such fiscal year were equal to such "alternative E & D Costs level". If the Overriding Royalty Interest set forth in paragraph 9.2 with respect to such FPF/TLP Exploitation Prospects, when reduced pursuant to the foregoing provisions of this paragraph, exceeds two-thirds of the Overriding Royalty Interest set forth in paragraph 9.2, Company may, in its sole discretion, further reduce such Overriding Royalty Interest to an interest equal to two- thirds (before and after Payout, respectively) of such Overriding Royalty Interest set forth in paragraph 9.2. Further, if the Overriding Royalty Interest set forth in paragraph 9.2 with respect to any such FPF/TLP Exploitation Prospect, when reduced to such two-thirds level pursuant to the foregoing provisions of this paragraph, exceeds the Overriding Royalty Interest in such Prospect that would result from multiplying the Overriding Royalty Interest percentage set forth in paragraph 9.2 times a Working Interest percentage of 50% of 8/8ths, Company may, in its sole discretion, further reduce such Overriding Royalty Interest set forth in paragraph 9.2 with respect to such FPF/TLP Exploitation Prospect to a percentage (before and after Payout, respectively) that, when multiplied times Company's Working Interest in such FPF/TLP Exploitation Prospect, would equal the Overriding Royalty Interest percentage (before and after Payout, Employment Agreement -- Willxxx Xxxx Xxxgx Employment Agreement -- Willxxx Xxxx Xxxgx Employee's before-Payout interest shall be reduced by the following formula: original before--Payout interest ________________________________ = reduced before-Payoutinterest X - Y Employment Agreement -- Willxxx Xxxx Xxxgx where "Y" equals $30 million. Employee's after-Payout interest shall be increased by adding thereto the full amount of the percentage interest so deducted from Employee's before-Payout interest until 2.5 times Payout is reached, at which time Employee's after-Payout interest shall be reduced by subtracting therefrom the same percentage interest that was previously added thereto pursuant to this sentence.
Permitted Reduction means a Royalty Reduction pursuant to Section 4(b) of the License Agreement (as limited by Section 4(c) of the License Agreement), excluding any such Royalty Reduction that is attributable to Seller Withholding Taxes.
Permitted Reduction means the percentage by which Employee's Overriding Royalty Interest (both before and after Payout) may be adjusted downward. Each such adjustment shall determine Employee's Overriding Royalty Interest for the fiscal year in question, and shall be uniform on Prospects acquired during that period (subject to paragraphs 9.5.1 and 9.5.3). Without limiting the foregoing, a Permitted Reduction shall apply to any Major Prospect subject to this Agreement that was acquired by Company during such fiscal year, whether or not an adjustment of Employee's Overriding Royalty Interest in such Major Prospect shall have been made pursuant to paragraph 9.5.3. All leases acquired in those Prospects, whether during the same fiscal year or thereafter, shall be subject to the same Employee's Overriding Royalty Interest established at the time the Prospect was acquired, subject, however, to adjustment as provided for in this paragraph 9. A Permitted Reduction in Employee's Overriding Royalty Interest for a particular fiscal year, however, shall not operate to reduce Employee's Overriding Royalty Interest stated in paragraph 9.2 in respect of any Prospects acquired by Company in any subsequent fiscal year during the term or extended term hereof.
Examples of Permitted Reduction in a sentence
Permitted Reduction projects are defined as those that formed part of projects awarded a CfD in a previous Allocation Round and where these projects have since gone through the Permitted Reduction process in the contract terms.
An explanation of Permitted Reduction projects is provided in the accompanying note.Sewage Gas162Solar PV (> 5MW)61Tidal Stream261Wave257 Re-basing CfD Budgets The overall monetary budget presented has been calculated in real terms on the basis of a 2011/12 price level.
More Definitions of Permitted Reduction
Permitted Reduction means a Royalty Reduction pursuant to Section 8.4(c) or 8.5 of, but subject to Section 8.4(d) of, the License Agreement.
Permitted Reduction means a Royalty Reduction pursuant to Sections 9.7(f)(ii), 9.7(g)(iii) or 9.11(a) of the License Agreement with respect to the Licensed Product.
Permitted Reduction means any Royalty Reduction pursuant to Section 6.3(b) or Section 6.3(c) of the License Agreement, but excluding any Royalty Reduction pursuant to Section 3.10(c)(ii) or any other provision of the License Agreement.
Permitted Reduction means a Spinraza Permitted Reduction (with respect to the Spinraza Royalty), BIIB-115 Permitted Reduction (with respect to the BIIB-115 Royalty), or Pelacarsen Permitted Reduction (with respect to the Pelacarsen Royalty); provided, however, a “Permitted Reduction” shall not include any amounts paid or payable by or on behalf of Seller to Cold Spring Harbor or UMass pursuant to the Upstream Licenses.
Permitted Reduction means a Royalty Reduction pursuant to Sections 7.2.2, 7.2.3, 7.3, 7.5, 7.7 or 9.3 or Article 10 of the License Agreement.
Permitted Reduction means any Royalty Reduction [REDACTED].
Permitted Reduction means any [***].