Proportionately Reduced definition

Proportionately Reduced means the pro rata reduction of the amount to be paid by Liberty and/or Nytis, as the case may be, with respect to any Well and/or Lease in which Liberty and Nytis do not collectively own a 100% working interest, based on the actual working interest owned by Liberty and Nytis, collectively, in such Well and/or Lease.
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Proportionately Reduced means the pro rata reduction of the amount to be paid by Carbon TN Mining Co and/or Nytis, as the case may be, with respect to any Well and/or Lease in which Carbon TN Mining Co and Nytis do not collectively own a 100% working interest, based on the actual working interest owned by Carbon TN Mining Co and Nytis, collectively, in such Well and/or Lease.
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Proportionately Reduced means reduced in the proportion which the number of contractual hours during the period of part-time service in the employment, bears to the number of contractual hours of that employment if it were on a whole-time basis.
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Examples of Proportionately Reduced in a sentence

  • Upon completion of the Carry ▇▇▇▇▇, the parties may proceed to drill additional Horizontal ▇▇▇▇▇ on the Berea Sandstone Program in accordance with the terms of the Operating Agreement on a heads up basis: Nytis 60% and Liberty 40%, each Proportionately Reduced.

  • Upon completion of the Carry ▇▇▇▇▇, the parties may proceed to drill additional ▇▇▇▇▇ in the Program Area in accordance with the terms of the Operating Agreement on a heads up basis: Nytis 60% and Liberty 40%, each Proportionately Reduced.

  • In addition to the amounts Liberty is required to pay pursuant to Section 3.1, Liberty shall pay to Nytis a spud fee for each Well drilled within the Program Area equal to $10,000.00, Proportionately Reduced to Nytis’ initial working interest in such Well (the “Spud Fee”).

  • Example 1: Impact on APO Owners Title Chain 1 Title Chain 2 • The Farmout Scenario: − Farmor Owns 70% WI at Time of Farmout − 70% WI Assigned in DSU Before Payout − Proportionately Reduced 5% Override Reserved, Convertible to ½ of Assigned WI After Payout Title Chain for Example 2 Assigns 30% WI Assigns ARTI Assigns ARTI Assigns 70% WI in DSU Res.