Existing Production definition

Existing Production means the actual production of oil or gas (measured by volume unit or BTU equivalent, not sales price), as applicable, sold in the ordinary course of the Borrower’s business for a particular month from properties and interests owned by the Borrower which are Collateral and which have attributable to them proved developed oil or gas reserves as reflected in the most recent engineering report delivered pursuant to Subsection 5.2(c) (third party or internal, as applicable), after deducting production from any properties or interests sold that had been included in such report and after adding actual production from any properties or interests owned by the Borrower which have become Collateral and have not been reflected in such report that are reflected in a separate or supplemental report meeting requirements of such Subsection 5.2(c) or otherwise satisfactory to the Agent. As used herein, the term “Projected Production” means the projected production of oil or gas (measured by volume unit or BTU equivalent, not sales price), as applicable, for the term of the contracts or a particular month, as applicable, from properties and interests owned by the Borrower which are Collateral and which have attributable to them proved developed producing oil or gas reserves as reflected in the most recent engineering report delivered pursuant to Subsection 5.2(c) (third party or internal, as applicable), after deducting projected production from any properties or interests sold or under contract for sale that had been included in such report and after adding projected production from any properties or interests owned by the Borrower which have become Collateral and had not been reflected in such report that are reflected in a separate or supplemental report meeting requirements of such Subsection 5.2(c) and otherwise satisfactory to the Agent.
Sample 1Sample 2
Existing Production means the actual production of oil or gas (measured by volume unit or BTU equivalent, not sales price), as applicable, sold in the ordinary course of the Borrower's business for a particular month from properties and interests owned by the Borrower which are Collateral and which have attributable to them proved developed oil or gas reserves as reflected in the most recent engineering report delivered pursuant to Subsection 5.2(c), after deducting production from any properties or interests sold that had been included in such report
Sample 1
Existing Production means only those Producer’s Products owned or Controlled by Producer or any of its Affiliates that are produced and saved from the Dedicated Acreage from a well with a well name and API number listed on Exhibit G as of the Effective Date.
Sample 1

Examples of Existing Production in a sentence

  • The first sentence of Section 6.6(b) of the Existing Production Agreement is hereby amended to read in its entirety as follows: Commencing August 1, 2006 through the termination of this Agreement, the Company’s share of Profit will be increased during the period from ***% to ***%.

  • Notwithstanding anything to the contrary contained in Section 17.1 of the Existing Production Agreement, Sterling’s share of any Capital Expenditures associated with any expansion of the rated daily output of the Unit that is approved by BP and the Company, including the 2005 Expansion Project, shall be ***%.

  • Eastern Catarina Gathering Rates Existing Production: [***] per Mcf for Gas, as may be adjusted in accordance with Section 5.4. [***] per Barrel for Oil and Producer’s Condensate, as may be adjusted in accordance with Section 5.4. [***] per Barrel for water.

  • Existing Production: +/- 6,600 square feet General improvements Paint exposed metal decking, paint throughout, install new vct flooring, electrical lighting and life safety devices, sprinklers and ensure HVAC is sized, balanced and meets current fresh air requirements.

  • Except as expressly amended in this Amendment, the terms and conditions of the Existing Production Agreement shall remain in full force and effect.

  • In the event that all delinquent payments due under any such Mortgage Loan are paid by the Mortgagor and any other defaults are cured, then the Servicer shall promptly reassign such Mortgage Loan to the Trustee and return the related Mortgage File to the place where it was being maintained.

  • Upon the effectiveness of this Amendment, each reference in the Existing Production Agreement to “this Agreement” shall mean and be a reference to the Existing Production Agreement as amended hereby.

  • The Administrative Agent shall have received evidence satisfactory to it that (a) the initial extension of credit hereunder, together with other sources of cash, shall be sufficient to refinance (but not to novate or terminate) the Existing Corporate Facility Agreement and the Existing Production Facility Agreement and (b) the two aforementioned facilities shall have actually been amended and restated as contemplated herein.

Related to Existing Production

  • Existing Product means any formulation of the same product category and form sold, supplied, manufactured, or offered for sale in California prior to the following dates, or any subsequently introduced identical formulation:

  • Existing Products Tangible Products and intangible licensed Products which exist prior to the commencement of work under the Contract. Contractor retains the burden of proving that a particular product was existing before commencement of the Project. .

  • Commercial Production means the operation of the Property or any portion thereof as a producing mine and the production of mineral products therefrom (excluding bulk sampling, pilot plant or test operations);

  • Existing Project is a Project that has achieved Commercial Operation on or prior to the Execution Date.

  • Refined Products means gasoline, diesel fuel, jet fuel, asphalt and asphalt products, and other refined products of crude oil.

  • Manufacturing Process means any process for—

  • Production Area means that part of the animal feeding operation that includes the animal confinement area, the manure storage area, the raw materials storage area, and the waste containment areas. The animal confinement area includes, but is not limited to, open lots, housed lots, feedlots, confinement houses, stall barns, free stall barns, milkrooms, milking centers, egg washing or egg processing areas, areas used for the storage and disposal/treatment of mortalities, cowyards, barnyards, medication pens, walkers, animal walkways, and stables. The manure storage area includes, but is not limited to, lagoons, runoff ponds, storage sheds, stockpiles, under-house or pit storages, liquid impoundments, static piles, and composting piles. The raw materials storage area includes, but is not limited to, feed silos, and silage bunkers. The waste containment area includes, but is not limited to, settling basins and areas within berms and diversions which separate uncontaminated stormwater.

  • medicinal product means any substance or combination of substances presented for treating or preventing disease in human beings or animals and any substance or combination of substances which may be administered to human beings or animals with a view to making a medical diagnosis or to restoring, correcting or modifying physiological functions in humans or in animals;

  • Additional Products means products, services and applications that are not part of the Services but that may be accessible, via the Admin Console or otherwise, for use with the Services.

  • Hemp products means all products made from industrial hemp,

  • Additional Product means any Product identified as such in the Product Terms and chosen by Enrolled Affiliate under this Enrollment.

  • Mineral Products means the commercial end products derived from operating the Property as a mine:

  • Production means a method of obtaining goods including manufacturing, assembling, processing, raising, growing, breeding, mining, extracting, harvesting, fishing, trapping, gathering, collecting, hunting and capturing.

  • Final Product means a product that is not used in producing other products and is built and intended for use outdoors, provided the final product has not deteriorated or has otherwise become a potential source of contaminants.

  • Manufacturing Facilities means facilities engaged in the mechanical or chemical transformation of materials or substances into new products and shall include:

  • Commencement of Commercial Production means the first occurrence of Commercial Production in an Area.

  • Production Burdens means any royalties (including lessor’s royalties), overriding royalties, production payments, net profit interests or other burdens upon, measured by or payable out of oil, gas or mineral production.