Minimum Production. Beginning with the Fiscal Quarter ending December 31, 2013, the Issuer shall not permit the amount equal to (i) the net sales volume of oil and gas from the Oil and Gas Properties for the Fiscal Quarter set forth below divided by (ii) the total number of days in such Fiscal Quarter to be less than the amount for such period as set forth opposite such Fiscal Quarter below (the “Minimum Production Test”). Beginning with the Fiscal Quarter ending March 31, 2015, the Issuer shall not be required to comply with the Minimum Production Test so long as the Issuer’s Consolidated Adjusted EBITDAX is equal to or greater than $20,000,000 for the applicable Fiscal Quarter; provided that if the Issuer’s Consolidated Adjusted EBITDAX is less than $20,000,000 during any Fiscal Quarter after the Fiscal Quarter ending March 31, 2015, the Issuer shall comply with the Minimum Production Test each Fiscal Quarter thereafter. For the purposes of this Section 7.6(b), every 6MCF of gas shall be converted into 1Bbls of oil. The Issuer will provide the Administrative Agent with evidence that the preceding is being satisfied within thirty (30) days after the end of each Fiscal Quarter. Each Fiscal Quarter Ending on the Following Dates Minimum Production in MBbls of Oil Equivalent Per Fiscal Quarter 12/31/13 1,250 3/31/2014 1,500 6/30/2014 2,500 9/30/2014 3,000 12/31/2014 3,500 3/31/2015 4,000 Each Fiscal Quarter Thereafter 5,000
Minimum Production. Achieve for each fiscal quarter set forth below, minimum production sales of Petroleum Substances, net to the Borrower and its Subsidiaries before royalties, as measured in the commonly accepted form of gigajoules (“gj”) per day, such that the average daily production sales for seven consecutive days during each of the fiscal quarters ended June 30, 2006 and September 30, 2006, is greater than or equal to the amount set forth below for such fiscal quarter: June 30, 2006 80,000 September 30, 2006 80,000
Minimum Production. Beginning with the Fiscal Quarter ending December 31, 2012, the Issuer shall not permit the net sales volume of oil from the Oil and Gas Properties for the Fiscal Quarter set forth below to be less than the amount for such period as set forth opposite such Fiscal Quarter below. For the purposes of this Section 7.7(b), every 6MCF of gas shall be converted into 1Bbls of oil. The Issuer will provide the Administrative Agent with evidence that the preceding is being satisfied within thirty (30) days after the end of each quarter. Each Fiscal Quarter Ending on the Following Dates Minimum Production in MBbls of Oil Per Fiscal Quarter December 31, 2012 40 March 31, 2013 50 June 30, 2013 60 September 30, 2013 70 December 31, 2013 80 March 31, 2014 and each fiscal quarter thereafter 90
Minimum Production. A Provider is not meeting the minimum production requirements of the Pilot.
Minimum Production. General Agent acknowledges and agrees that General Agent shall produce an average of [ ] Group Health Service Contracts or [ ] Members/Insureds per 12-month period during the term of this Agreement, and that General Agent shall retain at least [ %] of General Agent’s existing Group Health Service Contracts or Members/Insureds per 12-month period during the term of this Agreement. If General Agent fails to meet such production and retention requirements, then Covered California shall have the right, but not the obligation, to terminate this Agreement upon sixty (60) days prior written notice to General Agent.
Minimum Production. (a) Commencing three (3) months after the execution of this Agreement, Nord shall purchase a minimum amount of Decorative Rock from Texas Canyon, averaged and calculated on a quarterly basis as follows:
(i) A minimum of 6,000 tons per month or 18,000 tons in the first quarter;
(ii) A minimum of 8,000 tons per month or 24,000 tons in the second quarter; and
(iii) A minimum of 10,000 tons per month or 30,000 tons in each quarter thereafter.
(b) Texas Canyon shall produce such amounts of Decorative Rock as Nord may request, provided that Texas Canyon shall have a three (3) month ramp-up period if Nord requests more than 15,000 tons per month.
Minimum Production. Permit Production, measured on a calendar month-end basis, to be less than the required amount set forth in the following table for the applicable period set forth opposite thereto: 9,108 For the calendar month ending September 30, 2008 13,260 For the calendar month ending October 31, 2008 15,470 For the calendar month ending November 30, 2008 16,150 For the calendar month ending December 31, 2008
Minimum Production. LICENSEE agrees that from the date of this Agreement it will, after a first year from the date of this Agreement for a second year, produce and market "units" of the invention each year for the term of this Agreement, and pay royalties thereon, as set out in paragraphs. Should this production schedule of sales of "units," coming under the subject U.S. Patents, not be produced in the second year or subsequent years, LICENSEE may keep this license current by paying to LICENSORS, as royalties for that year, an amount equal to the royalties as would be paid on the number of "units," set out below, based upon the then net selling price of the "units," with a minimum production of "units" being for a: First year: no minimums; Second year: LICENSEE shall have manufactured and sold at least 30 "units' by the end of the second year;
Minimum Production. Following the Completion Release Date, the Borrower will undertake to use best efforts to produce annually until the then-scheduled final maturity of the Senior Loans (i) 410,000 Dry Metric Tonnes of Concentrate, and (ii) up to (and including) the year 2014, 108.5 million pounds of Cathodes, provided, in each case, that:
(a) upon exercise by the Parent Companies of the Debt Buy-Down Option, such production targets will be reduced to such amounts, which taking into account the reduced debt amount, would result in a minimum Annual DSCR equal to 1.0X (calculated pursuant to the methodology set forth in the first five bullets of Schedule A to the Completion Guarantee);
(b) the Borrower shall have the right to suspend or curtail production due to engineering maintenance, similar technical reasons or Labor Unrest; and
(c) to satisfy the above covenant, the Borrower shall not be required to expand the design capacity of the mine and related facilities or make capital expenditures other than those for capital spares, maintenance and replacements.
