Production Before the Effective Date Sample Clauses

Production Before the Effective Date. (i) SELLER will receive the benefit of all merchantable oil, gas, condensate and gas liquids ("Hydrocarbons") produced from the Assets before the Effective Date. If, on the Effective Date, Hydrocarbons produced from the Assets before the Effective Date are stored in the Lease or unit stock tanks (the "Stock Tank Oil"), or in Lease or unit gathering lines or production facilities upstream of the sale or custody transfer meters of the purchaser or processor of Hydrocarbon production from the Assets (the "Pipeline Inventory"), BUYER shall pay to SELLER the value of the merchantable Stock Tank Oil above pipeline connections in the stock tanks and the Pipeline Inventory for the market value which shall be based upon (1) for oil, SELLER's posted price for South Louisiana Sweet (Onshore) crude oil at Empire, Louisiana, less taxes and transportation fees deducted by the purchaser of such oil, and (2) for gas plant products, if any, the market value of the unsold inventory at the point of sale. BUYER will pay SELLER for the value of Stock Tank Oil and Pipeline Inventory as an adjustment to the Purchase Price at Closing, as provided in Section 2.2.
Sample 1
AutoNDA by SimpleDocs
Production Before the Effective Date. (i) Seller will own all merchantable oil, gas, casinghead gas, condensate, distillate and other liquid and gaseous hydrocarbons of every kind or description (“Hydrocarbons”) produced from or attributable to the Property before the Effective Date. If, on the Effective Date, Hydrocarbons produced from or attributable to the Property before the Effective Date are stored in the Lease or unit stock tanks (the “Stock Tank Oil”), Buyer shall purchase from Seller the merchantable Stock Tank Oil above pipeline connections in the stock tanks at the actual weighted average price received for Hydrocarbons sold from such stock tanks during the full calendar month preceding the Effective Date. If no Hydrocarbons were sold in the preceding month, the actual weighted average price received in the most recent preceding month in which sales occurred shall be used. Buyer will pay Seller for the Stock Tank Oil as an adjustment to the Purchase Price at Closing, as provided in Section 3.2.
Sample 1
Production Before the Effective Date. (a) ASSIGNOR will own all merchantable oil, gas, casinghead gas, condensate, distillate and other liquid and gaseous hydrocarbons of every kind or description ("Hydrocarbons") produced from or attributable to the Property before the Effective Date.
Sample 1
Production Before the Effective Date. SELLER owns all oil, gas, condensate liquid and liquifiable natural gas products, and distillate ("Hydrocarbons") produced from the Property before the Effective Date. If Hydrocarbons produced from the Property before the Effective Date are stored in the Lease stock tanks on the Effective Date (the "Stock Tank Oil"), BUYER shall purchase the Stock Tank Oil above pipeline connections in the stock tanks from SELLER at the prevailing market value in the area, adjusted for grade and gravity and less taxes. BUYER will pay SELLER for the Stock Tank Oil by upward adjustment to the Purchase Price, as provided in Section 7.4.3. SELLER and BUYER shall accept the Lease operator's tank gauge readings or other inventory records of the Stock Tank Oil adjusted for the above pipeline connection tank bottoms.
Sample 1
Production Before the Effective Date. (i) ASSIGNOR will own all merchantable oil, gas, condensate and distillate ("HYDROCARBONS") produced from the Property before the Effective Date. If, on the Effective Date, Hydrocarbons produced from the Property before the Effective Date are stored in the Lease or unit stock tanks (the "STOCK TANK OIL"), or in Lease or unit gathering lines or production facilities upstream of the sale or custody transfer meters of the purchaser or processor of Hydrocarbon production from the Property (the "PIPELINE INVENTORY"), ASSIGNEE shall purchase from ASSIGNOR the merchantable Stock Tank Oil above pipeline connections in the stock tanks at a price equivalent to ASSIGNOR'S published posted price for crude oil of like kind and gravity in the vicinity, less any applicable transportation charges. and the Pipeline Inventory at a price equivalent to ASSIGNOR'S published posted price for crude oil of like kind and gravity in the vicinity, less any applicable transportation charges. ASSIGNEE will pay ASSIGNOR for the Stock Tank Oil and Pipeline Inventory as an adjustment to the Purchase Price at Closing, as provided in Section 2.2.
Sample 1
Production Before the Effective Date. SELLER owns all merchantable oil, gas, condensate and distillate ("Hydrocarbons") produced from the Property before the Effective Date. If Hydrocarbons produced from the Property before the Effective Date are stored in the Lease stock tanks on the Effective Date ("Stock Tank Oil"), BUYER shall purchase the Stock Tank Oil above pipeline connections in the stock tanks from SELLER at the prevailing market value in the area, adjusted for grade and gravity and less taxes. BUYER will pay SELLER for the Stock Tank Oil by upward adjustment to the Purchase Price, as provided in Section 6.5.3.1. SELLER and BUYER shall accept the Lease operator's tank gauge readings or other inventory records of the Stock Tank Oil.
Sample 1

Related to Production Before the Effective Date

  • Conditions to the Effective Date The obligation of each Lender to amend and restated the Existing Credit Agreement and continue the Loans hereunder on the Effective Date is subject to satisfaction or waiver in writing by the Lenders of the following conditions precedent:

  • The Effective Date The Merger shall become effective on the date and at the time (the “Effective Date”) that:

  • Revocation/Effective Date This Agreement shall not become effective or enforceable until the eighth day after Employee signs this Agreement. In other words, Employee may revoke Employee’s acceptance of this Agreement within seven (7) days after the date Employee signs it. Employee’s revocation must be in writing and received by ______________, the Company’s ______________ Officer, 0000 Xxxxxx Xxxx, Xxxxx 000, Xxx Xxxxx, XX 00000 by 5:00 p.m. Central Time on the seventh day in order to be effective. If Employee does not revoke acceptance within the seven (7) day period, Employee’s acceptance of this Agreement shall become binding and enforceable on the eighth day (“Effective Date”). The Severance Package shall become due and payable in accordance with Section 2 above after the Effective Date.

  • Conditions Precedent to the Effective Date The occurrence of the Effective Date pursuant to Section 13.10 is subject to the satisfaction of the following conditions:

  • Agreement Effective Date This Agreement shall become effective and binding upon each Party immediately following the occurrence of the following conditions (the “Agreement Effective Date”):

  • Tax Periods Ending on or Before the Closing Date Buyer shall prepare or cause to be prepared and file or cause to be filed all Tax Returns for the Company and the Company Subsidiary for all periods ending on or prior to the Closing Date which are required to be filed (taking into account all extensions properly obtained) after the Closing Date.

  • Restatement Effective Date The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

  • Notice; Effective Date of Termination (a) Termination of Executive’s employment pursuant to this Agreement shall be effective on the earliest of:

  • Effect; Effective Date Upon (i) delivery to the Agent of a duly executed Assignment Agreement, together with any consents required by Sections 12.3(a) and 12.3(b), and (ii) payment of a $3,500 fee to the Agent for processing such assignment (unless such fee is waived by the Agent), such Assignment Agreement shall become effective on the effective date specified by the Agent in such Assignment Agreement. The Assignment Agreement shall contain a representation by the Purchaser to the effect that none of the consideration used to make the purchase of the Commitment and Credit Exposure under the applicable Assignment Agreement constitutes “plan assets” as defined under ERISA and that the rights and interests of the Purchaser in and under the Loan Documents will not be “plan assets” under ERISA. On and after the effective date of such Assignment Agreement, such Purchaser shall for all purposes be a Lender party to this Agreement and any other Loan Document executed by or on behalf of the Lenders and shall have all the rights and obligations of a Lender under the Loan Documents, to the same extent as if it were an original party thereto, and the transferor Lender shall be released with respect to the Commitment and Credit Exposure assigned to such Purchaser without any further consent or action by the Borrower, the Lenders or the Agent. In the case of an Assignment Agreement covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a Lender hereunder but shall continue to be entitled to the benefits of, and subject to, those provisions of this Agreement and the other Loan Documents which survive payment of the Obligations and termination of the applicable agreement. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 12.3 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 12.2. Upon the consummation of any assignment to a Purchaser pursuant to this Section 12.3(c), the transferor Lender, the Agent and the Borrower shall, if the transferor Lender or the Purchaser desires that its Loans be evidenced by Notes, make appropriate arrangements so that new Notes or, as appropriate, replacement Notes are issued to such transferor Lender and new Notes or, as appropriate, replacement Notes, are issued to such Purchaser, in each case in principal amounts reflecting their respective Commitments, as adjusted pursuant to such assignment.

  • Tax Periods Beginning Before and Ending After the Closing Date The Company or the Purchaser shall prepare or cause to be prepared and file or cause to be filed any Returns of the Company for Tax periods that begin before the Closing Date and end after the Closing Date. To the extent such Taxes are not fully reserved for in the Company’s financial statements, the Sellers shall pay to the Company an amount equal to the unreserved portion of such Taxes that relates to the portion of the Tax period ending on the Closing Date. Such payment, if any, shall be paid by the Sellers within fifteen (15) days after receipt of written notice from the Company or the Purchaser that such Taxes were paid by the Company or the Purchaser for a period beginning prior to the Closing Date. For purposes of this Section, in the case of any Taxes that are imposed on a periodic basis and are payable for a Taxable period that includes (but does not end on) the Closing Date, the portion of such Tax that relates to the portion of such Tax period ending on the Closing Date shall (i) in the case of any Taxes other than Taxes based upon or related to income or receipts, be deemed to be the amount of such Tax for the entire Tax period multiplied by a fraction the numerator of which is the number of days in the Tax period ending on the Closing Date and the denominator of which is the number of days in the entire Tax period (the “Pro Rata Amount”), and (ii) in the case of any Tax based upon or related to income or receipts, be deemed equal to the amount that would be payable if the relevant Tax period ended on the Closing Date. The Sellers shall pay to the Company with the payment of any taxes due hereunder, the Sellers’ Pro Rata Amount of the costs and expenses incurred by the Purchaser or the Company in the preparation and filing of the Tax Returns. Any net operating losses or credits relating to a Tax period that begins before and ends after the Closing Date shall be taken into account as though the relevant Tax period ended on the Closing Date. All determinations necessary to give effect to the foregoing allocations shall be made in a reasonable manner as agreed to by the parties.

Time is Money Join Law Insider Premium to draft better contracts faster.