Project Payout Sample Clauses

Project Payout. Project Payout" shall be defined as that point in time when the proceeds from the sale of production attributable to McMoRan's interest farmed in from Texaco in all successful xxxxx drilled by McMoRan on a Prospect [exclusive of a) royalties which are to be paid or delivered to Lessor under the terms of the applicable leases, b) Texaco's overriding royalty, c) any other burdens of record covering the Contract Acreage existing prior to the Effective Date of this Agreement d) transportation charges allowed under the terms of the applicable Lease(s), e) Third Party and/or Texaco processing, handling and transportation fees, and f) any production taxes], equal the sum of the total actual cost incurred by McMoRan attributable to McMoRan's interest farmed in from Texaco in the drilling, testing, completing, equipping and workover of all successful xxxxx through the installation of the wellhead equipment, including any caissons and/or other type of well protectors, any flowlines or pipelines installed, production equipment exclusively purchased for said xxxxx and/or a platform with production facilities installed to service such xxxxx and production, and the monthly operating cost allocated to the xxxxx. The determination of all Project Payout costs shall be made in accordance with the Accounting Procedure attached to the applicable Farmout Agreement or Sublease. Project Payout shall not include any costs or expenses associated in any way with any unsuccessful well(s) drilled or unsuccessful operations conducted in any well located on the Contract Acreage operated by McMoRan or in which McMoRan has an interest.
Sample 1
AutoNDA by SimpleDocs
Project Payout. The Cumulative Project Costs shall be considered as a debit dollar amount in the Balance Account and the Cumulative Project Proceeds shall be considered as a credit dollar amount in the Balance Account. Notwithstanding provisions contained within any individual Participation Agreement which define payout on a well-by-well basis, the term "Project Payout" shall mean the point in time when Nacogdoches Gas shall have recouped the Cumulative Project Costs from the Cumulative Project Proceeds (i.e. The net balance in the Balance Account reaches zero dollars).
Sample 1

Related to Project Payout

  • Performance Expectations The Charter School’s performance in relation to the indicators, measures, metrics and targets set forth in the CPF shall provide the basis upon which the SCSC will decide whether to renew the Charter School’s Charter Contract at the end of the charter term. This section shall not preclude the SCSC from considering other relevant factors in making renewal decisions.

  • Project Goals The schedule, budget, physical, technical and other objectives for the Project shall be defined.

  • Project Completion The Contractor agrees to schedule a final job walk with the County. If required, the County will prepare a list of incomplete items, the “Punch List”. The Contractor agrees to complete the “Punch List” corrections and schedule a final project completion job walk. The County will sign the “Punch List” as completed when determined, the project is finished. The Contractor agrees to submit the following along with its final payment request:

  • Performance Excused The Affected Party, to the extent rendered unable to perform its obligations or part thereof under this Agreement as a consequence of the Force Majeure Event shall be excused from performance of the obligations. Provided that, the excuse from performance shall be of no greater scope and of no longer duration than is reasonably warranted by the Force Majeure Event. Provided further, nothing contained herein shall absolve the Affected Party from any payment obligations accrued prior to the occurrence of the underlying Force Majeure Event.

  • Project 3.01. The Recipient declares its commitment to the objectives of the Project. To this end, the Recipient shall carry out the Project in accordance with the provisions of Article IV of the General Conditions.

  • Project Work PURCHASER shall complete the following projects in accordance with the specifications provided in Exhibits B, C, D, E, and F and written instructions from STATE. Project locations are shown on Exhibit A unless otherwise described. PURCHASER shall furnish all material unless otherwise specified.

  • Contract Goals A. For purposes of this procurement, OGS conducted a comprehensive search and determined that the Contract does not offer sufficient opportunities to set goals for participation by MWBEs as subcontractors, service providers, or suppliers to Contractor. Contractor is, however, encouraged to make every good faith effort to promote and assist the participation of MWBEs on this Contract for the provision of services and materials. The directory of New York State Certified MWBEs can be viewed at: xxxxx://xx.xxxxxxxxxxxxxx.xxx/FrontEnd/VendorSearchPublic.asp?TN=ny&XID=2528. Additionally, following Contract execution, Contractor is encouraged to contact the Division of Minority and Women’s Business Development ((000) 000-0000; (000) 000-0000; or (000) 000-0000) to discuss additional methods of maximizing participation by MWBEs on the Contract. B. Good Faith Efforts Pursuant to 5 NYCRR § 142.8, evidence of good faith efforts shall include, but not be limited to, the following: 1. A list of the general circulation, trade, and MWBE-oriented publications and dates of publications in which the Contractor solicited the participation of certified MWBEs as subcontractors/suppliers, copies of such solicitations, and any responses thereto. 2. A list of the certified MWBEs appearing in the Empire State Development (“ESD”) MWBE directory that were solicited for this Contract. Provide proof of dates or copies of the solicitations and copies of the responses made by the certified MWBEs. Describe specific reasons that responding certified MWBEs were not selected. 3. Descriptions of the Contract documents/plans/specifications made available to certified MWBEs by the Contractor when soliciting their participation and steps taken to structure the scope of work for the purpose of subcontracting with, or obtaining supplies from, certified MWBEs. 4. A description of the negotiations between the Contractor and certified MWBEs for the purposes of complying with the MWBE goals of this Contract. 5. Dates of any pre-bid, pre-award, or other meetings attended by Contractor, if any, scheduled by OGS with certified MWBEs whom OGS determined were capable of fulfilling the MWBE goals set in the Contract. 6. Other information deemed relevant to the request.

  • Projects There shall be a thirty (30) km free zone around the projects excluding the Metro Vancouver Area. For local residents, kilometers shall be paid from the boundary of the free zone around the project. Workers employed by any contractor within an identified free zone who resides outside of that same free zone will be paid according to the Kilometer Chart from the project to their residence less thirty

  • Project Completion Date It is agreed between the Parties that the Project Completion Date is <END DATE, YEAR>. If the Project is not completed by such date then, subject to an amendment agreed to between the Parties, Alberta Innovates may elect to terminate this Investment Agreement. In such event, Alberta Innovates will notify the Applicant of its decision to terminate as soon as reasonably practical and shall advise the Applicant of the effective date of termination. Alberta Innovates will have no liability or obligation to reimburse the Applicant for any Project Costs incurred after the effective date of termination and may require the Applicant to return any portions of the Investment which were spent on Ineligible Expenses. Additionally, any portion of the Investment not used and accounted for in accordance with this Agreement as of the Project Completion Date or earlier termination is repayable by the Applicant to AI at AI’s request.

  • Project Costs Simultaneously with the execution of this Agreement, the Company shall disclose to the Department all of the Project Costs which the Company seeks to include for purposes of determining the limitation of the amount of the Credit pursuant to Section 5-30 of the Act and provide to the Department a Schedule of Project Costs in the form as attached hereto as Exhibit C.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!