Drilling Carry Cap shall have the meaning set forth in the Participation Agreement.
Drilling Carry Cap means an amount equal to $1,357,471,260; provided such amount shall be reduced or increased as provided in Section 3.4.
Drilling Carry Cap has the meaning set forth in the Participation Agreement. “Effective Time” means 12:01 a.m. (Eastern Time) on September 1, 2010.
Examples of Drilling Carry Cap in a sentence
Notwithstanding any provision of this Agreement, if upon the occurrence of the Drilling Carry Termination Date, the amount of the Drilling Carry Obligation paid by (or, if funded pursuant to the Letter of Credit or the Reliance Guarantee, on behalf of) Reliance for any reason is less than the Drilling Carry Cap, the Drilling Carry Obligation shall terminate and Reliance shall have no further obligation with respect thereto.
More Definitions of Drilling Carry Cap
Drilling Carry Cap means an amount equal to $40,000,000.00; provided, however, that (a) the Drilling Carry Cap shall be increased as provided in Section 5.2(d), (b) if the Net Title Adjustment Amount (as defined in the Purchase Agreement for purposes of this Agreement) is a positive amount greater than $1,050,000, then the Drilling Carry Cap shall be increased by an amount equal to the product of (i) 4/3 and (ii) the amount of the Net Title Adjustment Amount in excess of $1,050,000, and (c) if the Net Title Adjustment Amount is a negative amount the absolute value of which is greater than $1,050,000, then the Drilling Carry Cap shall be reduced by an amount equal to the product of (i) 4/3 and (ii) the absolute value of the amount of the Net Title Adjustment Amount in excess of $1,050,000.