Forecasted Production definition

Forecasted Production means the projected production of oil or gas or natural gas liquids (measured by volume unit or BTU equivalent, not sales price) for the term of the contracts or a particular month, as applicable, from Oil and Gas Properties owned by a Credit Party which are located in or offshore of the United States, as reasonably approved by the Administrative Agent.

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Forecasted Production means, for any month of determination, the projected production for such month in respect of (i) crude oil and (ii) natural gas and natural gas liquids (for purposes of this clause (ii) only, taken together), in each case as set forth in the Forecasted Production Report most recently delivered pursuant to Section 9.12(d).”

Forecasted Production means the anticipated production volumes attributable to Proven Reserves of the Borrower and its Subsidiaries which are categorized as “proved, developed and producing” as reflected in the most recent Engineering Report delivered to the Administrative Agent pursuant to Section 5.06(c) (or, if elected by the Borrower, on a quarterly basis; provided that at least one such Engineering Report each fiscal year shall be an Independent Engineering Report), after giving effect to any pro forma adjustments for the consummation of any acquisitions or dispositions since the effective date of such Engineering Report.

Examples of Forecasted Production in a sentence

• A storage fee may be assessed for such retained Client-Supplied Components or equipment beginning [**] days after cessation or interruption of the Production in the event that Client does not have any open, unfulfilled Purchase Orders or binding Forecasted Production.

• If the Parties do not enter into a new Phase 1-3 Agreement with respect to the Products at least [***] prior to expiration of the then-current Pricing Validity Period and Seller has not provided at least [***] months’ prior written notice to Tesla that Seller does not wish to renew the Phase 1-3 Agreement, then this Phase 1-3 Agreement shall renew for successive periods of [***] on the then-current terms (including price) with an Annual Forecasted Production Volume equal to [***].

• Seller acknowledges that the Annual Forecasted Production Volume is provided for planning purposes only and is not a volume guarantee and Tesla shall have no liability for failure to order the forecasted volumes or any quantity of Products.

• If ▇▇▇▇▇▇ is storing Client-Supplied Components and Client does not have any open, unfulfilled Purchase Orders or binding Forecasted Production, ▇▇▇▇▇▇ may destroy such items at Client’s expense, upon [**] days’ notice of intent to destroy and opportunity to take delivery prior to the scheduled shipment for destruction (it being understood that ▇▇▇▇▇▇ shall not so destroy any Client-Supplied Components in the event that Client submits a Purchase Order.

• Except as set forth in this Section 3.2 and in a Facility Addendum, such Forecasted Production Plan is [**].

• At least 30 days prior to the end of the Stub Year, and at least 30 days prior to the end of each subsequent calendar year during the Term, the Parties shall, in good faith, discuss the Forecasted Production Capacity for the following calendar year.

• If the Parties are unable to mutually agree in writing, acting reasonably and in good faith, on the Forecasted Production Capacity for the calendar year that follows the Stub Year by the beginning of such new calendar year, the then-current calendar year’s Actual Production shall be used as the Forecasted Production Capacity for such subsequent calendar year.

• For purposes hereof, the term “hedged” as used in this Section 5.17 shall mean that the applicable Hedge Contracts have the aggregate effect of materially reducing or eliminating the risk of negative fluctuations in the price of the relevant Forecasted Production.

• Seller shall be entitled determine, in its sole discretion, up to 30% of the total Products (measured by weight) contemplated in the Stub Year Forecasted Production Capacity or the Forecasted Production Capacity, as applicable, to be produced during the course of each applicable period.

• For all subsequent calendar years during the Term, if the - 9 - Parties cannot agree in writing on the Forecasted Production Capacity for the next year by the end of the then-current calendar year, in each case acting reasonably and in good faith, the then-current calendar year’s Actual Production plus an additional two percent shall become the following calendar year’s Forecasted Production Capacity.

More Definitions of Forecasted Production

Forecasted Production means: (a) if the System physically provided Solar Services during each calendar day of the applicable period of the previous year, the cumulative amount of such Solar Services; or (b) if the System did not physically provide Solar Services during each calendar day of the applicable period of the previous year, the amount of kWhs that the System would have produced during such period, as reasonably calculated by Provider based on the historical capacity of the system and insolation of the Premises, as adjusted for seasonal factors.

Forecasted Production means the anticipated production volumes attributable to Proven Reserves of the Borrower and its Subsidiaries as reflected in the most recent Engineering Report delivered to the Administrative Agent pursuant to Section 5.06(c) (or the most recent quarterly Engineering Report delivered to the Administrative Agent in the event that the Borrower elects to deliver Engineering Reports on a quarterly basis; provided that at least one such Engineering Report each fiscal year shall be an Independent Engineering Report), after giving effect to any pro forma adjustments for the consummation of any acquisitions or dispositions since the effective date of such Engineering Report and, at the election of the Borrower, any net reserve revisions to the extent that (i) the anticipated production volumes attributable to Proven Reserves have increased or decreased by an aggregate amount of 5% or more as a result of such net reserve revisions (the “Pro Forma Reserve Revisions”), and (ii) the Borrower has delivered to the Administrative Agent an updated Internal Engineering Report or other supporting information satisfactory to the Administrative Agent which reasonably demonstrates the basis for such Pro Forma Reserve Revisions. 

Forecasted Production means, for any month, the forecasted production of crude oil, natural gas or natural gas liquids, calculated separately, anticipated to be produced during such month as set forth in the most recently delivered report pursuant to Section 5.06(d)(iv) of the Credit Agreement. “Applicable Hedge Percentage” means, with respect to any Hedge Contract, the applicable percentage set forth below for the particular types of Hydrocarbons described below, which percentage is a function of the number of months that have elapsed since the date such Hedge Contract was entered into:

Forecasted Production means the projected production of oil or gas or natural gas liquids (measured by volume unit or BTU equivalent, not sales

Forecasted Production has the meaning specified in Section 5.17 [Hedging Obligations].

Forecasted Production means the forecasted production of oil or gas (measured by the applicable volume unit or BTU equivalent, not sales price) projected in the most recent Reserve Report delivered pursuant to this Agreement, after deducting projected production from any Oil and Gas Properties or Hydrocarbon Interests sold or under contract for sale that had been included in such Reserve Report and after adding projected production from any Oil and Gas Properties or Hydrocarbon Interests that had not been reflected in such Reserve Report but that are reflected in a separate or supplemental report meeting the requirements of Section 5.12(c) and otherwise are reasonably satisfactory to Administrative Agent.