Future Net Income definition
Future Net Income means, for any period, the projected Gross Revenues expected to be realized by the Company during such period less the sum of the Operating Costs payable in currencies other than Roubles which are projected for such period, all in accordance with the Financial Model.
Future Net Income means, for each year or portion thereof, the amount for such year or portion thereof, as reflected in the then most recent Reserve Report or Alternate Reserve Report, as the case may be, which would result from the expected sale of recoverable hydrocarbons from or attributable to the Borrower's interest in any Proved Reserves located on Borrowing Base Properties. Future Net Income shall be calculated by taking the Gross Revenues less all applicable royalties, net profits interests and similar burdens on production, and costs and expenses (other than general and administrative costs and expenses) which the Borrower can reasonably be expected to incur or, in the case of Qualified Partnership Properties, the Borrower's interest can reasonably be expected to bear in producing each product from such Proved Reserves (including production, severance and ad valorem or like taxes, transportation costs, operating expenses, capital expenses with respect to such Proved Reserves, and the cost of drilling, completing and equipping additional ▇▇▇▇▇, including any dry holes, which are reasonably expected to be drilled for the purpose of completing development of such Proved Reserves and obtaining therefrom the volumes of such production included for the purposes hereof). Commencing with the third year from the date such calculation is made, such costs and expenses will be escalated at a rate of the average (rounded to the nearest .01 of 1%) of the escalation being used by the Agent and the Co-Agent for evaluation of oil and gas transactions in accordance with the Agent's and the Co-Agent's customary standards (which escalations will be consistent with those being applied to other borrowers of the Agent or Co-Agent generally) as of each January 1 or July 1, as applicable.
Future Net Income shall have the meaning ascribed to it in Section 2.3.
Examples of Future Net Income in a sentence
After the preparation of report(s) [the "Engineering Report(s)"], the Agent shall make a determination, as set forth in the following paragraph, of the Discounted Future Net Income for each Borrower and its Restricted Subsidiaries as of such dates.
After the preparation of such report(s) [Engineering Report(s)], the Agent shall make a determination, as set forth in the following paragraph, of the Discounted Future Net Income as of such dates.
More Definitions of Future Net Income
Future Net Income means the aggregate amount of Net Income-Oil and Gas Interests and Net Income-Kalkaska Plant estimated by the Agent as of 7:00 A.M. on the date of any determination to be receivable by the Company or any Restricted Subsidiary in the future, provided that revenues, costs and expenses shall be those estimated by the Agent to be receivable or payable in the future.
Future Net Income means the aggregate amount of Net Income from Oil and Gas Interests reasonably estimated by any Bank (such estimate to be conclusive and binding) as of 7:00 a.m. on the date of any determination to be receivable by the Borrowers in the future.
Future Net Income means the aggregate amount of Net Income from ----------------- Oil and Gas Interests reasonably estimated by the Bank as of 7:00 a.m. on the date of any determination to be receivable by the Company in the future.
Future Net Income means, for each year or portion thereof, the amount for such year or portion thereof, as reflected in the then most recent Reserve Report or Alternate Reserve Report, as the case may be, which would result from the expected sale of recoverable hydrocarbons from or attributable to the Borrower's interest in any Proved Reserves located on Borrowing Base Properties. Future Net Income shall be calculated by taking the Gross Revenues less all applicable royalties, net profits interests and similar burdens on production, and costs and expenses (other than general and administrative costs and expenses) which the Borrower can reasonably be expected to incur or, in the case of Qualified Partnership Properties, the Borrower's interest can reasonably be expected to bear in producing each product from such Proved Reserves (including production, severance and ad