Pennsylvania Leases definition

Pennsylvania Leases means each and every oil and gas lease that (a) covers a leasehold located in Pennsylvania, (b) contains a Market Enhancement Clause, and (c) is or has been owned, in whole or in part, by Chesapeake as a lessee, according to the business records maintained by Chesapeake.
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Pennsylvania Leases means each and every oil and gas lease that (a) covers a leasehold located in Pennsylvania, (b) contains a Market Enhancement Clause, and (c) is or has been owned, in whole or in part, by Chesapeake as a lessee, according to the business records maintained by Chesapeake. 55% of all Post-Production Costs reflected as deductions from Gas Royalty payments made by Chesapeake to Settlement Class Members under the Pennsylvania Leases prior to September 1, 2013, plus 27.5% of all Post-Production Costs reflected as deductions from Gas Royalty payments made by Chesapeake to Settlement Class Members under the Pennsylvania Leases from September 1, 2013, through the Effective Date of the Settlement.4 Class Counsel estimate Chesapeake’s total payment will be in excess of $7,500,000.00. The payment will be distributed among the Class Members on a pro-rata basis, net of Court-awarded attorneys’ fees and expenses and class representative incentive award payments, and in accordance with the Settlement Agreement’s Plan of Distribution. In addition, the Settlement sets forth a Future Royalty Calculation Method under which Settlement Class Members will no longer bear 100% of Post-Production Costs, but will, after the Effective Date, only bear 72.5% of those costs. Settlement Class Members will continue to bear 100%, on a pro rata basis, of the transportation costs that are incurred after gas has entered the interconnect point of a transmission pipeline.
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Examples of Pennsylvania Leases in a sentence

  • Plaintiffs contend, therefore, that the raw Gas produced by Chesapeake is not marketable at the well and that Chesapeake’s deductions for gathering, dehydration and compression are improper and in breach of the Pennsylvania Leases, i.e., the deductions are for activities that are necessary to transform the Gas into marketable form.

  • Plaintiffs and the Settlement Class Members hereby further agree that they fully and forever release and discharge all working interest owners on whose behalf Defendant has paid or will pay Royalties pursuant to Pennsylvania Leases from any and all of the Settled Claims, but do so only to the limited extent of Defendant’s payments of Gas Royalties on behalf of such working interest owners.

  • Therefore, the Parties agree that the Final Judgment shall specify that the following provisions apply to the Settlement Class Members’ Pennsylvania Leases beginning on the first day of the month after the Effective Date occurs and continuing so long thereafter as Chesapeake is paying Royalties to Settlement Class Members and their successors and assigns on Gas produced pursuant to the Pennsylvania Leases.

  • Chesapeake shall not deduct any FLU Volumes as a Post-Production Cost for the Pennsylvania Leases but shall, instead, pay Gas Royalties on one hundred percent (100%) of the FLU Volumes, except as otherwise permitted by a Settlement Class Member’s Pennsylvania Lease.

  • The Final Judgment shall not modify how any other entity calculates and/or pays Royalties pursuant to the Pennsylvania Leases.

  • In exchange for the consideration set forth in this Agreement, including but not limited to the Release set forth in paragraph 11, Chesapeake agrees that the Final Judgment shall modify how Chesapeake and/or its Affiliates calculate and pay Gas Royalties to the Settlement Class Members and their successors and assigns in the month after the Effective Date occurs pursuant to the Settlement Class Members’ Pennsylvania Leases.

  • Within sixty (60) days of the Effective Date, for Non-MEC Lessors (that is, Pennsylvania Landowners with leases that do not include Market Enhancement Clauses or Ready for Sale or Use Clauses), Chesapeake shall provide Pennsylvania Landowners with Non-MEC Leases the opportunity to make a one- time election concerning how Chesapeake will calculate and pay Gas Royalties in the future pursuant to Pennsylvania Leases in which Chesapeake currently owns an interest.

  • In exchange for the consideration set forth in this Agreement, including but not limited to the Release set forth in paragraph 12, Chesapeake agrees that the Final Judgment shall modify how Chesapeake and/or its Affiliates calculate and pay Gas Royalties to the Settlement Class Members and their successors and assigns in the month after the Effective Date occurs pursuant to the Settlement Class Members’ Pennsylvania Leases.

Related to Pennsylvania Leases

  • New Leases means, collectively, any lease for space at the Property entered into between the Commencement Date and the Closing Date.

  • Operating Leases means all real or personal property leases under which any Company is bound or obligated as a lessee or sublessee and which, under GAAP, are not required to be capitalized on a balance sheet of such Company; provided that Operating Leases shall not include any such lease under which any Company is also bound as the lessor or sublessor.

  • Master Leases means the PropCo Master Leases and each other Material Master Lease.

  • Real Estate Leases has the meaning set forth in Section 2.1(d)(ii).

  • AT&T SOUTH CAROLINA means the AT&T owned ILEC doing business in South Carolina.