Production Payment Oil definition

Production Payment Oil means the portion of the Production Payment Hydrocarbons which are Oil.
Sample 1Sample 2Sample 3
Production Payment Oil means the Oil which is attributable to the Production Payment.
Sample 1
Production Payment Oil means the Production Payment Hydrocarbons that are Oil.
Sample 1

Examples of Production Payment Oil in a sentence

  • To the extent it has the right to do so, Grantor hereby grants to Grantee, easements and rights-of-way over and across the lands pooled, communitized and/or unitized therewith, together with rights of ingress and egress to go on or about such lands for purposes of receiving, accepting and taking Production Payment Oil at the relevant Delivery Point.

  • As between Grantor and Grantee, Grantor shall be in exclusive control and possession of the Production Payment Oil deliverable hereunder and responsible for any loss, damage or injury caused thereby until the same shall have been delivered to Grantee, or to the credit of Grantee, at the relevant Delivery Point, after which delivery Grantee shall be deemed to be in exclusive control and possession thereof and responsible for any loss, injury or damage caused thereby.

  • For purposes of this Conveyance only, the parties have agreed that the Production Payment Oil shall be subject to a severance tax rate of 5.76%, regardless of applicable law.

  • No company or person purchasing the Production Payment Oil shall be required to take notice of, or keep informed concerning the termination of the Production Payment, until actual receipt of notice from Grantee advising such company or person of such termination.

  • The Production Payment Oil shall be delivered to Grantee, or to the credit of Grantee, free of cost to the purchaser of Oil at the relevant Delivery Point.

  • Grantor hereby binds Grantor and Grantor's successors and assigns, to warrant and forever defend all and singular title to the Production Payment and the Production Payment Oil, unto Grantee, its successors and assigns, against every person whomsoever lawfully claiming or to claim the same or any part thereof.

  • Grantor, at its sole cost and expense, shall gather or cause to be gathered all Production Payment Oil at the wellheads where produced and transport the same to the Delivery Points, without any charge or deduction to Grantee for costs.

  • The Production Payment and the Production Payment Oil actually produced and delivered to or for the account of Grantee shall be subject to and bear a proportionate share of the severance taxes imposed upon such delivered Oil only and Grantee shall be responsible for and pay (or cause to be paid) such severance taxes in accordance with applicable law.

  • In no event shall Grantee ever be liable or responsible in any way for payment of any costs, expenses or liabilities attributable to the Subject Interests (or any part thereof) or incurred in connection with the production, saving or delivery of Production Payment Oil prior to delivery to Grantee or Grantee's credit at the relevant Delivery Point.

  • Grantor shall be responsible for and pay for any severance tax imposed by applicable law upon the Production Payment Oil which is in excess of the agreed upon rate of 5.76%.

Related to Production Payment Oil

  • Production Payment means a production payment obligation (whether volumetric or dollar denominated) of the Borrower or any of its Restricted Subsidiaries which are payable from a specified share of proceeds received from production from specified Oil and Gas Properties, together with all undertakings and obligations in connection therewith.

  • Production Payments means, collectively, Dollar-Denominated Production Payments and Volumetric Production Payments.

  • Volumetric Production Payments means production payment obligations recorded as deferred revenue in accordance with GAAP, together with all undertakings and obligations in connection therewith.

  • Capitation Payment means a payment the STATE makes periodically to the MCO for each Enrollee covered under the Contract for the provision of services as defined in Article 6 regardless of whether the Enrollee receives these services during the period covered by the payment.

  • Production Payments and Reserve Sales means the grant or transfer by the Company or any of its Restricted Subsidiaries to any Person of a royalty, overriding royalty, net profits interest, Production Payment, partnership or other interest in Oil and Gas Properties, reserves or the right to receive all or a portion of the production or the proceeds from the sale of production attributable to such properties where the holder of such interest has recourse solely to such production or proceeds of production, subject to the obligation of the grantor or transferor to operate and maintain, or cause the subject interests to be operated and maintained, in a reasonably prudent manner or other customary standard or subject to the obligation of the grantor or transferor to indemnify for environmental, title or other matters customary in the Oil and Gas Business, including any such grants or transfers pursuant to incentive compensation programs on terms that are reasonably customary in the Oil and Gas Business for geologists, geophysicists or other providers of technical services to the Company or any of its Restricted Subsidiaries.

  • Completion Payment means the payment for the 20% of the Charges for each Apprenticeship that under the ESFA Rules is only paid once an Apprentice takes their end point assessment, including as the case may be Apprenticeships funded by Transferred Levy Funds;

  • Compensation Payment means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of an insurer to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the insurer’s contravention, non-compliance, action, failure to act, or unfair treatment forming the basis of the complaint, where the insurer accepts liability for having caused the loss concerned, but excludes any –

  • Distribution Payment Date has the meaning set forth in paragraph 2(b) of Annex I.

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Agreement Payment means a Payment paid or payable pursuant to this Agreement.

  • Delayed contribution payment means an amount paid by an employee for purchase of current service. The amount shall be determined using the same formula in KRS 61.5525, and the payment shall not be picked up by the employer. A delayed contribution payment shall be deposited to the member's account and considered as accumulated contributions of the individual member. In determining payments under this subsection, the formula found in this subsection shall prevail over the one found in KRS 212.434;

  • Down payment means all partial payments, whether made in cash or otherwise, received by or for the benefit of the seller before or substantially contemporaneous with either the execution of the installment sale contract or the delivery of the motor vehicle sold under that contract, whichever occurs later.

  • Exception Payments means payments to deposit accounts or brokerage accounts, payments to settle securities transactions (including, without limitation, stocks, bonds, securities, futures (forex), options, or an investment interest in any entity or property).

  • Payment Amount as defined in Section 3.5.

  • Payment Ahead means, with respect to a Precomputed Receivable and a Collection Period, any Excess Payment (not representing, when added to any Deferred Prepayment with respect to such Precomputed Receivable, a prepayment in full of such Precomputed Receivable) which the Servicer, in accordance with its customary servicing practices, will apply towards the payment of Scheduled Payments due in one or more future Collection Periods.

  • Annual Payment The total amount payable to the Settlement Fund Administrator by the Settling Distributors on the Payment Date each year, as calculated by the Settlement Fund Administrator pursuant to Section IV.B.1.e. For the avoidance of doubt, this term does not include the Additional Restitution Amount or amounts paid pursuant to Section X.

  • Option Payment shall have the meaning set forth in Section 3.4.

  • Delta Payment means as it is described in this Agreement.

  • Installment Payments shall have the meaning set forth in Section 5(b)(ii).

  • Amortization Payment shall have the meaning set forth in Section 2(d).

  • Monthly Debt Service Payment Amount means, for each Monthly Payment Date, an amount equal to the amount of interest which is then due on all the Components of the Loan in the aggregate for the Interest Period during which such Monthly Payment Date occurs.

  • Deferred Sales Charge Payment Dates means the dates specified for deferred sales fee installments under "Investment Summary--Fees and Expenses" in the Prospectus for the Trust.

  • Transaction Payroll Taxes means all employer portion payroll or employment Taxes incurred in connection with any bonuses, option cash-outs or other compensatory payments in connection with the Transactions.

  • Net Payment means the amount the Issuer or any paying agent pays the Holder after deducting or withholding an amount for or on account of any present or future tax, assessment or other governmental charge imposed with respect to that payment by a taxing authority (including any withholding or deduction attributable to additional amounts payable pursuant to this Section).

  • Installment Payment has the meaning ascribed to it in Section 2.02(a).

  • Upfront Payment has the meaning set forth in Section 4.1.