Proportionately Reduced definition

Proportionately Reduced means the pro rata reduction of the amount to be paid by Liberty and/or Nytis, as the case may be, with respect to any Well and/or Lease in which Liberty and Nytis do not collectively own a 100% working interest, based on the actual working interest owned by Liberty and Nytis, collectively, in such Well and/or Lease.
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Proportionately Reduced means the pro rata reduction of the amount to be paid by Carbon TN Mining Co and/or Nytis, as the case may be, with respect to any Well and/or Lease in which Carbon TN Mining Co and Nytis do not collectively own a 100% working interest, based on the actual working interest owned by Carbon TN Mining Co and Nytis, collectively, in such Well and/or Lease.
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Proportionately Reduced means reduced in the proportion which the number of contractual hours during the period of part-time service in the employment, bears to the number of contractual hours of that employment if it were on a whole-time basis.
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Examples of Proportionately Reduced in a sentence

  • Upon completion of the Carry ▇▇▇▇▇, the parties may proceed to drill additional Horizontal ▇▇▇▇▇ on the Berea Sandstone Program in accordance with the terms of the Operating Agreement on a heads up basis: Nytis 60% and Liberty 40%, each Proportionately Reduced.

  • Upon completion of the Carry ▇▇▇▇▇, the parties may proceed to drill additional ▇▇▇▇▇ in the Program Area in accordance with the terms of the Operating Agreement on a heads up basis: Nytis 60% and Liberty 40%, each Proportionately Reduced.

  • In addition to the amounts Liberty is required to pay pursuant to Section 3.1, Liberty shall pay to Nytis a spud fee for each Well drilled within the Program Area equal to $10,000.00, Proportionately Reduced to Nytis’ initial working interest in such Well (the “Spud Fee”).

  • Example 1: Impact on APO Owners Title Chain 1 Title Chain 2 • The Farmout Scenario: − Farmor Owns 70% WI at Time of Farmout − 70% WI Assigned in DSU Before Payout − Proportionately Reduced 5% Override Reserved, Convertible to ½ of Assigned WI After Payout Title Chain for Example 2 Assigns 30% WI Assigns ARTI Assigns ARTI Assigns 70% WI in DSU Res.

Related to Proportionately Reduced

  • Proportionately means that the ratio of the actual Annual Special Tax levy to the applicable Special Tax is equal for all applicable Assessor’s Parcels.

  • Proportional Share means the annual revenue of a health care institution received in the form of medical assistance reim- bursement or public employee insurance from the state, divided by the total annual revenue of the health care institution.

  • Decrease means a Mandatory Decrease or a Voluntary Decrease, as applicable.

  • Proportionate Percentage means, with respect to any Stockholder as of any date, the result (expressed as a percentage) obtained by dividing (i) the number of shares of Common Stock owned by such Stockholder as of such date by (ii) the total number of shares of Common Stock outstanding as of such date.

  • Proportionate Interest has the meaning specified in Section 2.5(d);