Tail Reserves definition

Tail Reserves means, as of the date of any determination, the Remaining Reserves projected to be attributable to the Subject Interests after the Target Termination Time.
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Tail Reserves means, as of the date of any determination, the Risk Adjusted Proved Reserves of Hydrocarbons projected to be attributable to the Subject Interests determined by calculating such Risk Adjusted Proved Reserves for the Subject Interests as of the later of (x) the end of the last Month for which a Scheduled Amount is set forth on Schedule 1 to the Conveyance or (y) the date of such determination of Tail Reserves. As used in this Section 3, "Remaining Reserves" means, as of the date of any determination, the Risk Adjusted Proved Reserves of Hydrocarbons projected to be attributable to the Subject Interests in Exhibit A without regard to the Production Payment. As used in this Section 3, "Risk Adjusted Proved Reserves" means proved reserves of Hydrocarbons which, after adjustments by Grantee based on Grantee's assessment of risk, can be estimated with reasonable certainty to be recoverable under economic conditions existing at the time of determination. (d) Upon Grantee's election to exercise the option set forth in Section 3(c) above, Grantee shall in good faith generate a proposed revised Schedule 1 to the Conveyance which results, at the time of Grantee's exercise of the option, in a ratio of the Tail Reserves to the Remaining Reserves, greater than, but as near as reasonably possible to, the Required Percentage. Grantee shall present its proposal to Grantor for review and verification that the proposed Schedule complies with the requirements of the foregoing sentence. Grantor and Grantee shall amend the Conveyance to incorporate the amended Schedule 1 immediately following the parties' agreements as to the substance of such Schedule or the determination of the amended Schedule 1 by the independent petroleum engineering firm under Section 3(e), as applicable. (e) In the event Grantor and Grantee are not able to agree upon Grantee's proposed amended Schedule 1 pursuant to Section 3(d) above, the parties shall select an independent petroleum engineering firm to make such a determination of the appropriate Schedules. The fees and expenses of such firm shall be borne equally by Grantor and Grantee. The determination of such firm shall be binding upon Grantor and Grantee. If within 15 days after either party notifies the other that it requests a determination by an independent firm, the parties are unable to agree upon such a firm, each party shall in good faith prepare a list of four independent petroleum engineering firms. Each list shall set forth that party's...
Sample 1
Tail Reserves means, as of the date of any determination, (i) the Risk Adjusted Proved Reserves of Hydrocarbons projected to be attributable to the Subject Interests determined by calculating such Risk Adjusted Proved Reserves for each Subject Interest as of the later of (x) the end of the last Month for which a Scheduled Amount is set forth on Schedule 1 or Schedule 2 to the Conveyance for the Property comprised in whole or in part of such Subject Interest or (y) the date of such determination of Tail Reserves, and (ii) adding the amounts so calculated for all Subject Interests. As used in this Section 5, "Remaining Reserves" means, as of the date of any determination, the Risk Adjusted Proved Reserves of Hydrocarbons projected to be attributable to the Subject Interests without regard to the Overriding Royalty. As used in this Section 5, "Risk Adjusted
Sample 1

Examples of Tail Reserves in a sentence

  • For the purpose of calculating Tail Reserves and Remaining Reserves, Oil shall be converted to Gas at a ratio of one Barrel of Oil to six MMBtus of Gas.

  • As used in this Section 3, "Tail Reserves" means, as of the date of any determination, the Risk Adjusted Proved Reserves of Hydrocarbons projected to be attributable to the Subject Interests determined by calculating such Risk Adjusted Proved Reserves for the Subject Interests as of the later of (x) the end of the last Month for which a Scheduled Amount is set forth on Schedule 1 to the Conveyance or (y) the date of such determination of Tail Reserves.


More Definitions of Tail Reserves

Tail Reserves means, as of the date of any determination, the Risk Adjusted Proved Reserves of Hydrocarbons projected to be attributable to the Subject Interests determined by calculating such Risk Adjusted Proved Reserves for the Subject Interests as of the later of (x) the end of the last Month for which a Scheduled Amount is set forth on Schedule 1 to the Conveyance or (y) the date of such determination of Tail Reserves. As used in this Section 3, "Remaining Reserves" means, as of the date of any determination, the Risk Adjusted Proved Reserves of Hydrocarbons projected to be attributable to the Subject Interests in Exhibit A without regard to the Production Payment. As used in this Section 3, "Risk Adjusted Proved Reserves" means proved reserves of Hydrocarbons which, after adjustments by Grantee based on Grantee's assessment of risk, can be estimated with reasonable certainty to be recoverable under economic conditions existing at the time of determination.
Sample 1

Related to Tail Reserves

  • Total Reserves means, at any time, the sum of: (a) the Yield Reserve, plus (b) the greater of (i) the Concentration Reserve plus the Minimum Dilution Reserve and (ii) the Loss Reserve plus the Dilution Reserve.

  • Capital Reserves means, for any period and with respect to a Property, an amount equal to (a) $0.05 per square foot times (b) a fraction, the numerator of which is the number of days in such period and the denominator of which is 365. If the term Capital Reserves is used without reference to any specific Property, then the amount shall be determined on an aggregate basis with respect to all Properties of the Trust and its Subsidiaries and a proportionate share of all Properties of all Unconsolidated Affiliates.

  • PDP Reserves means Proven Reserves which are categorized as both "Developed" and "Producing" in the definitions promulgated by the Society of Petroleum Evaluation Engineers and the World Petroleum Congress as in effect at the time in question.

  • Mineral Reserve means the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allowances for losses that may occur when the material is mined.

  • NY Federal Reserve means the Federal Reserve Bank of New York.

  • Capital Reserve means for any period and with respect to a Property (other than any Projects Under Development), an amount equal to the product of (i) the gross leaseable area contained in such Property (in square feet), multiplied by (ii) $0.30 per annum.

  • Probable Mineral Reserve means the economically mineable part of an indicated and, in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified;

  • Proven Mineral Reserve means that economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified;

  • road reserve ’ means the area contained within the statutory width of a road, and includes roadways, shoulders and sidewalks and the airspace above such roadways, shoulders and sidewalks and all other areas within the road reserve boundary;

  • Required Reserves at any time means the sum of (a) the Yield Reserve, plus (b) the Servicing Fee Reserve, plus (c) the greater of (i) the sum of the Loss Reserve Ratio and the Dilution Reserve Percentage and (ii) the Minimum Percentage, each as in effect at such time, multiplied by the Net Pool Balance on such date.

  • NY Federal Reserve’s Website means the website of the NY Federal Reserve, currently at xxxx://xxx.xxxxxxxxxx.xxx, or any successor website of the NY Federal Reserve or the website of any successor administrator of the Secured Overnight Financing Rate.

  • Yield Reserve means, on any date, an amount equal to: (a) the Capital at the close of business of the Servicer on such date multiplied by (b)(i) the Yield Reserve Percentage on such date divided by (ii) 100% minus the Yield Reserve Percentage on such date.

  • Federal Reserve means the Board of Governors of the Federal Reserve System.

  • Working Capital Reserve shall have the meaning set forth in the Partnership Agreement.

  • Initial Reserve Account Deposit means $3,000,000.

  • Reserve Zone means any of those geographic areas consisting of a combination of one or more Control Zone(s), as designated by the Office of the Interconnection in the PJM Manuals, relevant to provision of, and requirements for, reserve service.

  • Energy Market Opportunity Cost means the difference between (a) the forecasted cost to operate a specific generating unit when the unit only has a limited number of available run hours due to limitations imposed on the unit by Applicable Laws and Regulations, and (b) the forecasted future Locational Marginal Price at which the generating unit could run while not violating such limitations. Energy Market Opportunity Cost therefore is the value associated with a specific generating unit’s lost opportunity to produce energy during a higher valued period of time occurring within the same compliance period, which compliance period is determined by the applicable regulatory authority and is reflected in the rules set forth in PJM Manual 15. Energy Market Opportunity Costs shall be limited to those resources which are specifically delineated in Operating Agreement, Schedule 2. Energy Resource:

  • Federal Reserve Board means the Board of Governors of the Federal Reserve System.

  • Availability Reserves means, without duplication of any other Reserves or items to the extent such items are otherwise addressed or excluded through eligibility criteria, such reserves as Agent from time to time determines in its Permitted Discretion as being appropriate (a) to reflect the impediments to Agent’s ability to realize upon the Collateral, (b) to reflect claims and liabilities that Agent determines in its Permitted Discretion will need to be satisfied in connection with the realization upon the Collateral, (c) to reflect criteria, events, conditions, contingencies or risks which adversely affect any component of the Borrowing Base, or the assets, business, financial performance or financial condition of any Credit Party, or (d) to reflect that a Default or an Event of Default then exists. Without limiting the generality of the foregoing, Availability Reserves may include, in Agent’s Permitted Discretion, (but are not limited to) reserves based on: (i) Rent Reserves; (ii) customs duties, and other costs to release Inventory which is being imported into the United States of America; (iii) outstanding Taxes and other governmental charges, including, without limitation, ad valorem, real estate, personal property, sales, claims of the PBGC and other Taxes which may have priority over the interests of Agent in the Collateral; (iv) salaries, wages and benefits due to employees of any Borrower, (v) Customer Credit Liabilities, (vi) Customer Deposits, (vii) reserves for reasonably anticipated changes in the Appraised Value of Eligible Inventory between appraisals, (viii) warehousemen’s or bailee’s charges and other Permitted Liens which may have priority over the interests of Agent in the Collateral, (ix) amounts due to vendors on account of consigned goods, (x) Cash Management Reserves, (xi) Bank Products Reserves, and (xi) royalties payable in respect of licensed merchandise.

  • New York Federal Reserve s Website" means the website of the Federal Reserve Bank of New York currently at http://www.newyorkfed.org, or any successor website;

  • Initial Reserve Account Deposit Amount means an amount equal to $12,240,151.27.

  • Banking Services Reserves means all Reserves which the Administrative Agent from time to time establishes in its Permitted Discretion for Banking Services then provided or outstanding.

  • Loss Reserve means, on any date, an amount equal to: (a) the Aggregate Capital at the close of business of the Servicer on such date multiplied by (b)(i) the Loss Reserve Percentage on such date divided by (ii) 1, minus the Loss Reserve Percentage on such date.

  • Current service means the number of years and months of employment as an

  • Operating Reserve means generation capacity or load reduction capacity which can be called upon on short notice by either Party to replace scheduled energy supply which is unavailable as a result of an unexpected outage or to augment scheduled energy as a result of unexpected demand or other contingencies.

  • Reserves means the number of shares of Common Stock covered by each option under the Plan which have not yet been exercised and the number of shares of Common Stock which have been authorized for issuance under the Plan but not yet placed under option.