Underproduced Party definition

Underproduced Party means any Party having taken a lesser quantity of Gas from the Balancing Area than the Percentage Interest of such Party in the cumulative quantity of all Gas produced from the Balancing Area.
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Underproduced Party means a party to a gas balancing arrangement who, as a result of its inability or unwillingness to market or otherwise dispose of a portion of its share of production and another party's producing such share of production, is in a position of net underproduction with respect to such other party or parties to such gas balancing arrangement.
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Underproduced Party means a Balancing Party credited with Cumulative Underproduction.
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Examples of Underproduced Party in a sentence

  • Option 1) Notwithstanding the provisions of Section 4.1, the average monthly amount of Makeup Gas taken by an Underproduced Party during the Winter Period pursuant to Section 4.1 shall not exceed the average monthly amount of Makeup Gas taken by such Underproduced Party during the ( ) months immediately preceding the Winter Period.

  • Any Underproduced Party shall have the right for a period of two (2) years from the end of the calendar year in which any cash settlement is received pursuant to Section 7 to audit the records of any Overproduced Party as to all matters concerning values, including but not limited to information regarding prices and disposition of Gas from the Balancing Area.

  • The Operator will promptly notify all Overproduced Parties of the election of an Underproduced Party to begin taking Makeup Gas.


More Definitions of Underproduced Party

Underproduced Party means any Party having taken a lesser quantity of Gas from the Balancing Area than the Producing Interest of such Party in the cumulative quantity of all Gas produced from the Balancing Area.
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Related to Underproduced Party

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  • Unlicensed person means any person who is not a licensed dealer under this chapter.

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  • Contract Quantity means the total number shares, contracts or other units of the Underlying Instrument that the Client is notionally buying or selling;

  • Prospective party means a person that discusses with a prospective collaborative lawyer the possibility of signing a collaborative law participation agreement.

  • Licensed person means an individual who is licensed or otherwise legally authorized to practice a professional service by a court, department, board, commission, or an agency of this state or another jurisdiction, any corporation or professional services corporation all of whose shareholders are licensed persons, any partnership all of whose partners are licensed persons, or any limited liability company all of whose members and managers are licensed persons.

  • Aggrieved person is the person or persons making the claim.

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  • plant products means products of plant origin, unprocessed or having undergone simple preparation in so far as these are not plants, set out in Annex IV-A, Part 3 to this Agreement;

  • Total tetrahydrocannabinol means the sum of the percentage by weight of tetrahydrocannabinolic acid multiplied by eight hundred seventy-seven thousandths plus the percentage of weight of tetrahydrocannabinol.

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  • injured party means any person entitled to claim compensation in respect of any loss or injury caused by a vehicle;