Common use of Initial Price Clause in Contracts

Initial Price. Except as otherwise provided in Section 7.2, Buyer shall pay Seller one hundred percent (100%) of the Initial Price for all Committed Gas delivered hereunder during any Month. "Initial Price" shall mean the Index Price, after any Index Price Adjustments and deduction of Costs of Delivery that reflects a market price for Gas of like quantities and quality at the Delivery Point. In the event more than one published index is listed on Exhibit A for use in determining the Index Price for Gas at a Delivery Point, then the Index Price will be calculated using an average of the published indices with appropriate Index Price Adjustments (hereinafter referred to as a "Basket Price").