Minimum Group 2 Loading Rack Revenue Commitment Sample Clauses

Minimum Group 2 Loading Rack Revenue Commitment. (i) Subject to Section 4, ▇▇▇▇▇ Tulsa shall pay HEP Storage-Tulsa throughput fees associated with the Group 2 Loading Rack that will satisfy the Minimum Group 2 Loading rack Revenue Commitment in exchange for HEP Storage-Tulsa providing ▇▇▇▇▇ Tulsa a minimum of 1,800 barrels per day of aggregate capacity at the Group 2 Loading Rack. The “Minimum Group 2 Loading Rack Revenue Commitment” shall be an amount of revenue to HEP Storage-Tulsa for each Contract Quarter determined by multiplying the Minimum Group 2 Loading Rack Throughput by the Group 2 Loading Rack Tariff as such Group 2 Loading Rack Tariff may be revised pursuant to Section 2(c)(ii)(e)(ii). ▇▇▇▇▇ Tulsa will pay HEP Storage-Tulsa the Group 2 Loading Rack Tariff for all quantities of Products loaded at the Group 2 Loading Rack. Notwithstanding the foregoing, in the event that the Closing Date for the Group 2 Tankage is any date other than the first day of a Contract Quarter, then the Minimum Group 2 Loading Rack Revenue Commitment for the initial Contract Quarter shall be prorated based upon the number of days actually in such contract quarter and the initial Contract Quarter. (ii) The Group 2 Loading Rack Tariff shall be adjusted on July 1 of each calendar year commencing on July 1, 2011, by an amount equal to the upper change in the annual change rounded to four decimal places of the PPI following the same procedure as set forth in Section 2(a)(ii) above (including the provisions regarding binding arbitration); provided that the Group 2 Loading Rack Tariff shall never be increased by more than 3% for any such calendar year. To evidence the Parties’ agreement to each adjusted Group 2 Loading Rack Tariff, the Parties shall execute an amended, modified, revised or updated Schedule VI and attach it to this Agreement. Such amended, modified, revised or updated Schedule VI shall be sequentially numbered (e.g. Schedule VI-1, Schedule VI-2, etc.), dated and appended as an additional schedule to this Agreement and shall replace the prior version of Schedule VI in its entirety. (iii) If ▇▇▇▇▇ Tulsa is unable to load at the Group 2 Loading Rack the volumes of Products, in the aggregate, required to meet the Minimum Group 2 Loading Rack Revenue Commitment as a result of HEP Storage-Tulsa’s operational difficulties, prorationing or the inability to provide sufficient capacity, then the Minimum Group 2 Loading Rack Revenue Commitment applicable to the Contract Quarter during which ▇▇▇▇▇ Tulsa is unable to load...
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Related to Minimum Group 2 Loading Rack Revenue Commitment

  • Adjustment of Minimum Quarterly Distribution and Target Distribution Levels (a) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution, Third Target Distribution, Common Unit Arrearages and Cumulative Common Unit Arrearages shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 5.10. In the event of a distribution of Available Cash that is deemed to be from Capital Surplus, the then applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, as the case may be, by a fraction of which the numerator is the Unrecovered Capital of the Common Units immediately after giving effect to such distribution and of which the denominator is the Unrecovered Capital of the Common Units immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall also be subject to adjustment pursuant to Section 6.9.

  • Minimum Commitment If for a certain Service a minimum commitment has been determined in the Agreement, the Customer guarantees to respect the minimum commitment described in the Agreement during the entire period of the Agreement. If the Customer does not respect this minimum commitment, the Customer shall pay the compensation mentioned in the Agreement. If no compensation has been mentioned in the Agreement, the Customer has to pay the applicable Charges for the respective Service, or the average of the applicable Charges if different Charges are applied for the respective Service, per missing number of its minimum commitment. Services that are timely cancelled by the Customer or Services for which the Customer has paid a cancellation fee , do not, even not partly, release the Customer from its obligation to respect the minimum commitment . Services cancelled as due to Force Majeure and Services cancelled by Lineas for other reasons than Force Majeure, will be considered as a Services ordered and paid for by the Customer. Services cancelled by the Customer or by Lineas because of holidays do not, even not partly, release the Customer from its obligation to respect its minimum commitment.

  • Minimum Amounts and Maximum Number of Eurodollar Tranches Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions, continuations and optional prepayments of Eurodollar Loans hereunder and all selections of Interest Periods hereunder shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) no more than ten Eurodollar Tranches shall be outstanding at any one time.

  • Minimum Cash Balance Licensee shall fund the Facility Checking Account --------------------- with an initial amount equal to $25,000.00 and thereafter Licensee shall provide the working capital required by Section I(H) of this Agreement

  • Minimum Adjusted EBITDA Borrower shall maintain a minimum trailing six-month Adjusted EBITDA minus dividend distributions (other than tax distributions), as of such test date, of at least the greater of (a) $75,000,000 and (b) an amount equal to 75% of the trailing six-month Adjusted EBITDA minus dividend distributions (other than tax distributions), for the immediately preceding six-month period, tested semi-annually, commencing September 30, 2024, and continuing on each subsequent March 31 and September 30.