Cover Order definition
Examples of Cover Order in a sentence
The failure of Shell to notify Gulf Power of such election prior to the expiration of the ongoing Election Period shall constitute an election by Shell not to pay a Cover Payment with respect to the impaired Contract Capacity included in the applicable Cover Order for the additional duration of the Cover Event.
At any time prior to the expiration of the ongoing Election Period relating to any Cover Order, Shell shall have the option to elect pursuant to Section 5.7(c) to pay a Cover Payment in respect of such Cover Order as determined by Gulf Power, notified by Gulf Power to Shell and elected by Shell with respect to such additional minimum duration.
If Shell issues separate Cover Orders in these circumstances, each Cover Order will be treated separately for all purposes of this Section 5.7.
If Shell elects to pay a Cover Payment with respect to the impaired Contract Capacity included in the applicable Cover Order for all or a portion of the additional estimated minimum duration of the relevant Cover Event, the additional time period for which Shell elects to pay a Cover Payment shall constitute a separate Election Period.
If Shell does not accept a Cover Determination for the full Covered Amount or the full period of such Cover Determination, it may issue an updated Cover Order and Gulf Power shall issue an updated Cover Determination according to Section 5.7(a) up to twice per week, and Shell may accept or decline such updated Cover Determination according to the provisions of this Section 5.7(c).
Gulf Power shall provide to Shell prompt notice refreshing Gulf Power’s Cover Determination applicable with respect to the Cover Order, based upon the update of the Minimum Duration of the Cover Event set forth in Shell’s Cover Order (but excluding any impaired Contract Capacity that is then the subject of an effective Election Period).