Coverage Operation definition

Coverage Operation means an operation to cover the risk in the fluctuation of the price of natural gas carried out by the Client with PGPB and that is Agreed Upon by the Parties through a Confirmation of the agreed upon terms and conditions, such as described in Clause 3.3. In no case does this operation imply a physical delivery of gas.
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Examples of Coverage Operation in a sentence

  • This Adjustment per Coverage will be calculated in Dollars as the Present Value of the Adjustments per Coverage for each Consumption Period discounted at a rate negotiated by PGPB with the Client that: (i) will reflect the funding cost of Petroleos Mexicanos in Dollars, and (ii) is consistent with the Mean Life of the Coverage Operation.

  • With respect to any Coverage Operation, the Confirmation and this Contract jointly will constitute the Terms and Conditions of said Coverage Operation.

  • Once the request from the Client is received, PGPB will provide him via telephone, e-mail or fax an offer of estimate of the required Coverage Operation, in the understanding that until PGPB and the Client agree on the terms and conditions of any Coverage Operation, said estimate will only have the character of Informative Estimate.

  • In the event that one of the Parties does not agree with the objections presented by the other Party, and the latter could not be resolved with the Electronic Recording or when this does not exist, the Parties will gather to reach an agreement on the Terms and Conditions of the executed Coverage Operation within the five (5) Working Days following the date of forwarding of the objection to the Confirmation.

  • Within the term of effectiveness of the Order and as long as the Coverage Operation has not been executed, the Client may request to withdraw or modify the Order at its sole discretion, in the understanding that PGPB will notify the necessary to the Authorized Person(s) once said request has been withdrawn from the corresponding market by PGPB.

  • When the persons authorized by each one of the Parties, same that are indicated in Attachment 1 – “Authorized Persons”, agree on the terms and conditions of a Coverage Operation, it will be understood that the Parties have executed a Coverage Operation.

  • The Client will have the right to liquidate any Coverage Operation in whole or in part before the Date of Valuation specified in the corresponding Confirmation, through the execution of a Liquidation Operation, as indicated in this Clause 3.

  • Those clients who executed a Coverage Operation type Fixed 2004 annotated at 6.00 USD/MMBtu, will have the obligation to realize Coverage Operations for the Consumption Period 2005 – 2006, for the same Quantity per Consumption Period contracted for on 2004.

  • In the event that the price desired by the Client to close the Coverage Operation is not available in the market, the Client, through any of its Authorized Persons, may be able to place an order to PGPB for the execution of a Coverage Operation (the “Order”), indicating in it, in addition to elements (I) to (vii) indicated above, the term during which the Order will be in effect and its intention to execute the Coverage Operation at the moment that the indicated price becomes available in the market.

Related to Coverage Operation

  • Salvage operation means any business, trade or industry engaged in whole or in part in salvaging or reclaiming any product or material, including but not limited to metals, chemicals, shipping containers or drums.

  • In operation means engaged in activity related to the primary design function of the source.

  • Farm operation means any activity conducted solely or primarily for the production of one or more agricultural products or commodities, including timber, for sale or home use, and customarily producing such products or commodities in sufficient quantity to be capable of contributing materially to the operator's support.

  • Production Operations means all operations conducted for the purpose of producing Petroleum from the Development Area after the commencement of production from the Development Area including the operation and maintenance of all necessary facilities therefor.

  • Storage operator means a person holding or applying for a permit.