EFP Transaction definition

EFP Transaction means a transaction between us which comprises a Physical Contract which is intended to be replaced by Futures Contracts;

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

EFP Transaction means a transaction between us and you comprising a Physical Contract which is intended to be replaced by a Futures Contract;

EFP Transaction means a transaction between us which comprises a Physical Contract which is intended to be replaced by Futures Contracts.

Examples of EFP Transaction in a sentence

• We will notify you of the amount of any payment due between us as a result of entering into an EFP Transaction or Reverse EFP Transaction, to whom it is payable and when.

• The existence of an EFP Transaction or Reverse EFP Transaction is conditional on registration of the Futures Contracts (or, as the case may be, contracts effecting close-out) occurring on the date specified in the confirmation relating to the Transaction.

• Subject to the terms of any particular Reverse EFP Transaction, in relation to each Reverse EFP Transaction, the Physical Contract with you shall arise automatically upon the closing out (including by creation of opposite positions, on the relevant Market) of the Futures Contracts which the Physical Contract is intended to replace.

• Subject to the terms of any particular EFP Transaction, in relation to each EFP Transaction, upon our becoming bound to Futures Contracts entered into in replication of the Physical Contract, the Physical Contract shall be automatically discharged.

• We will notify you of the amount of any payment due between you and us as a result of entering into an EFP Trans­ action or Reverse EFP Transaction, to whom it is payable and when.

• Subject to the terms of any particular Reverse EFP Trans­ action, in relation to each Reverse EFP Transaction, the Physical Contract with you shall arise automatically upon the closing out (including by creation of opposite positions, on the relevant Market) of the Futures Contracts which the Physical Contract is intended to replace.

• Subject to the terms of any particular Reverse EFP Transac­ tion, in relation to each Reverse EFP Transaction, the Physical Contract with you shall arise automatically upon the closing out (including by creation of opposite positions, on the relevant Market) of the Futures Contracts which the Physical Contract is intended to replace.

• The existence of an EFP Transaction or Reverse EFP Transac­ tion is conditional on registration of the Futures Contracts (or, as the case may be, contracts effecting close­out) occur­ ring on the date specified in the confirmation relating to the Transaction.

• The existence of an EFP Transaction or Reverse EFP Trans­ action is conditional on registration of the Futures Contracts (or, as the case may be, contracts effecting close­out) occurring on the date specified in the confirmation relating to the Transaction.

• If the Transaction is an EFP Transaction, any Party failing to offer and complete the purchase or sale of Exchange futures contracts from or to the other Party shall be liable to the other Party for actual losses incurred by it due to such failure.

More Definitions of EFP Transaction

EFP Transaction means an exchange for physical transaction as defined in the Operating Rules, or if not so defined, a transaction recognised as an exchange for physical transaction as understood under the customs and practices of the Exchange on which or in accordance with whose Operating Rules, customs or practices on which that EFP Transaction takes place; Exchange means:

EFP Transaction means a transaction between us which comprises a PhysicalContract which is intended to be replaced by Futures Contracts.

EFP Transaction means a transaction between us and you which is intended to replace a Physical Transaction with a Futures Transaction;

EFP Transaction means a Firm Transaction to purchase, sell or exchange Gas and the concurrent obligation to buy or sell natural gas futures contracts pursuant to the Exchange of Futures for Physical (EFP) procedures of an Exchange in accordance with an applicable Confirmation. Failure to buy or sell such quantity(ies) of Gas or futures contracts shall subject the failing party to the damages set forth in Article VII.

EFP Transaction means a transaction between Société Générale and the Client which comprises a Physical Contract which is intended to be replaced by Futures Contracts.

EFP Transaction means a Firm Transaction to purchase, sell or exchange Gas and the concurrent obligation to buy or sell natural gas futures contracts pursuant to the Exchange of Futures for Physical (EFP) procedures of an Exchange in accordance with an applicable Confirmation. Failure to buy or sell such quantity(ies) of Gas or futures contracts shall subject the failing party to the damages set forth in Article VII. 2.11 "Exchange" means any United States commodity exchange that trades natural gas futures contracts. 2.12 "Firm Transaction" means Buyer shall have an absolute obligation to purchase and receive, and Seller shall have an absolute obligation to sell and deliver one hundred per cent (100%) of the Contract Quantity in the applicable Confirmation. Failure to buy or sell the Contract Quantity shall subject the failing party to the damages prescribed in Article VII. 2.13 "Forward Contract" means any agreement constituting a "forward contract" within the meaning of the United States Bankruptcy Code, including, without limitation, a Transaction or any other agreement for the sale, purchase or transfer (including a swap) of Gas which has a maturity date or delivery period more than two days after the date the Forward Contract is entered into. 2.14 "Gas" means any mixture of hydrocarbons and non-combustible gases in a gaseous state consisting primarily of methane. 2.15 "Imbalance Charge" means any scheduling, imbalance or similar penalties, fees, forfeitures, cashouts, or charges (in cash or in kind) assessed by a Transporter for failure to satisfy the Transporter's balance and/or nomination requirements. 2.16 "Market Value" means the amount of Gas remaining to be delivered or purchased under a Transaction multiplied by the market price per MMBtu determined by the Performing Party in a commercially reasonable manner. 2.17 "MMBtu" means one million BTU's, equal to one dekatherm. 2 <PAGE> 2.18 "Payment Date" means the twenty-fifty (25th) day of the calendar month in which the invoice was rendered, or ten (10) days after the date of receipt of the invoice, whichever is later; provided that if the twenty-fifth (25th) day is not a Business Day, payment is due on the next Business Day following that date. 2.19 "Replacement Price" is the price at which Buyer is able, acting in good faith, to obtain comparable Gas supplies at the lowest reasonable price. 2.20 "Sales Price" is the price at which Seller is able, acting in good faith, to make comparable Gas sales at the highest ...