EFS Transaction definition
EFS Transaction means, in respect of any NYMEX Exchange Traded Contract(s) held on the Effective Date, or subsequently entered into by REPS, an exchange of such futures for a swap transaction between REPS and the Sleeve Provider executed on the NYMEX, in accordance with any applicable rules and procedures, pursuant to which the Sleeve Provider and REPS exchange (a) the number of NYMEX Exchange Traded Contract(s) held by REPS at the volume weighted average price at which REPS entered into such Exchange Traded Contract(s) for (b) related Mirror NYMEX OTC Contracts.
EFS Transaction means, in respect of any NYMEX Exchange Traded Contract(s) held by REPS, an exchange of such futures for a swap transaction between REPS and the Sleeve Provider executed on the NYMEX, in accordance with any applicable rules and procedures, pursuant to which the Sleeve Provider and REPS exchange (a) the number of NYMEX Exchange Traded Contract(s) held by REPS at the volume weighted average price at which REPS entered into such Exchange Traded Contract(s) for (b) related Mirror NYMEX OTC Contracts.
Examples of EFS Transaction in a sentence
On the Effective Date, REPS and the Sleeve Provider shall execute (i) one EFS Transaction or EOO Transaction per Accepted Product per delivery month, for all of the NYMEX Exchanged Traded Contracts held by REPS as of the Business Day prior to the Effective Date, and (ii) one ICE Block Transaction per Accepted Product per delivery month, for all of the ICE Cleared Swap Contracts held by REPS as of the Business Day prior to the Effective Date.