Gas Swap definition
Examples of Gas Swap in a sentence
Promptly after the end of each Calculation Period for each outstanding Gas Swap, Party A shall deliver to Party B invoices in respect of Gas Swap settlement payments that are due with respect to such Transactions.
The assignment by POS of its rights and obligations under the Gas Swap Agreement pursuant to its exercise of the Put Right and the acceptance of such assignment and assumption of said rights and obligations by PEC (the “ Assumption”) shall be effective on the Assumption Date at the time and place specified in the Put Notice, unless PEC and POS mutually agree otherwise in writing.
Enron would issue to PMG, pursuant to a Fee Agreement in form and substance satisfactory to Enron (and containing certain provisions similar to the Password Applications executed by all EnronOnline customers), a Transaction ID that would allow PMG to execute transactions on the website for Specified Products (to be defined, but anticipated to include NYMEX Natural Gas Swap products listed on EnronOnline).
If the fixed price for any Gas Swap includes a Gas Adder, Party B shall not be obligated to pay a Gas Adder with respect to that portion of any Gas Transaction which at the time of determination is hedged by such Gas Swap.
Gas Swap settlement payments shall be due on the fifth Business Day after the end of each relevant Calculation Period (the “Gas Swap Settlement Date”); provided, however, that Gas Swap settlement payments due from Party B shall not be deemed past due so long as such payments are made by the Gas Due Date that occurs in the third month following the end of the applicable Calculation Period.
On the Assumption Date PEC shall deliver notice to Shell that it has assumed the rights and obligations of POS under the Gas Swap Agreement.
As of the Assumption Date, POS and PEC shall mutually agree, which agreement will not be unreasonably withheld, on the fair m▇▇▇-to-market value of the Gas Swap Agreement (“Put Settlement Amount”) based on market quotes obtained from Shell or another reliable counterparty.
Party B shall not (except to the extent permitted by Part 13(b)(iii) and Part 5(h)) purchase Gas from, or enter into any Gas Swap, Gas Option or any other Hedging Transaction with, any other party during the term of this Agreement.
Provided POS and Shell enter into the Gas Swap Agreement and one of the Put Conditions occurs, POS may exercise on or after November 15, 2006, the Put Right.