LUAF definition

LUAF shall have the meaning set forth in Article 7.
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LUAF and "LUAF Price" and "LUAF Target" and "LUAF Payment" and "LUAF Cap" shall have the meanings set forth in Article 12.
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Examples of LUAF in a sentence

  • The term “Imbalance” means the cumulative difference in a Month between: (i) the quantity of Gas in MMBtu received for the account of Customer at the Point(s) of Receipt, less Customer’s System Fuel & LUAF quantity, as applicable, and (ii) the quantity of Gas in MMBtu delivered for the account of Customer at the Point(s) of Delivery.

  • After any adjustment for System Fuel & LUAF, if the Imbalance is the result of receipts at the Point(s) of Receipt exceeding the delivered (or scheduled, as applicable) quantity of Gas for Customer’s account at the Point(s) of Delivery, it is a “Positive Imbalance”.

  • Upon determination of an alternate index, the LUAF Price will be determined in accordance herewith.

  • If the LUAF for any period of calculation is greater than the 0.3% of the Receipt Throughput, then within 60 days after the end of such period of calculation, Field Operator shall pay Owner an amount equal to the LUAF in excess of such 0.3% for such period of calculation times the LUAF Price.

  • If the Parties cannot agree to an alternate index by the end of the first Month for which the LUAF Price could not be determined, then Customer and Contractor shall each prepare a prioritized list of up to three alternative published reference postings or prices representa­tive of spot prices for Gas delivered in the same geographic area.

  • If the index used to determine the LUAF Price is not available in the future, the Parties agree to promptly negotiate an alternate index for the LUAF Price.

  • The "LUAF Price" for the applicable annual period shall be an amount per MMBtu equal to the average of the prices published in the first of the Month publication for each calendar Month, all or any portion of which is included in the relevant period of calculation, of Inside F.E.R.C.

  • Each Party shall submit its list to the other within ten Days after the end of the first Month for which the LUAF Price could not be determined.

  • Upon mutual written agreement on or before October 15 of each year the Parties may modify the LUAF Target, applicable payment percentages and LUAF Caps, taking into consideration the Pipeline, the Facilities and other pertinent circumstances; provided, neither Party shall be obligated in any manner whatsoever to agree to any such modification.

  • The Owner and Field Operator agree that one of Field Operator’s primary duties and responsibilities consists of monitoring, witnessing and auditing meters and gas movement on the Facilities for the purpose of controlling and reducing the level of LUAF.