Monthly Surplus definition
Monthly Surplus means, for any Month all or part of which is within the Guarantee Period, the amount equal to the product of (a) the Differential for such Month less U.S.$15.00 (if greater than zero) multiplied by (b) thirty-six and six tenths percent (36.6%) of the Contract Quantity delivered by Seller to Buyer in such Month (prorated for any Month which is only partly within the Guarantee Period); provided, however, that for purposes of determining any Monthly Surplus, in the event that the Completion Date has not been achieved on or before the Scheduled Completion Date or Buyer has underlifted under Article 8.1, then Seller shall be deemed to have delivered the entire Contract Quantity for such Month, less any volume the lifting of which is excused under Article 8.
Monthly Surplus means, on the last day in any calendar month (commencing with the month ending on 30 November 2009), the aggregate of the Earnings of the Ship and the New Ships standing to the credit of the Earnings Account, the Additional Earnings Account and the New Earnings Accounts, after deducting the aggregate of the operating expenses of the Ship (including, without limitation, the general administrative expenses, the maintenance costs and the debt service amounts) and the New Ships which the Agent is satisfied (in its sole discretion) have accrued during that calendar month; and
Monthly Surplus set out in Article 1 of the Maya Agreement is hereby amended to read in its entirety as follows:
Examples of Monthly Surplus in a sentence
For purposes of calculating any Monthly Shortfall or Monthly Surplus.
More Definitions of Monthly Surplus
Monthly Surplus means, for any Month all or part of which is within the Guarantee Period, the amount equal to the product of (a) the Differential for such Month less U.S.$15.00 (if greater than zero) multiplied by (b) thirty-six and six tenths percent (36.6%) of the Contract Quantity delivered by Seller to Buyer in such Month (prorated for any Month which is only partly within the Guarantee Period); provided, however, that for purposes of determining any Monthly Surplus, (i) in the event that the Completion Date has not been achieved on or before the Guarantee Date, then Seller shall be deemed to have delivered the Contract Quantity determined in accordance with Article 7.1(b) as though Completion had been achieved, and (ii) in the event Buyer, on or after the Completion Date, has underlifted under Article 8.1, then Seller shall be deemed to have delivered the entire Contract Quantity for such Month less any volume the lifting of which is excused under Article 8.