Replacement Price Differential means (i) in the event of a Seller's Deficiency Default, the positive difference, if any, obtained by subtracting the Contract Price from the Spot Price for the Gas Day in which Seller's Deficiency Default occurred, and (ii) in the event of a Buyer's Deficiency Default, the positive difference, if any, obtained by subtracting the Spot Price for the Gas Day in which Buyer's Deficiency Default occurred (or if the Min MQ is applicable, the Spot Price for the middle Gas Day of the month in which Buyer's Deficiency Default occurred) from the Contract Price.
Replacement Price Differential means (i) in the event of a Seller's Deficiency Default, the positive difference, if any, obtained by subtracting the Contract Price from the Spot Price for the Gas Day in which the default occurred and (ii) in the event of a Buyer's Deficiency Default, the positive difference, if any, obtained by subtracting the Spot Price for the Gas Day in which the default occurred from the Contract Price.
Replacement Price Differential means (i) in the event of a Seller's Default, the positive difference obtained by subtracting the Contract Price from the cost to Buyer, including incremental transportation costs and other basis adjustments, to replace the Default Quantity for such Gas Day (but excluding penalties or charges for unauthorized receipts of Gas by Buyer) and (ii) in the event of a Buyer's Default, the positive difference obtained by subtracting (a) the price obtained by Seller in an arms-length sale(s) to a third party of a quantity equal to the Default Quantity for such Gas Day, less incremental transportation charges to Seller, and including other basis adjustments, from (b) the Contract Price.
Examples of Replacement Price Differential in a sentence
In the event of a Seller's Deficiency Default, Seller shall pay Buyer the sum of the following: (i) an amount equal to the product of the Seller's Deficiency Quantity multiplied by the Replacement Price Differential, plus (ii) liquidated damages equal to $0.15 multiplied by Seller's Deficiency Quantity to cover Buyer's administrative and operational costs.
In the event of a Buyer's Deficiency Default, Buyer shall pay Seller the sum of the following: (i) an amount equal to the product of Buyer's Deficiency Quantity multiplied by the Replacement Price Differential, plus (ii) liquidated damages equal to $0.15 multiplied by Buyer's Deficiency Quantity to cover Seller's administrative and operational costs.
Upon Default, the defaulting party shall pay to the other party an amount equal to the sum of the product of the Default Quantity multiplied by the Replacement Price Differential plus liquidated damages equal to $0.15 multiplied by the Default Quantity.
In the event of a Seller's Deficiency Default, Seller shall pay Buyer an amount equal to the product of the Seller's Deficiency Quantity multiplied by the Replacement Price Differential.
As to Seller's default, the "Replacement Price Differential" means the positive difference, if any, obtained by subtracting the Gas Price from the cost to Buyer in an incremental arms-length purchase from a third party per MMBtu at the Delivery Point(s) to replace Seller's Deficiency Quantity for such Day plus all scheduling, nomination, unauthorized overrun and balancing penalties incurred by Buyer as a result of Seller's failure.
More Definitions of Replacement Price Differential
Replacement Price Differential means (i) in the event of a Seller's Deficiency Default (defined in Section 6.2), the positive difference, if any, obtained by subtracting the Contract Price from (a) if the Delivery Point is AECO “C” or NOVA Inventory Transfer, the AECO Day Price for the Day on which the Seller's Deficiency Default occurred; or (b) if the Delivery Point is other than AECO “C” or NOVA Inventory Transfer, the cost, including transportation and basis differential adjustments, to Buyer, acting reasonably in an incremental, arms'-length purchase(s) from a third party, to replace Seller's Deficiency Quantity (defined in Section 6.2); (ii) in the event of a Buyer's Deficiency Default (defined in Section 6.4), the positive difference, if any, obtained by subtracting from the Contract Price, (a) if the Delivery Point is AECO “C” or NOVA Inventory Transfer and if a DCQ is applicable, the AECO Day Price for the Day on which Buyer's Deficiency Default occurred, or if a MinPQ is applicable, the AECO Index for the Month in which Buyer’s Deficiency Default occurred; or (b) if the Delivery Point is other than AECO “C” or NOVA Inventory Transfer, the price obtained by Seller, acting reasonably in an incremental, arms'-length sale(s) to a third party of a quantity equal to Buyer's Deficiency Quantity (defined in Section 6.4), including transportation and basis differential adjustments.
Replacement Price Differential means the following:
Replacement Price Differential means (i) in the event of a Seller's Deficiency Default, the positive difference, if any, obtained by subtracting the Contract Price from the greater of (a) the cost to Buyer, including incremental transportation costs and other basis adjustments, to replace Seller's Deficiency Quantity for such Gas Day (but excluding penalties or charges for unauthorized receipts of Gas by Buyer) or (b) the Spot Price for the Gas Day in which Seller's Deficiency Default occurred, and (ii) in the event of a Buyer's Deficiency Default, the positive difference, if any, obtained by subtracting the lesser of (a) the price obtained by Seller in an incremental, arms‑length sale(s) to a third party of a quantity equal to Buyer's Deficiency Quantity for such Gas Day, less incremental transportation charges to Seller, and including other basis adjustments, or (b) the Spot Price for the Gas Day in which Buyer's Deficiency Default occurred (or if the MinMQ is applicable, the Spot Price for the middle Gas Day of the Month in which Buyer's Deficiency Default occurred), from the Contract Price; provided, at the election of the Notifying Party any Termination Payment may be calculated for the remaining term of the applicable Transaction(s) without reference to the Spot Price.
Replacement Price Differential means (i) in the event of a Seller's Deficiency Default, the positive difference, if any, obtained by subtracting the Contract Price from the greater of (a) the cost to Buyer, including incremental transportation costs and other basis adjustments, to replace Sellers Deficiency Quantity for such Gas Day (but excluding penalties or charges for unauthorized receipts of Gas by Buyer) or (b) the Spot Price for the Gas Day in which Seller's Deficiency Default occurred, and (ii) in the event of a Buyer's Deficiency Default, the positive difference, if any, obtained by subtracting the lesser of (a) the price obtained by Seller in an incremental, arms-length sale(s) to a third party of a quantity equal to Buyer's Deficiency Quantity for such Gas Day, less incremental transportation charges to Seller, and including other basis adjustments, or (b) the Spot Price for the Gas Day in which Buyer's Deficiency Default occurred (or if the MinMQ is applicable, the Spot Price for the middle Gas Day of the Month in which Buyers Deficiency Default occurred), from the Contract Price. "Scheduling" or "Schedule," when used in reference to Seller, means to make Gas available, or cause Gas to be made available, at the Delivery Point(s) for delivery to or for the account of Buyer, including making all Pipeline nominations, and when used in reference to Buyer, means to cause Buyees Transporter to make available at the Delivery Point(s) transportation capacity sufficient to permit Buyer's Transporter to receive on a firm basis the quantities Seller has available at such Delivery Point(s), including making all Pipeline nominations. Gas shall be deemed to have been Scheduled when confirmed by Transporter. "Seller" means the Party to a Transaction who is obligated to sell Gas during a Period of Delivery. "Spot Price"means the price set forth in Gas Daily (Pasha Publications, Inc.), or successor publication, in the column 'Daily Price Survey' under the listing applicable to the geographic location agreed pursuant to a Transaction for the relevant Gas Day. If there is no single
Replacement Price Differential means the positive difference, if any, obtained by subtracting the applicable Variable Services Fee from the cost to Customer to replace the Gas Services for Provider's Deficiency Quantity.
Replacement Price Differential means (i) in the event of a Seller’s Deficiency Default, the positive difference, if any, obtained by subtracting the Contract Price from the Spot Price for the Gas Day in which Seller’s Deficiency Default occurred, and (ii) in the event of a Buyer’s Deficiency Defalt, the positive difference, if any, obtained by subtracting the Spot Price for the Gas Day in which Buyer’s Deficiency Default occurred (or if the Min MQ is applicable, the Spot Price for the middle Gas Day of the month in which Buyer’s Deficiency Default occurred) from the Contract Price. EXHIBIT "A" ENFOLIO GAS PURCHASE AGREEMENT CONFIRMATION AGREEMENT ENFOLIOâ FIRM CONFIRMATION--ENFOLIOâ GAS PURCHASE AGREEMENT GOVERNS [____________], 20[__] This Confirmation shall confirm the Transaction agreed to on the date hereof and binding between [__________________________________________________] ("Customer") and Enron North America Corp. ("Company") regarding the purchase and sale of gas pursuant to the Enfolio Gas Purchase Agreement dated _____________, 2000 (the “Agreement”). Company to purchase and receive (Buyer) and Customer to sell and deliver (Seller). TRANSACTION NUMBER: [____________] DESIGNATED QUANTITY (IN MMBTUS): [__________] DELIVERY POINT(S): [_______________________________________________________________________________________________] PERIOD OF DELIVERY: [__________________ through __________________] CONTRACT PRICE (PER MMBTU): [_____________________________________________________________________________________] This Confirmation is being provided pursuant to and in accordance with the ENFOLIO AGREEMENT and constitutes part of and is subject to all of the provisions of the Agreement. Any objection of Customer to this Confirmation must be made by written notice to Company prior to the Confirm Deadline. Each party shall not disclose the terms of this transaction to a third party (other than the party's and its affiliates' employees, lenders, counsel, accountants or prospective purchasers of any rights under any Transactions who have agreed to keep such terms confidential) except in order to comply with any applicable law, order, regulation or exchange rule; provided, each party shall notify the other party of any proceeding of which it is aware which may result in disclosure and use reasonable efforts to prevent or limit the disclosure. The provisions of the Agreement other than the terms of this transaction are not subject to this confidentiality obligation. The parties shall be...
Replacement Price Differential means (i) in the event of a Seller's Deficiency Default (defined in Section 6.2), the positive difference, if any, obtained by subtracting the Contract Price from the greater of (a) the cost, including transportation adjustments, to Buyer, acting reasonably in an incremental, arms'-length purchase(s) from a third party, to replace Seller's Deficiency Quantity (defined in Section 6.2), or (b) the Spot Price for the Month in which the Seller's Deficiency Default occurred, including transportation adjustments, and (ii) in the event of a Buyer's Deficiency Default (defined in Section 6.4), the positive difference, if any, obtained by subtracting from the Contract Price the lesser of (a) the price obtained by Seller, acting reasonably in an incremental, arms'-length sale(s) to a third party of a quantity equal to Buyer's Deficiency Quantity (defined in Section 6.4), including transportation adjustments, or (b) the Spot Price for the Month in which Buyer's Deficiency Default occurred, including transportation adjustments.