Swapped Cargo definition

Swapped Cargo an LNG cargo, where title to such cargo is transferred or is intended to be transferred to Project Co by Transporter for onward title transfer to DES Buyer by Project Co under the DES SPA that is (a) not scheduled for delivery in the FOB ADP or FOB Ninety Day Schedule, as applicable; and/or (b) in respect of which Transporter has title to and liability for all risks immediately prior to the transfer of title to Project Co. To avoid doubt, an LNG cargo that was designated as a Diverted Cargo in the FOB ADP or FOB Ninety Day Schedule may subsequently be utilised by Transporter as a Swapped Cargo;
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Examples of Swapped Cargo in a sentence

  • A Swapped Cargo Force Majeure event shall take effect at the moment such an event or circumstance occurs.

  • Notwithstanding Paragraph 9.1, no Swapped Cargo Force Majeure shall relieve, suspend, or otherwise excuse either Party from performing any obligation to indemnify, reimburse, hold harmless or otherwise pay the other Party under this Agreement.

  • The Transporter shall sell and make available, or compensate Project Co if not made available, and Project Co shall take and pay for, or compensate the Transporter if not taken, the Swapped Cargo in the quantities and at the prices determined in accordance with this Schedule 2.

  • The Parties acknowledge and agree that any income or profits generated, or any loss of income or profits suffered, in respect of a Diverted Cargo or a Swapped Cargo shall be for the account of the Transporter.

  • Each Swapped Cargo shall be delivered by the Transporter to DES Buyer during the DES Delivery Window set out in the DES ADP or DES Ninety Day Schedule, as applicable.

  • Transporter shall deliver each Swapped Cargo to Project Co for Project Co’s onward sale of the cargo to DES Buyer under the DES SPA, subject to the terms and conditions of this Schedule 2, at the Delivery Point.

  • Prior to resumption of normal performance, the Parties shall continue to perform their obligations under this Agreement to the extent not excused by such event of Swapped Cargo Force Majeure.

  • Each Swapped Cargo delivered by the Transporter to DES Buyer at the Delivery Point under this Schedule 2 shall, when converted into a gaseous state, comply with the specifications contained in Section 12.1 of the DES SPA.

  • Such notices shall thereafter be updated at least monthly during the period of such claimed Swapped Cargo Force Majeure specifying the actions being taken to remedy the circumstances causing such Swapped Cargo Force Majeure.

  • The Transporter, in the case of Swapped Cargoes, shall be responsible for procuring and providing at its own expense the LNG Tanker to be used for transporting the Swapped Cargo pursuant to this Schedule 2, and shall pay all costs (including shipping costs and insurance costs) associated with the transportation of the Swapped Cargo to the Unloading Port, including any other charges or levies associated with the use by the LNG Tanker of the Suez Canal or any other navigational canal, if applicable.