Common use of Delivery Costs Clause in Contracts

Delivery Costs. The capital costs included in the calculation of Delivery Costs (component C of the Price formula in Schedule 5) will be calculated based on a working capital rate (the “Working Capital Rate”) of *****, which, as of each day, would be applied to the current market value of the MSCG In-Transit Volumes on such day and the total amount of MSCG accounts receivable owing from TRC and associated with MSCG sales under this Agreement as of such day. Upon the occurrence of an MS CDS Event (as defined below), either Party may request on a reasonable basis an adjustment to the Working Capital Rate and the Parties shall negotiate in good faith to determine the adjustment to the Working Capital Rate that shall apply, provided that any such request by MSCG for an increase in the Working Capital Rate after an MS CDS Event shall be effective subject to TRC’s right of termination pursuant to Section 18.1.3. For purposes of the foregoing sentence, a “MS CDS Event” shall be deemed to have occurred following any calendar quarter in which the average of the daily settlement prices (spreads) for Xxxxxx Xxxxxxx’x 5 year credit default swap on the trading platform operated by Markit Group Limited changes by more than *****% from the previous calendar quarterly average. The price (spread) for such credit default swap as of the date hereof is *****.

Delivery Costs. The capital costs included in the calculation of Delivery Costs (component C of the Price formula in Schedule 5) will be calculated based on a working capital rate (the “Working Capital Rate”) of *****[REDACTED]), which, as of each day, would be applied to the current market value of the MSCG In-Transit Volumes on such day and the total amount of MSCG accounts receivable owing from TRC PBF and associated with MSCG sales under this Agreement as of such day. Upon the occurrence of an MS CDS Event (as defined below), either Party may request on a reasonable basis an adjustment to the Working Capital Rate and the Parties shall negotiate in good faith to determine the adjustment to the Working Capital Rate that shall apply; provided, provided that any such request by MSCG for an increase in the Working Capital Rate after an MS CDS Event shall be effective effective, subject only to TRCPBF’s right of termination pursuant to Section 18.1.3. For purposes of the foregoing sentence, a “MS CDS Event” shall be deemed to have occurred following any calendar quarter in which the average of the daily settlement prices (spreads) for Xxxxxx Xxxxxxx’x 5 five-year credit default swap on the trading platform operated by Markit Group Limited changes by more than *****[REDACTED] % from the previous calendar quarterly average. The price (spread) for such credit default swap as of the date hereof is *****Commencement Date was [REDACTED].