Failure to Purchase Locked Quantities Sample Clauses

Failure to Purchase Locked Quantities. If Buyer fails to purchase the full quantity of gas subject to a Locked Price in any month, then, to the extent such failure is not the result of force majeure or Seller's failure to make the gas available, Buyer shall pay Seller liquidated damages calculated as follows. The unexcused deficient purchase quantity of gas subject to a Locked Price shall be multiplied by the difference between the Locked Price and the settlement price of the natural gas futures contract on NYMEX (or other applicable exchange) for the Month in which the deficiency occurred, plus or minus the basis differential set forth in the Price Lock Confirmation. In addition, if Seller has entered into a financial instrument, including, without limitation, an over-the-counter basis swap, for purposes of hedging the risk associated with the basis differential component of the Locked Price, Buyer shall reimburse Seller one hundred percent (100%) of the actual losses incurred by Seller under such financial instrument to the extent such losses result from Buyer's unexcused failure to purchase gas subject to a Locked Price. Seller shall exercise its best efforts to minimize such losses (including for example the early termination of financial instruments if Seller reasonably believes at the time of termination that early termination may minimize such losses). Buyer's obligation to purchase gas subject to a Locked Price is a monthly obligation and not a daily obligation and therefore for purposes of this Section Buyer shall have compiled with its obligation to purchase quantities of gas subject to a Locked Price if it purchases such quantities during the course of the Month.
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Related to Failure to Purchase Locked Quantities

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