NYMEX Transactions Clause Samples
The NYMEX Transactions clause defines the terms and conditions governing transactions executed on or referencing the New York Mercantile Exchange (NYMEX). It typically outlines how trades are confirmed, settled, and subject to NYMEX rules, and may specify which products or contracts are covered, such as energy commodities or metals. This clause ensures that both parties understand the regulatory framework and operational procedures applicable to NYMEX-based trades, thereby reducing ambiguity and aligning the transaction with established market standards.
NYMEX Transactions. No Restricted Person will enter in to any NYMEX ------------------ contracts that are time-spread positions to each other, except (i) in the case where the sale obligation is in the future month of the purchase obligation, where both (A) the length of time between the purchase and sale contracts does not exceed thirty-six months and (B) the volume does not in the aggregate exceed the lesser of 3,000,000 barrels or 30% of the Plains Terminals' storage capacity and (ii) in the case where the purchase obligation is in the future month of the sale obligation, where the length of time between the sale and purchase contracts does not exceed twelve months. No Restricted Person will convert a NYMEX position to a physical position by way of an "exchange for physicals" or an "alternative delivery procedure"unless the credit extended in connection with such physical position would comply with the credit requirements of the definition of "Approved Eligible Receivables".
NYMEX Transactions. No Restricted Person will convert a NYMEX position to a physical position by way of an "exchange for physicals" or an "alternative delivery procedure" unless the credit extended in connection with such physical position would comply with the credit requirements of the definition of "Approved Eligible Receivables" ..
NYMEX Transactions. No Restricted Person will enter in to any NYMEX contracts that are time-spread positions to each other, except (i) in the case where the sale obligation is in the future month of the purchase obligation, where both (A) the length of time between the purchase and sale contracts does not exceed sixty months and (B) the volume does not in the aggregate exceed 50% of the Plains Terminals' storage capacity and (ii) in the case where the purchase obligation is in the future month of the sale obligation, where the length of time between the sale and purchase contracts does not exceed fourteen months. No Restricted Person will convert a NYMEX position to a physical position by way of an "exchange for physicals" or an "alternative delivery procedure" unless the credit extended in connection with such physical position would comply with the credit requirements of the definition of "Approved Eligible Receivables".
NYMEX Transactions. No Loan Party will convert a NYMEX position to a physical position by way of an "exchange for physicals" or an "alternative delivery procedure" unless the credit extended in connection with such physical position would comply with the credit requirements of the definition of "Approved Eligible Receivables."