Offset Quantity and Close Out Quantity Sample Clauses

Offset Quantity and Close Out Quantity. (a) The total quantity to be offset for a relevant Gas Day at a Trading Location (Offset Quantity) is the lesser of TQS and TQB, where TQS is the total of the Transaction Quantities for relevant Transactions in which the Defaulting Participant is the Seller; and TQB is the total of the Transaction Quantities for relevant Transactions in which the Defaulting Participant is the Buyer.
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Offset Quantity and Close Out Quantity. (a) The total quantity to be offset for a relevant Gas Day and Capacity Type (Offset Capacity Quantity) is the lesser of TCQS and TCQB, where TCQS is the total of the Transaction Quantities for relevant Capacity Transactions in which the Defaulting Participant is the Seller; and TCQB is the total of the Transaction Quantities for relevant Capacity Transactions in which the Defaulting Participant is the Buyer.
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Offset Quantity and Close Out Quantity. The total quantity to be offset for a relevant Gas Day at a Trading Location (Offset Quantity) is the lesser of TQS and TQB, where TQS is the total of the Transaction Quantities for relevant Transactions in which the Defaulting Participant is the Seller; and TQB is the total of the Transaction Quantities for relevant Transactions in which the Defaulting Participant is the Buyer. The total quantity which is subject to close out for a relevant Gas Day at a Trading Location in respect of relevant Transactions (Close Out Quantity) is the absolute value of TQS – TQB. The quantity which is subject to close out for a relevant Gas Day in respect of relevant Location Swap Transactions (Close Out Location Swap Quantity) is calculated separately for each relevant Location Swap Transaction and equals the Transaction Quantity for the relevant Location Swap Transaction. Offset and close out for net receipts This clause 20.5.3 applies for a relevant Gas Day at a Trading Location only if the Offset Quantity is equal to TQS. TQS and TQB have the meanings set out in clause 20.5.2(a) when used in this clause. The Operator must calculate a sell reduction factor (SRF) for the Gas Day and Trading Location as follows: SRF = Close Out Quantity / TQB. For each relevant Transaction for which the Defaulting Participant is the Buyer: TQR is the reduction to the Transaction Quantity made in respect of the Seller, equal to the Transaction Quantity multiplied by SRF and rounded to the nearest whole GJ; and ATQ is the Transaction Quantity in respect of the Seller after adjustment, equal to the original Transaction Quantity less TQR. For each Transaction referred to in clause 20.5.3(c): the obligation of the Seller to deliver the Transaction Quantity is terminated and replaced by an obligation to deliver a Delivery Quantity equal to ATQ on the same Gas Day, subject to clause 20.5.6; the Transaction Quantity to be used for Settlement purposes for that Gas Day will be equal to ATQ; and the obligations of the Defaulting Participant to accept delivery of the Transaction Quantity on that Gas Day and to pay the Operator for the corresponding Commodity are terminated. For each relevant Transaction in which the Defaulting Participant is the Seller: the obligation of the Defaulting Participant to make the Transaction Quantity available for Delivery on that Gas Day and the obligation of the Operator to pay the Defaulting Participant for the corresponding Commodity are terminated; and the Buyer must...
Sample 1

Related to Offset Quantity and Close Out Quantity

  • Contract Quantity The Contract Quantity during each Contract Year is the amount set forth in the applicable Contract Year in Section D of the Cover Sheet (“Delivery Term Contract Quantity Schedule”), which amount is inclusive of outages.

  • ESTIMATED / SPECIFIC QUANTITY CONTRACTS Estimated quantity contracts, also referred to as indefinite delivery / indefinite quantity contracts, are expressly agreed and understood to be made for only the quantities, if any, actually ordered during the Contract term. No guarantee of any quantity is implied or given. With respect to any specific quantity stated in the contract, the Commissioner reserves the right after award to order up to 20% more or less (rounded to the next highest whole number) than the specific quantities called for in the Contract. Notwithstanding the foregoing, the Commissioner may purchase greater or lesser percentages of Contract quantities should the Commissioner and Contractor so agree. Such agreement may include an equitable price adjustment.

  • PAYMENT TERMS/PRE-PAYMENT/QUANTITY DISOUNTS If discounts for accelerated payment, pre-payment, progress payment, or quantity discounts are offered, they must be clearly indicated in the Contractor’s submission prior to contract award. The applicability or acceptance of these terms is at the discretion of the Customer.

  • Additional Quantities For a period not exceeding ninety (90) days from the date of solicitation award, the Customer reserves the right to acquire additional quantities up to the amount shown on the solicitation but not to exceed the threshold for Category Two at the prices submitted in the response to the solicitation.

  • Delivery Point (a) All Energy shall be Delivered hereunder by Seller to Buyer at the Delivery Point. Seller shall be responsible for the costs of delivering its Energy to the Delivery Point consistent with all standards and requirements set forth by the FERC, ISO-NE, the Interconnecting Utility and any other applicable Governmental Entity and any applicable tariff.

  • QUANTITY BASIS OF CONTRACT – NO GUARANTEED QUANTITIES The contract established has no guarantee of any specific quantity and the State is obligated only to buy that quantity which is needed by its agencies.

  • ESTIMATED QUANTITIES 1.1 The quantities set forth in the line items and specification document are approximate and represent the estimated requirements for the contract period.

  • CONTRACT PRICE/PRICE LIMITATION/ PAYMENT 5.1 The contract price, method of payment, and terms of payment are identified and more particularly described in EXHIBIT C which is incorporated herein by reference.

  • MINIMUM ORDER QUANTITY The State makes no commitment to purchase any minimum or maximum quantity, or dollar volume of products from the selected suppliers. Utilization of this agreement will be on an as needed basis by State Agencies and/or Cooperative Participants, Cities, Counties, Schools K-12, Colleges and Universities. The State will award to multiple suppliers; however, the State reserves the right to purchase like and similar products from other suppliers as necessary to meet operational requirements. Note: Issuance of an award does not guarantee an order.

  • VARIATION IN QUANTITY The state assumes no liability for commodities produced, processed or shipped in excess of the amount specified herein.

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