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. (b) 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. (c) 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.
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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. (b) The total quantity which is subject to close out for a relevant Gas Day and Capacity Type in respect of relevant Capacity Transactions (Close Out Capacity Quantity) is the absolute value of TCQS – TCQB.
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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 (Close Out Quantity) is the absolute value of TQS – TQB.
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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

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