Operational Imbalances Sample Clauses

Operational Imbalances. JPM CCC and Purchaser recognize that due to the normal operation of one or more of the Transporters’ pipeline systems and/or storage facilities, certain Operational Imbalances may arise from time to time with respect to Oil sold and delivered hereunder, due to, among other things, a Transporter’s batch scheduling processes, variations in rates of the flow of Oil, Oil transit time, inaccuracies in the measurement and allocation of Oil, and other physical reasons. Notwithstanding any other term or provision in this Agreement to the contrary, to the extent any such Operational Imbalance occurs with respect to any Transaction during any Delivery Month and causes either JPM CCC or Purchaser to be unable to satisfy all or any part of its delivery or purchase obligation for such Transaction, such Party shall not be deemed to be in default hereunder with respect to its delivery or purchase obligation for such Transaction and the shortfall or excess quantity of Oil (as the case may be) (the “Imbalance Quantity”) shall be carried forward to the following Delivery Month or Delivery Months, as applicable, and settled in cash or physically settled by delivery or redelivery as soon as possible as agreed by the Parties. JPM CCC and Purchaser shall take all necessary steps to account for and settle any such Imbalance Quantity in a commercially reasonable manner and shall adjust future nominations and deliveries of Oil in accordance with the foregoing provisions. If an imbalance has been settled through the Enbridge Pipeline auto balancing procedure, then the quantity of the imbalance so settled will be flowed through directly by JPM CCC to Purchaser, such that any quantity sold to Enbridge Pipeline shall be deducted from such delivery obligation and any quantity purchased from Enbridge Pipeline will be added to such delivery obligation, and the gains or losses incurred by JPM CCC (calculated (i) with respect to quantities sold to Enbridge Pipeline, as the difference between the Contract Value for the affected quantity, except that the date on which such amount would otherwise be due, and the price discounted, using LIBOR interest rates, to such re-determined date, shall each be determined by JPM CCC in a commercially reasonable manner, and the amount received by JPM CCC for the quantity it was required to sell to Enbridge Pipeline in accordance with such auto balancing, and (ii) with respect to quantities purchased from Enbridge Pipeline, as the price paid to Enbridge Pip...
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Operational Imbalances. The Parties intend that the MMBtu of Gas actually delivered and received each day at each Interconnection Point will equal the confirmed scheduled nominations of the Parties to be delivered or received therefrom. Any variance between the actual physical flow of Gas at an Interconnection Point each day and the confirmed scheduled nominations of receipts and deliveries for that Interconnection Point for such day is an “Operational Imbalance”, which Operational Imbalance is the responsibility of the Parties to eliminate pursuant to this Agreement.
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Operational Imbalances. MLC and PESRM recognize that due to the normal operation of one or more pipeline systems, storage facilities, dock facilities and other loading and unloading facilities and the like, certain operational imbalances (each, an “Operational Imbalance”) may arise from time to time with respect to Hydrocarbons to be sold and delivered under this Agreement due to, among other things, variations in rates of the flow of such Hydrocarbons, transit times, inaccuracies in the measurement and allocation of such Hydrocarbons and other physical reasons. To the extent any such Operational Imbalance occurs and causes either Party to be unable to satisfy all or any part of its delivery or purchase obligations with respect to a PESRM Transaction, such Party shall not be deemed to be in default hereunder with respect to its delivery or purchase obligation for such PESRM Transaction and the shortfall or excess quantity of Hydrocarbon, as applicable (the “Imbalance Quantity”), shall be carried forward to the following delivery month or delivery months, as applicable, and settled in cash or physically settled by delivery or redelivery as soon as possible as agreed by the Parties. MLC and PESRM shall take all necessary steps to account for and settle any such Imbalance Quantity in a commercially reasonable manner and shall adjust future nominations and deliveries of Hydrocarbon in accordance with the foregoing provisions.
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Operational Imbalances. Operator and Customer recognize and agree that from time to time and when circumstances may require, Operator shall have the right to withdraw and utilize Customer's Gas for operational purposes without notice to Customer, provided that (i) such withdrawals shall not affect the Parties' rights and obligations under this Agreement, (ii) absent an event of Force Majeure, Operator shall remain liable to meet the daily delivery obligations, up to the MDWQ, according to the terms of the applicable Confirmation, and (iii) Operator shall, as soon as practicable and at its sole cost, risk and expense, reinject into the Storage Facility for Customer's account a quantity of Gas equal to any quantities withdrawn according to the terms of this Section 2.4. article 12 RATES Customer agrees to pay (i) the fee for the reservation of storage capacity to store the Working Gas set forth in the Confirmation (the “Storage Fee”), plus (ii) the fee for injection of Working Gas set forth in the Confirmation (the “Injection Fee”), plus (iii) the fee for withdrawal of Working Gas set forth in the Confirmation (the “Withdrawal Fee”); provided, the total of the above referenced fees for each Month shall not exceed the maximum amount allowed by applicable law or regulation (the “Maximum Legal Rate”). Operator may at any time adjust the above referenced fees in whatever manner is necessary to implement discounts or other fee adjustments. article 13 related transactions and end of term matters 14 Related Transactions. Customer shall be responsible for all matters arising from or ancillary to the purchase and sale of Gas to be stored on its behalf in the Storage Facility and for the transportation of such Gas to the Receipt Point(s) and from the Delivery Point(s), including, without limitation, securing and maintaining all necessary transportation services with Transporting Pipelines, complying with all reporting requirements and payment obligations arising in respect of Gas sales proceeds, paying or delivering all royalties and other third party interests, securing and maintaining all required permits and authorizations and paying all taxes, levies and charges associated with its purchase hereunder of storage services or its nominating from time‑to‑time for injection and withdrawal of Gas from the Storage Facility.
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Related to Operational Imbalances

  • Imbalances The parties hereto recognize that with respect to Section 2.01, on any Day, receipts of gas by Union and deliveries of gas by Union may not always be exactly equal, but each party shall cooperate with the other in order to balance as nearly as possible the quantities transacted on a daily basis, and any imbalances arising shall be allocated to the Facilitating Agreements and shall be subject to the respective terms and charges contained therein, and shall be resolved in a timely manner.

  • Gas Imbalances As of the Closing Date, except as set forth on Schedule 7.24 or on the most recent certificate delivered pursuant to Section 8.07(c), on a net basis there are no gas imbalances, take or pay or other prepayments with respect to any of the Obligors’ Oil and Gas Properties which would require any such Obligors to deliver, in the aggregate, five percent (5%) or more of the monthly production of Hydrocarbons produced from their Oil and Gas Properties at some future time without then or thereafter receiving fall payment therefor.

  • STORAGE TANKS AND SUMPS 3.1 Is any above or below ground storage of gasoline, diesel, petroleum, or other Hazardous Materials in tanks or sumps proposed in, on or about the Premises? Existing Tenants should describe any such actual or proposed activities. Yes [ ] No [ ] If yes, please explain:

  • Credits and Prorations (a) The following shall be apportioned with respect to the Property as of 12:01 a.m., on the day of Closing, as if Purchaser were vested with title to the Property during the entire day upon which Closing occurs:

  • 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.

  • Delivery Points ‌ Project water made available to the Agency pursuant to Article 6 shall be delivered to the Agency by the State at the delivery structures established in accordance with Article 10.

  • OPERATIONAL PROCEDURES In order to minimize operational problems, it will be necessary for trade information to be supplied in a secure manner by the Subadviser to the Fund’s Service Providers, including: JPMorgan Chase Bank, National Association (the “Custodian”), Virtus Fund Services (the “Fund Administrator”) BNY Mellon Investment Servicing (US) Inc., (the “Sub-Accounting Agent”), any Prime Broker to the Series, and all other Counterparties/Brokers as required. The Subadviser must furnish the Fund’s service providers with required daily information as to executed trades in a format and time-frame agreed to by the Subadviser, Custodian, Fund Administrator, Sub-Accounting Agent and Prime Broker/Counterparties and designated persons of the Fund. Trade information sent to the Custodian, Fund Administrator, Sub-Accounting Agent and Prime Broker/Counterparties must include all necessary data within the required timeframes to allow such parties to perform their obligations to the Series. The Sub-Accounting Agent specifically requires a daily trade blotter with a summary of all trades, in addition to trade feeds, including, if no trades are executed, a report to that effect. Daily information as to executed trades for same-day settlement and future trades must be sent to the Sub-Accounting Agent no later than 4:30 p.m. (Eastern Time) on the day of the trade each day the Fund is open for business. All other executed trades must be delivered to the Sub-Accounting Agent on Trade Date plus 1 by Noon (Eastern Time) to ensure that they are part of the Series’ NAV calculation. (The Subadviser will be responsible for reimbursement to the Fund for any loss caused by the Subadviser’s failure to comply with the requirements of this Schedule A.) On fiscal quarter ends and calendar quarter ends, all trades must be delivered to the Sub-Accounting Agent by 4:30 p.m. (Eastern Time) for inclusion in the financial statements of the Series. The data to be sent to the Sub-Accounting Agent and/or Fund Administrator will be as agreed by the Subadviser, Fund Administrator, Sub-Accounting Agent and designated persons of the Fund and shall include (without limitation) the following:

  • Storage Tanks If storage tanks storing Hazardous Materials located on the Premises or the Project are used by Tenant or are hereafter placed on the Premises or the Project by Tenant, Tenant shall install, use, monitor, operate, maintain, upgrade and manage such storage tanks, maintain appropriate records, obtain and maintain appropriate insurance, implement reporting procedures, properly close any storage tanks, and take or cause to be taken all other actions necessary or required under applicable state and federal Legal Requirements, as such now exists or may hereafter be adopted or amended in connection with the installation, use, maintenance, management, operation, upgrading and closure of such storage tanks. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to use or install any underground storage tanks at the Project.

  • Underground Storage Tanks In accordance with the requirements of Section 3(g) of the D.C. Underground Storage Tank Management Act of 1990, as amended by the District of Columbia Underground Storage Tank Management Act of 1990 Amendment Act of 1992 (D.C. Code § 8-113.01, et seq.) (collectively, the “UST Act”) and the applicable D.C. Underground Storage Tank Regulations, 20 DCMR Chapter 56 (the “UST Regulations”), District hereby informs the Developer that it has no knowledge of the existence or removal during its ownership of the Property of any “underground storage tanks” (as defined in the UST Act). Information pertaining to underground storage tanks and underground storage tank removals of which the D.C. Government has received notification is on file with the District Department of the Environment, Underground Storage Tank Branch, 00 X Xxxxxx, X.X., Xxxxx Xxxxx, Xxxxxxxxxx, X.X., 00000, telephone (000) 000-0000. District’s knowledge for purposes of this Section shall mean and be limited to the actual knowledge of Xxxxxx Xxxxx, Property Acquisition and Disposition Division of the Department of Housing and Community Development, telephone no. (000) 000-0000. The foregoing is set forth pursuant to requirements contained in the UST Act and UST Regulations and does not constitute a representation or warranty by District.

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