Take or Pay Obligation Sample Clauses

Take or Pay Obligation. (a) During the Term of this Contract, Seller shall invoice Buyer and Buyer shall pay Seller, within thirty days of the date of such invoice, an amount equal to the greater of: (i) the Minimum Monthly Amount, or (ii) the Actual Monthly Amount. (b) The Minimum Monthly Amount shall be reduced each Month for any deficiencies in the amount of Product made available by Seller to Buyer due to (i) force majeure as defined in Article XIV, or (ii) failure by Seller to deliver quantities of Product up to Buyer’s Daily Contract Quantity obligation when and as requested.
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Take or Pay Obligation. (a) In each Contract Quarter, Buyer shall be obliged to take and pay for, or pay for if not taken, a quantity of Gas at least equal to 80% (eighty percent) of the Quarterly Contract Quantity less the sum of the following quantities for each day during such Contract Quarter (but without double counting any of the following quantities): 1. any quantity of Gas up to the DNQ for the relevant day and which Xxxxx was prevented from purchasing and taking by reason of Force Majeure; plus 2. any quantity of Gas up to the DNQ for the relevant day that Seller failed to make available for delivery unless such failure was: (i) caused by Xxxxx’s failure to comply with the terms of this Agreement; or (ii) due to the exercise of Seller’s right to suspend Gas deliveries pursuant to Clause 19; plus 3. any quantity of Gas up to the DNQ for the relevant day that Xxxxx would have purchased and taken but which Xxxxx rejected in accordance with Clause 13 because it failed to meet the Specifications; plus 4. any quantity of Gas up to the DCQ for the relevant day which a Party did not nominate or schedule due to Planned Maintenance pursuant to Clause 14. (collectively, the “Take or Pay Quantity”) For the avoidance of doubt, during a period of Force Majeure and Planned Maintenance, in case the Buyer offtakes any quantities of Gas from the Seller, such quantities of Gas will not be deducted under points 1 and 4 above respectively while computing the Take or Pay Quantity. The deduction will be only to the extent of quantities of Gas which the Buyer was prevented from offtaking due to Force Majeure or Planned Maintenance. (b) If, in any Contract Quarter, Buyer fails to take the Take or Pay Quantity for such Contract Quarter, then the Seller shall compute the Quarterly Minimum Guaranteed Offtake Charges (“QMGO Charges”) which shall be an amount equal to the product of: (A) the Weighted Average Gas Price applicable during such Contract Quarter; and (B) the Quarterly Shortlifted Quantity for such Contract Quarter. (i) Buyer offtakes entire Gas available, then Buyer shall pay only for the actual supply of Gas; (ii) Buyer offtakes Gas quantities which is less than the quantities available with the Seller then Buyer will pay for the quantities made available by the Seller. (c) The Quarterly Shortlifted Quantity, for which QMGO Charges have been computed by the Seller, will be the basis for determining the Make Up Gas which may be supplied to the Buyer in accordance with Clause 10.3 below. (...
Sample 1
Take or Pay Obligation. The minimum monthly quantity of natural gas that must be taken, and if it is not taken, must nevertheless be paid for by Buyer ("Take or Pay Quantity"), shall be 90% (ninety percent) of the sum of all MDQs, during each calendar month, with the following deductions: (i) the quantities corresponding to Fortuitous Cases or Force Majeure, (ii) the quantities that having been duly nominated by Buyer, were not made available to it by Seller due to different causes such as Fortuitous Cases and/or Force Majeure, and/or (iii) reductions in MDQ due to a Yearly Scheduled Maintenance.
Sample 1
Take or Pay Obligation. Subject to Section 6.06 hereof, Xxxxxxx agrees that each day from the Shipper Commencement Date through the end of the Term, it shall ship on the Diluent Pipeline, or otherwise pay for the shipment of, at least the Committed Volume. Shipper is not permitted to reduce the Committed Volume, except as otherwise expressly permitted by this Agreement.
Sample 1
Take or Pay Obligation. (a) Each Month during the Primary Term of this Contract, Buyer shall pay Seller an amount equal to the greater of: (i) the Minimum Monthly Amount, or (ii) the Actual Monthly Amount. (b) The Minimum Monthly Amount shall be reduced each Month for any deficiencies in the amount of Product made available by Seller to Buyer due to (i) force majeure as defined in Article XIV, or (ii) failure by Seller to deliver quantities of Product up to Buyer’s take or pay obligation. (c) Buyer shall provide Seller with a surety bond to ensure Buyer’s payment of any take or pay obligation incurred pursuant to this Paragraph 5.2. Such bond shall name Seller as beneficiary, shall be approved by Seller as to form and issuer, shall be maintained for the life of the Contract and shall be of sufficient size to cover Buyer’s yearly take or pay requirements and the DCQ requirements.
Sample 1
Take or Pay Obligation. The Buyer must pay the MMC to the Sellers for each month during the Supply Term. In addition to the payment of the MMC, if the total quantity of gas delivered (including Make up Gas) at the end of the Supply Term is less than the MCQ, then the Buyer will pay the Sellers the difference between the total quantity of Gas delivered and the MCQ at the then prevailing Contract Price.
Sample 1

Related to Take or Pay Obligation

  • MAXIMUM OBLIGATION A. The Total Maximum Obligation of COUNTY for services provided in accordance with this Agreement, and the separate Maximum Obligations for each period under this Agreement, are as specified in the Referenced Contract Provisions of this Agreement, except as allowed for in Subparagraph B. below. B. ADMINISTRATOR may amend the Maximum Obligation by an amount not to exceed ten percent (10%) of Period One funding for this Agreement.

  • One Obligation The Loans, LC Obligations and other Obligations shall constitute one general obligation of Borrowers and (unless otherwise expressly provided in any Loan Document) shall be secured by Agent’s Lien upon all Collateral; provided, however, that Agent and each Lender shall be deemed to be a creditor of, and the holder of a separate claim against, each Borrower to the extent of any Obligations jointly or severally owed by such Borrower.

  • Joint Obligation If there be more than one Tenant, the obligations hereunder imposed shall be joint and several.

  • Guaranty Obligations Unless otherwise specified, the amount of any Guaranty Obligation shall be the lesser of the principal amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guaranty Obligation.

  • Primary Obligation This Agreement is a primary and original obligation of each Borrower and shall remain in effect notwithstanding future changes in conditions, including any change of law or any invalidity or irregularity in the creation or acquisition of any Obligations or in the execution or delivery of any agreement between Bank and any Borrower. Each Borrower shall be liable for existing and future Obligations as fully as if all of all Credit Extensions were advanced to such Borrower. Bank may rely on any certificate or representation made by any Borrower as made on behalf of, and binding on, all Borrowers, including without limitation Disbursement Request Forms, Borrowing Base Certificates and Compliance Certificates.

  • Reimbursement Obligation of the Borrower The Borrower agrees to reimburse each Issuing Lender on each date on which such Issuing Lender notifies the Borrower of the date and amount of a draft presented under any Letter of Credit and paid by such Issuing Lender (but in any event no such reimbursement shall be required before the date on which Base Rate Loans would be made (or the procedure specified in Section 2.26 would become applicable) as described in the last two sentences of this Section) for the amount of (a) such draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Each such payment shall be made to such Issuing Lender at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.13(b) and (ii) thereafter, Section 2.13(c). Each drawing under any Letter of Credit shall (unless an event of the type described in clause (i) or (ii) of Section 7(f) shall have occurred and be continuing with respect to the Borrower, in which case the procedures specified in Section 2.26 for funding by L/C Participants shall apply) constitute a request by the Borrower to the Administrative Agent for a borrowing pursuant to Section 2.5 of Base Rate Loans in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Credit Loans could be made, pursuant to Section 2.5, if the Administrative Agent had received a notice of such borrowing at the time of such drawing under such Letter of Credit.

  • Repair Obligation If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, other than building standard leasehold improvements Landlord shall not be required to repair or replace any Alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Section 15, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all Alterations, improvements and betterments in the Premises (and, if Tenant has failed to maintain insurance on such items as required by this Lease, Tenant shall pay Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease).

  • Unfunded Obligation The obligations under this Agreement shall be unfunded. Benefits payable under this Agreement shall be paid from the general assets of the Company. The Company shall have no obligation to establish any fund or to set aside any assets to provide benefits under this Agreement.

  • Limited Obligation The obligations, covenants and agreements of the Agency hereunder shall not constitute or give rise to an obligation of the State of New York, the County, or any city, town, village or school district within which the Project Facility is located and neither the State of New York, the County, nor any such city, town, village or school district shall be liable thereon, and further, such obligations, covenants and agreements shall not constitute or give rise to a general obligation of the Agency.

  • Surety Obligations No Borrower or Subsidiary is obligated as surety or indemnitor under any bond or other contract that assures payment or performance of any obligation of any Person, except as permitted hereunder.

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