Deficiency Volume definition

Deficiency Volume has the meaning set forth in Section 3.5.

Deficiency Volume means, for any Accounting Period, the amount by which (i) the Required Monthly Volume for such Accounting Period exceeds (ii) the Actual Shipments by Shipper during the same Accounting Period. In the case of Anchor Shippers, “Deficiency Volume” means, for any Accounting Period, the amount by which (iii) such Anchor Shipper’s Required Monthly Volume for such Accounting Period exceeds (iv) such Anchor Shipper’s Actual Shipments of Dedication Agreement Volumes during the same Accounting Period. Transporter may negotiate, on a not unduly discriminatory or preferential basis, alternative formula for determination of a Shipper’s Deficiency Volume, and such Deficiency Volume shall be utilized for all purposes under this Tariff.

Deficiency Volume means, when a Committed Shipper fails to ship its Required Monthly Volume on the Pipeline during a Month, the difference between (a) the Committed Shipper’s Required Monthly Volume and

Examples of Deficiency Volume in a sentence

• The firm quantity not consumed in any Contract Year (the "Firm Deficiency Volume" or “FDV”) shall be as determined in the formula below.

• The interruptible quantity not consumed in any Contract Year (the "Interruptible Deficiency Volume") (“IDV”) shall be determined in the formula below.

• The interruptible quantity not consumed in any Contract Year (the "Interruptible Deficiency Volume") ( “IDV”) shall be determined in the formula below.

• Except as provided in Section 5.2(d), if a Quarterly Deficiency Volume exists as of the end of any Quarter, then Shipper shall pay to Carrier an amount equal to the product of (i) the Quarterly Deficiency Volume for such Quarter and (ii) the Throughput Fee in effect for such Quarter (such product being the “Deficiency Payment”).

• Each Monthly Statement immediately following the last Month in each Calendar Quarter shall include a report that sets forth the amount of the Quarterly Deficiency Volume, if any, or Quarterly Surplus Volume, if any, and any Quarterly Deficiency Payment that may be due and payable by Shipper.

• For example, should the Commencement Date be on the twenty fifth (25th) date of a Quarter that has ninety one (91) days in the Quarter, then the Quarterly Deficiency Volume for the partial Quarter post Commencement Date would be proportionately adjusted by multiplying the Quarterly Deficiency Volume by 72.5% (i.e. 1 minus .275 = 72.5%, whereby .275 is derived by dividing 25 by 91 days in the Quarter).

• Any Quarterly Deficiency Volume calculated per Section 5.2 shall not be reduced on a retro-active basis by any Committed Shipper Credit.

• Each Monthly Statement immediately following the last Month in each Calendar Quarter shall include a report that sets forth the amount of the Quarterly Deficiency Volume, if any, or Quarterly Surplus Volume, if any, and any Quarterly Deficiency Payment that may be due and payable by Customer.

• The payment required for the Firm quantity not consumed in any Contract Year (the "Firm Deficiency Volume" or “FDV”) shall be calculated by multiplying FDV by the Firm Delivery Commodity Charge identified in the Rate Schedule in effect on the last day of the Contract Year.

• Notwithstanding the other provisions of Article III, to the extent a Shortfall Volume, Overage Volume or Supply Deficiency Volume is created during any Month during a Contract Year, a bank is hereby created (a “CO2 Bank”) to net out such volumes over time.

More Definitions of Deficiency Volume

Deficiency Volume means the Contract Quantity during any Contract Quarter of the Agreement less the actual barrels of Crude Oil received by STUSCO from Seller under this Agreement, during the same Contract Quarter, calculated on a net basis after any gravity adjustment. The Parties agree that for purposes of the Deficiency Volume calculation, the actual barrels of Crude Oil received by STUSCO from Seller during any calendar month under this Agreement shall be capped at 1.05 multiplied by the aggregate Contract Quantity for such calendar month, regardless of actual deliveries. A Contract Quarter is a three month period, the first beginning on the Service Commencement Date and each subsequent Contract Quarter being the following three month period. Should the Deficiency Volume be a positive number, for any reason, STUSCO shall provide notice to Seller of such Deficiency Volume and an invoice for the amount due hereunder, payable ten (10) days after receipt of invoice. Seller shall be invoiced an amount equal to the Deficiency Volume for the Contract Quarter multiplied by Magellan’s Longhorn Spot tariff rate which is effective for transportation from Crane, TX to Houston Ship Channel, for the period of time for which the Deficiency Volume is calculated. For the avoidance of doubt, Seller shall not be relieved of its obligation to make deficiency payments for the time of any Force Majeure event declared by Seller.

Deficiency Volume shall be defined as the difference between the MVC during any Contract Year and the sum of the total volume of Gas delivered during that same Contract Year.