Minimum Quarterly Commitment definition

Minimum Quarterly Commitment has the meaning set forth in the Schedule.
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Minimum Quarterly Commitment means the minimum unit quantities of Product, expressed on a quarterly basis, that Primus is required to purchase and Capricorn is required to deliver in order to maintain exclusive license and production rights, respectively, as set forth in Schedule C.
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Minimum Quarterly Commitment has the meaning set forth in the Schedule. 3 (ee) “Month” or “Monthly” means a calendar month commencing at 12:00 a.m. on the first Day thereof and running until, but not including, 12:00 a.m. on the first Day of the following calendar month, according to local time where the Terminal is located. (ff) “Monthly Statement” has the meaning set forth in Section 6.01. (gg) “MPMS” has the meaning set forth in Section 12.01. (hh) “Non-Conforming Product” means any Product that fails to meet the Specifications. (ii) “Normal Business Hours” means the period of time commencing at 8:00 a.m. on one Business Day and running until 5:00 p.m. on the same Business Day, according to local time where the Terminal is located. (jj) “Notice” means any notice, request, instruction, correspondence or other communication permitted or required to be given under this Agreement. (kk) “Outage” has the meaning set forth in Section 4.08. (ll) “Partnership” means Valero Energy Partners LP. (mm) “Partnership Change in Control” means Valero ceases to Control the general partner of the Partnership. (nn) “Party” means Company or Customer, individually and “Parties” means Company and Customer, collectively. (oo) “Person” means an individual or a corporation, firm, limited liability company, partnership, joint venture, trust, unincorporated organization, association, Government Authority or other entity. (pp) “Pipeline” means any pipeline owned, operated or legally accessible to Company and connected to the Terminal which is the subject of a Schedule referred to in this Agreement. (qq) “Product” or “Products” means the petroleum product(s) or other commodity(ies) specified in the Schedule. (rr) “Quarterly Deficiency Payment” has the meaning set forth in the Schedule. (ss) “Quarterly Deficiency Volume” has the meaning set forth in the Schedule. (tt) “Quarterly Surplus Volume” has the meaning set forth in the Schedule. (uu) “Railway” means any railway employed for the purpose of transporting Products to and from the Terminal. 4 (vv) “Refineries” means the Valero refineries located in Port ▇▇▇▇▇▇, Texas, Sunray, Texas, Memphis, Tennessee and any other Valero refinery specifically identified as such in the Schedule. The term “Refinery” means any one of the Refineries, as specified in the Schedule. (ww) “Removal Deadline” has the meaning set forth in Section 3.02(a). (xx) “Renewal Term” has the meaning set forth in Section 3.01. (yy) “Schedule” has the meaning set forth in Section 2.01. (zz) “Speci...
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Examples of Minimum Quarterly Commitment in a sentence

  • If Customer or any of its Affiliates determines to completely or partially suspend refining operations at the Refinery for a period of at least 12 consecutive Months, the Parties will negotiate in good faith to agree upon a reduction of the Minimum Quarterly Commitment to reflect such suspension of operations.

  • Carrier shall provide transportation services to Shipper in excess of the Minimum Quarterly Commitment on an “as available” basis, and any use of such excess capacity shall be subject to the Tariff Rate in effect at the time of the tender.

  • If the Parties are unable to agree to an appropriate reduction of the Minimum Quarterly Commitment, then after Customer or such Affiliate has made a public announcement of such suspension, Customer may provide written Notice to Company of its intent to terminate this Schedule and this Schedule will terminate 12 Months following the date such Notice is delivered to Company.

  • If the Parties are unable to agree to an appropriate reduction of the Minimum Quarterly Commitment, then after Shipper or such Affiliate has made a public announcement of such suspension, Shipper may provide written Notice to Carrier of its intent to terminate this Schedule and this Schedule will terminate 12 Months following the date such Notice is delivered to Carrier.

  • Except as expressly provided in the Agreement for an Outage, a Carrier Force Majeure or a Shipper Force Majeure, if during any Calendar Quarter, Shipper fails to meet its Minimum Quarterly Commitment during such Calendar Quarter, then Shipper will pay Carrier a deficiency payment (each, a “Quarterly Deficiency Payment”) in an amount equal to the volume of the deficiency (the “Quarterly Deficiency Volume”) multiplied by the Transportation Rate in effect for the relevant Calendar Quarter.

  • Carrier shall provide transportation services to Shipper in excess of the Minimum Quarterly Commitment on an “as available” basis, and any use of such excess capacity shall be subject to the Transportation Rate in effect at the time of the tender.

  • If Shipper or any of its Affiliates determines to completely or partially suspend refining operations at the Refinery for a period of at least 12 consecutive Months, the Parties will negotiate in good faith to agree upon a reduction of the Minimum Quarterly Commitment to reflect such suspension of operations.

  • Except as expressly provided in the Agreement for an Outage, a Carrier Force Majeure or a Shipper Force Majeure, if during any Calendar Quarter, Shipper fails to meet its Minimum Quarterly Commitment during such Calendar Quarter, then Shipper will pay Carrier a deficiency payment (each, a “Quarterly Deficiency Payment”) in an amount equal to the volume of the deficiency (the “Quarterly Deficiency Volume”) multiplied by the Tariff Rate in effect for the relevant Calendar Quarter.

  • Except as expressly provided in the Agreement in connection with an Outage, a Company Force Majeure or a Customer Force Majeure, if during any Calendar Quarter, Customer fails to satisfy its Minimum Quarterly Commitment in such Calendar Quarter, then Customer will pay Company a deficiency payment (each, a “Quarterly Deficiency Payment”) in an amount equal to the volume of the deficiency (the “Quarterly Deficiency Volume”) multiplied by the Throughput Charge.

  • During each Calendar Quarter, pursuant to the terms and conditions of this Agreement, the Schedule and the applicable Tariff, if any, Shipper shall tender (or otherwise pay for transportation services with respect to, as contemplated by the Schedule), at one or more Origin Points, volumes of Products equal to the applicable Minimum Quarterly Commitment.

Related to Minimum Quarterly Commitment

  • Minimum Tranche Amount has the meaning specified in Section 2.15(b).

  • Volume Commitment means the agreed upon Customer commitment to purchase, and may be described as an Annual Volume Commitment, Total Volume Commitment, Tiered Volume Commitment, or Subminimum Volume Commitment.

  • Minimum Quarterly Distribution means $0.35 per Unit per Quarter (or with respect to the period commencing on the Closing Date and ending on September 30, 2005, it means the product of $0.35 multiplied by a fraction of which the numerator is the number of days in such period and of which the denominator is 92), subject to adjustment in accordance with Section 6.6 and Section 6.9.

  • Maximum Available Commitment means, subject to the proviso contained in the third sentence of Section 2.02(a), at any time of determination, (a) the Maximum Commitment at such time less (b) the aggregate amount of each Interest Advance outstanding at such time; provided that following a Provider Advance or a Final Advance, the Maximum Available Commitment shall be zero.

  • Real-Time Commitment means NYISO’s multi-period security constrained unit commitment and dispatch model, as defined in the NYISO Tariffs.