Permitted Trading Activities definition
Permitted Trading Activities means Trading Activities that, in each case, conform with the trading guidelines established from time to time by EME's applicable risk management committee; provided, that such guidelines shall be consistent with the risk management guidelines established from time to time by EME's applicable risk management committee and applicable to other similarly situated North American generating assets owned or controlled by EME or any subsidiary thereof. Notwithstanding the foregoing, (a) no Trading Activity shall constitute a "Permitted Trading Activity" if it is a speculative Trading Activity, (b) all Permitted Trading Activities shall be conducted with Persons who are rated Investment Grade (provided that the restriction set forth in this clause (b) shall not apply to physical purchases of fuel (and related transportation and other ancillary fuel services) intended for consumption at the Facility); (c) no Permitted Trading Activity shall have a term exceeding one year unless (i) the pro forma financial results of such Permitted Trading Activity, when taken together with the pro forma financial results of all other Permitted Trading Activities to which the Facility Lessee is then a party, produce a pro forma minimum Basic Rent Service Coverage Ratio at all times during the term of such Permitted Trading Activity that is at least 1.2 to 1.0 (provided that the restriction set forth in this clause (c) shall not apply to physical purchases of fuel (and related transportation and other ancillary fuel services) intended for consumption at the Facility); (ii) any such forward sale of energy shall be permitted to be made only if the Facility Lessee has contracted to purchase fuel in an amount sufficient to generate the energy being sold; and (iii) any such forward sales of energy for a term exceeding ten years shall be consistent with Prudent Industry Practice and the Owner Participant shall have consented to the Facility Lessee's entry into such sale (such consent not to be unreasonably withheld); (d) at no time may the output of all three of ▇▇▇▇▇ City's units be committed to any third party on a forward (i.e., more than day-ahead) basis; (e) forward sales may only be entered into with an unaffiliated third party if the senior unsecured indebtedness of the Facility Lessee is rated at least Investment Grade by one or more Rating Agencies (or the Facility Lessee has an equivalent counterparty rating); and (f) ▇▇▇▇▇ City will not enter into Trading Activities on a forwar...
Permitted Trading Activities means (a) the daily or forward purchase and/or sale, or other acquisition or disposition, of wholesale or retail electric energy, capacity, ancillary services, transmission rights, emissions allowances, weather derivatives and/or related commodities, in each case, whether physical or financial, (b) the daily or forward purchase and/or sale, or other acquisition or disposition, of fuel, mineral rights and/or related commodities, including swaps, options and swaptions, in each case, whether physical or financial, (c) electric energy-related tolling transactions, as seller of tolling services, (d) price risk management activities or services, (e) other similar electric industry activities or services, or (f) additional services as may be consistent with Prudent Industry Practice from time to time to support the marketing and trading related to the Facilities, in each case, consistent with the Energy and Fuel Risk Management Policies.
Permitted Trading Activities means (a) the daily or forward purchase and/or sale, or other acquisition or disposition, of wholesale or retail electric energy, capacity, ancillary services, transmission rights, emissions allowances, weather derivatives and/or related commodities, in each case, whether physical or financial, (b) the daily or forward purchase and/or sale, or other acquisition or disposition, of fuel, mineral rights and/or related commodities, including swaps, options and swaptions, in each case, whether physical or financial, (c) electric energy-related tolling transactions, as seller of tolling services, (d) price risk management activities or services, (e) other similar electric industry activities or services, or (f) additional services as may be consistent with Prudent Industry Practice from time to time to support the marketing and trading related to the Subsidiaries of the Borrower, Joint Enterprises and Unrestricted Joint Enterprises, in each case, consistent with the energy and fuel risk management policies of such Subsidiary, Joint Enterprise or Unrestricted Joint Enterprise (or, if the relevant Subsidiary, Joint Enterprise or Unrestricted Joint Enterprise does not have any such policies, the energy and fuel risk management policies of the Borrower).
Examples of Permitted Trading Activities in a sentence
The Facility Lessee shall not make or permit to remain outstanding any advances, loans or extensions of credit to, or purchase or own any stock, bonds, notes, debentures or other securities of any Person, except Permitted Investments and guarantees with respect to Permitted Trading Activities.
The Company agrees that, except as required by any Transaction Document, it will not, and will not permit any of its Subsidiaries to, enter into any Trading Activities other than Permitted Trading Activities.
Without limitation on the foregoing, Borrower certifies that the proceeds of the Borrowing will be used solely to support Permitted Trading Activities conducted by Borrower for the benefit of Lender.
More Definitions of Permitted Trading Activities
Permitted Trading Activities means Trading Activities that, in each case, conform with the trading guidelines established from time to time on behalf of the Company. Notwithstanding the foregoing, no Trading Activity shall constitute a “Permitted Trading Activity” if it is a speculative Trading Activity.
Permitted Trading Activities means (a) the daily or forward purchase and/or sale, or other acquisition or disposition, of wholesale or retail electric energy, capacity, ancillary services, transmission rights, emissions allowances, weather derivatives and/or related commodities, either physical or financial, (b) the daily or forward purchase and/or sale, or other acquisition or disposition, of fuel, mineral rights and/or related commodities, including swaps, options and swaptions (physical or financial), (c) electric energy-related tolling transactions, as seller of tolling services, (d) price risk management activities or services, (e) other similar electric industry activities or services, or (f) additional services as may be consistent with industry practice from time to time to support the marketing and trading related to the Facilities, in each case in the ordinary course of business from time to time.
Permitted Trading Activities means (a) the daily or forward purchase and/or sale, or other acquisition or disposition, of wholesale or retail electric energy, capacity, ancillary services, transmission rights, emissions allowances, weather derivatives and/or related commodities, in each case, whether physical or financial, (b) the daily or forward purchase and/or sale, or other acquisition or disposition, of fuel, mineral rights and/or related commodities, including swaps, options and swaptions, in each case, whether physical or financial, (c) electric energy-related tolling transactions, as seller of tolling services, (d) price risk management activities or services, (e) other similar electric industry activities or services, or (f) additional services as may be consistent with Prudent Industry Practice from time to time to support the marketing and trading related to the Subsidiaries of the Borrower and Joint Enterprises, in each case, consistent with the energy and fuel risk management policies of such Subsidiary or Joint Enterprise (or, if the relevant Subsidiary or Joint Enterprise does not have any such policies, the energy and fuel risk management policies of the Borrower).