Priority Gas means Gas that Purchaser, prior to the date hereof, is obligated to take under a long-term agreement, which Gas either has been purchased (or has been produced from Gas reserves in the ground which reserves were purchased) by Purchaser or a joint powers authority using the proceeds of bonds, notes, or other obligations, the interest on which is excluded from income for federal income tax purposes pursuant to a long-term prepaid gas purchase agreement.

Priority Gas means the Contract Quantity of Gas to be purchased by Purchaser under this Agreement, together with Gas that (i) Purchaser is obligated to take under a long-term agreement, which Gas either have been purchased (or has been produced from Gas reserves in the ground which reserves were purchased) by Purchaser or a joint action agency using the proceeds of bonds, notes, or other obligations, the interest on which is excluded from income for federal income tax purposes pursuant to a long-term prepaid gas purchase agreement.

Priority Gas means the Contract Quantities of Gas to be purchased by the Customer hereunder, together with Gas (i) purchased by the Customer, Main Street or a related joint powers authority using the proceeds of bonds, notes, or other obligations the interest on which is excluded from income for federal income tax purposes pursuant to a long-term prepaid gas purchase agreement or (ii) produced from oil and gas reserves in the ground owned by the Gas Purchaser, Main Street or a related joint powers authority that were financed with the proceeds of bonds, notes, or other obligations the interest on which is excluded from income for federal tax purposes.

Examples of Priority Gas in a sentence

Purchaser shall not be required to reduce its takes of Priority Gas in order to request remarketing under this Section 4.3 (a), but Purchaser shall be required to fully reduce its takes of all Non-Priority Gas prior to requesting remarketing under this Section 4.3(a).
Purchaser shall not be required to reduce its takes of Priority Gas in order to request remarketing under this Section 4.4(b), but Purchaser shall be required to fully reduce its takes of all Non-Priority Gas prior to requesting remarketing under this Section 4.4(b).

More Definitions of Priority Gas

Priority Gas means sufficient proven reserves of natural gas in the Licence Areas and the Permit Areas to deliver 2041 PJ which are additional to the reserves dedicated to First Priority Gas and Export Gas;.

Priority Debt means, at any time, without duplication, the sum of (i) Indebtedness or other liabilities or obligations of the Company or any Subsidiaries secured by Liens (other than Liens permitted under clauses (a) through (h) of Section 10.2 and any Equal and Ratable Liens), plus (ii) Indebtedness of Subsidiaries of the Company other than Indebtedness permitted under clauses (a) through (h) of Section 10.1.
Priority Indebtedness means the sum, without duplication, of all Indebtedness of the Guarantor or any of its Subsidiaries secured by Liens other than Permitted Liens.
Priority Non-Tax Claim means any Claim other than an Administrative Expense Claim or a Priority Tax Claim, entitled to priority in payment as specified in section 507(a) of the Bankruptcy Code.
First Lien Claims means, collectively, Claims against the Debtors arising under the Prepetition Term Loan Agreement.