Quarterly Deficiency Volume definition

Quarterly Deficiency Volume has the meaning set forth in the Schedule.
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Quarterly Deficiency Volume is defined in Section 5.2(a) of this Agreement.
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Quarterly Deficiency Volume for a particular Quarter means the amount (in Barrels), determined as of the end of such Quarter, by which the Quarterly Volume Commitment exceeds the total volume (in Barrels) of Shipper’s Crude Oil received by Carrier at an Origin Point during such Quarter under this Agreement. Notwithstanding the foregoing, if an Extraordinary Operating Condition exists which does not constitute a Force Majeure event per Section 9.2 (b), and as a result of such Extraordinary Operating Condition, Carrier is unable in any Quarter to permit Shipper to ship and/or Shipper is unable in any Quarter to deliver or receive, sufficient volumes to meet its Quarterly Volume Commitment, then the Quarterly Deficiency Volume means the Shipper’s Adjusted Nomination (as defined in the proration policy in the Rules and Regulations) less the total volume (in Barrels) of Shipper’s Crude Oil received by the Carrier at an Origin Point during such Quarter under this Agreement; provided that the resulting number may not be less than zero. 13 Should the Commencement Date not fall on the first Day of a Quarter or should the Term end on a Day other than the last Day of a Quarter, the Quarterly Deficiency Volume, if any, shall be proportionately adjusted. 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).
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Examples of Quarterly Deficiency Volume in a sentence

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

  • 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.

  • 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.

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

  • 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”).

  • 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).

  • Should the Commencement Date not fall on the first Day of a Quarter or should the Term end on a Day other than the last Day of a Quarter, the Quarterly Deficiency Volume, if any, shall be proportionately adjusted.


More Definitions of Quarterly Deficiency Volume

Quarterly Deficiency Volume has the meaning set forth in the Schedule. (oo) “Quarterly Surplus Volume” has the meaning set forth in the Schedule. (pp) “Rate” means the Tariff Rate or the Transportation Rate, as applicable, payable by Shipper for transportation on the Pipeline System, as set forth in the Schedule. (qq) “Refineries” means the Valero refineries located in Port Xxxxxx, 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. (rr) “Renewal Term” has the meaning set forth in Section 3.01. (ss) “Schedule” has the meaning set forth in Section 2.01. (tt) “Shipper” has the meaning set forth in the introductory paragraph. (uu) “Shipper Force Majeure” has the meaning set forth in Section 14.03. (vv) “Specifications” has the meaning set forth in the Schedule. (ww) “Suspension Date” means the 60th Day after the commencement of a Shipper Force Majeure. (xx) “Tariff” has the meaning set forth in the Schedule. 4 (yy) “Tariff Rate” has the meaning set forth in the Schedule. (zz) “Taxes” means all taxes (except for ad valorem taxes, property taxes, income taxes, gross receipt taxes, payroll taxes and similar taxes) including any interest or penalties attributable thereto, imposed by any Governmental Authority. (aaa) “Term” has the meaning set forth in Section 3.01. (bbb) “Terminal” has the meaning set forth in the Schedule. (ccc) “Transportation Rate” has the meaning set forth in the Schedule. (ddd) “Valero” means Valero Energy Corporation.
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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 Xxxxxx, 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) “Specifications” has the meaning set forth in the Schedule. (aaa) “Suspension Date” means the 60th Day after the commencement of a Customer Force Majeure. (bbb) “Tanks” means the storage tanks and all appurtenant and associated pipelines and pumps used in connection with the storage and handling of Products at the Terminal. (ccc) “Taxes” means all taxes (except for ad valorem taxes, property taxes, income taxes, gross receipt taxes, payroll taxes and similar taxes) including any interest or penalties attributable thereto, imposed by any Governmental Authority.
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Related to Quarterly Deficiency Volume

  • Daily Deficiency Rate means the rate employed to assess certain deficiency charges under Xxxxxx, Attachment DD, section 7, Tariff, Attachment DD, section 8, Tariff, Attachment DD, section 9, or Tariff, Attachment DD, section 13.

  • Gas Supply Deficiency means any occurrence relating to Sellers gas supply which causes Seller to deliver less than the total requirements of its system, including failures of suppliers to deliver gas for any reason, requirement of gas for system storage, conservation of gas for future delivery, or any other occurrence which is not enumerated herein which affects Sellers gas supply.

  • Principal Deficiency Amount For any Distribution Date and for any Undercollateralized Group, the excess, if any, of the aggregate Class Certificate Principal Balance of such Undercollateralized Group immediately prior to such Distribution Date over the sum of the Principal Balances of the Mortgage Loans in the related Loan Group immediately prior to such Distribution Date.

  • Class B Deficiency Amount is defined in Section 4.1(b).

  • Deficiency Amount shall have the meaning set forth for such term in Section 4.03(a) hereof. “Department” shall mean the South Carolina Department of Revenue.

  • Class C Deficiency Amount is defined in Section 4.1(c).

  • Class A Deficiency Amount is defined in Section 4.1(a).

  • Overcollateralization Deficiency Amount With respect to any Distribution Date, the amount, if any, by which the Overcollateralization Target Amount exceeds the Overcollateralized Amount on such Distribution Date (assuming that 100% of the Principal Remittance Amount is applied as a principal distribution on such Distribution Date).

  • Collateral Deficiency Amount With respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated Principal Balance of such AB Modified Loan (taking into account the related junior note(s) included therein), over (ii) the sum of (in the case of a Loan Combination, solely to the extent allocable to the subject Mortgage Loan) (x) the most recent Appraised Value for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account in such Appraised Value and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital or additional collateral contributed by the related Mortgagor at the time the Mortgage Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged Properties (provided, that in the case of an Outside Serviced Mortgage Loan, the amounts set forth in this clause (y) will be taken into account solely to the extent relevant information is received by the Special Servicer), plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held by the lender in respect of such AB Modified Loan as of the date of such determination. The Certificate Administrator, the Master Servicer and the Operating Advisor (other than with respect to any Collateral Deficiency Amount calculations that the Operating Advisor is required to review, recalculate and/or verify pursuant to Section 3.29) shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Collateral Deficiency Amount.

  • Daily Failure Amount means the product of (x) .005 multiplied by (y) the Closing Sale Price of the Common Stock on the applicable Share Delivery Date.

  • 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.

  • Overcollateralization Deficiency For any Distribution Date will be equal to the amount, if any, by which (x) the Targeted Overcollateralization Amount for such Distribution Date exceeds (y) the Overcollateralization Amount for such Distribution Date, calculated for this purpose after giving effect to the reduction on such Distribution Date of the aggregate Class Principal Balance of the Certificates resulting from the payment of the Principal Payment Amount on such Distribution Date, but prior to allocation of any Applied Loss Amount on such Distribution Date.

  • Quarterly Period means each period of three (3) consecutive months ending on March 31, June 30, September 30, and December 31.

  • Required Overcollateralization Amount With respect to any Distribution Date, (a) prior to the Stepdown Date, an amount equal to 1.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date if a Trigger Event is not in effect, the greater of (i) an amount equal to 3.60% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (ii) the Overcollateralization Floor and (c) on or after the Stepdown Date if a Trigger Event is in effect, an amount equal to the Required Overcollateralization Amount from the immediately preceding Distribution Date. The Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each Rating Agency that such reduction shall not reduce the ratings assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency. Residential Funding: Residential Funding Corporation, a Delaware corporation, in its capacity as seller of the Mortgage Loans to the Depositor and any successor thereto.

  • Excess Overcollateralization Amount With respect to any Distribution Date, the excess, if any, of (a) the Overcollateralization Amount on such Distribution Date over (b) the Required Overcollateralization Amount for such Distribution Date.

  • Target Overcollateralization Amount means, with respect to any Payment Date, 3.00% of the Adjusted Pool Balance as of the Cut-off Date. Notwithstanding the foregoing, the Target Overcollateralization Amount shall not exceed the Adjusted Pool Balance on such Payment Date.

  • REMIC 2 Overcollateralization Target Amount 1.00% of the Overcollateralization Target Amount.

  • Excess Overcollateralized Amount With respect to the Class A Certificates and the Mezzanine Certificates and any Distribution Date, the excess, if any, of (i) the Overcollateralized Amount for such Distribution Date (calculated for this purpose only after assuming that 100% of the Principal Remittance Amount on such Distribution Date has been distributed) over (ii) the Overcollateralization Target Amount for such Distribution Date.

  • Overcollateralization Target Amount means 0.85% of the Adjusted Pool Balance as of the Cutoff Date.

  • Quarterly (1/Quarter) sampling frequency means the sampling shall be done in the months of March, June, August, and December, unless specifically identified otherwise in the Effluent Limitations and Monitoring Requirements table.

  • Quarterly Distribution Date means the last Business Day of the month following the end of each calendar quarter after the Effective Date; provided, however, that if the Effective Date is within 45 days of the end of a calendar quarter, the first Quarterly Distribution Date will be the last Business Day of the month following the end of the first calendar quarter after the calendar quarter in which the Effective Date falls.

  • Collateral Minimum Monthly Interest shall have the meaning specified in subsection 4.02(c).

  • Deficiency Payment has the meaning set forth in Section 9(a).

  • Deficiency Balance means, with respect to any Receivable, any deficiency balance, charged-off amount, Principal Balance, accrued interest and/or fees and any Related Security; provided, that such amounts and Related Security relate to a Receivable which is a Defaulted Receivable.

  • Required Daily Deposit Target Finance Charge Amount means, for any day in a Due Period, an amount equal to the Class A Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class A Tranche Interest Allocation cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class A Tranche Interest Allocation determined based on a pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by 1.25.

  • Specified Overcollateralization Amount means for any Distribution Date, the greater of: