Replacement Price Differential means (i) in the event of a Seller's Deficiency Default, the positive difference, if any, obtained by subtracting the Contract Price from the Spot Price for the Gas Day in which Seller's Deficiency Default occurred, and (ii) in the event of a Buyer's Deficiency Default, the positive difference, if any, obtained by subtracting the Spot Price for the Gas Day in which Buyer's Deficiency Default occurred (or if the Min MQ is applicable, the Spot Price for the middle Gas Day of the month in which Buyer's Deficiency Default occurred) from the Contract Price.
Replacement Price Differential means (i) in the event of a Seller's Deficiency Default, the positive difference, if any, obtained by subtracting the Contract Price from the Spot Price for the Gas Day in which the default occurred and (ii) in the event of a Buyer's Deficiency Default, the positive difference, if any, obtained by subtracting the Spot Price for the Gas Day in which the default occurred from the Contract Price.
Replacement Price Differential means (i) in the event of a Seller's Default, the positive difference obtained by subtracting the Contract Price from the cost to Buyer, including incremental transportation costs and other basis adjustments, to replace the Default Quantity for such Gas Day (but excluding penalties or charges for unauthorized receipts of Gas by Buyer) and (ii) in the event of a Buyer's Default, the positive difference obtained by subtracting (a) the price obtained by Seller in an arms-length sale(s) to a third party of a quantity equal to the Default Quantity for such Gas Day, less incremental transportation charges to Seller, and including other basis adjustments, from (b) the Contract Price.
Examples of Replacement Price Differential in a sentence
In the event of a Seller's Deficiency Default, Seller shall pay Buyer the sum of the following: (i) an amount equal to the product of the Seller's Deficiency Quantity multiplied by the Replacement Price Differential, plus (ii) liquidated damages equal to $0.15 multiplied by Seller's Deficiency Quantity to cover Buyer's administrative and operational costs.
In the event of a Buyer's Deficiency Default, Buyer shall pay Seller the sum of the following: (i) an amount equal to the product of Buyer's Deficiency Quantity multiplied by the Replacement Price Differential, plus (ii) liquidated damages equal to $0.15 multiplied by Buyer's Deficiency Quantity to cover Seller's administrative and operational costs.
Upon Default, the defaulting party shall pay to the other party an amount equal to the sum of the product of the Default Quantity multiplied by the Replacement Price Differential plus liquidated damages equal to $0.15 multiplied by the Default Quantity.
To the extent Seller fails to provide the quantities of Gas specified in Sections 2.1 in accordance with the terms of this Agreement on any Day and such failure is not excused by Force Majeure or by non-performance or curtailment by Buyer of supply under the Transaction Agreements, Seller shall pay to Buyer an amount equal to the Replacement Price Differential multiplied by Seller's Deficiency Quantity.
In the event of a Buyer's Deficiency Default, Buyer shall pay Seller an amount equal to the product of Buyer's Deficiency Quantity multiplied by the Replacement Price Differential.
More Definitions of Replacement Price Differential
Replacement Price Differential means the following:
Replacement Price Differential means (i) in the event of a Seller's Deficiency Default, the positive difference, if any, obtained by subtracting the Contract Price from the greater of (a) the cost to Buyer, including incremental transportation costs and other basis adjustments, to replace Seller's Deficiency Quantity for such Gas Day (but excluding penalties or charges for unauthorized receipts of Gas by Buyer) or (b) the Spot Price for the Gas Day in which Seller's Deficiency Default occurred, and (ii) in the event of a Buyer's Deficiency Default, the positive difference, if any, obtained by subtracting the lesser of (a) the price obtained by Seller in an incremental, arms‑length sale(s) to a third party of a quantity equal to Buyer's Deficiency Quantity for such Gas Day, less incremental transportation charges to Seller, and including other basis adjustments, or (b) the Spot Price for the Gas Day in which Buyer's Deficiency Default occurred (or if the MinMQ is applicable, the Spot Price for the middle Gas Day of the Month in which Buyer's Deficiency Default occurred), from the Contract Price; provided, at the election of the Notifying Party any Termination Payment may be calculated for the remaining term of the applicable Transaction(s) without reference to the Spot Price.
Replacement Price Differential means (i) in the event of a Seller's Deficiency Default (defined in Section 6.2), the positive difference, if any, obtained by subtracting the Contract Price from (a) if the Delivery Point is AECO “C” or NOVA Inventory Transfer, the AECO Day Price for the Day on which the Seller's Deficiency Default occurred; or (b) if the Delivery Point is other than AECO “C” or NOVA Inventory Transfer, the cost, including transportation and basis differential adjustments, to Buyer, acting reasonably in an incremental, arms'-length purchase(s) from a third party, to replace Seller's Deficiency Quantity (defined in Section 6.2); (ii) in the event of a Buyer's Deficiency Default (defined in Section 6.4), the positive difference, if any, obtained by subtracting from the Contract Price, (a) if the Delivery Point is AECO “C” or NOVA Inventory Transfer and if a DCQ is applicable, the AECO Day Price for the Day on which Buyer's Deficiency Default occurred, or if a MinPQ is applicable, the AECO Index for the Month in which Buyer’s Deficiency Default occurred; or (b) if the Delivery Point is other than AECO “C” or NOVA Inventory Transfer, the price obtained by Seller, acting reasonably in an incremental, arms'-length sale(s) to a third party of a quantity equal to Buyer's Deficiency Quantity (defined in Section 6.4), including transportation and basis differential adjustments.
Replacement Price Differential means (i) in the event of a Seller's Deficiency Default, the positive difference, if any, obtained by subtracting the Contract Price from the greater of (a) the cost to Buyer, including incremental transportation costs and other basis adjustments, to replace Sellers Deficiency Quantity for such Gas Day (but excluding penalties or charges for unauthorized receipts of Gas by Buyer) or (b) the Spot Price for the Gas Day in which Seller's Deficiency Default occurred, and (ii) in the event of a Buyer's Deficiency Default, the positive difference, if any, obtained by subtracting the lesser of (a) the price obtained by Seller in an incremental, arms-length sale(s) to a third party of a quantity equal to Buyer's Deficiency Quantity for such Gas Day, less incremental transportation charges to Seller, and including other basis adjustments, or (b) the Spot Price for the Gas Day in which Buyer's Deficiency Default occurred (or if the MinMQ is applicable, the Spot Price for the middle Gas Day of the Month in which Buyers Deficiency Default occurred), from the Contract Price. "Scheduling" or "Schedule," when used in reference to Seller, means to make Gas available, or cause Gas to be made available, at the Delivery Point(s) for delivery to or for the account of Buyer, including making all Pipeline nominations, and when used in reference to Buyer, means to cause Buyees Transporter to make available at the Delivery Point
Replacement Price Differential means the positive difference, if any, obtained by subtracting the applicable Variable Services Fee from the cost to Customer to replace the Gas Services for Provider's Deficiency Quantity.
Replacement Price Differential means (i) in the event of a Seller's Deficiency Default (defined in Section 6.2), the positive difference, if any, obtained by subtracting the Contract Price from the greater of (a) the cost, including transportation adjustments, to Buyer, acting reasonably in an incremental, arms'-length purchase(s) from a third party, to replace Seller's Deficiency Quantity (defined in Section 6.2), or (b) the Spot Price for the Month in which the Seller's Deficiency Default occurred, including transportation adjustments, and (ii) in the event of a Buyer's Deficiency Default (defined in Section 6.4), the positive difference, if any, obtained by subtracting from the Contract Price the lesser of (a) the price obtained by Seller, acting reasonably in an incremental, arms'-length sale(s) to a third party of a quantity equal to Buyer's Deficiency Quantity (defined in Section 6.4), including transportation adjustments, or (b) the Spot Price for the Month in which Buyer's Deficiency Default occurred, including transportation adjustments.
Replacement Price Differential means (i) in the event of a Seller's Default, the positive difference obtained by subtracting the Contract Price from the cost, including transportation and other basis differential adjustments, to Buyer, acting reasonably, in an incremental, arm's length purchase(s) from a third party, to replace the Default Quantity for such day and (ii) in the event of a Buyer's Default, the positive difference obtained by subtracting from the Contract Price the price obtained by Seller, acting reasonably, in an incremental, arms length sale(s) to a third party of a quantity equal to the Default Quantity for such day, including transportation and other basis differential adjustments.