Unmet Requirements definition

Unmet Requirements means the difference between Requirements for any Year and Existing Commitments for that Year.
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Unmet Requirements means the difference between Requirements for any Year and the sum of Buyer's Existing Commitments for that Year, Additional Third-Party Commitments for that Year, and Unocal's Initial and Additional Commitments for that Year.
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Examples of Unmet Requirements in a sentence

  • The Initial Commitment is the quantity of Gas necessary to make Buyer's Unmet Requirements equal zero in 2003, 2004, and 2005.

  • Forecasts indicate that purchases of the Initial Commitment will start on January 1, 2004, but Buyer will actually begin taking the Initial Commitment when it first has Unmet Requirements (but not before January 1, 2003).

  • Buyer and Sellers (i) do not expect that Sellers will be able to provide all of Buyer's Unmet Requirements every Year, and (ii) anticipate that Buyer will purchase Gas from outside the Field to satisfy its Unmet Requirements (a "New Commitment").

  • Buyer is not required to purchase in any Year more Gas than its Unmet Requirements.

  • This obligation to supply any shortfall cannot be changed under Section 3.3. Beginning with the Year 2004, the Annual Purchase Obligation, unless changed under Section 3.3, will be the lesser of 2.92 Bcf or Unmet Requirements.

  • If the Field does not contain enough Gas to satisfy Unmet Requirements for 2002 and 2003, ▇▇▇▇▇▇▇▇ will supply the shortfall (i.e., the difference between Unmet Requirements and what the Field can supply) from sources outside the Field up to a maximum Deliverability of 20 MMcf per Day and volume of 2.92 Bcf for each Year (at a Swing Rate of 2.5).

  • The Annual Purchase Obligation for 2002 and 2003 will be Unmet Requirements.