Corrections in Subsequent Periods Clause Samples

Corrections in Subsequent Periods. The cumulative Operational Imbalance at each Interconnection Point each month will be determined and communicated by BAMAGAS to CES electronically or in writing as soon as possible, but no later than the first business day after the last day of each month. To the extent that BAMAGAS has the right to balance in kind pursuant to the respective operational balancing agreements it enters into with CES’ upstream suppliers or transporters, as identified on Exhibit 3 to the Natural Gas Pipeline Construction and Transportation Agreement (collectively, the “BAMAGAS Balancing Agreements”), CES shall have the right to balance in kind the cumulative Operational Imbalance(s) during the month subsequent to the month in which the Operational Imbalance(s) were created (“Subsequent Month”) by nominating additional Gas quantities in accordance with the procedures of the applicable BAMAGAS Balancing Agreements. To the extent BAMAGAS does not have the right to balance in kind under any of the BAMAGAS Balancing Agreements any or all of the cumulative Operational Imbalance at each Interconnection Point during any given month or, if BAMAGAS has such right but CES fails to correct the monthly Operational Imbalance on or before the last day of the Subsequent Month, then BAMAGAS shall be entitled to cash out the remaining Operational Imbalance quantities for the same price and on the same terms and provisions as provided in the applicable BAMAGAS Balancing Agreements; it being the express intent of the Parties that BAMAGAS shall at all times be kept whole by CES and CES with respect to any differences in the price or method of balancing Operational Imbalances at each Interconnection Point each month between this Agreement and the applicable BAMAGAS Balancing Agreement(s) then in effect. Measurement of Gas under this Agreement shall be made in accordance with the applicable provisions in the FERC Gas Tariffs of the interstate pipelines interconnecting with BAMAGAS at the respective Interconnection Point(s).

Corrections in Subsequent Periods. If either Party discovers any measurement errors in the actual metered quantities of gas delivered and received at the Point which are required to be corrected by the measuring Party's FERC Gas Tariff, then such error shall be corrected in the current calendar month by adding to the Monthly Operational Imbalance Statement an adjustment reflecting the measurement errors. Such adjustment in volumes resulting from such measurement errors shall be cashed out by multiplying the adjustment by the lesser of (i) 100% of the Index Price determined pursuant to Exhibit C for the month in which the measurement error occurred, or (ii) 100% of the Index Price determined pursuant to Exhibit C for the month in which the measurement error was discovered. The correction of such measurement error on Operator's Monthly Imbalance Statement also will reflect any transportation charges owed by Operator under Section 2.2(b) above or credits owed by Destin to Operator to correct previous transportation charges. The correction shall be made to the month of flow for allocation and billing purposes. No adjustments of actual metered quantities shall be made after six (6) months from the month in which they were measured unless otherwise agreed to by the Parties. If either party disputes the measurement adjustments, it will have three (3) months after the adjustment is made to rebut the adjustment.

Corrections in Subsequent Periods. The physical flow at each Interconnection Point each month will be determined and communicated by Company to Pipeline electronically or in writing as soon as possible during the month following the month in question. The Parties agree to "in kind" balancing between the pipelines when the imbalance at the end of the month is within 1 percent of the total monthly Scheduled Quantities at the meter. Any "in kind" imbalance carried over from the prior month will become part of the current Monthly Imbalance. Any imbalance existing at the time of the implementation of a new Pipeline Operational Balancing Agreement will be held separately and settled independently. When the Monthly Imbalance is greater than 1 percent of the monthly Scheduled Quantities at the meter, the entire imbalance will be cashed out in accordance with Rate Schedule LMS-PA in Company's FERC Gas Tariff, unless the imbalance was caused by failure of Company to adjust flow control at the meter, or unless the Parties agree otherwise.