Common use of Fallback Price, Etc Clause in Contracts

Fallback Price, Etc. (i) With respect to Transactions with a Calculation Period consisting of eight or more Commodity Business Days, if a Commodity Reference Price that would normally be determinable is not available or would not produce a commercially reasonable result on any Commodity Business Day, then the Commodity Reference Price shall be the Commodity Reference Price published on the next Commodity Business Day, provided that if the Commodity Reference Price is not available for eight (8) consecutive Commodity Business Days in that Calculation Period, then the Commodity Reference Price shall be calculated on the basis of the fallback price, if any, specified in the applicable Confirmation (the “Fallback Price”). If no such Fallback Price is specified, the parties shall promptly endeavor to agree on an alternative source for determination of such Commodity Reference Price for that day. If such agreement is not reached by the parties within three (3) business days, Party A shall determine such Commodity Reference Prices by taking the average of the price quotations for the relevant Commodity and the relevant Commodity Business Days obtained from at least two and no more than four internationally recognized dealers in such Commodity, as mutually agreed by the parties. (ii) With respect to Transactions with a Calculation Period consisting of less than eight Commodity Business Days, if a Commodity Reference Price that would normally be determinable is not available or would not produce a commercially reasonable result on any Commodity Business Day, then the Commodity Reference Price shall be calculated on the basis of the Fallback Price, if any, specified in the applicable Confirmation. If no such Fallback Price is specified, the parties shall promptly endeavor to agree on an alternative source for determination of such Commodity Reference Price for that day. If such agreement is not reached by the parties within three (3) business days, Party A shall determine such Commodity Reference Prices by taking the average of the price quotations for the relevant Commodity and the relevant Commodity Business Days obtained from at least two and no more than four internationally recognized dealers in such Commodity, as mutually agreed by the parties.

Fallback Price, Etc. (i) With respect to Transactions with a Calculation Period consisting of eight or more Commodity Business Days, if a Commodity Reference Price that would normally be determinable is not available or would not produce a commercially reasonable result on any Commodity Business Day, then the Commodity Reference Price shall be the Commodity Reference Price published on the next Commodity Business Day, provided that if the Commodity Reference Price is not available for eight (8) consecutive Commodity Business Days in that Calculation Period, then the Commodity Reference Price shall be calculated on the basis of the fallback price, if any, specified in the applicable Confirmation (the “Fallback Price”). If no such Fallback Price is specified, the parties shall promptly endeavor to agree on an alternative source for determination of such Commodity Reference Price for that day. If such agreement is not reached by the parties within three (3) business days, Party A ▇▇▇▇ shall determine such Commodity Reference Prices by taking the average of the price quotations for the relevant Commodity and the relevant Commodity Business Days obtained from at least two and no more than four internationally recognized dealers in such Commodity, as mutually agreed selected by the parties▇▇▇▇. (ii) With respect to Transactions with a Calculation Period consisting of less than eight Commodity Business Days, if a Commodity Reference Price that would normally be determinable is not available or would not produce a commercially reasonable result on any Commodity Business Day, then the Commodity Reference Price shall be calculated on the basis of the Fallback Price, if any, specified in the applicable Confirmation. If no such Fallback Price is specified, the parties shall promptly endeavor to agree on an alternative source for determination of such Commodity Reference Price for that day. If such agreement is not reached by the parties within three (3) business days, Party A ▇▇▇▇ shall determine such Commodity Reference Prices by taking the average of the price quotations for the relevant Commodity and the relevant Commodity Business Days obtained from at least two and no more than four internationally recognized dealers in such Commodity, as mutually agreed selected by the parties▇▇▇▇.