REDETERMINATION OF MAXIMUM DAILY CONTRACT Sample Clauses

REDETERMINATION OF MAXIMUM DAILY CONTRACT. QUANTITY - (a) Beginning on the first Day of the sixth contract Year, should the average quantity of Gas transported by Transporter during: i) the last six (6) Months of the fifth Year be equal to or less than 80 percent (80%) of the initial MDCQ of 400 MMcf per Day, or ii) any six (6) consecutive Month period thereafter during the term of this Agreement be less than 80 percent (80%) of the MDCQ for the immediately preceding six (6) consecutive Month period, then Transporter shall have the unilateral right to reduce the MDCQ for the next succeeding six (6) consecutive Month period to no lower than the average of the quantities of Gas actually delivered by Shipper to Transporter during the immediately prior six (6) consecutive Month period. Transporter shall exercise such right by written notice to Shipper no later than thirty (30) Days prior to beginning of any such period. The last Month of each six (6) consecutive Month period will be estimated, based upon the previous five (5) Months' Gas deliveries hereunder. (b) Beginning on the first Day of the sixth contract Year and continuing throughout the term of this Agreement, should the average quantity of Gas made available to Transporter during: i) the last six (6) Months of the fifth Year be more than one-hundred and twenty percent (120%) of the initial MDCQ set forth in Section 3.1, above; or ii) any six (6) consecutive Month period thereafter during the term of this Agreement be more than one hundred and twenty percent (120%) of the MDCQ for the immediately preceding six (6) consecutive Month period, then Shipper shall have the right to request in writing an increase to the MDCQ for the next succeeding six (6) consecutive Month period to no higher than the average of the quantities of Gas actually available during the immediately prior six (6) consecutive Month period. Shipper shall exercise the right set forth in the immediately preceding sentence by written notice to Transporter no later than thirty (30) Days prior to the beginning of any such period. The last Month of each six (6) Month period will be estimated, based upon the previous five (5) Months' Gas deliveries hereunder. If sufficient transportation capacity is available, Transporter shall grant Shipper's request to increase the MDCQ. However, Transporter shall not be under any obligation to increase the MDCQ above 400 MMcf per Day.
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Related to REDETERMINATION OF MAXIMUM DAILY CONTRACT

  • Basis for calculation of periodic payments All interest and commitment fee and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year.

  • Calculation of Borrowing Base For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any date of determination, as the sum of the Advance Rates of the Value of each Portfolio Investment (excluding any Cash Collateral held by the Administrative Agent pursuant to Section 2.05(k) or the last paragraph of Section 2.09(a)); provided that: (a) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in a consolidated group of corporations or other entities (collectively, a “Consolidated Group”), in accordance with GAAP, that exceeds 10% of Shareholders’ Equity of the Borrower (which, for purposes of this calculation shall exclude the aggregate amount of investments in, and advances to, Financing Subsidiaries) shall be 50% of the Advance Rate otherwise applicable; provided that, with respect to the Portfolio Investments in a single Consolidated Group designated by the Borrower to the Administrative Agent such 10% figure shall be increased to 12.5%; (b) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments of all issuers in a Consolidated Group exceeding 20% of Shareholders’ Equity of the Borrower (which, for purposes of this calculation shall exclude the aggregate amount of investments in, and advances to, Financing Subsidiaries) shall be 0%; (c) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in any single Industry Classification Group that exceeds 20% of Shareholders’ Equity of the Borrower (which for purposes of this calculation shall exclude the aggregate amount of investments in, and advances to, Financing Subsidiaries) shall be 0%; provided that, with respect to the Portfolio Investments in a single Industry Classification Group from time to time designated by the Borrower to the Administrative Agent such 20% figure shall be increased to 30% and, accordingly, only to the extent that the Value for such single Industry Classification Group exceeds 30% of the Shareholders’ Equity shall the Advance Rate applicable to such excess Value be 0%; (d) no Portfolio Investment may be included in the Borrowing Base unless the Collateral Agent maintains a first priority, perfected Lien (subject to Permitted Liens) on such Portfolio Investment and such Portfolio Investment has been Delivered (as such term is used in and to the extent required under Section 7.01(a) of the Guarantee and Security Agreement) to the Collateral Agent, and then only for so long as such Portfolio Investment continues to be Delivered as contemplated therein; (e) the portion of the Borrowing Base attributable to Performing Non-Cash Pay High Yield Securities, Performing Non-Cash Pay Mezzanine Investments, Equity Interests and Non-Performing Portfolio Investments shall not exceed 20%; (f) the portion of the Borrowing Base attributable to Equity Interests shall not exceed 10% (it being understood that in no event shall Equity Interests of Financing Subsidiaries be included in the Borrowing Base); (g) the portion of the Borrowing Base attributable to Non-Performing Portfolio Investments shall not exceed 15% and the portion of the Borrowing Base attributable to Portfolio Investments that were Non-Performing Portfolio Investments at the time such Portfolio Investments were acquired shall not exceed 5%; and (h) the portion of the Borrowing Base attributable to Portfolio Investments invested outside the United States, Canada, the United Kingdom, Australia, Germany, France, Belgium, the Netherlands, Luxembourg, Switzerland, Denmark, Finland, Norway and Sweden shall not exceed 5% without the consent of the Administrative Agent. As used herein, the following terms have the following meanings:

  • Determination of Adjustments If any questions will at any time arise with respect to the Exercise Price or any adjustment provided for in Section 4.8, such questions will be conclusively determined by the Company’s Auditors, or, if they decline to so act any other firm of certified public accountants in the United States of America that the Company may designate and who will have access to all appropriate records and such determination will be binding upon the Company and the Holders of the Warrants.

  • Determination of Applicable Interest Rate As soon as practicable on each Interest Rate Determination Date, Bank shall determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Advances for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower.

  • Intent to Limit Charges to Maximum Lawful Rate In no event shall the interest rate or rates payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement, Borrower is and shall be liable only for the payment of such maximum as allowed by law, and payment received from Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.