Storage Account Sample Clauses
The Storage Account clause defines the terms under which storage services are provided, including the creation, management, and use of a designated account for storing goods or materials. Typically, it outlines responsibilities for maintaining the account, procedures for accessing stored items, and any associated fees or limitations. This clause ensures both parties understand how storage will be handled, helping to prevent disputes over access, liability, or costs related to storage during the contract period.
Storage Account. 6.1.1 The SSO keeps a Storage Account for the Customer, in which it records the current stock of Gas stored by the Customer, and which is kept in energy units.
6.1.2 The SSO shall, as a rule, keep a separate Storage Account for each Gas Storage Agreement of the Customer.
6.1.3 The current level of the Customer’s Gas in the Storage Facility may not exceed the Working Volume agreed in the Gas Storage Agreement.
6.1.4 The amount of Gas allocated to a given Customer at the Delivery Point is credited to the respective Customer’s Storage Account upon Gas injection into the Storage Facility. The Storage Account shall also be credited with the amount of Gas that has been transferred to this Storage Account pursuant to the service of Transfer of Gas in the Storage Facility. The amount of Gas allocated to a given Customer at the Delivery Point is debited from the Storage Account of the respective Customer when Gas is withdrawn from the Storage Facility. The amount of Gas that has been transferred from the Storage Account pursuant to the service of Transfer of Gas in the Storage Facility shall also be debited from this Storage Account.
6.1.5 The SSO shall issue and deliver by email a monthly hand-over and acceptance protocol regarding the current level of Gas stock in the Storage Account by the tenth (10) Business Day of the calendar month following the end of the relevant Gas Month. The Customer is obliged to sign the protocol no later than on the fifth (5) Business Day following the delivery of the protocol pursuant to the preceding sentence, thereby expressing its agreement with the data contained in the protocol. In the event that the Customer fails to send the confirmed and signed protocol to the SSO within the stipulated period, it shall be deemed to have been agreed. If the Customer disagrees with the protocol, it is obliged to send its objections with justification to the SSO by no later than the fifth (5) Business Day following the delivery of the protocol. The Parties undertake to negotiate in order to settle the Customer’s objections.
6.1.6 If there is a breach of an obligation under any of the Gas Storage Agreements for which a shared Storage Account is maintained, all affected Gas Storage Agreements shall be deemed to be breached pro rata.
Storage Account. Client, subject to TDS approval, hereby agrees to open a Storage Account with TDS by completing and submitting a Application to Open Storage Account in the form attached hereto as Exhibit A.
Storage Account. On or before the tenth (10th) day of each month, Seller shall furnish Buyer an updated Storage Account Schedule in the form attached hereto as Appendix III to apply during the following month. Such schedule will take into account the cumulative Storage Input/Output Quantities to date for the current (April through March) storage injection/withdrawal season. Because the FERC Gas Tariffs of the applicable Transporters provide that a firm customer's injection and withdrawal rights are a function of such customer's storage account inventories, as of a specific calendar date, the Parties recognize that no definitive or absolute minimum and maximum Storage Input Quantities and Storage Output Quantities can be identified for the entire season on Appendix III. Nevertheless, Seller will track Buyer's requested injections/withdrawals made during the current injection/withdrawal season and project on a monthly basis, for the remainder of that season, a default nomination of Storage Input/Output Quantities based on the assumption that Buyer desires pro rata injections/withdrawals during each of the remaining months of that season, subject to the constraints of Transporter's FERC Gas Tariff and the key determinants set forth in Appendix III (e.g. "turn targets", etc.). the default quantity shown therein will serve as ▇▇▇▇▇'s binding nomination of the Storage Input/Output Quantity for the following month, unless Buyer notifies Seller prior to the 10th business day prior to the end of the current month of a different Storage Input/Output Quantity falling within the range of the maximum and minimum quantities set forth on the current Storage Account Schedule. In addition, Seller will project, given the above mentioned constraints and assumptions, a minimum and maximum Storage Input/Output quantity for the upcoming month and will include this quantity under the appropriate column on Appendix III. If ▇▇▇▇▇ wishes to select a Storage Input/Output Quantity between the minimum and maximum range so specified, it may do so by notifying Seller as above in lieu of the defaulting quantity. all Storage Input/Output Quantities, including any default quantity, shall become binding on Buyer and Seller, unless otherwise mutually agreed, on the 10th business day prior to the upcoming month.
Storage Account. “ is a customised account of the injected and withdrawn Natural Gas quantities per hour, possible transfers of Natural Gas quantities and the resulting Working Gas Quantity.
Storage Account