Reference Month definition
Examples of Reference Month in a sentence
The Contract shall be fully priced, with both the Futures Reference Price and the Basis components established, not less than two business days prior to the first calendar day of the Futures Reference Month (the “Pricing Deadline”).
A cost shall be deducted, and price adjustment made for each amendment and roll of the Futures Reference Month.
If Seller does not set basis at time of original contract, Seller shall set the basis using Buyer's basis quotes at the Delivery Point for the Commodity and Shipment Period, on or before the EARLIEST of (a) the first date of delivery during the Shipment Period, (b) the last business day of the Shipment Period, or (c) two business days prior to the first day of Futures Reference Month.
Floating Price: For each Determination Period, the closing price on the last trading day of the applicable contract (“Pricing Day”) of the New York Mercantile Exchange's (Nymex) Natural Gas ▇▇▇▇▇ Hub Futures Contract for the Reference Month stated in U.S. Dollars per MMbtu as made public by the Nymex on the Pricing Day.
If the Cost Estimate for the Reference Month exceeds Actual Costs for the Reference Month, the applicable Service Recipient shall be allowed to offset such amount against the prepayment amount for the next applicable Prepayment Month (and, to the extent such difference exceeds the prepayment amount for such Prepayment Month, in subsequent prepayment months).