Offtake Swaps

Offtake Swaps. "Off-take Swaps" shall be Swaps related to the price of Barrels during the originally scheduled Off-take Month for which (A) Seller shall be the floating price payor as defined in the Master Agreement and shall receive a fixed price, (B) the notional volume associated with each Swap shall correspond to the number of Barrels to be Delivered during such Off-take Month, (C) the floating price for any calculation period shall always be (unless otherwise agreed in writing by Purchaser) the... arithmetic average of the settlement price per Barrel of West Texas Intermediate Light Sweet Crude Oil for each commodity business day in such calculation period on the NYMEX of the futures contract corresponding to the Off-take Month during which delivery of such Batch (or other quantities) is originally scheduled, and (D) the settlement date for such Swap shall be the 20th day (or the nearest Business Day) of the calendar month following the originally scheduled Off-take Month or, if Delivery is thereafter delayed, the 20th day (or the nearest Business Day) of the calendar month following the amended Off-take Month during which Delivery is then anticipated, as evidenced by the amended Deal Sheet and Replacement Swap, if any, applicable thereto. View More