Ratable Swaps

Ratable Swaps. Shall be Swaps whereby (A) the Seller is the floating price payor, as defined in the Master Agreement, for a quantity set forth in the applicable Deal Sheets for the relevant Off-take Month; (B) such ratable Swaps shall be executed each Business Day of the relevant Injection Month for settlement during the originally scheduled Off-take Month in a quantity equal to the quotient of 100 % of the quantity scheduled for such Off-take Month and the number of Business Days in the relevant Injection... Month; (C) the floating price for any calculation period shall always be (unless otherwise agreed in writing by the 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 relevant 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