Bookouts. If, for scheduling convenience purposes, the Parties agree verbally or in writing, either bilaterally or as part of a multiparty arrangement, to a cancellation or modification of future physical delivery obligations in respect of a Transaction (in each case, a “Xxxxxxx”), then effective upon the relevant future delivery date (the “Xxxxxxx Date”): (i) the delivery obligations under the relevant Transaction will be extinguished or modified (whether in whole or in part) as agreed, and (ii) any agreed payment will be due as follows, unless otherwise agreed: (A) with respect to Product that is a refined petroleum product, on the Xxxxxxx Date, (B) with respect to Product delivered that is crude oil, on the 20th day of the month following the month of the Xxxxxxx Date, or (C) with respect to Product that are LPGs or NGLs, within five New York Banking Days following the Xxxxxxx Date. At any time prior to the relevant Xxxxxxx Date, either Party may elect, at its option and upon notice to the other Party, to cancel the Xxxxxxx and thereby restore all original contract terms, including delivery and payment, all without liability to the other Party. This “Bookouts” provision shall apply notwithstanding that either Party may fail to (i) send out a writing confirming the Xxxxxxx Transaction or (ii) make changes on its books as a result of any such Xxxxxxx Transaction.
Bookouts. If specified as applicable in the Cover Sheet, then the following provisions of this Section 5.3 shall apply. To the extent that the Parties subsequently agree orally or in writing, either bilaterally or as part of a multiparty arrangement, to a xxxxxxx or other cancellation or modification of physical delivery obligations in respect of a Transaction (in each case, a “Xxxxxxx”) to take effect on a date (the “Xxxxxxx Effective Date”), (a) the delivery obligations under the relevant Transaction will be extinguished or modified (whether in whole or in part), and (b) any agreed payment will be due on the same day as the effective date of the Xxxxxxx. At any time prior to the agreed effective date of the Xxxxxxx, either Party may elect, at its option and upon notice to the other Party, to break the Xxxxxxx and thereby restore all original contract terms, including delivery and payment, all without liability to the other Party. Any such Xxxxxxx shall be a subsequent and independent transaction from the Transaction that is subject to the Xxxxxxx.
Bookouts. If, for scheduling convenience purposed, the parties agree orally or in writing either bilaterally or as part of a multiparty arrangement, to a cancellation or modification of future physical delivery obligations in respect of this Agreement (in each case, a “Xxxxxxx”), then the effective upon the relevant future delivery date (the “Xxxxxxx Date”): (i) the delivery obligations under this Agreement will be extinguished or modified (whether in whole or in part) as agreed; and (ii) any agreed payment will be due as follows, unless otherwise agreed: (A) with respect to Product that is a refined petroleum product, on the Xxxxxxx Date; (B) with respect to Product delivered that is crude oil, on the 20th day of the month following the month containing the Xxxxxxx Date; or (C) with respect to product that are LPGs or NGLs, within five Business Days following the Xxxxxxx Date. At any time prior to the relevant Xxxxxxx Date, either Party may elect, at its option and upon notice to the other Party, to cancel the Xxxxxxx and thereby restore all original contract terms, including delivery and payment, all without liability to the other Party. This “Xxxxxxx” provision shall apply notwithstanding that either Party may fail to (i) send out a writing confirming the Xxxxxxx or (ii) make changes on its books as a result of any such Xxxxxxx. *** ATTACHMENT “C” GENERAL PROVISIONS
Bookouts. If specified as applicable in the Cover Sheet, then the following provisions of this Section 6.3 shall apply. To the extent that the Parties agree orally or in writing, either bilaterally or as part of a multiparty arrangement, to a xxxxxxx or other cancellation or modification of physical delivery obligations in respect of a Transaction (in each case, a “Xxxxxxx”), (a) the delivery obligations under the relevant Transaction will be extinguished or modified (whether in whole or in part), and (b) any agreed payment will be due as follows, unless otherwise agreed: (i) with respect to Product that is a refined petroleum product, on the same day as the effective date of the Xxxxxxx, (ii) with respect to Product delivered that is crude oil, on the 20th day of the month following the month of the effective date of the Xxxxxxx or (iii) with respect to Product that is liquefied petroleum gas or natural gas liquids, within five (5) New York Banking Days following the effective date of the Xxxxxxx. At any time prior to the agreed effective date of the Xxxxxxx, either Party may elect, at its option and upon notice to the other Party, to break the Xxxxxxx and thereby restore all original contract terms, including delivery and payment, all without liability to the other Party.
Bookouts. Any agreed payment will be due five (5) New York Banking Days following the effective date of the Xxxxxxx. New Section 25.14: Pipeline Odorization
