Common use of Extended Force Majeure Clause in Contracts

Extended Force Majeure. If, after 45 consecutive Days have elapsed since the commencement of a Force Majeure continuously affecting any Plant, and Buyer has been rendered and remains unable, wholly or in part, by such Force Majeure to accept delivery of a quantity of Feedstock during a given Contract Year equal to the Annual Quantity, then (a) the Annual Quantity shall be reduced by a quantity of Feedstock equal to the annualized average of such shortfall, (b) Seller shall be credited such portion of the Feedstock Shortfall Fee(s) paid during the Contract Year (if any) for such deficient quantities, and (c) if (but only if) both Parties are entitled to insurance proceeds from the same insurance carrier, Buyer shall be entitled to any insurance proceeds from such carrier accruing during such extended period of Force Majeure on a first priority basis. Buyer shall notify Seller as soon as reasonably practicable if and when Buyer determines such Force Majeure is no longer continuing. Upon receipt of such notice by Seller, the Parties’ respective obligations during such Contract Year to sell and tender, and purchase and receive, a quantity of Feedstock equal to the Annual Quantity, less that quantity of Feedstock determined in accordance with clause (a) above, shall be reinstated for all purposes hereunder.

Extended Force Majeure. If, after 45 consecutive Days have elapsed since the commencement of a Force Majeure continuously affecting any Plant, and Buyer Seller has been rendered and remains unable, wholly or in part, by such Force Majeure to accept delivery of produce a quantity of Feedstock Ethylene during a given Contract Year equal to the Annual Minimum Quantity, then (a) the Annual Minimum Quantity shall be reduced by a quantity of Feedstock Ethylene equal to the annualized average of such shortfall, (b) Seller Buyer shall be credited such portion of the Feedstock Ethylene Shortfall Fee(s) paid during the Contract Year (if any) for such deficient quantities, and (c) if (but only if) both Parties are entitled to insurance proceeds from the same insurance carrier, Buyer Seller shall be entitled to any insurance proceeds from such carrier accruing during such extended period of Force Majeure on a first priority basis. Buyer Seller shall notify Seller Buyer as soon as reasonably practicable if and when Buyer Seller determines such Force Majeure is no longer continuing. Upon receipt of such notice by SellerBuyer, the Parties’ respective obligations during such Contract Year to sell and tender, and purchase and receive, a quantity of Feedstock Ethylene equal to the Annual Minimum Quantity, less that quantity of Feedstock Ethylene determined in accordance with clause (a) above, shall be reinstated for all purposes hereunder.