Common use of By Exchange Clause in Contracts

By Exchange. In the event of a Failure to Take by Exchange, Exchange will pay to the Seller an amount equal to: i. the reasonable direct costs, claims, expenses and damages suffered or incurred by the Seller as a result of Exchange's failure to take the Failure Quantity including, without limitation or duplication, (a) any excess of that portion of the Purchase Amount payable with respect to the Failure Quantity over the proceeds from the sale of the Failure Quantity, if any, (b) the cost of storing or selling a quantity of gas or Oil, as applicable, equal to the Failure Quantity, (c) the costs or charges levied by the Transportation System as a result of such Failure to Take, and (d) transportation, storage and other costs, if any, related to the Failure to Take the Failure Quantity; plus ii. interest from the date of the occurrence of the Failure to Take at the Default Rate to and including the date of payment to the Seller of all such amounts. The Seller will deliver to Exchange a separate Invoice in respect of the PhysicalPhysically Settled Futures Transaction which is the subject of the Failure to Take itemizing separately the amounts payable under (i) and (ii).

By Exchange. In the event of a Failure to Take Deliver by Exchange, Exchange will pay to the Seller Buyer an amount equal to: i. the reasonable direct costs, claims, expenses and damages suffered or incurred by the Seller Buyer as a result of Exchange's failure to take deliver the Failure Quantity including, without limitation or duplication, (a) any excess of that portion of the Purchase Amount payable with respect to the Failure Quantity over the proceeds from the sale of the Failure Quantity, if any, (b) the cost of storing or selling obtaining a quantity of gas or Oil, as applicable, equal to the Failure Quantity (adjusted for any quality and transportation differentials with respect to Oil) over that portion of the Purchase Amount that would have been payable with respect to the Failure Quantity, (cb) the costs or charges levied levied, if any, by the Transportation System as a result of such Failure to TakeDeliver, and (dc) transportation, storage and other costs, if any, related to the Failure to Take obtaining the Failure Quantity; plus ii. interest from the date of the occurrence of the Failure to Take Deliver at the Default Rate to and including the date of payment to the Seller Buyer of all such amounts. The Seller Buyer will deliver to Exchange a separate Invoice in respect of the PhysicalPhysically Settled Futures Transaction which is the subject of the Failure to Take Deliver itemizing separately the amounts payable by Exchange under (i) and (ii).