Settlement Amount. With respect to each terminated Commodity Transaction, the Settlement Amount shall be equal to the contract quantity of crude oil, multiplied by the difference between the contract price per barrel specified in this Agreement (the “Contract Price”) and the market price per barrel of crude oil on the date the Liquidating Party terminates this Agreement (the “Market Price”). If the Market Price exceeds the Contract Price in a Commodity Transaction, the selling party shall pay the Settlement Amount to the buying party. If the Market Price is less than the Contract Price in a Commodity Transaction, the buying party shall pay the Settlement Amount to the selling party. If the Market Price is equal to the Contract Price in a Commodity Transaction, no Settlement Amount shall be due.
Appears in 8 contracts
Samples: Oil Purchase Agreement, Purchase and Sale Agreement (Centennial Resource Development, Inc.), Agreement (Cubic Energy Inc)
Settlement Amount. With respect to each terminated Commodity Transaction, the Settlement Amount shall be equal to the contract quantity of crude oil, multiplied by the difference between the contract price per barrel specified in this Agreement (the “"Contract Price”") and the market price per barrel of crude oil on the date the Liquidating Party terminates this Agreement (the “"Market Price”"). If the Market Price exceeds the Contract Price in a Commodity Transaction, the selling party shall pay the Settlement Amount to the buying party. If the Market Price is less than the Contract Price in a Commodity Transaction, the buying party shall pay the Settlement Amount to the selling party. If the Market Price is equal to the Contract Price in a Commodity Transaction, no Settlement Amount shall be due.
Appears in 3 contracts
Samples: Purchase and Sale Agreement (Centennial Resource Development, Inc.), Lilis Energy, Inc., Berry Petroleum Co
Settlement Amount. With respect to each terminated Commodity Transaction, Transaction the Settlement Amount shall be equal to the contract quantity of crude oil, oil multiplied by the difference between the contract price per barrel specified in this Agreement (the “"Contract Price”") and the market price per barrel of crude oil on the date the Liquidating Party terminates this Agreement (the “"Market Price”"). If the Market Price exceeds the Contract Price in a Commodity Transaction, the selling party shall pay the Settlement Amount to the buying party. If the Market Price is less than the Contract Price in a Commodity Transaction, the buying party shall pay the Settlement Amount to the selling party. If the Market Price is equal to the Contract Price in a Commodity Transaction, no Settlement Amount shall be due.
Appears in 2 contracts
Samples: Master Agreement (Petroleum Development Corp), Master Agreement (Rockies Region 2006 Limited Partnership)
Settlement Amount. With respect to each terminated Commodity Transaction, the Settlement Amount shall be equal to the contract quantity of crude oil, multiplied by the difference between the contract price per barrel specified in this Agreement (the “Contract Price”) and the market price per barrel of crude oil on the date the Liquidating Party terminates this Agreement (the “Market Price”). If the Market Price exceeds the Contract Price in a Commodity Transaction, the selling party shall pay the Settlement Amount to the buying party. If the Market Price is less than the Contract Price in a Commodity Transaction, the buying party shall pay the Settlement Amount to the selling party. If the Market Price is equal to the Contract Price in a Commodity Transaction, no Settlement Amount shall be due.. (4)
Appears in 1 contract
Samples: Purchase and Sale Agreement
