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. 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
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.
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.
1. Volumes delivered under Schedule 12 will be measured by meters located at or near the Terminal Location and such volumes will be set forth in the delivery tickets issued at the time of shipment of the Premcor Product. Such delivery tickets will be prima facie evidence of the volumes of Premcor Product delivered under the Schedule 12, absent obvious error or fraud. If meters are not available, volumes will be determined by weighing trucks on certified calibrated scales. Trucks receiving delivered Premcor Product must be properly calibrated and sealed by the operator at the Terminal Location. All volumes of delivered Premcor Product will be corrected for temperature to sixty (60) degrees Fahrenheit in accordance with the latest applicable American Petroleum Institute volume correction factors for such Premcor Product.
2. Deliveries will be made within the Terminal Location’s usual business hours or, provided reasonable advance notice of such delivery has been given by Buyer, at such times as may be required by Buyer. Buyer will be bound by and will abide by all rules and regulations of the Terminal Location delivering the Premcor Product...
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.
