Common use of Bookouts Clause in Contracts

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, 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 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.