Common use of Nominated Volumes Clause in Contracts

Nominated Volumes. (i) If this Agreement is terminated due to a Default by Buyer, Seller shall have the option to sell to Buyer any volumes of Oil and Feedstock nominated by Buyer but not yet Delivered at such payment terms as it determines are appropriate in its sole discretion or to sell such volumes to a third party. Buyer shall compensate Seller for any resulting commercially reasonable additional costs, damages, losses or expenses. (ii) If this Agreement is terminated due to a Default by Seller, Buyer shall have the option either: (1) to take Delivery of any or all volumes of Oil and Feedstock nominated by Buyer but not yet Delivered (applying the payment terms that would have been applied if there had not been a termination); or (2) to cancel such volumes. Seller shall compensate Buyer for any resulting additional costs, damages, losses or expenses. (iii) In either event, if nominated volumes are sold to Buyer, the purchase price shall be the price that would have applied had the nominated volumes been timely Delivered prior to the date of termination of this Agreement.

Nominated Volumes. (i) If this Agreement is terminated due to a Default by Buyer, Seller shall have the option to sell to Buyer any volumes of Oil and Feedstock nominated by Buyer but not yet Delivered at such payment terms as it determines are appropriate in its sole discretion or to sell such volumes to a third party. Buyer shall compensate Seller for any resulting commercially reasonable additional costs, damages, losses or expenses. (ii) If this Agreement is terminated due to a Default by Seller, Buyer shall have the option either: (1) to take Delivery of any or all volumes of Oil and Feedstock nominated by Buyer but not yet Delivered (applying the payment terms that would have been applied if there had not been a termination); or (2) to cancel such volumes. Seller shall compensate Buyer for any resulting additional costs, damages, losses or expenses. (iii) In either event, if nominated volumes are sold to Buyer, the purchase price shall be the price that would have applied had the nominated volumes been timely Delivered prior to the date of termination of this Agreement.