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Common use of Right to Liquidate Clause in Contracts

Right to Liquidate. At any time after the occurrence of one or more of the events described in the third paragraph of Section G, Financial Responsibility, the other party to the Agreement (the “Liquidating Party”) shall have the right, at its sole discretion, to liquidate this Agreement by terminating this Agreement. Upon termination, the parties shall have no further rights or obligations with respect to this Agreement, except for the payment of the amount(s) (the “Settlement Amount” or “Settlement Amounts”) determined as provided in Paragraph (3) of this section.

Appears in 7 contracts

Samples: Crude Oil Purchase Agreement, Crude Oil Purchase and Sale Agreement, Crude Oil Purchase and Sale Agreement (Centennial Resource Development, Inc.)

Right to Liquidate. At any time after the occurrence of one or more of the events described in the third paragraph of Section G, Financial Responsibility, the other party to the Agreement (the "Liquidating Party") shall have the right, at its sole discretion, to liquidate this Agreement by terminating this Agreement. Upon termination, the parties shall have no further rights or obligations with respect to this Agreement, except for the payment of the amount(s) (the "Settlement Amount" or "Settlement Amounts") determined as provided in Paragraph (3) of this section.

Appears in 3 contracts

Samples: Purchase and Sale Agreement (Centennial Resource Development, Inc.), Crude Oil Purchase Agreement (Berry Petroleum Co), Crude Oil Purchase Agreement (Berry Petroleum Co)

Right to Liquidate. At any time after the occurrence of one or more of the events described in the third paragraph of Section G, Financial Responsibility, the other party to the Agreement (the “Liquidating Party”) shall have the right, right at its sole discretion, to liquidate this Agreement by terminating this Agreement. Upon termination, the parties shall have no further rights or obligations obligation with respect to this Agreement, except for the payment of the amount(s) (the “Settlement Amount” or “Settlement Amounts”) determined as provided in Paragraph (3) of this section.

Appears in 2 contracts

Samples: Domestic Crude Oil Agreement (Rockies Region 2007 Lp), Partnership Agreement (Rockies Region 2007 Lp)

Right to Liquidate. At any time after the occurrence occurrence, of one or more of the events described in In the third paragraph of Section G, Financial Responsibility, the other party to the Agreement (the "Liquidating Party") shall have the right, at its sole discretion, to liquidate this Agreement by terminating this Agreement. Upon termination, the parties shall have no further rights or obligations with respect to this Agreement, except for the payment of the amount(s) (the "Settlement Amount" or "Settlement Amounts") determined as provided in Paragraph (3) of this section.

Appears in 2 contracts

Samples: Physical Transaction Confirmation (Petroleum Development Corp), Physical Transaction Confirmation (Rockies Region 2006 Limited Partnership)

Right to Liquidate. At any time after the occurrence of one or more of the events described in the third second paragraph of Section G, Financial Responsibility, the other party to the Agreement (the "Liquidating Party") shall have the right, at its sole discretion, to liquidate this Agreement by terminating this Agreement. Upon termination, the parties shall have no further rights or obligations with respect to this Agreement, except for the payment of the amount(s) (the "Settlement Amount" or "Settlement Amounts") determined as provided in Paragraph (3) of this section.

Appears in 1 contract

Samples: Purchase Contract (Lilis Energy, Inc.)

Right to Liquidate. At any time after the occurrence of one or more of the events described in the third paragraph of Section G, Financial Responsibility, the other party to the Agreement (the “Liquidating Party”) shall have the right, at its sole discretion, to liquidate this Agreement by terminating this Agreement. Upon termination, the parties shall have no further rights or obligations with respect to this Agreement, except for the payment of the amount(samounts) (the “Settlement Amount” or “Settlement Amounts”) determined as provided in Paragraph (3) of this section.

Appears in 1 contract

Samples: Crude Oil Purchase Agreement (Calumet Specialty Products Partners, L.P.)