Common use of Suspension Rights Clause in Contracts

Suspension Rights. (a) If an Event of Default occurs and is continuing, the non-defaulting Party may, by giving five (5) calendar days’ written notice, suspend its obligation to deliver Sales Volumes hereunder or its obligation to purchase Sales Volumes hereunder, as applicable. While deliveries of Sales Volumes hereunder are suspended pursuant to this Section 7.2, PXP shall have the right, but not the obligation, to sell any undelivered volumes to other purchasers and shall, if PXP is the non-defaulting Party, be entitled to damages from CoP equal to the amount it would have received under the terms of this Agreement for such undelivered volumes less the amount received from other purchasers of the undelivered volumes, plus actual costs and expenses incurred by PXP in arranging sales to other purchasers. While any purchases of Sales Volumes hereunder are suspended pursuant to this Section 7.2, CoP may purchase Sales Volumes from other sellers and shall, if CoP is the non-defaulting Party, be entitled to damages from PXP equal to the amount paid to purchase the Sales Volumes from other sellers less the amount it would have paid for the Sales Volumes under the terms of this Agreement, plus actual costs and expenses incurred by CoP in arranging purchases from other sellers. (b) The right of the non-defaulting Party to suspend performance under this Section 7.2 shall continue until the earlier of (i) the Event of Default is cured or (ii) this Agreement is terminated pursuant to Section 7.3. (c) An election by a Party to suspend performance under this Section 7.2 shall not preclude that Party from later electing to terminate this Agreement under Section 7.3.

Suspension Rights. (a) If an Event of Default occurs and is continuing, the non-defaulting Party may, by giving five (5) calendar days’ written notice, suspend its obligation to deliver Sales Volumes hereunder or its obligation to purchase Sales Volumes hereunder, as applicable. While deliveries of Sales Volumes hereunder are suspended pursuant to this Section 7.2, PXP ERG shall have the right, but not the obligation, to sell any undelivered volumes to other purchasers and shall, if PXP ERG is the non-defaulting Partyparty, be entitled to damages from CoP ConocoPhillips equal to the amount it would have received under the terms of this Agreement for such undelivered volumes less the amount received from other purchasers of the undelivered volumes, plus actual costs and expenses incurred by PXP ERG in arranging sales to other purchasers. While any purchases of Sales Volumes hereunder are suspended pursuant to this Section 7.2, CoP ConocoPhillips may purchase Sales Volumes from other sellers and shall, if CoP ConocoPhillips is the non-defaulting Partyparty, be entitled to damages from PXP ERG equal to the amount paid to purchase the Sales Volumes from other sellers less the amount it would have paid for the Sales Volumes under the terms of this Agreement, plus actual costs and expenses incurred by CoP ConocoPhillips in arranging purchases from other sellers. (b) The right of the non-defaulting Party party to suspend performance under this Section 7.2 shall continue until the earlier of (i) the Event of Default is cured or (ii) this Agreement is terminated pursuant to Section 7.3. (c) An election by a Party to suspend performance under this Section 7.2 shall not preclude that Party from later electing to terminate this Agreement under Section 7.3.

Suspension Rights. (a) If an Event of Default occurs and is continuing, the non-defaulting Party may, by giving five fifteen (515) calendar days’ ' written notice, suspend its obligation to deliver Sales Volumes Delivery Amounts hereunder or its obligation to purchase Sales Volumes Delivery Amounts hereunder, as applicable. While deliveries of Sales Volumes Delivery Amounts hereunder are suspended pursuant to this Section 7.2, PXP Supplier shall have the right, but not the obligation, to sell any undelivered volumes to other purchasers third parties and shall, if PXP Supplier is the non-defaulting Party, be entitled to damages from CoP Buyer equal to the amount it would have received under the terms of this Agreement for such undelivered volumes volumes, less the amount received from other purchasers of the undelivered volumesvolumes in arms-length transactions, plus any reasonable actual costs and expenses incurred by PXP Supplier in arranging sales to other purchasers. While any purchases of Sales Volumes Delivery Amounts hereunder are suspended pursuant to this Section 7.2, CoP Buyer may purchase Sales Volumes Delivery Amounts from other sellers third parties and shall, if CoP Buyer is the non-defaulting Party, be entitled to damages from PXP Supplier equal to the amount paid to purchase the Sales Volumes Delivery Amounts from other sellers in arms-length transactions, less the amount it would have paid for the Sales Volumes Delivery Amounts under the terms of this Agreement, plus reasonable actual costs and expenses incurred by CoP Buyer in arranging purchases from other sellers. (b) The right of the non-defaulting Party party to suspend performance under this Section 7.2 shall continue until the earlier of (i) the Event of Default is cured or (ii) this Agreement is terminated pursuant to Section 7.3. (c) An election by a Party to suspend performance under this Section 7.2 shall not preclude that Party from later electing to terminate this Agreement under Section 7.3.