Winding Up Operations Clause Samples
The Winding Up Operations clause outlines the procedures and responsibilities for concluding a business's affairs when it is being dissolved or terminated. It typically details steps such as settling outstanding debts, liquidating assets, and distributing any remaining funds to stakeholders according to agreed priorities. This clause ensures an orderly and transparent process for closing down operations, minimizing disputes and clarifying the obligations of all parties involved.
Winding Up Operations. At the end of the full term of the Agreement, physical storage gas returned to the control of the Counterparty shall be equal to the Initial Storage Inventory. Should the Counterparty desire to have storage at a level above the Initial Storage Inventory, the Manager will work with Counterparty and provide on a best efforts basis. When this Agreement terminates, whether pursuant to Sections 9.02 or 12.04 or due to the expiration of the Term, the Parties shall reconcile the Storage Accounts as follows. If the volume of Gas physically present in inventory is less than the Counterparty Storage Account, Manager shall provide Counterparty with Gas, at no charge, sufficient to make up the difference between the Gas physically present and the Counterparty Storage Account, either by in place transfer or injection at the maximum injection rate, but in all events, the difference shall be made up within thirty (30) days of the date of termination. If the volume of Gas physically present is more than the Counterparty Storage Inventory, then Counterparty, at its option, may either pay for the Gas in place, at the Gas Daily price for the applicable area on the date of termination, or require Manager to remove the Gas within thirty (30) days of the date of termination via in place transfer to a third party or withdrawal. The Parties shall work together to avoid any penalties resulting from over-injection or over-withdrawals, and Manager shall be responsible for any such penalties.
Winding Up Operations. When this Agreement terminates, whether pursuant to Sections 10.02 or 13.04 or due to the expiration of the Term, all Gas physically present in Storage Facilities shall be transferred to Counterparty and the Parties shall reconcile accounts as follows. If the volume of Gas physically present in inventory is less than the volume shown in the Counterparty Storage Accounts, Manager shall provide Counterparty with Gas, at no charge, sufficient to make up the difference between the Gas physically present and the volume shown in Counterparty's Storage Accounts. The Gas shall be provided by in place transfer at the maximum injection rate, but in all events, the difference shall be made up within thirty (30) days of the date of termination. If the volume of Gas physically present is more than the volume shown in Counterparty Storage Accounts, then Counterparty, at its option, may either purchase the Gas in place, at the Gas Daily price for the applicable area on the date of termination, or require Manager to remove the Gas within thirty (30) days of the date of termination via in place transfer to a third party or withdrawal. The Parties shall work together to avoid any penalties resulting from over-injection or over-withdrawals, and Manager will be responsible for any such penalties.
Winding Up Operations. At the end of the full term of the Agreement, the amount of physical storage gas stored under the Excluded Storage Agreement shall be equal to the Initial Storage Inventory. Should the Counterparty desire to have storage at a level below or above the Initial Storage Inventory, the Manager will work with Counterparty and provide a sale or purchase on a best efforts basis at a price mutually acceptable to each Party. When this Agreement terminates, whether pursuant to Sections 9.02 or 12.04 or due to the expiration of the Term, the Parties shall reconcile the Storage Accounts as follows. If the volume of Gas physically present in inventory is less than the Counterparty’s Virtual Storage Account, Manager shall provide Counterparty with Gas, at no charge, sufficient to make up the difference between the Gas physically present and the Counterparty’s Virtual Storage Account, either by in place transfer or injection at the maximum injection rate, but in all events, the difference shall be made up within thirty (30) days of the date of termination. If the volume of Gas physically present is more than the Counterparty’s Virtual Storage Inventory, then Counterparty, at its option, may either pay for the Gas in place, at the Gas Daily price for the applicable area on the date of termination, or require Manager to remove the Gas within thirty (30) days of the date of termination via in place transfer to a third party or withdrawal. The Parties shall work together to avoid any penalties resulting from over-injection or over-withdrawals, and Manager shall be responsible for any such penalties.