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Group 2 Assets Sample Clauses

Group 2 Assets. At the end of the first four (4) Contract Quarters following the Closing Date for the Group 2 Assets, HEP Storage-Tulsa shall calculate its aggregate operating expenses incurred in the operation of the Group 2 Assets (but such calculation shall not include extraordinary and non-recurring items of expense that are not reasonably expected to recur in future periods during the Term). In the event that such aggregate operating expenses exceed the Group 2 Assets Assumed OPEX, (A) Xxxxx Tulsa shall reimburse HEP Storage-Tulsa for such operating expenses incurred in excess of the Group 2 Assets Assumed OPEX, and (B) HEP Storage-Tulsa shall increase the Group 2 Tankage Base Tariff by the amount necessary to increase the Minimum Group 2 Tankage Revenue Commitment by an amount equal to such aggregate operating expenses in excess of the Group 2 Assets Assumed OPEX for the remainder of the Term, and the Parties shall execute an amended, modified, revised or updated Schedule VII reflecting such aggregate operating expenses as the new Group 2 Assets Assumed OPEX. In the event that such aggregate operating expenses are less than the Group 2 Assets Assumed OPEX, HEP Storage-Tulsa shall decrease the Group 2 Tankage Base Tariff by the amount necessary to decrease the Minimum Group 2 Tankage Revenue Commitment by an amount equal to the difference between the Group 2 Assets Assumed OPEX and such actual operating expenses for the remainder of the Term, and the Parties shall execute an amended, modified, revised or updated Schedule VII reflecting such aggregate operating expenses as the new Group 2 Assets Assumed OPEX. In the event that the PPI increase for any given year is greater than seven percent (7%), then, in addition to any other applicable increases during such year, HEP Storage-Tulsa shall increase the Group 2 Tankage Base Tariff by an additional amount necessary to increase the Minimum Group 2 Tankage Revenue Commitment by the Group 2 Assets OPEX Recovery Amount. Such Group 2 Assets OPEX Recovery Amount shall be added to the then-current Group 2 Assets Assumed OPEX, and the Parties shall execute an amended, modified, revised or updated Schedule VII reflecting the addition of such Group 2 Assets OPEX Recovery Amount to the Group 2 Assets Assumed OPEX.
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Group 2 Assets. During the Term and subject to the terms and conditions of this Agreement, including Section 13(b), HEP Storage-Tulsa agrees to: (A) own or lease, operate and maintain the Group 2 Tankage and Group 2 Loading Rack and all related assets necessary to handle the Crude Oil and Products from Xxxxx Tulsa; (B) provide the services required under this Agreement and perform all operations relating the Group 2 Tankage and Group 2 Loading Rack including, but not limited to, tank gauging, tank maintenance, tank dike maintenance, loading trucks, interaction with third party pipelines, and customer interface for access agreements; and (C) maintain adequate property and liability insurance covering the Group 2 Tankage and Group 2 Loading Rack and any related assets owned by HEP Storage-Tulsa and necessary for the operation of the Group 2 Tankage and Group 2 Loading Rack. Notwithstanding the foregoing, subject to Section 13(b) of this Agreement and Article V of the Omnibus Agreement, HEP Tulsa and HEP Storage-Tulsa are free to sell any of their assets, including assets that provide services under this Agreement, and Xxxxx Tulsa is free to merge with another entity and to sell all of its assets or equity to another entity at any time.
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Group 2 Assets. If new Applicable Laws are enacted that require HEP Storage-Tulsa to make capital expenditures with respect to the Group 2 Tankage or Group 2 Loading Rack, HEP Storage-Tulsa may amend the Group 2 Tankage Base Tariff and Group 2 Loading Rack Tariff, as applicable, in order to recover HEP Storage-Tulsa’s cost of complying with these Applicable Laws (as determined in good faith and including a reasonable return); provided, however, that HEP Storage-Tulsa may not amend the Group 2 Tankage Base Tariff, or Group 2 Loading Rack Tariff pursuant to this Section 2(q) unless and until HEP Storage-Tulsa has made capital expenditures of $2,000,000.00 in the aggregate with respect to the Group 2 Tankage and Group 2 Loading Rack in order to comply with such new Applicable Laws.
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Group 2 Assets. During the Term and subject to the terms and conditions of this Agreement, including Section 13(b), HEP Storage-Tulsa agrees to: (A) own or lease, operate and maintain the Group 2 Tankage and Group 2 Loading Rack and all related assets necessary to handle the Crude Oil and Products from Xxxxx Tulsa; (B) provide the services required under this Agreement and perform all operations relating the Group 2 Tankage and Group 2 Loading Rack including, but not limited to, tank gauging, tank maintenance, tank dike maintenance, loading trucks, interaction with third party pipelines, and customer interface for access agreements; and (C) maintain adequate property and liability insurance covering the Group 2 Tankage and Group 2 Loading Rack and any related assets owned by HEP Storage-Tulsa and necessary for the operation of the Group 2 Tankage and Group 2 Loading Rack.
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Group 2 Assets. If Xxxxx Tulsa shuts down or reconfigures the Refinery or any portion of the Refinery (excluding planned maintenance turnarounds) and reasonably believes in good faith that such shut down or reconfiguration will jeopardize its ability to satisfy its Group 2 Tankage Revenue Commitment or Minimum Group 2 Loading Rack Revenue Commitment under this Agreement, then within 90 days of the delivery of the written notice of the planned shut down or reconfiguration, Xxxxx Tulsa shall (A) propose a new Minimum Group 2 Tankage Revenue Commitment or Minimum Group 2 Loading Rack Revenue Commitment under this Agreement, as applicable, such that the ratio of the new Minimum Group 2 Tankage Revenue Commitment or Minimum Group 2 Loading Rack Revenue Commitment, as the case may be, under this Agreement over the anticipated production level following the shut down or reconfiguration will be approximately equal to the ratio of the original Minimum Group 2 Tankage Revenue Commitment or Minimum Group 2 Loading Rack Revenue Commitment under this Agreement over the original production level and (B) propose the date on which the new Minimum Group 2 Tankage Revenue Commitment or Minimum Group 2 Loading Rack Revenue Commitment under this Agreement shall take effect. Unless objected to by HEP Storage-Tulsa within 60 days of receipt by HEP Storage-Tulsa of such proposal, such new Minimum Group 2 Tankage Revenue Commitment or Minimum Group 2 Loading Rack Revenue Commitment under this Agreement shall become effective as of the date proposed by Xxxxx Tulsa. To the extent that HEP Storage-Tulsa does not agree with Xxxxx Tulsa’s proposal, any changes in Xxxxx Tulsa’s obligations under this Agreement, or the date on which such changes will take effect, will be determined by binding arbitration in accordance with Section 13(e). Any applicable exhibit or schedule to this Agreement will be updated, amended or revised, as applicable, in accordance with this Agreement to reflect any change in the Minimum Group 2 Tankage Revenue Commitment or Minimum Group 2 Loading Rack Revenue Commitment under this Agreement agreed to in accordance with this Section 4(a).
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Related to Group 2 Assets

  • Remaining Assets In the event that the School closes, the School shall return any remaining public assets to the State, provided that any outstanding obligations of the School are fulfilled first pursuant to Sec. 302D-19, HRS.

  • Average Invested Assets For a specified period, the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Investments before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period.

  • Title to Properties and Assets; Liens, Etc Except as set forth on Schedule 4.9, each of the Company and each of its Subsidiaries has good and marketable title to its properties and assets, and good title to its leasehold estates, in each case subject to no mortgage, pledge, lien, lease, encumbrance or charge, other than: (a) those resulting from taxes which have not yet become delinquent; (b) minor liens and encumbrances which do not materially detract from the value of the property subject thereto or materially impair the operations of the Company or any of its Subsidiaries; and (c) those that have otherwise arisen in the ordinary course of business. All facilities, machinery, equipment, fixtures, vehicles and other properties owned, leased or used by the Company and its Subsidiaries are in good operating condition and repair and are reasonably fit and usable for the purposes for which they are being used. Except as set forth on Schedule 4.9, the Company and its Subsidiaries are in compliance with all material terms of each lease to which it is a party or is otherwise bound.

  • Fixed Assets 13 2.11 Leases.......................................... 13 2.12 Change in Financial Condition and Assets........ 14 2.13

  • Business Assets The Company Assets comprise all of the property and assets of the Business, and none of the Vendor or the Significant Shareholders nor any other person, firm or corporation owns any assets used by the Company in operating the Business, whether under a lease, rental agreement or other arrangement;

  • Persons Having Access to Assets of the Portfolios Notwithstanding anything to the contrary contained in this Agreement, no Authorized Person, Trustee, officer, employee or agent of any Fund shall have physical access to the assets of any Portfolio of that Fund held by the Custodian nor shall the Custodian deliver any assets of a Portfolio for delivery to an account of such person; provided, however, that nothing in this Section 3.03 shall prohibit (a) any Authorized Person from giving Proper Instructions, or any person authorized to issue Special Instructions from issuing Special Instructions, so long as such action does not result in delivery of or access to assets of any Portfolio prohibited by this Section 3.03; or (b) each Fund's independent certified public accountants from examining or reviewing the assets of the Portfolios of the Fund held by the Custodian. Each Fund shall deliver to the Custodian a written certificate identifying such Authorized Persons, Trustees, officers, employees and agents of such Fund.

  • Allocation of Applied Realized Loss Amounts Any Applied Realized Loss Amounts shall be allocated by the Trustee to the most junior Class of Subordinated Certificates then Outstanding in reduction of the Class Certificate Balance thereof.

  • Excluded Assets The Purchased Assets shall not include any of the following property and assets (collectively, the “Excluded Assets”): (a) all book debts and other debts due or accruing due to Seller prior to the Closing Time and the benefit of all security for such accounts, notes and debts, other than Accounts Receivable; (b) receivables owing to the Seller or a Subsidiary (other than CCSC) relating to the Real Time Transaction; (c) all cash on hand, cash equivalents, and bank deposits of the Seller or a Subsidiary (other than CCSC); (d) all Short Term Investments of the Seller or a Subsidiary (other than CCSC); (e) all minute books and stock ledgers of the Seller or a Subsidiary (other than CCSC); (f) all Indebtedness to the Seller of any Affiliate or Subsidiary of the Seller; (g) all personnel records that the Seller or a Subsidiary is required by Applicable Law to retain in its possession; (h) all sponsorship obligations of the Seller under Employee Plans, Pension Plans, and Statutory Plans; (i) all income Tax installments paid by the Seller or a Subsidiary and the right to receive any refund of income Taxes paid by the Seller or a Subsidiary; (j) Georgia State research and development tax credits receivables; (k) Georgia State research and development deferred income; (l) all equity or other ownership interests in Subsidiaries of the Seller other than CCSC; (m) the Contracts described in Schedule 2.2(m) (the “Excluded Contracts”); and (n) the leases described in Schedule 2.2(n) (the “Excluded Leases”).

  • Gross Asset Value The term "Gross Asset Value" means, with respect to any asset, the asset's adjusted basis for federal income tax purposes, except as follows:

  • Investment Assets Those assets of the Fund as the Advisor and the Fund shall specify in writing, from time to time, including cash, stocks, bonds and other securities that the Advisor deposits with the Custodian and places under the investment supervision of the Sub-Advisor, together with any assets that are added at a subsequent date or which are received as a result of the sale, exchange or transfer of such Investment Assets.

Most Referenced Clauses

Most Referenced Definitions