Hydrocarbon Inventory Sample Clauses

Hydrocarbon Inventory. All of the Seller’s Hydrocarbon Inventory.
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Hydrocarbon Inventory. The Hydrocarbon Inventory. For the avoidance of doubt, Seller does not own any inventory in the line fills at the Phillipsburg heavy oil terminal.
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Hydrocarbon Inventory. All of the Seller’s Hydrocarbon Inventory (including all FTZ status merchandise located at the Facilities).
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Hydrocarbon Inventory. The valuation of Hydrocarbon Inventory for purposes of calculating Current Assets or Net Working Capital shall be determined in accordance with the valuation methodology set forth in Section 2.07 of the Disclosure Schedule.
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Hydrocarbon Inventory. The hydrocarbon Inventory shall be measured and valued in accordance with the procedures described in Section 6.13(c)(ii)(1) of the Disclosure Schedule.
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Hydrocarbon Inventory. Exhibit G-1 of the UPA is hereby deleted in its entirety and replaced with Annex I.
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Hydrocarbon Inventory. Seller shall make a good faith estimate five (5) Business Days prior to the Closing Date of the estimated value of the Hydrocarbon Inventory as of such date and provide a copy thereof to Buyer setting forth the ownership, types, characteristics and volumes, on a tank, trunk, pipeline or other location basis, of all Hydrocarbon Inventory. Seller shall value the Hydrocarbon Inventory in accordance with the measurement procedures set forth in Exhibit A-l and in accordance with the valuation procedures set forth in Exhibit A-2. Buyer shall be permitted to have representatives present to observe any measurements taken by Seller. At the Closing, Buyer shall pay Seller an amount (the “Inventory Deposit”) equal to 90% of such estimated Inventory Value as reasonably estimated by Seller five (5) Business Days prior to the Closing Date.
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Hydrocarbon Inventory. (a) The Parties acknowledge that Buyer caused an Affiliate of Intertek Group, PLC (“Intertek”) to measure the volumes of (i) Onsite Inventory (as defined in Exhibit G-2—Hydrocarbon Inventory Measurement Procedures) contained in some, but not all, tanks at the Refinery on May 31, 2016 and (ii) the WPC Inventory contained in tanks (but not pipelines) on May 31, 2016, and that in each case those measured volumes are correctly stated in Exhibit G-1—May EOM Inventory. (b) The Parties also acknowledge that they have agreed (for purposes of this Section 5.7, Section 8.1(c) and Section 8.2(b) only) as to (i) the volumes of Onsite Inventory that were not physically measured on May 31, 2016, (ii) the volumes of the WPC Inventory that were not physically measured on May 31, 2016, and (iii) the volumes of Offsite Inventory on May 31, 2016 and that in each case those agreed volumes of unmeasured Onsite Inventory, Offsite Inventory and WPC Inventory are correctly stated on Exhibit G-1. (c) Additionally, the Parties acknowledge that they have agreed (for purposes of this Section 5.7, Section 8.1(c) and Section 8.2(b) only) that the total value of the Hydrocarbon Inventory as of May 31, 2016 is correctly set forth in Exhibit G-1 (such value, the “May EOM Inventory Value”). (d) The Parties also acknowledge that they have agreed (for purposes of this Section 5.7, Section 8.1(c) and Section 8.2(b) only) not to measure or value Onsite Inventory contained in process units or pipeworks at May 31, 2016 or at the Measurement Dated (as defined below), notwithstanding anything to the contrary in Exhibit G-2 or Exhibit G-3. (e) Buyer shall have the option, but not the obligation, to have the Onsite Inventory and the WPC Inventory measured and sampled by a mutually agreeable independent inspector (the “Field Inspector”) on a date that is the first or second day preceding the Closing Date (the “Inventory Measurement Date”). Buyer and Seller shall use their commercially reasonable efforts to cause Intertek to be the Field Inspector. The Field Inspector shall measure and sample the Onsite Inventory and WPC Inventory (including tank sludge) as of the Inventory Measurement Date at the respective locations of the Hydrocarbon Inventory on the Inventory Measurement Date; provided, however, that notwithstanding anything herein to the contrary, (i) the volumes of all Onsite Inventory in process units and pipeworks shall not be measured or valued by the Field Inspector or the Parties, (ii) the ...
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Hydrocarbon Inventory 
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Related to Hydrocarbon Inventory

  • Inventory To the extent Inventory held for sale or lease has been produced by any Borrower, it has been and will be produced by such Borrower in accordance with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder.

  • Inventories All of the Assets constituting inventory are owned or used by Company, are in good, current, standard and merchantable condition and are not obsolete or defective.

  • Borrowing Base Properties (a) Except where the failure to comply with any of the following would not have a Material Adverse Effect, each of Parent and Borrower shall, and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to: (b) Pay all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance charges, impositions, and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Borrowing Base Property, now or hereafter levied or assessed or imposed against any Borrowing Base Property or any part thereof (except those which are being contested in good faith by appropriate proceedings diligently conducted). (c) Promptly pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in connection with any Borrowing Base Property (except those which are being contested in good faith by appropriate proceedings diligently conducted), and in any event never permit to be created or exist in respect of any Borrowing Base Property or any part thereof any other or additional Lien or security interest other than Liens permitted by Section 8.01. (d) Operate the Borrowing Base Properties in a good and workmanlike manner and in all material respects in accordance with all Laws in accordance with such Loan Party’s prudent business judgment. (e) Cause each other Loan Party to, to the extent owned and controlled by a Loan Party, preserve, protect, renew, extend and retain all material rights and privileges granted for or applicable to each Borrowing Base Property.

  • SIGNIFICANT LANDS INVENTORY FINDING Find that this activity is consistent with the use classification designated by the Commission for the land pursuant to Public Resources Code section 6370 et seq.

  • ESTIMATED / SPECIFIC QUANTITY CONTRACTS Estimated quantity contracts, also referred to as indefinite delivery / indefinite quantity contracts, are expressly agreed and understood to be made for only the quantities, if any, actually ordered during the Contract term. No guarantee of any quantity is implied or given. With respect to any specific quantity stated in the contract, the Commissioner reserves the right after award to order up to 20% more or less (rounded to the next highest whole number) than the specific quantities called for in the Contract. Notwithstanding the foregoing, the Commissioner may purchase greater or lesser percentages of Contract quantities should the Commissioner and Contractor so agree. Such agreement may include an equitable price adjustment.

  • Equipment and Inventory With respect to any Equipment and/or Inventory of an Obligor, each such Obligor has exclusive possession and control of such Equipment and Inventory of such Obligor except for (i) Equipment leased by such Obligor as a lessee or (ii) Equipment or Inventory in transit with common carriers. No Inventory of an Obligor is held by a Person other than an Obligor pursuant to consignment, sale or return, sale on approval or similar arrangement.

  • Merchantable Inventory All Inventory is in all material respects of good and marketable quality, free from all material defects, except for Inventory for which adequate reserves have been made.

  • CURRENT INVENTORY OF QUALIFIED PROPERTY In addition to the requirements of Section 10.2 of this Agreement, if there is a material change in the Qualified Property described in EXHIBIT 4, then within 60 days from the date commercial operation begins, the Applicant shall provide to the District, the Comptroller, the Appraisal District or the State Auditor’s Office a specific and detailed description of the tangible personal property, buildings, and/or permanent, nonremovable building components (including any affixed to or incorporated into real property) on the Land to which the value limitation applies including maps or surveys of sufficient detail and description to locate all such described property on the Land.

  • As to Equipment and Inventory Grantor hereby agrees that it shall: (a) keep all the Equipment and Inventory (other than Inventory in transit and Inventory sold in the ordinary course of business) at the places therefor specified in Section 3.1.1 or, upon 30 days' prior written notice to Agent, at such other places in a jurisdiction where all representations and warranties set forth in Article III (including Section 3.1.6) shall be true and correct, and all action required pursuant to the first sentence of Section 4.1.7 shall have been taken with respect to the Equipment and Inventory; (b) with respect to any Equipment or Inventory in the possession or control of any Third Party or any of Grantor's agents, notify such Third Party or agent of Agent's security interest in such Equipment or Inventory and, upon Agent's request following the occurrence and during the continuance of an Event of Default, direct such Third Party or agent to hold all such Equipment or Inventory for Agent's account and subject to Agent's instructions; (c) cause the Equipment to be maintained and preserved in the same condition, repair and working order as when new, ordinary wear and tear excepted, and in accordance with any manufacturer's manual; and forthwith, or in the case of any material loss or damage to any of the Equipment, as quickly as practicable after the occurrence thereof, make or cause to be made all repairs, replacements, and other improvements in connection therewith which are necessary or desirable to such end; and promptly furnish to Agent a statement respecting any loss or damage to any of the Equipment within ten (10) business days after Grantor obtains knowledge of any such loss or damage; and (d) pay promptly when due all property and other taxes, assessments and governmental charges or levies imposed upon, and all claims (including claims for labor, materials and supplies) against, the Equipment and Inventory, except to the extent the validity thereof is being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with Generally Accepted Accounting Principles have been set aside.

  • Location of Equipment and Inventory All Equipment and Inventory are (i) located at the locations indicated on Schedule 4 (ii) in transit to such locations or (iii) in transit to a third party purchaser which will become obligated on a Receivable to the Debtor upon receipt. Except for Equipment and Inventory referred to in clauses (ii) and (iii) of the preceding sentence, the Debtor has exclusive possession and control of the Inventory and Equipment.

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