INVENTORY QUANTIFICATION PROCEDURES Sample Clauses

INVENTORY QUANTIFICATION PROCEDURES. Prior to the Hydrocarbon Inventory Transfer Dates, the Inventory Team shall develop and mutually agree upon a gauging and sampling schedule by Tank (the “Inventory Schedule”). The Inventory Schedule shall include all Product Tanks, in or out of service, and shall indicate the following for each Tank comprising the Hydrocarbon Inventory: • Tank location, Tank number, type of roof and Tank type by site; • Status at Hydrocarbon Inventory Transfer Dates (active, inactive or out of service); • Tank contents (product/grade); • Tank equipment (i.e., mixers, heating coils or tubes); • Tank reference gauge height; • Tank calibration (ullage or innage), last Tank calibration date and Tank “critical zone”; • Total Tank volume and heel volume; • Design of Tank gauging tube (slotted or solid) and estimation of bottom sludge; and • Any specific gauging or sampling limitations (i.e. fresh air, no roof ladder). The gauging, temperature correction, sampling and API gravity for each Tank shall be done at the agreed time at each location by the IIC. Members of the Inventory Team may observe the gauging, sampling and measurement readings taken by the IIC. Hand gauges, temperature readings, samples (as agreed by the Inventory Team) and/or automatic gauge readings in the case of spheres will be taken at the storage Tanks, spheres and pre-loaded rail cars containing Hydrocarbon Inventory. Inventory quantity is determined by calculating total net volume in each identified Tank, including tank heels, and adjusting for free water and BS&W. The Parties shall be deemed to have accepted the accuracy of the gauging and temperature measurements of a Tank, pipeline, sphere or rail car as recorded by the IIC on the tank gauge ticket, as agreed by the Inventory Team, if the authorized representatives of PRC and Xxxx “sign-off” agreeing to the data recorded on the tank gauge ticket. Tanks that have been certified will not require further testing. In the event a determination of the quality of some Products must be performed, the Inventory Team will direct that samples be obtained and tested. Samples of such Products shall be jointly taken as described in this Schedule D, and such test shall be conducted at PRC’s laboratory. Xxxx and PRC may witness, or assign a representative to witness, any laboratory testing. The results of the tests so run shall be binding on the Parties. All Products in the process of unit rundown or blending are deemed to be within Product specification since all Produ...
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INVENTORY QUANTIFICATION PROCEDURES. At least ten (10) days prior to the Closing Date, the Inventory Committee shall develop and mutually agree upon a gauging and sampling schedule by site, location and tank (the “Inventory Schedule”). The Inventory Committee shall use inventory statements from the third party pipeline or terminal operators (including SXL) to determine the volume of (i) raw materials (including crude oil and gas oil), feedstocks and intermediate stocks (including vacuum gas oil, light cycle oil, and naphtha) that are in transit to the Facilities in Third Party pipelines (or in pipelines owned or controlled by SXL) and raw materials, feedstocks and intermediate stocks designated as Sunoco-owned line fill in Third Party pipelines (or in pipelines owned or controlled by SXL) on which Seller ships such oil and stocks into the Facilities; (ii) raw materials, blendstocks (including ethanol, additives, biodiesel, and butane which is to be blended into a finished product), feedstocks and intermediate stocks that are in transit from the Facilities or residing in Third Party storage (or storage owned or controlled by SXL), excluding any such products for which title has passed from Seller to a Third Party as of the Hydrocarbon Inventory Transfer Time; (iii) refined products (including gasoline, distillates, residuals, HARF, clarified slurry oil, sulfur, propanes, and butanes which are to be sold as finished product), in transit from the Facilities or residing in Third Party storage (or storage owned or controlled by SXL), excluding any such products for which title has passed from Seller to a Third Party as of the Hydrocarbon Inventory Transfer Time; (iv) petrochemical products (including benzene, toluene, xylene, tetramer and nonene) in transit from the Facilities or residing in Third Party storage (or storage owned or controlled by SXL). For all hydrocarbon inventory located at the Facilities, the Inventory Schedule shall include all hydrocarbon inventory tanks, in or out of service, and shall indicate the following for each tank, at each site listed on Exhibit 1 attached hereto, comprising the Seller’s Hydrocarbon Inventory: • Storage tank location, tank number, type of roof and tank type by site • Status at closing (active, inactive or out of service) • Tank contents • Tank equipment [i.e., mixers, heating coils or tubes] • Tank reference gauge height • Tank calibration (ullage or innage), last tank calibration date and tank “critical zone” • Total tank volume and heel volume • Des...
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Related to INVENTORY QUANTIFICATION PROCEDURES

  • Proration Procedures All Term Loans offered in Return Bids (or, if applicable, any component bid thereof) constituting Qualifying Bids equal to the Applicable Threshold Price will be purchased at a purchase price equal to the Applicable Threshold Price; provided that if the aggregate principal amount of all Term Loans for which Qualifying Bids have been submitted in any given Auction equal to the Applicable Threshold Price would exceed the remaining portion of the Auction Amount (after deducting all Term Loans purchased below the Applicable Threshold Price), the Offeror shall purchase the Term Loans for which the Qualifying Bids submitted were at the Applicable Threshold Price ratably based on the respective principal amounts offered and in an aggregate amount up to the amount necessary to complete the purchase of the Auction Amount. For the avoidance of doubt, no Return Bids (or any component thereof) will be accepted above the Applicable Threshold Price.

  • Transition Procedures Upon the expiration or termination of the Term of this Lease, for whatever reason (other than a purchase of the Leased Property by Lessee), Lessor and Lessee shall do the following (and the provisions of this Section 2.3 shall survive the expiration or termination of this Lease until they have been fully performed) and, in general, shall cooperate in good faith to effect an orderly transition of the management and/or lease of the Hotel:

  • Allocation Procedures On each Business Day, the Credit Facility Team shall seek to collect data on the uninvested cash of Funds listed on Schedule B hereto from such Funds’ custodian. On each occasion that a Fund delivers Borrowing Instructions to the Credit Facility Team, the Credit Facility Team will seek to match the amount and term of the Fund’s borrowing needs with the cash available from the Funds that have provided Lending Instructions in accordance with allocation and administrative procedures established by the Board of Trustees. The Credit Facility Team shall allocate the borrowing demand and lending needs among the Funds on what the Credit Facility Team deems to be an equitable basis and in accordance with the Interfund Lending Procedures. The Credit Facility Team shall not solicit cash for Loans from any Funds or publish or disseminate the amount of any current borrowing demand to the Adviser’s investment personnel. No Loan may be made unless the Interest Rate is more favorable for the Lender than both the OTD Rate and the Repo Rate and more favorable for the Borrower than the Bank Loan Rate.

  • Collection Procedures (a) On or before the Closing Date, the Seller and the Purchaser shall have established and shall maintain thereafter the system of collecting and processing Collections of Receivables in accordance with Section 2.02 of the Servicing Agreement.

  • Election and Proration Procedures (a) An election form and other appropriate and customary transmittal materials (which shall specify that delivery shall be effected, and risk of loss and title to the certificates theretofore representing Seller Stock shall pass only upon delivery of such certificates to the Exchange Agent) in such form as Company and Seller shall mutually agree (“Election Form”) shall be mailed no less than 35 days prior to the anticipated Effective Time or on such other date as Seller and Company shall mutually agree (“Mailing Date”) to each holder of record of Seller Stock as of five Business Days prior to the Mailing Date (“Election Form Record Date”). Company shall make available one or more Election Forms as may be reasonably requested by all persons who become holders (or beneficial owners) of Seller Stock after the Election Form Record Date and prior to the Election Deadline (as defined below), and Seller shall provide to the Exchange Agent all information reasonably necessary for it to perform its obligations as specified herein. Each Election Form shall permit the holder (or the beneficial owner through appropriate and customary documentation and instructions) to elect (an “Election”) to receive either (i) Company Stock (a “Stock Election”) with respect to all of such holder’s Seller Stock, (ii) cash (a “Cash Election”) with respect to all of such holder’s Seller Stock, or (iii) a specified number of shares of Seller Stock to receive Company Stock (a “Combination Stock Election”) and a specified number of shares of Seller Stock to receive cash (a “Combination Cash Election”), subject to the provisions contained in this Agreement. Any Seller Stock (other than Seller Dissenting Shares) with respect to which the holder (or the beneficial owner, as the case may be) shall not have submitted to the Exchange Agent, an effective, properly completed Election Form received prior to the Election Deadline shall be deemed to be “Undesignated Shares” hereunder.

  • Escalation Procedures Documented customer support processes are to be developed by PSI. Specific process documentation is required for the following: o customer support procedures o trouble escalation procedures o trouble ticketing, tracking, and resolution PSI must provide information to the IXC customer describing customer support, problem resolution, and trouble escalation procedures, customer contact information, and trouble reporting methods.

  • Election Procedures Each holder of record of shares of Company Common Stock (“Holder”) shall have the right, subject to the limitations set forth in this Article II, to submit an election in accordance with the following procedures:

  • Selection Procedures In selecting the Loan Assets to be Pledged pursuant to this Agreement, no selection procedures were employed which are intended to be adverse to the interests of the Lenders.

  • Notification Procedures The Auction Manager will calculate the Applicable Threshold Price no later than the next Business Day after the date that the Return Bids were due. The Auction Manager will insert the amount of Term Loans to be assigned and the applicable settlement date determined by the Auction Manager in consultation with the Offeror onto each applicable Auction Assignment and Acceptance received in connection with a Qualifying Bid. Upon written request of the submitting Lender, the Auction Manager will promptly return any Auction Assignment and Acceptance received in connection with a Return Bid that is not a Qualifying Bid.

  • Auction Procedures The provisions contained in Section 11.10 of the Amended and Restated Bylaws concerning Auction Procedures will be followed by the Fund and, to the extent applicable, the Auction Agent, and the provisions contained therein are incorporated herein by reference in their entirety and shall be deemed to be a part of this Agreement to the same extent as if such provisions were set forth fully herein.

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