Line Fill and Tank Bottoms Sample Clauses

Line Fill and Tank Bottoms. SemCrude is transferring to SGEP as of the Effective Date 355,000 Barrels of crude oil owned by SemCrude and located in the pipelines or storage tanks of the SGLP Parties as of the Effective Date (the “Line Fill and Tank Bottoms”). If SemCrude does not own 355,000 Barrels of Line Fill and Tank Bottoms as of the Effective Date, then SemCrude will transfer Barrels located at other mutually convenient locations in order to achieve the total of 355,000 Barrels (the “Additional Barrels”). The Line Fill and Tank Bottoms and the Additional Barrels, if any, will be transferred by SemCrude executing and delivering the xxxx of sale attached as Exhibit E hereto (the “Line Fill and Tank Bottoms Transfer Document”), which sets forth the number of Barrels being transferred at each location. The SGLP Parties hereby acknowledge and agree that after the execution of this Agreement, SemCrude will continue to own its Barrels of crude oil located in the pipelines or storage tanks of the SGLP Parties (other than the Line Fill and Tank Bottoms and, if any, the Additional Barrels), which Barrels will be delivered to SemCrude at its direction pursuant to the New Throughput Agreement. The Parties will agree on the inventory process to be utilized to determine the number of Barrels owned by SemCrude after the Effective Date, which process shall be in accordance with customary industry practice.
Sample 1
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Related to Line Fill and Tank Bottoms

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  • Storage Tanks If storage tanks storing Hazardous Materials located on the Premises or the Project are used by Tenant or are hereafter placed on the Premises or the Project by Tenant, Tenant shall install, use, monitor, operate, maintain, upgrade and manage such storage tanks, maintain appropriate records, obtain and maintain appropriate insurance, implement reporting procedures, properly close any storage tanks, and take or cause to be taken all other actions necessary or required under applicable state and federal Legal Requirements, as such now exists or may hereafter be adopted or amended in connection with the installation, use, maintenance, management, operation, upgrading and closure of such storage tanks. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to use or install any underground storage tanks at the Project.

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  • Underground Storage Tanks Borrower shall not install or permit to be installed on the Property any underground storage tank.

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