Method of Inventory Determination Clause Samples

Method of Inventory Determination. (i) For purposes of this Agreement, determination of any volumes of Equilon Feedstock Inventory, Equilon Product Inventory, Chemical Feedstock Inventory, and Chemical Product Inventory required shall be made by an independent inspector (“Testing Agent”) appointed by Buyer and Seller and mutually acceptable to both Parties. The volumes determined by the Testing Agent shall be adjusted in accordance with normal industry practice, based upon testing by the Testing Agent, for water, contaminants, and sediment using standard industry guidelines, including ones relating to temperature, pressure and specific gravity. The Testing Agent shall issue a written report within twenty (20) days after the Effective Time, setting forth the volumes and quantities.

Method of Inventory Determination. (i) For purposes of this Agreement, any required determination of volumes of Equilon Feedstock Inventory and Equilon Product Inventory shall be made by two independent inspectors ("Testing Agents") appointed by Buyer and Seller and mutually acceptable to both Parties. The volumes determined by the Testing Agents shall be adjusted in accordance with normal industry practice, based upon testing by the Testing Agents, for water, contaminants and sediment using standard industry guidelines, including ones relating to temperature, pressure and specific gravity. The Testing Agents shall issue a joint written report within twenty (20) days after the Effective Time, setting forth the volumes and quantities. In the event the Testing Agents initially are unable to agree upon any volumes of any inventory, then the Testing Agents shall retest and re-measure until the Testing Agents are in agreement; (ii) Presence at Inventory Determination. In addition to the presence of such employees as is normal to the Operations, and subject to the right of Seller to conduct the Operations, each Party shall be entitled, at its own expense, to have any employee, agent, consultant or other authorized representative present for any inventory determination so long as such employee, agent, consultant or other authorized representative does not interfere with the tasks or responsibilities of the Testing Agents; and

Method of Inventory Determination. (i) For purposes of this Agreement, determination of any volumes of Seller Feedstock Inventory and Seller Product Inventory at the Effective Time shall be made by two independent inspectors ("Testing Agents") appointed by Buyer and Seller and mutually acceptable to both Parties. The volumes determined by the Testing Agents shall be adjusted in accordance with normal industry practice, based upon testing by the Testing Agents, for water, contaminants, and sediment using standard industry guidelines, including those relating to temperature, pressure and specific gravity. The Testing Agents shall issue a joint written report within twenty (20) days after the Effective Time, setting forth the volumes and quantities on a tank, vessel or location basis. In the event the Testing Agents initially are unable to agree upon any volumes of any inventory, then the Testing Agents shall retest and re-measure until the Testing Agents are in agreement. (ii) Presence at Inventory Determination. In addition to the presence of such employees as is normal to the Operations, and subject to the right of Seller to conduct the Operations, each Party shall be entitled, at its own expense, to have any employee, agent, consultant or other authorized representative present for any inventory determination so long as such employee, agent, consultant or other authorized representative does not interfere with the tasks or responsibilities of the Testing Agents. (iii) Estimate of Net Working Capital Adjustment. ------------------------------------------ (A) Seller shall make a good faith estimate of the Net Working Capital Adjustment and provide a copy thereof to Buyer (the "Net Working Capital Estimate") setting forth Seller's calculations thereof, including Seller's good faith estimate of the ownership, types, characteristics and volumes, on a tank, vessel or location basis, of Seller Feedstock Inventory and Seller Product Inventory and Seller's estimate of the WC Adjustment Items, at least five (5) business days in advance of the Closing Date (the "Net Working Capital Estimate Date"). (B) If, within 30 days after the Closing Date for Inventory and 60 days after the Closing Date for other WC Adjustment Items, Buyer determines in good faith that the Net Working Capital Adjustment has not been prepared and determined correctly, Buyer will give written notice to Seller within such 30 or 60 day period, as applicable, (i) setting forth Buyer's proposed changes to the Net Working Capital Adjus...

Method of Inventory Determination. (i) Determination of the volumes of Seller Feedstock Inventory, Seller Product Inventory and Seller Retail Site Product Inventory, at the Effective Time, shall be made by independent inspectors ("Testing Agents") appointed by Buyer and Seller at least ten (10) days prior to the Closing Date and mutually acceptable to both Parties. The volumes determined by the Testing Agents shall be adjusted in accordance with normal industry practice, based upon testing by the Testing Agents, for water, contaminants, and sediment using standard industry guidelines, including those relating to temperature, pressure and specific gravity. The Testing Agents shall issue a written report within twenty (20) days after the Closing Date, setting forth the volumes and quantities on a tank, vessel, pipeline and/or location basis. (ii) Determination of the Seller Non-Hydrocarbon Retail Site Inventory, at the Effective Time, shall be determined by an independent inventory service firm, retained at least ten (10) days prior to the Closing Date at the mutual agreement of Seller and Buyer. Commencing at or about 6:00 a.

Method of Inventory Determination. (i) For purposes of this Agreement, determination of any volumes of Feedstock Inventory, Product Inventory, Exchange Inventory, and Inventory in Transit required shall be made by two independent inspectors ("Testing Agents") appointed by Buyer and Seller and mutually acceptable to both Parties. The volumes determined by the Testing Agents shall be adjusted in accordance with normal industry practice, based upon testing by the Testing Agents, for water, contaminants, and sediment using standard industry guidelines, including ones relating to temperature, pressure and specific gravity. The Testing Agents shall issue a joint written report within twenty (20) days after the Effective Time, setting forth the volumes and quantities. In the event the Testing Agents initially are unable to agree upon any volumes of any inventory, then the Testing Agents shall retest and remeasure until the Testing Agents are in agreement. (ii) Presence at Inventory Determination. In addition to the presence of such employees as is normal to the Operations, and subject to the right of Company to conduct the Operations, each Party shall be entitled, at its own expense, to have any employee, agent, consultant or other authorized representative present for any inventory determination so long as such employee, agent, consultant or other authorized representative does not interfere with the tasks or responsibilities of the Testing Agents.