Common use of Open Position Clause in Contracts

Open Position. No Restricted Person shall at any time have any Open ------------- Positions; provided, however, that a Restricted Person may have: (i) Physical inventories of crude oil (A) consisting of tank bottoms and pipeline linefill requirements, in each case classified as a long-term asset, (B) working inventory of up to 1,300,000 barrels in the aggregate at any time, (C) excess inventory of up to 200,000 barrels in the aggregate at any time resulting from crude gathering receipts in excess of scheduled quantities, provided that such Restricted Person shall establish an Offsetting Position with respect to such quantities within five business days following identification of such inventory, but in any event not later than the 20/th/ day following the month in which such excess volumes were received and (D) Hedged Eligible Inventory. (ii) Floating Price Contracts to purchase or sell crude oil in the Current Trading Month; provided that, such Floating Price Contracts either (A) have an Offsetting Position by the 26th day of the month preceding the month of receipt or delivery, or (B) are scheduled to be stored at a Plains Terminal or in pipelines Currently Approved by Majority Lenders and are hedged in the delivery month with NYMEX contracts; and further provided that such Floating Price Contracts relating to the sale of crude oil for the Current Trading Month do not exceed purchases by more than 15,000 barrels per day. (iii) Floating Price Contracts to purchase or sell crude oil to be received or delivered after the Current Trading Month, but within the twelve months following the Current Trading Month provided that (A) such contracts are at the then market price and (B) at any point in time the sum of (x) net realized losses relating to such contracts within the preceding twelve months and (y) xxxx to market exposure relating to such contracts does not, at any time, exceed $5.0 million.

Open Position. No Restricted Person shall at any time have any Open ------------- Positions; provided, however, that a Restricted Person Borrower may have: (i) Physical inventories of crude oil Petroleum Inventory (A) consisting of tank bottoms and pipeline linefill requirements, in each case classified as a long-term asset, (B) working inventory requirements of up to 1,300,000 200,000 barrels in the aggregate at any time, (CB) excess inventory of up to 200,000 barrels in the aggregate at any time resulting from crude gathering receipts in excess of scheduled quantities, provided that such Restricted Person Borrower shall establish an Offsetting Position with respect to such quantities within five business days following identification of such inventory, but in any event not later than the 20/th/ 20th day following the month in which such excess volumes were received and (D) Hedged Eligible Inventoryreceived. (ii) Floating Price Contracts to purchase or sell crude oil Petroleum Inventory in the Current Trading Month; provided that, such Floating Price Contracts either (A) have an Offsetting Position by the 26th day of the month preceding the month of receipt or delivery, or (B) are scheduled to be stored at a Plains Terminal or in pipelines Currently Approved by Majority Lenders and are hedged in the delivery month with NYMEX contracts; and further provided that such Floating Price Contracts relating to the sale of crude oil Petroleum Inventory for the Current Trading Month do not exceed purchases by more than 15,000 10,000 barrels per day. (iii) Floating Price Contracts to purchase or sell crude oil Petroleum Inventory to be received or delivered after the Current Trading Month, but within the twelve months following the Current Trading Month provided that (A) such contracts are at the then market price and (B) at any point in time the sum of (x) net realized losses relating to such contracts within the preceding twelve months and (y) xxxx mark to market exposure relating to such contracts does not, at any ax xxy time, exceed $5.0 million1,000,000.

Open Position. No Restricted Person shall at any time have any Open ------------- Positions; provided, however, that a Restricted Person may have: (i) Physical inventories of crude oil Petroleum Products (A) consisting of tank bottoms and pipeline linefill requirements, in each case classified as a long-term asset, (B) working inventory of up to 1,300,000 (i) 1,400,000 barrels prior to the Equilon Acquisition Closing Date and (ii) 1,600,000 barrels on and after the Equilon Acquisition Closing Date in the aggregate at any time, (C) excess inventory of up to 200,000 barrels in the aggregate at any time resulting from crude gathering receipts in excess of scheduled quantities, provided that such Restricted Person shall establish an Offsetting Position with respect to such quantities within five business days following identification of such inventory, but in any event not later than the 20/th/ day following the month in which such excess volumes were received and (D) Hedged Eligible Inventory. (ii) Floating Price Contracts to purchase or sell crude oil Petroleum Products in the Current Trading Month; provided that, such Floating Price Contracts either (A) have an Offsetting Position by the 26th day of the month preceding the month of receipt or delivery, or (B) are scheduled to be stored at a Plains Terminal or in pipelines Currently Approved by Majority Lenders and are hedged in the delivery month with NYMEX contracts; and further provided that such Floating Price Contracts relating to the sale of crude oil Petroleum Products for the Current Trading Month do not exceed purchases by more than 15,000 barrels per day. (iii) Floating Price Contracts to purchase or sell crude oil Petroleum Products to be received or delivered after the Current Trading Month, but within the twelve months following the Current Trading Month provided that (A) such contracts are at the then market price and (B) at any point in time the sum of (x) net realized losses relating to such contracts within the preceding twelve months (excluding Physically Covered Near Term Floating Price Contract Losses) and (y) xxxx mark to market exposure relating to such contracts (xxcluding aggregate mark to market exposure of up to the Dollar Equivaxxxx of $20,000,000 relating to Near Term Floating Price Contracts) does not, at any time, exceed the Dollar Equivalent of $5.0 million12,500,000.

Open Position. No Restricted Person shall at any time have any Open ------------- Positions; provided, however, that a Restricted Person may have: (i) Physical inventories of crude oil Petroleum Products (A) consisting of tank bottoms and pipeline linefill requirements, in each case classified as a long-term asset, (B) working inventory of up to 1,300,000 1,400,000 barrels in the aggregate at any time, (C) excess inventory of up to 200,000 barrels in the aggregate at any time resulting from crude gathering receipts in excess of scheduled quantities, provided that such Restricted Person shall establish an Offsetting Position with respect to such quantities within five business days following identification of such inventory, but in any event not later than the 20/th/ day following the month in which such excess volumes were received and (D) Hedged Eligible Inventory. (ii) Floating Price Contracts to purchase or sell crude oil Petroleum Products in the Current Trading Month; provided that, such Floating Price Contracts either (A) have an Offsetting Position by the 26th day of the month preceding the month of receipt or delivery, or (B) are scheduled to be stored at a Plains Terminal or in pipelines Currently Approved by Majority Lenders and are hedged in the delivery month with NYMEX contracts; and further provided that such Floating Price Contracts relating to the sale of crude oil Petroleum Products for the Current Trading Month do not exceed purchases by more than 15,000 barrels per day. (iii) Floating Price Contracts to purchase or sell crude oil Petroleum Products to be received or delivered after the Current Trading Month, but within the twelve months following the Current Trading Month provided that (A) such contracts are at the then market price and (B) at any point in time the sum of (x) net realized losses relating to such contracts within the preceding twelve months (excluding Physically Covered Near Term Floating Price Contract Losses) and (y) xxxx to market exposure relating to such contracts (excluding aggregate xxxx to market exposure of up to the Dollar Equivalent of $20,000,000 relating to Near Term Floating Price Contracts) does not, at any time, exceed the Dollar Equivalent of $5.0 million5,000,000.

Open Position. No Restricted Person shall at any time have any ------------- Open ------------- Positions; provided, however, that a Restricted Person may have: (i) Physical inventories of crude oil Petroleum Products (A) consisting of tank bottoms and pipeline linefill requirements, in each case classified as a long-term asset, (B) working inventory of up to 1,300,000 1,400,000 barrels in the aggregate at any time, (C) excess inventory of up to 200,000 barrels in the aggregate at any time resulting from crude gathering receipts in excess of scheduled quantities, provided that such Restricted Person shall establish an Offsetting Position with respect to such quantities within five business days following identification of such inventory, but in any event not later than the 20/th/ day following the month in which such excess volumes were received and (D) Hedged Eligible Inventory. (ii) Floating Price Contracts to purchase or sell crude oil Petroleum Products in the Current Trading Month; provided that, such Floating Price Contracts either (A) have an Offsetting Position by the 26th day of the month preceding the month of receipt or delivery, or (B) are scheduled to be stored at a Plains Terminal or in pipelines Currently Approved by Majority Lenders and are hedged in the delivery month with NYMEX contracts; and further provided that such Floating Price Contracts relating to the sale of crude oil Petroleum Products for the Current Trading Month do not exceed purchases by more than 15,000 barrels per day. (iii) Floating Price Contracts to purchase or sell crude oil Petroleum Products to be received or delivered after the Current Trading Month, but within the twelve months following the Current Trading Month provided that (A) such contracts are at the then market price and (B) at any point in time the sum of (x) net realized losses relating to such contracts within the preceding twelve months (excluding Physically Covered Near Term Floating Price Contract Losses) and (y) xxxx to market exposure relating to such contracts (excluding aggregate xxxx to market exposure of up to the Dollar Equivalent of $20,000,000 relating to Near Term Floating Price Contracts) does not, at any time, exceed the Dollar Equivalent of $5.0 million5,000,000.

Open Position. No Restricted Person shall at any time have any Open ------------- Positions; provided, however, that a Restricted Person may have: (i) Physical inventories of crude oil Petroleum Products (A) consisting of tank bottoms and pipeline linefill requirements, in each case classified as a long-term asset, (B) working inventory of up to 1,300,000 (i) 1,400,000 barrels prior to the Equilon Acquisition Closing Date and (ii) 1,600,000 barrels on and after the Equilon Acquisition Closing Date in the aggregate at any time, (C) excess inventory of up to 200,000 barrels in the aggregate at any time resulting from crude gathering receipts in excess of scheduled quantities, provided that such Restricted Person shall establish an Offsetting Position with respect to such quantities within five business days following identification of such inventory, but in any event not later than the 20/th/ day following the month in which such excess volumes were received and (D) Hedged Eligible Inventory. (ii) Floating Price Contracts to purchase or sell crude oil Petroleum Products in the Current Trading Month; provided that, such Floating Price Contracts either (A) have an Offsetting Position by the 26th day of the month preceding the month of receipt or delivery, or (B) are scheduled to be stored at a Plains Terminal or in pipelines Currently Approved by Majority Lenders and are hedged in the delivery month with NYMEX contracts; and further provided that such Floating Price Contracts relating to the sale of crude oil Petroleum Products for the Current Trading Month do not exceed purchases by more than 15,000 barrels per day. (iii) Floating Price Contracts to purchase or sell crude oil Petroleum Products to be received or delivered after the Current Trading Month, but within the twelve months following the Current Trading Month provided that (A) such contracts are at the then market price and (B) at any point in time the sum of (x) net realized losses relating to such contracts within the preceding twelve months (excluding Physically Covered Near Term Floating Price Contract Losses) and (y) xxxx mark to market exposure relating to such contracts (excluding axxxxgate mark to market exposure of up to the Dollar Equivalent of $20,000,000 relating to Near Term Floating Price Contracts) does not, at any time, exceed the Dollar Equivalent of $5.0 million12,500,000.

Open Position. No Restricted Person shall at any time have ------------- any Open ------------- Positions; provided, however, that a Restricted Person Borrower may have: (i) Physical inventories of crude oil Petroleum Inventory (A) consisting of tank bottoms and pipeline linefill requirements, in each case classified as a long-term asset, (B) working inventory requirements of up to 1,300,000 200,000 barrels in the aggregate at any time, and (CB) excess inventory of up to 200,000 barrels in the aggregate at any time resulting from crude gathering receipts in excess of scheduled quantities, provided that such Restricted Person Borrower shall establish an Offsetting Position with respect to such quantities within five business days following identification of such inventory, but in any event not later than the 20/th/ 20th day following the month in which such excess volumes were received and (D) Hedged Eligible Inventoryreceived. (ii) Floating Price Contracts to purchase or sell crude oil Petroleum Inventory in the Current Trading Month; provided that, such Floating Price Contracts either (A) have an Offsetting Position by the 26th day of the month preceding the month of receipt or delivery, or (B) are scheduled to be stored at a Plains Terminal or in pipelines Currently Approved by Majority Lenders and are hedged in the delivery month with NYMEX contracts; and further provided that such Floating Price Contracts relating to the sale of crude oil Petroleum Inventory for the Current Trading Month do not exceed purchases by more than 15,000 10,000 barrels per day. (iii) Floating Price Contracts to purchase or sell crude oil Petroleum Inventory to be received or delivered after the Current Trading Month, but within the twelve months following the Current Trading Month provided that (A) such contracts are at the then market price and (B) at any point in time the sum of (x) net realized losses relating to such contracts within the preceding twelve months and (y) xxxx mark to market exposure relating to such xxxh contracts does not, at any time, exceed $5.0 million1,000,000.

Open Position. No Restricted Person shall at any time have any Open ------------- Positions; provided, however, that a Restricted Person Borrower may have: (i) Physical inventories of crude oil Petroleum Inventory (A) consisting of tank bottoms and pipeline linefill requirements, in each case classified as a long-term asset, (B) working inventory requirements of up to 1,300,000 200,000 barrels in the aggregate at any time, (CB) excess inventory of up to 200,000 barrels in the aggregate at any time resulting from crude gathering receipts in excess of scheduled quantities, provided that such Restricted Person Borrower shall establish an Offsetting Position with respect to such quantities within five business days following identification of such inventory, but in any event not later than the 20/th/ 20th day following the month in which such excess volumes were received and (D) Hedged Eligible Inventoryreceived. (ii) Floating Price Contracts to purchase or sell crude oil Petroleum Inventory in the Current Trading Month; provided that, such Floating Price Contracts either (A) have an Offsetting Position by the 26th day of the month preceding the month of receipt or delivery, or (B) are scheduled to be stored at a Plains Terminal or in pipelines Currently Approved by Majority Lenders and are hedged in the delivery month with NYMEX contracts; and further provided that such Floating Price Contracts relating to the sale of crude oil Petroleum Inventory for the Current Trading Month do not exceed purchases by more than 15,000 10,000 barrels per day. (iii) Floating Price Contracts to purchase or sell crude oil Petroleum Inventory to be received or delivered after the Current Trading Month, but within the twelve months following the Current Trading Month provided that (A) such contracts are at the then market price and (B) at any point in time the sum of (x) net realized losses relating to such contracts within the preceding twelve months and (y) xxxx mark to market exposure relating to such contracts does not, at xx any time, exceed $5.0 million1,000,000.

Open Position. No Restricted Person Loan Party shall at any time have any Open ------------- Positions; provided, however, that a Restricted Person Borrower may have: (i) Physical inventories of crude oil Petroleum Inventory (A) consisting of tank bottoms and pipeline linefill requirements, in each case classified as a long-term asset, (B) working inventory requirements of up to 1,300,000 200,000 barrels in the aggregate at any time, and (CB) excess inventory of up to 200,000 barrels in the aggregate at any time resulting from crude gathering receipts in excess of scheduled quantities, provided that such Restricted Person Borrower shall establish an Offsetting Position with respect to such quantities within five business days following identification of such inventory, but in any event not later than the 20/th/ 20th day following the month in which such excess volumes were received and (D) Hedged Eligible Inventoryreceived. (ii) Floating Price Contracts to purchase or sell crude oil Petroleum Inventory in the Current Trading Month; provided that, such Floating Price Contracts either (A) have an Offsetting Position by the 26th day of the month preceding the month of receipt or delivery, or (B) are scheduled to be stored at a Plains Terminal or in pipelines Currently Approved by Majority Required Lenders and are hedged in the delivery month with NYMEX contracts; and further provided that such Floating Price Contracts relating to the sale of crude oil Petroleum Inventory for the Current Trading Month do not exceed purchases by more than 15,000 10,000 barrels per day. (iii) Floating Price Contracts to purchase or sell crude oil Petroleum Inventory to be received or delivered after the Current Trading Month, but within the twelve months following the Current Trading Month provided that (A) such contracts are at the then market price and (B) at any point in time the sum of (x) net realized losses relating to such contracts within the preceding twelve months and (y) xxxx mxxx to market exposure relating to such contracts does not, at any time, exceed $5.0 million1,000,000.