Petroleum Inventory. The petroleum inventory located at the Real ------------------- Estate on the day that Escrow (as defined in Section 6.1) closes (the "Petroleum Inventory");
Petroleum Inventory. On the day that Escrow closes, Buyer and ------------------- ARCO's representative conducting the changeover of Seller's Operations ("ARCO's Changeover Representative") shall jointly inventory the Petroleum Inventory; and after the joint inventory has been completed, ARCO's Changeover Representative shall calculate the amount payable for the Petroleum Inventory. The amount payable for the Petroleum Inventory will equal Seller's rack price based on Seller's latest invoices for gasoline delivered to the Real Estate. Seller shall then notify Buyer and Escrow Holder of the amount payable for the Petroleum Inventory.
Petroleum Inventory. The Petroleum Inventory will be valued utilizing Company’s cost of each grade of product for the last delivery to the Locations plus the current freight rate charged to transport the product to the Locations. The total value of Petroleum Inventory is to include all state sales and state and federal excise Taxes, whether or not Purchaser holds an exemption certificate and all applicable state sales and state and federal excise Taxes associated therewith shall be accrued as a Current Liability in the Company’s books and records to the extent not paid. The Petroleum Inventory will be valued net of any prompt payment discounts booked by Company to reduce the fuels payable account.
Petroleum Inventory. A measurement of the amount of the Petroleum Inventory at the Locations shall be made as close as practicable to the Closing Date. Arrangements will be made to have employees at the Locations take readings from the automatic tank gauges (“ATG”), where available, or manual stick readings, where readings from the ATGs are not available, as of the Closing Date, as verified by the Independent Auditor. The Petroleum Inventory, water and sediment level readings will be measured by the ATG (where available) and printed out. Simultaneously, the employees shall cause the ATG to close the shift totals for petroleum sales and print out the closing report. All tank inventories shall be taken at ambient conditions and calculated at total observed volume using the ATG (where available) at the Locations. A comparison of each Location’s volumes as calculated from the Physical Inventory will be compared to the Location’s book inventory and sales records. Excessive variances may be questioned by Purchaser and, if reasonably necessary, Purchaser may request that a second Physical Inventory be taken to ensure the accuracy of the reported readings.
Petroleum Inventory. The Petroleum Inventory will be valued utilizing Seller’s cost of each grade of product for the last pre-Closing delivery to the Location plus the current freight rate charged to transport the product to the Location. The total value of Petroleum Inventory is to include all state sales and state and federal excise taxes (“Fuel Taxes”), whether or not paid by Seller and whether or not Purchaser holds an exemption certificate. To the extent not previously paid by Seller, all Fuel Taxes included in the Inventory Value will be remitted by Seller to the applicable taxing jurisdiction promptly following the Closing.
Petroleum Inventory. A measurement of the amount of the Petroleum Inventory at the Locations shall be made as close as practicable to the Closing. Arrangements will be made to have employees at the Locations take readings from the Xxxxxx-Xxxx Automatic Tank Gauge (ATG) and the VeriFone Ruby-Sapphire (Ruby) as of the Closing, as verified by the Independent Auditor. The Petroleum Inventory, water and sediment level readings will be measured by the ATG and printed out. Simultaneously, the employees shall cause the Ruby to close the shift totals for petroleum sales and print out the closing report. All tank inventories shall be taken at ambient conditions and calculated at total observed volume using the ATG at the Locations. A comparison of each Location’s volumes as calculated from the Physical Inventory will be compared to the Location’s book inventory and sales records. Excessive variances may be questioned by Purchaser and, if reasonably necessary, Purchaser may request that a second Physical Inventory be taken to ensure the accuracy of the reported readings.
Petroleum Inventory. Seller shall estimate the total quantity and value of Petroleum Inventory at all Locations and contained within Rolling Stock as follows: (A) for all Locations with functional automatic tank gauges, the Petroleum Inventory will be determined based on the most recent volume readings in the Titan Cloud system (or similar tracking system) on or before the Inventory Date, (B) for all other Locations, the Petroleum Inventory will be determined based on manual stick readings taken on or before the Inventory Date, and (C) Petroleum Inventory contained within Rolling Stock will be measured on or before the Inventory Date based on the then-current bills of lading for all Rolling Stock.
Petroleum Inventory. All Petroleum Inventory of Seller at the Locations.
Petroleum Inventory. With respect to all Petroleum Inventory of each Loan Party included as Eligible Petroleum Inventory in the most recent Borrowing Base Certificate:
(a) such Eligible Petroleum Inventory has not been consigned to any Person;
(b) such Eligible Petroleum Inventory has been and will be produced in compliance with all Applicable Laws, including the minimum wage and overtime pay provisions of the Fair Labor Standards Act; and
(c) the applicable Loan Party has good, indefeasible and merchantable title to such Inventory and such Eligible Petroleum Inventory is not subject to any Lien or document whatsoever except for Liens permitted under Section 9.2.
Petroleum Inventory. A measurement of the amount of the Petroleum Inventory at the Location shall be made as close as practicable to the Cut-over Time. Arrangements will be made to have employees at the Location take and record console and dollar/gallon readings and mechanical pump readings as of the Cut-over Time, as verified by the Independent Auditor. The Petroleum Inventory will be measured by automatic tank gauging system for reading the underground tanks. Manual sticking of the tanks shall be done for the sole purpose of determining sediment and water levels, which shall be deducted from the automatic tank gauging gallon computation to compute the Petroleum Inventory. Simultaneously, retail pump meter readings will be taken and recorded. All tank inventories shall be taken at ambient conditions and calculated with any automatic equipment which is available at the Location. A comparison of total Location volumes as calculated from the Physical Inventory will be compared to the Location’s book inventory and sales records. Excessive variances should be questioned and, if necessary, a second Physical Inventory shall be taken to ensure the accuracy of the reported readings.
