Common use of Petroleum Inventory Clause in Contracts

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. On the day that Escrow the transaction 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. 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.