Common use of Procurement of Crude Oil Clause in Contracts

Procurement of Crude Oil. (a) As of the Commencement Date, Procurement Contracts shall consist of (i) such Procurement Contracts as XXXX and Xxxx may have entered into and (ii) such Procurement Contracts with certain Third Party Suppliers as shall have been novated from XXXX to Xxxx, in each case providing for the purchase of Crude Oil to be processed at the Refinery for April or May 2011. In connection with such novated Procurement Contracts, the parties acknowledge that, concurrently with the effectiveness of such novations, Xxxx and XXXX entered into transactions identical to the novated Procurement Contracts (the “Back-to-Back Contracts”), except with Xxxx as seller thereunder and certain other modifications as specified in a letter agreement between Xxxx and XXXX, dated April 27, 2011. The parties further acknowledge and agree that, as a result of such novated Procurement Contracts, the Back-to-Back Contracts and the terms of the XXXX Inventory Sales Agreement, (i) from and after the effectiveness of such novations to the Inventory Measurement Time under the XXXX Inventory Sales Agreement, all Crude Oil delivered under the novated Procurement Contracts and the Back-to-Back Contracts shall have been or shall be transferred from the relevant Third Party Supplier to Xxxx and then from Xxxx to XXXX and (ii) from and after the Inventory Transfer Time under the XXXX Inventory Sales Agreement to the Inventory Measurement Time under the XXXX Inventory Sales Agreement, all such Crude Oil that is held or received at any of the Inventory Transfer Locations shall be transferred by XXXX to Xxxx under and in accordance with the terms of the XXXX Inventory Sales Agreement.

Procurement of Crude Oil. (a) As of the Commencement Date, Procurement Contracts shall consist consisted of (i) such Procurement Contracts as XXXX and Xxxx may have entered into and (ii) such Procurement Contracts with certain Third Party Suppliers as shall have been novated from XXXX to Xxxx, in each case providing for the purchase of Crude Oil to be processed at the Refinery for April or May 2011. In connection with such novated Procurement Contracts, the parties acknowledge that, concurrently with the effectiveness of such novations, Xxxx and XXXX entered into transactions identical to the novated Procurement Contracts (the “Back-to-Back Contracts”), except with Xxxx as seller thereunder and certain other modifications as specified in a letter agreement between Xxxx and XXXX, dated April 27, 2011. The parties further acknowledge and agree that, as a result of such novated Procurement Contracts, the Back-to-Back Contracts and the terms of the XXXX Inventory Sales Agreement, (i) from and after the effectiveness of such novations to the Inventory Measurement Time under the XXXX Inventory Sales Agreement, all Crude Oil delivered under the novated Procurement Contracts and the Back-to-Back Contracts shall have been or shall be transferred from the relevant Third Party Supplier to Xxxx and then from Xxxx to XXXX and (ii) from and after the Inventory Transfer Time under the XXXX Inventory Sales Agreement to the Inventory Measurement Time under the XXXX Inventory Sales Agreement, all such Crude Oil that is held or received at any of the Inventory Transfer Locations shall be transferred by XXXX to Xxxx under and in accordance with the terms of the XXXX Inventory Sales Agreement.