QUANTIFICATION PROCEDURES Clause Samples

QUANTIFICATION PROCEDURES. In determining the quantities of the various Products to be inventoried, all volumes shall be determined on the basis of the Inventory Transfer Time and as of the completion of delivery to the Refinery, the Refinery Tankage, and the Third-Party Tankage or Storage (with respect to any cargo or tender of In-Transit Inventory). Non-usable and non-merchantable quantities are materials such as water, sludge and other foreign contaminants commonly referred to as basic sediment and water (“BS&W”) and shall be excluded for purposes of determining the quantities. BS&W will be determined by using ▇▇▇▇ ▇▇▇▇▇▇ methodology or Water by Distillation summed with Sediment by Extraction or Membrane Filtration.