Regular inventories Sample Clauses

Regular inventories. The OPERATOR shall keep detailed records of the MATERIALS existing in warehouses. At reasonable intervals, but no less than once every twelve (12) months, the OPERATOR shall take inventories of all the warehouses stock of the JOINT ACCOUNT normally subject to accounting records with the purpose of controlling the MATERIAL. Furthermore, at least once a year, the PARTIES shall agree on the physical counting of the HYDROCARBONS extracted and not delivered at the date of the counting. The OPERATOR shall notify in writing at least thirty (30) days in advance its intention to take said inventories in order to allow the PARTIES to be present or represented, at their exclusive expense, whenever an inventory is taken; the PARTIES shall accept the inventory taken by the OPERATOR in case they were not represented at the moment of the inventory. Within sixty (60) days as from the physical counting, the OPERATOR shall carry out a comparative examination of the physical counting and the detailed records of the inventory and/or the accounting records, and a list of surpluses and shortages shall be given to the PARTIES and the OPERATING COMMITTEE. The OPERATOR shall record the inventory in the JOINT ACCOUNT as surpluses and shortages. The OPERATOR shall only be responsible before the PARTIES for the shortage owed to a lack of reasonable diligence. Upon the termination of the CONTRACT, the PARTIES shall take inventories of the MATERIALS kept in warehouses and which are owned by the JOINT ACCOUNT, distributing them among themselves according to their PARTICIPATING INTERESTS. The CRUDE OIL of the AREA kept at gathering batteries, in the pipelines that lead from there to the storage tanks or in the storage tanks shall be distributed among the PARTIES according to their PARTICIPATING INTERESTS.
Sample 1
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Related to Regular inventories

  • Physical Inventories (a) The Collateral Agent, at the expense of the Loan Parties, may participate in and/or observe each physical count and/or inventory of so much of the Collateral as consists of Inventory which is undertaken on behalf of the Borrowers so long as such participation does not disrupt the normal inventory schedule or process.

  • Remaining Inventories Xencor shall have the right to purchase from MorphoSys (or its Affiliate) all of the inventory of Licensed Products held by MorphoSys (or its Affiliate) as of the effective date of termination at a price equal to MorphoSys’ (or its Affiliate’s) fully burdened manufacturing cost, determined in accordance with GAAP.

  • Physical Inventory Borrower shall conduct a physical count of the Inventory at such intervals as FINOVA requests and promptly supply FINOVA with a copy of such accounts accompanied by a report of the value (calculated at the lower of cost or market value on a first in, first out basis) of the Inventory and such additional information with respect to the Inventory as FINOVA may request from time to time.

  • Inventories The Operator shall maintain detailed records of Controllable Material.

  • Merchantable Inventory All Inventory is in all material respects of good and marketable quality, free from all material defects.

  • Annual Collateral Verification Each year, at the time of delivery of annual financial statements with respect to the preceding Fiscal Year pursuant to Section 5.1(c), Company shall deliver to Collateral Agent a certificate of an Authorized Officer either (i) confirming that there has been no change in such information since the date of the Collateral Questionnaire delivered on the Closing Date or the date of the most recent certificate delivered pursuant to this Section 5.1(o) or (ii) identifying such changes;

  • Accounts Receivable; Inventories The accounts and notes receivable which are reflected on the Final Closing Balance Sheet are good and collectible in the ordinary course of business at the aggregate recorded amounts thereof, less the amount of the allowance for doubtful accounts reflected thereon, and are not subject to offsets. The accounts and notes receivable of the Company which were thereafter added and which will be reflected on the Final Closing Balance Sheet are good and collectible in the ordinary course of business at the aggregate amounts recorded in its books of account, less the amount of the allowance for doubtful accounts reflected thereon (which allowance was established on a basis consistent with prior practice), and are not subject to offsets. The inventories reflected on the Audited and Unaudited Balance Sheets, and thereafter added, as reflected on the Closing Date Balance Sheet, consist of items of a quality and quantity usable or saleable within one year (except as set forth on Schedule 5.7) in the ordinary course of business, except for obsolete materials, slow-moving items, materials of below standard quality and not readily marketable items, all of which have been written down to net realizable value or adequately reserved against on the books and records of the Company. To the extent there is inventory not listed on Schedule 5.7 of a quality and quantity not usable or saleable in the ordinary course of business within one year, in lieu of a claim for indemnification, Buyer shall sell and the Selling Shareholders shall purchase such items of inventory at the value carried on the Final Closing Balance Sheet. All inventories not written off are stated at the lower of cost or market.

  • Eligible Inventory As to each item of Inventory that is identified by any Borrower as Eligible Inventory in a Borrowing Base Certificate submitted to Agent, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as ineligible by virtue of one or more of the excluding criteria (other than Agent-discretionary criteria) set forth in the definition of Eligible Inventory.

  • Location of Equipment and Inventory All Equipment and Inventory are (i) located at the locations indicated on Schedule 4 (ii) in transit to such locations or (iii) in transit to a third party purchaser which will become obligated on a Receivable to the Debtor upon receipt. Except for Equipment and Inventory referred to in clauses (ii) and (iii) of the preceding sentence, the Debtor has exclusive possession and control of the Inventory and Equipment.

  • Inventory To the extent Inventory held for sale or lease has been produced by any Borrower, it has been and will be produced by such Borrower in accordance with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder.

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