SALE AND PURCHASE OF CRUDE OIL Sample Clauses

SALE AND PURCHASE OF CRUDE OIL. Condition Precedent to Seller’s Obligations
Sample 1Sample 2
SALE AND PURCHASE OF CRUDE OIL. (a) The respective obligations of Seller, Purchaser and Guarantor pursuant to this Agreement shall not become effective until the date on which each of the conditions specified in Annex 1 hereto is satisfied (or waived in accordance with Section 7.10). (b) Seller and Purchaser may from time to time enter into one or more transactions to be governed by this Agreement for the sale by Seller, and the purchase by Purchaser, of Crude Oil (each a “Transaction”), which Transactions shall be evidenced and confirmed by one or more Deal Sheets executed by Seller and Purchaser. The procedure for entering into a Transaction between Seller and Purchaser is as follows: (i) In consultation with Purchaser concerning Purchaser’s then-existing need for Crude Oil, Seller shall submit bids to, or enter into negotiations with, Approved Suppliers having available supplies of Crude Oil in or around either (1) an Approved Injection Point or (2) any other Injection Point that is mutually acceptable to Seller and Purchaser, for the purchase by Seller of certain quantities of Crude Oil that are consistent with Purchaser’s needs. Purchaser shall assist Seller in identifying potential Approved Suppliers, preparing and submitting bids and evaluating the terms of potential purchase and sale transactions between Seller and such suppliers, and shall provide such other assistance as is reasonably requested by Seller to facilitate Seller’s securing of supplies of Crude Oil for resale to Purchaser. Seller shall promptly after Seller’s receipt of a quote/bid acceptable to Purchaser, but in any event no later than two hours (unless the time at which such receipt occurs is after 4:00 p.m. Mountain Time, in which case no later than 8:00 a.m. Mountain Time on the next Business Day), notify Purchaser of Seller’s acceptance or rejection of such quote/bid. If Seller does not accept such quote/bid within the time period described in the foregoing sentence, Seller’s silence or failure to respond shall be deemed a rejection. If Seller accepts such quote/bid, Seller shall promptly cause to be confirmed the essential terms of Seller’s purchase transaction with the Supplier, including: (A) the legal name of the Supplier; (B) the type of Crude Oil to be acquired; (C) the price or pricing formula to be used by Seller to calculate payments to Supplier for all Crude Oil sold to Seller; (D) the number of Barrels to be acquired by Seller, the Injection Month, the Injection Point and the Delivery Location (if kn...
Sample 1
SALE AND PURCHASE OF CRUDE OIL. (a) On or before September 30, 1997, Purchaser and Seller shall agree upon and execute a letter described in this Section 2.01 (such letter being the "Confirmation Letter"). The Confirmation Letter shall specify a mutually acceptable Prepaid Price (which shall be approximately U.S.
Sample 1
SALE AND PURCHASE OF CRUDE OIL. 4.1 Subject to the terms and conditions set out herein, during the term of this Agreement, Sellers agree to sell and deliver to Buyers, and Buyers agree to purchase and take delivery of from Sellers: i. in the Principal Period, the quantity of REBCO in tonnes determined in accordance with Article 7 being equal to that quantity of Karakuduk Export Crude Oil expressed in tonnes produced from the Field during the Principal Period; and ii. in the Secondary Period:
Sample 1

Related to SALE AND PURCHASE OF CRUDE OIL

  • Sale and Purchase Upon the basis of the warranties and representations and subject to the terms and conditions herein set forth, the Fund agrees to sell to the respective Underwriters and each of the Underwriters, severally and not jointly, agrees to purchase from the Fund the aggregate number of Firm Shares set forth opposite the name of such Underwriter in Schedule A attached hereto in each case at a purchase price of $14.325 per Share. The Fund is advised that the Underwriters intend (i) to make a public offering of their respective portions of the Firm Shares as soon after the effective date of the Registration Statement as is advisable and (ii) initially to offer the Firm Shares upon the terms set forth in the Prospectus. The Underwriters may from time to time increase or decrease the public offering price after the initial public offering to such extent as they may determine. In addition, the Fund hereby grants to the several Underwriters the option to purchase, and upon the basis of the warranties and representations and subject to the terms and conditions herein set forth, the Underwriters shall have the right to purchase, severally and not jointly, from the Fund, ratably in accordance with the number of Firm Shares to be purchased by each of them, all or a portion of the Additional Shares as may be necessary to cover over-allotments made in connection with the offering of the Firm Shares, at the same purchase price per share to be paid by the Underwriters to the Fund for the Firm Shares. This option may be exercised by you on behalf of the several Underwriters at any time and from time to time on or before the forty-fifth day following the date hereof, by written notice to the Fund. Such notice shall set forth the aggregate number of Additional Shares as to which the option is being exercised, and the date and time when the Additional Shares are to be delivered (such date and time being herein referred to as the "Additional Time of Purchase"); provided, however, that the Additional Time of Purchase shall not be earlier than the Time of Purchase (as defined below) nor earlier than the second business day after the date on which the option shall have been exercised nor later than the tenth business day after the date on which the option shall have been exercised. The number of Additional Shares to be sold to each Underwriter shall be the number which bears the same proportion to the aggregate number of Additional Shares being purchased as the number of Firm Shares set forth opposite the name of such Underwriter on Schedule A hereto bears to the total number of Firm Shares (subject, in each case, to such adjustment as you may determine to eliminate fractional shares). The Fund also agrees, subject to the terms and conditions set forth herein, to sell to the Investment Manager, and, upon the basis of the representations, warranties and agreements of the Fund contained herein, the Investment Manager shall have the right to purchase from the Fund, at the same purchase price per share as the Underwriters shall pay for the Additional Shares, up to an aggregate of 1,000 Shares (the "Investment Manager Shares").

  • Sale and Purchase of Shares Upon the terms and subject to the conditions contained herein, on the Closing Date the Seller shall sell, assign, transfer, convey and deliver to the Purchaser, and the Purchaser shall purchase from the Seller, all of the Shares.

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