The Market Price applicable to liftings of Crude Oil during Sample Clauses

The Market Price applicable to liftings of Crude Oil during a Quarter shall be calculated at the end of that quarter and shall be equal to the weighted average of the prices obtained by the Contractor and the Republic for Crude Oil sold to third parties during the Quarter, on an Arm’s Length basis, adjusted to reflect the variances in quality, grade, as well as F.O.B. delivery terms and conditions of payment; provided that the quantities so sold to third parties during the Quarter represents at least thirty per cent (30%) of the total quantities of Crude Oil obtained from all the Fields under this Contract and sold during said Quarter.
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