Common use of The Market Price applicable to liftings Clause in Contracts

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 volume-weighted average of the prices obtained by the Contractor and the Republic for Crude Oil sold to third parties during that Quarter, in Arm’s Length Sales, 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 in Arm’s Length Sales during that Quarter represent 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.

The Market Price applicable to liftings. of Crude Oil during a Quarter shall be calculated at the end of that Quarter quarter and shall be equal to the volume-weighted average of the prices obtained by the Contractor and the Republic for Crude Oil sold to third parties during that the Quarter, in on an Arm’s Length Salesbasis, 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 in Arm’s Length Sales to third parties during that the Quarter represent 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.