Product Loss Factor definition

Product Loss Factor. Has the meaning given thereto in Section 5.5(b).
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Product Loss Factor is the percentage of Dry Sand which SSS has produced and placed in the Dry Sand Silos during the Agreement Year that is lost, damaged, contaminated or cannot otherwise reasonably be taken or used by Producer, including the initial deposit of Wet Sand used to line the Wet Sand Stock Pile Area. If the amount of Dry Sand which has been lost, damaged, contaminated or cannot otherwise reasonably be taken or used by Producer does not exceed two percent (2%) of the total amount of Dry Sand produced and placed by SSS in the Dry Sand Silos in the Agreement Year, the Product Loss Factor shall be deemed to be 0%. Within ten (10) days following the conclusion of such inventory, SSS shall prepare and deliver to Producer an accounting of (i) pricing based on the initial estimate and adjustments thereto, (ii) the actual number of tons of Dry Sand produced and placed into the Dry Sand Silos, (iii) the Product Loss Factor, and (iv) the amount of overpayment by Producer as a result of any Product Loss Factor above two percent (2%), calculated using the price per ton applicable for such Agreement Year (or, if more than one price is applicable during such Agreement Year, then the average for such Agreement Year) and the conversion factor (reflecting the amount of Wet Sand converted to Dry Sand, for which the Dry Sand Production Price was paid) applicable during the Agreement Year.
Sample 1Sample 2
Product Loss Factor is the percentage of Product Sand which Contractor has produced and placed in the Stock Pile Area during the Operational Year that is lost, damaged, contaminated or cannot otherwise reasonably be taken or used by SSS, including the initial deposit of Product Sand used to line the Stock Pile Area. The Parties will share equally all third party costs incurred to determine the Product Loss Factor. If the amount of Product Sand which has been lost, damaged, contaminated or cannot otherwise reasonably be taken or used by SSS does not exceed two percent (2%) of the total amount of Product Sand produced and placed by Contractor in the Stock Pile Area, the Product Loss Factor shall be deemed to be 0%. Within ten (10) days following the conclusion of such inventory, Contractor shall prepare and deliver to SSS an accounting of (i) pricing based on the initial estimate and adjustments thereto, (ii) the actual number of tons of Product Sand produced and placed into the Stock Pile Area, (iii) the Product Loss Factor, and (iv) the amount of overpayment by SSS as a result of any Product Loss Factor above two percent (2%), calculated using the price per ton applicable for such Operational Year (or, if more than one price is applicable during such Operational Year because of fluctuations in diesel prices, then the average for such Operational Year).
Sample 1Sample 2

Examples of Product Loss Factor in a sentence

  • The Parties will share equally all third party costs incurred to determine the Product Loss Factor.

  • If the amount of Product Sand which has been lost, damaged, contaminated or cannot otherwise reasonably be taken or used by SSS does not exceed two percent (2%) of the total amount of Product Sand produced and placed by Contractor in the Stock Pile Area, the Product Loss Factor shall be deemed to be 0%.

  • If the amount of Dry Sand which has been lost, damaged, contaminated or cannot otherwise reasonably be taken or used by Producer does not exceed two percent (2%) of the total amount of Dry Sand produced and placed by SSS in the Dry Sand Silos in the Agreement Year, the Product Loss Factor shall be deemed to be 0%.

  • Challenger Bank holds collective and individually assessed provisions for its credit exposures.


More Definitions of Product Loss Factor

Product Loss Factor is the percentage of Wet Sand which Seller has produced and placed in the Wet Sand Stock Pile Area during the Agreement Year that is lost, damaged, contaminated or cannot otherwise reasonably be taken or used by SSS, excluding the initial deposit of Wet Sand used to line the Wet Sand Stock Pile Area. If the amount of Wet Sand which has been lost, damaged, contaminated or cannot otherwise reasonably be taken or used by SSS does not exceed two percent (2%) of the total amount of Wet Sand produced and placed by Seller in the Wet Sand Stock Pile Area in the Agreement Year, the Product Loss Factor shall be deemed to be 0%. Within ten (10) days following the conclusion of such inventory, Seller shall prepare and deliver to SSS an accounting of (i) pricing based on the initial estimate and adjustments thereto, (ii) the actual number of tons of Wet Sand produced and placed into the Wet Sand Stock Pile Area, (iii) the Product Loss Factor of such Wet Sand, and (iv) the amount of overpayment by SSS as a result of any Product Loss Factor above two percent (2%), calculated using the price per ton applicable for such Agreement Year (or, if more than one price is applicable during such Agreement Year, then the average for such Agreement Year) and the applicable conversion factor for Raw Feed Sand converted to Wet Sand over such period.
Sample 1

Related to Product Loss Factor

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