First Purchase Crude Payables means, at any time, the unpaid amount of any obligation of an Obligor as a “first purchaser” of crude oil, which is secured by a statutory “first purchaser” Lien created under the laws of any state to the extent such obligation is not at the time of determination covered by a Letter of Credit issued hereunder.
First Purchase Crude Payables means, at any time, the unpaid amount of any obligation of any Borrower or any of its Subsidiaries as a “first purchaser” of crude oil, which is secured by a statutory “first purchaser” Lien created under the laws of any state, including Colorado, Kansas, Mississippi, Missouri, Montana, New Mexico, North Dakota, Oklahoma, Tennessee and Texas, to the extent such obligation is not covered by a Letter of Credit issued hereunder.
First Purchase Crude Payables means the unpaid amount of any payable obligation of the Borrower or any of its Subsidiaries related to the purchase of Feedstocks by the Borrower or any of its Subsidiaries which are (in the reasonable judgment of the Administrative Agent) secured by a statutory Lien, which shall include but not be limited to the statutory Liens created under the Laws of Texas, New Mexico, Wyoming, Kansas, and Oklahoma, to the extent such payable obligation is not at the time of determination covered by a Letter of Credit issued hereunder.
Examples of First Purchase Crude Payables in a sentence
The reference to "any other state" set forth in the definition of "First Purchase Crude Payables" set forth in Section 1.1 of the Original Agreement is hereby amended to refer instead to "any other state or under the laws of Canada or any province thereof".
More Definitions of First Purchase Crude Payables
First Purchase Crude Payables at any time, the aggregate unpaid amount of all obligations of any Borrower or any Restricted Subsidiary as a "first purchaser" of crude oil or other Hydrocarbons, which is secured by a statutory "first purchaser" Lien created under the laws of any state, including Kansas, Louisiana, Mississippi, Montana, New Mexico, North Dakota, Oklahoma, Tennessee and Texas, to the extent such amount is not at the time of determination covered by a Letter of Credit issued hereunder.
First Purchase Crude Payables means the unpaid amount of any payable obligation related to the purchase of Petroleum Products by any Borrower secured by a valid statutory Lien, including but not limited to valid statutory Liens, if any, created under the laws of Texas, New Mexico, Wyoming, Kansas, Oklahoma or any other state to the extent such payable obligation is not at the time in question covered by a Letter of Credit.
First Purchase Crude Payables means the unpaid amount of any payable obligation related to the purchase of crude oil by any Borrower that the LC Agent determines will be secured by a statutory Lien, including but not limited to the statutory Liens, if any, created under the laws of Alabama, Arkansas, California, Colorado, Kansas, Louisiana, Mississippi, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Texas or any other staxx xx xxx xxxxxx xxxx xxxxxxx xxxxxxxxxx xx not at the time in question covered by a Letter of Credit.
First Purchase Crude Payables means the unpaid amount of any payable obligation related to the purchase of crude oil by any Borrower that the LC Agent determines will be secured by a statutory Lien, including but not limited to the statutory Liens, if any, created under the laws of Alabama, Arkansas, Colorado, Kansas, Louisiana, Mississippi, Montana, Nebraska, New Mexico, Xxxxx Xxxxxx, Xxxxxxxx, Xxxxx Xxxxxx, Xxxxx or any other state to the extent such payable obligation is not at the time in question covered by a Letter of Credit.
First Purchase Crude Payables set forth in Section 1.1 of the Original Agreement is hereby amended to refer instead to "any other state or under the laws of Canada or any province thereof".
First Purchase Crude Payables means the unpaid amount of any payable obligation of the Company or any of its Subsidiaries related to the purchase of Feedstocks by the Company or any of its Subsidiaries which are (in the judgment of the Administrative Agent) secured by a statutory Lien, which shall include but not be limited to the statutory Liens created under the Laws of Texas, New Mexico, Wyoming, Kansas, and Oklahoma, to the extent such payable obligation is not at the time in question covered by a Letter of Credit issued hereunder.
First Purchase Crude Payables means, at any time, the unpaid amount of any obligation of any Borrower or any of its Subsidiaries as a “first purchaser” of crude oil, which is secured by a statutory “first purchaser” Lien created under the laws of any state, including Colorado, Kansas, Mississippi, Missouri, Montana, New Mexico, North Dakota, Oklahoma, Tennessee and Texas, to the extent such obligation is not covered by a Letter of Credit issued hereunder (in which case, for the avoidance of doubt, the amount of the First Purchase Crude Payables will be the unpaid amount of such obligations minus the amount of such Letter of Credit). “First Purchaser Reserve” shall mean the aggregate amount of reserves (if any) established by the Collateral Agent from time to time in its Permitted Discretion in respect of First Purchase Crude Payables owed by the Borrowers or any of their Subsidiaries; it being understood that (i) in respect of the state of Oklahoma, such reserves shall be in an amount equal to 100% of the respective First Purchase Crude Payables unless Collateral Agent in its sole discretion reduces the reserve in respect of First Purchase Crude Payables to an amount equal to 50% of the respective First Purchase Crude Payables (it being understood that such reserve shall be 50% of the respective First Purchase Crude Payables on and after the Amendment No. 3 Effective Date until Collateral Agent, at any time in its sole discretion, increases such reserve to 100% of the respective First Purchase Crude Payables) and (ii) in respect of the states of Kansas, Colorado and North Dakota, such reserves initially shall be in an amount equal to 0% of the respective First Purchase