Eligible Refinery Hydrocarbon Inventory definition

Eligible Refinery Hydrocarbon Inventory means, at any date of determination, the aggregate market value as determined in accordance with the methods prescribed in Schedule 1.01(c) of all readily marketable, saleable and useful Petroleum Inventory owned by a Borrower and that otherwise constitutes Eligible Inventory.
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Eligible Refinery Hydrocarbon Inventory means, at any date, the aggregate value (which shall be the lower of cost (determined in accordance with GAAP on a FIFO basis) or market value) of all readily marketable, saleable and useful Petroleum Inventory (excluding any and all Petroleum Inventory (a) in which the Lenders do not have a valid and perfected first priority security interest, except that such security interest may be subject to statutory Liens in respect of First Purchase Crude Payables that are not delinquent, (b) located on leased premises (other than Petroleum Inventory at leased service stations and cardlocks operated by the Borrower or one of the Guarantors), or held by a bailee or otherwise subject to any third party interest with respect to which a landlord's waiver or other third party agreement requested by the Administrative Agent or the Required Lenders shall not have been furnished, (c) attributable to any Subsidiary with respect to which any event described in Subsection 8.01(f) or (g) shall have occurred and be continuing, or (d) that is in transit from vendors or suppliers) owned by the Borrower or a Guarantor and located at the Refineries or in the Albuquerque Terminal, the Flagstaff Terminal, or at other terminals, field production tanks, storage tanks and lines related thereto (including line fills but excluding basic sediment and water and slop oil), bulk plants, service stations and cardlocks, in each case owned or leased and operated by the Borrower or Guarantors, or at such other locations as may be approved from time to time by the Administrative Agent; provided, that such Petroleum Inventory is not obsolete, unsalable, damaged or otherwise unfit for sale or further processing in the ordinary course of business or otherwise unsatisfactory to the Administrative Agent or the Required Lenders using reasonable business judgment.
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Eligible Refinery Hydrocarbon Inventory means, at any date, the aggregate market value as determined in accordance with Schedule 1.01A Methods of all readily marketable, saleable and useful Petroleum Inventory owned by a Loan Party that is deemed by the Administrative Agent, in its Permitted Discretion, to be Eligible Refinery Hydrocarbon Inventory. Without limiting the foregoing, there shall be excluded from Eligible Refinery Hydrocarbon Inventory any and all Petroleum Inventory:
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Examples of Eligible Refinery Hydrocarbon Inventory in a sentence

  • Notwithstanding the foregoing, the dollar amount of the Borrowing Base comprised of (i) Eligible Refinery Hydrocarbon Inventory set forth in clause (a)(D) above and (ii) Eligible In-Transit Crude Oil set forth in clause (a)(H) above shall not, in the aggregate, exceed 80% of the Borrowing Base.

  • To the extent feasible and consistent with prudent and safe refinery practices, Giant Yorktown shall exercise all commercially reasonable efforts to physically segregate Statoil Inventories (as defined in the Statoil Intercreditor Agreement) from Eligible Refinery Hydrocarbon Inventory, and to physically segregate Eligible Refinery Hydrocarbon Inventory from Statoil Inventories, located at the Yorktown Refinery.

  • Notwithstanding the foregoing, the dollar amount of the Borrowing Base comprised of (i) Eligible Refinery Hydrocarbon Inventory set forth in clause (a)(D) above and (ii) Eligible In-Transit Crude Oil set forth in clause (a)(E) above shall not, in the aggregate, exceed 60% of the Borrowing Base.

  • Firms with 800 or more employees will now pay the maximum share of 80 per cent.people to make their own provision in the marketplace while restoring public confidence in the discredited British occupational pensions industry.

  • Eligible Accounts Receivable, Eligible Credit Card Receivables, Eligible Investment Grade Receivables, Eligible L/C-Backed Receivables, Eligible Refinery Hydrocarbon Inventory, Eligible Lubricants Inventory, Eligible Merchandise Inventory, Eligible In-Transit Crude Oil, Eligible In-Transit Products, the Eligible Exchange Agreement Positive Balance and Eligible Unbilled Accounts.

  • All Eligible Refinery Hydrocarbon Inventory covered by this Certificate has been produced in compliance with all applicable laws, including, without limitation, the minimum wage and overtime requirement of the Fair Labor Standards Act of 1938, as amended.

  • Notwithstanding the foregoing, the dollar amount of the Borrowing Base comprised of (i) Eligible Refinery Hydrocarbon Inventory set forth in clause (a)(D) above and (ii) Eligible In-Transit Crude Oil set forth in clause (a)(H) above shall not, in the aggregate, exceed 60% of the Borrowing Base.

  • Eligible Refinery Hydrocarbon Inventory Borrowing Base Amount [Total indicated in Annex 1b attached hereto] $______________ C.

  • Eligible In-Transit Products: at any date of determination, In-Transit Products owned by a Borrower that satisfies the criteria set forth in the definition of Eligible Refinery Hydrocarbon Inventory (other than the requirements as to location of such inventory as set forth in clauses (b), (d) and (k) of such definition) and that is deemed by the Administrative Agent, in its Permitted Discretion, to be Eligible In-Transit Products.


More Definitions of Eligible Refinery Hydrocarbon Inventory

Eligible Refinery Hydrocarbon Inventory mean, at any date, the aggregate market value, as determined in accordance with the Valuation Method, of all Petroleum Inventory owned by an Obligor and that do not satisfy any of the following criteria (unless otherwise agreed by the Agent in its Permitted Discretion); provided, that such criteria may be revised from time to time by the Agent in its Permitted Discretion by notifying the Administrative Borrower thereof in writing in order to address information with respect to the Obligors’ business or assets of which the Agent becomes aware after the Closing Date (or at any time with respect to the Billings or USOR Entities’ business or assets):
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Eligible Refinery Hydrocarbon Inventory means, at any date, the aggregate value therefor on a FIFO basis calculated in accordance with GAAP of all readily marketable, saleable and useful Petroleum Inventory (excluding any and all Petroleum Inventory (a) in which the Lenders do not have a valid and perfected first priority security interest, except that such security interest may be subject to statutory Liens in respect of First Purchase Crude Payables that are not delinquent, (b) located on leased premises, or held by a bailee or otherwise subject to any third party interest, with respect to which a landlord’s waiver or other third party agreement satisfactory to the Administrative Agent shall not have been furnished (unless otherwise agreed by the Administrative Agent), (c) that is in transit from vendors or suppliers) owned by the Borrower or a Guarantor and located in field production tanks, storage tanks and lines related thereto, stored at the Refinery or at other refined product terminals owned or leased by the Borrower or its Subsidiaries, or at such other locations as may be approved from time to time by the Administrative Agent; provided, that such Petroleum Inventory is not obsolete, unsalable, damaged or otherwise unfit for sale or further processing in the ordinary course of business or otherwise unsatisfactory to the Administrative Agent or the Required Lenders using reasonable business judgment. Neither Eligible Refinery Hydrocarbon Inventory nor Eligible In-Transit Crude Oil shall include line fill, basic sediment, water or slop oil.
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Eligible Refinery Hydrocarbon Inventory means, at any date, the aggregate value therefor on a FIFO basis calculated in accordance with GAAP of all readily marketable, saleable and useful Feedstocks, Intermediate Products and Refined Products, owned by the Company and its Subsidiaries in field production tanks, storage tanks and lines (including line fills but excluding basic sediment and water and slop oil) stored on or required for the Bloomfield Refinery, the Ciniza Refinery, the Portales Refinery, the Company s or its Subsidiaries service stations and travel centers, cardlock fueling stations or bulk plants, the Albuquerque Terminal and other Refined Products terminals owned or leased by the Company or its Subsidiaries."
Sample 1
Eligible Refinery Hydrocarbon Inventory means, at any date, the aggregate value therefor on a FIFO basis calculated in accordance with GAAP of all readily marketable, saleable and useful Feedstocks, Intermediate Products and Refined Products, owned by the Company and its Subsidiaries in field production tanks, storage tanks and lines (including line fills but excluding basic sediment and water and slop oil) stored on or required for the Bloomfield Refinery, the Ciniza Refinery, the Portales Refinery, the Company's or its Subsidiaries' service stations and travel centers or the Albuquerque Terminal and other Refined Products terminals owned by the Company or its Subsidiaries which service the Company's and its Subsidiaries' refineries, service stations and travel centers.
Sample 1
Eligible Refinery Hydrocarbon Inventory means, at any date of determination, without duplication of any other type of Eligible Inventory, the aggregate market value as determined in accordance with the methods prescribed in Schedule 1.01(c) (as such Schedule may be updated from time to time by the Company with the consent of the Administrative Agent) of all readily marketable, saleable and useful Petroleum Inventory owned by a Borrower and that otherwise constitutes Eligible Inventory. “Eligible Renewable Feedstock Inventory” shall mean, at any date of determination, without duplication of any other type of Eligible Inventory, the aggregate market value as determined in accordance with the methods prescribed in Schedule 1.01(c) (as such Schedule may be updated from time to time by the Company with the consent of the Administrative Agent) of all readily marketable, saleable and useful renewable feedstock which is owned by a Borrower and that otherwise constitutes Eligible Inventory. “Eligible Renewable Petroleum Inventory” shall mean, at any date of determination, without duplication of any other type of Eligible Inventory, the aggregate market value as determined in accordance with the methods prescribed in Schedule 1.01(c) (as such Schedule may be updated from time to time by the Company with the consent of the Administrative Agent) of all readily marketable, saleable and useful renewable refined diesel (and such other renewable refined Inventory as Collateral Agent (in its sole discretion) and Borrowers may mutually agree) which, in each case, is owned by a Borrower and that otherwise constitutes Eligible Inventory. “Eligible RINs” shall mean, at any date of determination, all RINs owned by a Borrower, valued at the then current Market Value (RIN), and not excluded as ineligible by virtue of one or more of the exclusionary criteria set forth below; provided, however, that such criteria may be revised from time to time by the Collateral Agent in its Permitted Discretion to address the results of any field examination performed by or on behalf of the Administrative Agent or the Collateral Agent from time to time after the Effective Date, and other due diligence or information with respect to the Borrowers’ business or assets of which the Collateral Agent became aware after the Effective Date. The Collateral Agent shall have the right to establish, modify or eliminate Reserves against Eligible RINs from time to time in its Permitted Discretion. Eligible RINs shall only include RINs of a Borrower ...
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Related to Eligible Refinery Hydrocarbon Inventory

  • Eligible Finished Goods Inventory means Inventory that qualifies as Eligible Inventory and consists of first quality finished goods held for sale in the ordinary course of Borrower’s business.

  • Inventory is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above.

  • Petroleum refinery means each facility engaged in producing gasoline, kerosene, distillate fuel oils, residual fuel oils, lubricants, or other products through distillation of petroleum or through redistillation, cracking, extracting, or reforming of unfinished petroleum derivatives.

  • Proved Developed Non-Producing Reserves means oil and gas reserves that, in accordance with Petroleum Industry Standards, are classified as both “Proved Reserves” and “Developed Non-Producing Reserves.”

  • Product Inventory means all inventory owned as of the Closing by Seller or any Affiliate thereof of finished Product that is in conformance with the Specifications and has an expiration date of October 1, 2016 or later, regardless of whether such inventory is held at a location or facility of Seller or any Affiliate (or of any other Person on behalf of Seller or any Affiliate, including in any of Seller’s warehouses, manufacturers, suppliers, distributors or consignees) or in transit to or from Seller or any Affiliate (or any such other Person).

  • Refinery means a facility used to produce motor fuel from crude oil, unfinished oils, natural gas liquids, or other hydrocarbons and from which motor fuel may be removed by pipeline, by marine vessel, or at a rack.

  • Field emission equipment means equipment which uses an x-ray tube in which electron emission from the cathode is due solely to the action of an electric field.

  • Inventories means “Inventories” as defined in the Uniform System of Accounts, such as provisions in storerooms, refrigerators, pantries and kitchens, beverages in wine cellars and bars, other merchandise intended for sale, fuel, mechanical supplies, stationery, and other supplies and similar items.

  • Proved Developed Producing Reserves means Proved Reserves which are categorized as both “Developed” and “Producing” in the Definitions, “Proved Developed Nonproducing Reserves” means Proved Reserves which are categorized as both “Developed” and “Nonproducing” in the Definitions, and “Proved Undeveloped Reserves” means Proved Reserves which are categorized as “Undeveloped” in the Definitions.

  • Refined Products means gasoline, diesel fuel, jet fuel, asphalt and asphalt products, and other refined products of crude oil.

  • Borrowing Base Properties means the Oil and Gas Properties of the Loan Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 8.12.

  • Total hydrocarbons (THC) means the sum of all volatile compounds measurable by a flame ionization detector (FID).

  • Petroleum Products means gasolines and petroleum oil distillates or blend stocks as further described in Item 10.

  • Eligible Inventory means and include Inventory of a Borrower, excluding work in process, valued at the lower of cost or market value, determined on a first-in-first-out basis, which is not, in Administrative Agent’s Permitted Discretion, obsolete, slow moving or unmerchantable and which Administrative Agent, in its Permitted Discretion, shall not deem ineligible Inventory, based on such considerations as Administrative Agent may from time to time deem appropriate including whether the Inventory is subject to a perfected, first priority security interest in favor of Administrative Agent and no other Lien (other than a Permitted Encumbrance). In addition, Inventory shall not be Eligible Inventory if it: (a) does not conform to all standards imposed by any Governmental Body which has regulatory authority over such goods or the use or sale thereof; (b) is Foreign In-Transit Inventory or in-transit within the United States; (c) is located outside the continental United States; (d) constitutes Consigned Inventory; (e) is the subject of an Intellectual Property Claim; (f) is subject to a License Agreement that limits, conditions or restricts the applicable Borrower’s or Administrative Agent’s right to sell or otherwise dispose of such Inventory, unless Administrative Agent is a party to a Licensor/Administrative Agent Agreement with the Licensor under such License Agreement (or Administrative Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Administrative Agent shall deem appropriate in its sole discretion); (g) is situated at a location not owned by a Borrower unless the owner or occupier of such location has executed in favor of Administrative Agent a Lien Waiver Agreement (or Administrative Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Administrative Agent shall deem appropriate in its Permitted Discretion); or (h) or if the sale of such Inventory would result in an ineligible Receivable.

  • Hydrocarbon Interests means all rights, titles, interests and estates now or hereafter acquired in and to oil and gas leases, oil, gas and mineral leases, or other liquid or gaseous hydrocarbon leases, mineral fee interests, overriding royalty and royalty interests, net profit interests and production payment interests, including any reserved or residual interests of whatever nature.

  • Baseline concentration means that ambient concentration level that exists in the baseline area at the time of the applicable minor source baseline date. A baseline concentration is deter- mined for each pollutant for which a minor source baseline date is estab- lished and shall include:

  • Excluded Inventory shall have the meaning set forth in Section 2.4.

  • Transferred Inventory has the meaning set forth in Section 2.2(a)(iii).

  • Fuel burning equipment means any furnace, boiler, apparatus, stack and all associated equipment, used in the process of burning fuel.

  • Hydrocarbons means oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined or separated therefrom.

  • Hydrocarbon means a compound consisting of hydrogen and carbon, which, when naturally occurring, may also contain other elements such as sulphur;

  • Inventory Value has the meaning set forth in Section 2.1.

  • Borrowing Base Property means Eligible Property and/or Commercial Land that the Administrative Agent has agreed to include in calculations of the Borrowing Base pursuant to Section 4.1. A Property shall be excluded from the determination of the Borrowing Base if at any time such Property shall cease to be an Eligible Property.

  • Stationary x-ray equipment means x-ray equipment which is installed in a fixed location.

  • Petroleum product means gasoline, gasoline−alcohol fuel blends, kerosene, fuel oil, burner oil, diesel fuel oil or used motor oil.

  • Petroleum Substances means petroleum, natural gas, natural gas liquids, related hydrocarbons and any and all other substances, whether liquid, solid or gaseous, whether hydrocarbons or not, produced or producible in association with any of the foregoing.