Common use of Actual Refinery Slate Clause in Contracts

Actual Refinery Slate. As soon as reasonably practicable and in any case by no later than the 3rd Business Day of the Month following the delivery Month, Buyer shall provide Seller with the “Actual Refinery Slate” stating the volumes of each Cargo Delivered to the Refinery in such Month. The volumes of each Cargo Delivered to the Refinery will be known as the “Cargo Bank Withdrawal”, and determination of which Cargo within a Grade has been Delivered will be determined following a FIFO principle based on Supply dates of Cargoes of that Grade. Because volumes that are deemed to be Delivered cannot with precise accuracy reflect the Oil actually Delivered, the Parties acknowledge that actual Delivered volumes may not exactly match the deemed Delivered volumes. Any difference between the actual Delivered volumes and the deemed Delivered volumes shall be monitored through the monthly reconciliation of inventories described in Clause 11.

Actual Refinery Slate. As soon as reasonably practicable and in any case by no later than the 3rd Business Day of the Month following the delivery Month, Buyer shall provide Seller with the “Actual Refinery Slate” stating the volumes of each Cargo Delivered to the Refinery in such Month. The volumes of each Cargo Delivered to the Refinery will be known as the “Cargo Bank Withdrawal”, and determination of which Cargo within a Grade has been Delivered will be determined following a FIFO principle based on Supply dates of Cargoes of that Grade. Because volumes that are deemed to be Delivered cannot with precise accuracy reflect the Oil and Feedstock actually Delivered, the Parties acknowledge that actual Delivered volumes may not exactly match the deemed Delivered volumesfinal Deemed Volume, which is equal to the Priced Volume. Any difference between the actual Delivered volumes and the deemed Delivered volumes Priced Volume shall be monitored through the monthly reconciliation of inventories described in Clause 11.