Procurement of Crude Oil Sample Clauses

Procurement of Crude Oil. (a) As of the Commencement Date, Xxxx may have entered into or novated from the Existing Supplier/Offtaker one or more Xxxx Procurement Contracts for the purchase of Crude Oil to be processed at the Refinery.
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Procurement of Crude Oil. (a) As of the Commencement Date, Procurement Contracts shall consist of (i) such Procurement Contracts as XXXX and Xxxx may have entered into and (ii) such Procurement Contracts with certain Third Party Suppliers as shall have been novated from XXXX to Xxxx, in each case providing for the purchase of Crude Oil to be processed at the Refinery for April or May 2011. In connection with such novated Procurement Contracts, the parties acknowledge that, concurrently with the effectiveness of such novations, Xxxx and XXXX entered into transactions identical to the novated Procurement Contracts (the “Back-to-Back Contracts”), except with Xxxx as seller thereunder and certain other modifications as specified in a letter agreement between Xxxx and XXXX, dated April 27, 2011. The parties further acknowledge and agree that, as a result of such novated Procurement Contracts, the Back-to-Back Contracts and the terms of the XXXX Inventory Sales Agreement, (i) from and after the effectiveness of such novations to the Inventory Measurement Time under the XXXX Inventory Sales Agreement, all Crude Oil delivered under the novated Procurement Contracts and the Back-to-Back Contracts shall have been or shall be transferred from the relevant Third Party Supplier to Xxxx and then from Xxxx to XXXX and (ii) from and after the Inventory Transfer Time under the XXXX Inventory Sales Agreement to the Inventory Measurement Time under the XXXX Inventory Sales Agreement, all such Crude Oil that is held or received at any of the Inventory Transfer Locations shall be transferred by XXXX to Xxxx under and in accordance with the terms of the XXXX Inventory Sales Agreement.
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Procurement of Crude Oil. (a) As of the Commencement Date, Xxxx shall have become the purchaser under the Existing Procurement Contract through executing a new Procurement Contract with the Third Party Supplier thereunder.
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Procurement of Crude Oil. (a) [Reserved.] (b) From time to time during the Term of this Agreement, the Company may propose that an additional Procurement Contract be entered into, including any such additional Procurement Contract as may be entered into in connection with the expiration of an outstanding Procurement Contract. If the Parties mutually agree to seek additional Procurement Contracts, then the Company shall endeavor to identify quantities of Crude Oil that may be acquired on a spot or term basis from one or more Third Party Suppliers. The Company may negotiate with any such Third Party Supplier regarding the price and other terms of such potential additional Procurement Contract. The Company shall have no authority to bind Xxxx to, or enter into on Aron’s behalf, any additional Procurement Contract or Procurement Contract Assignment, and the Company shall not represent to any third party that it has such authority. If the Company has negotiated an offer from a Third Party Supplier for an additional Procurement Contract (and if relevant, Procurement Contract Assignment) that the Company wishes to be executed, the Company shall apprise Xxxx in writing of the terms of such offer, Xxxx shall promptly determine and advise the Company as to whether Xxxx desires to accept such offer. If Xxxx indicates its desire to accept such offer, then Xxxx shall promptly endeavor to formally communicate its acceptance of such offer to the Company and such Third Party Supplier so that the Third Party Supplier and Xxxx may enter into a binding additional Procurement Contract (and if relevant, Procurement Contract Assignment) provided that any additional Procurement Contract (and, if relevant, related Procurement Contract Assignment) shall require Aron’s express agreement and Xxxx shall not have any liability under or in connection with this Agreement if for any reason it, acting in good faith, does not agree to any proposed additional Procurement Contract or related Procurement Contract Assignment. (c) If the Company determines, in its reasonable judgment, that it is commercially beneficial for the Refinery to run a particular grade and/or volume of Crude Oil that is available from a Third Party Supplier that is not a counterparty with which Xxxx is then prepared to enter into a contract, then the Company may execute a contract to acquire such Crude Oil for the Company’s account. 22 (d) Title for each quantity of Crude Oil delivered into a Crude Storage Tank shall pass to Xxxx, (i) if delive...
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Procurement of Crude Oil. (a) As of the Commencement Date, Axxx may have entered into Procurement Contracts for the purchase of crude oil to be processed at the Refinery.
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Procurement of Crude Oil. (a) [Reserved.]
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Related to Procurement of Crude Oil

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