Closing Inventory Volumes definition

Closing Inventory Volumes means the volumes of crude oil, additives, blend stocks, feedstocks, petrochemicals, catalysts and chemicals (including catalysts and chemicals in each process unit's storage facilities, and platinum in the process units but otherwise excluding catalysts and chemicals in the process units), by-products, unfinished or partially finished refined products, and finished refined products including water bottoms, bottom sediment, sludge, slop, line fill whether located on the Real Property Assets, or in transit by pipeline to the Real Property Assets or by vessel to the Real Property Assets or located elsewhere, whether in the possession of Mobil or any other Person (other than the MLDW Catalyst which is the subject of the MLDW Catalyst Lease Agreement), as of the Closing Date.
Sample 1
Closing Inventory Volumes means all hydrocarbon and hydrocarbon derived inventories located at or associated with each Site and, solely with respect to inventories associated with a Site, located in each Third Party Terminal (which shall be measured in accordance with Schedule 2.1(e)(i)) as follows: (i) raw materials (including crude oil and gas oil), feedstocks and intermediate stocks that are in transit to the Sites in third party pipelines and raw materials, feedstocks and intermediate stocks designated as Sellers’ owned line fill in the Crude Pipeline Systems and in third party pipelines on which Sellers’ ships such oil and stocks to and from the Assets; (ii) raw materials, blendstocks, feedstocks and intermediate stocks that (x) are located at the Refinery, (y) are in transit from a Site or a Third Party Terminal or (z) reside in the Terminals and in third party storage,; (iii) refined products that (x) are located at the Refinery, (y) are in transit from a Site or a Third Party Terminal or (z) located in the Terminals and in third party storage; and (iv) petrochemical products (owned or purchased by Sellers) that are (x) located at the Refinery, (y) in transit from a Site and a Third Party Terminal or (z) located in the Terminals and in third party storage as of the Closing, excluding in the case of each of clauses (i) through (iv), any such products for which title has passed from Sellers’ or their designated Affiliate to a third party as of the Closing or for which there is an account payable as of the Closing; provided, however, that (x) “Closing Inventory Volumes” shall (1) not include Intra-Refinery Line Fill; basic sediment and water (as determined by the Refinery in the ordinary course) in storage tanks and Unit Fill at the Refinery, all of which shall be included in the Base Price and (2) include hydrocarbon volumes in pump stations related to the Pipelines, and (y) waste water, sludge (which, for the avoidance of doubt, does not include slop) and storm water tanks will not be measured and no value will be assigned to the content of such tanks.
Sample 1

Examples of Closing Inventory Volumes in a sentence

  • The Closing Inventory Volumes portion of the Statement shall be prepared based on a physical inventory (conducted by an Expert, the cost of which shall be shared equally by Mobil and Valero and witnessed by representatives of Mobil and Valero).

  • All inventory constituting a part of the Closing Inventory Volumes (other than "tank bottoms" accumulated in the ordinary course of the operation of the Assets, consistent with Mobil's past practices) will be of a quality usable or saleable in the ordinary course of business.

  • All matters pertaining to Schedule 1.01A and the determination of quantity, quality and valuation of the Closing Inventory Volumes shall be overseen by the Inventory Team in accordance with Schedule 1.01A and Schedule 1.01B .

Related to Closing Inventory Volumes

  • Inventory Value means with respect to any Inventory of a Loan Party at the time of any determination thereof, the standard cost determined on a first in first out basis and carried on the general ledger or inventory system of such Loan Party stated on a basis consistent with its current and historical accounting practices, in Dollars, determined in accordance with the standard cost method of accounting less, without duplication, (i) any markup on Inventory from an Affiliate and (ii) in the event variances under the standard cost method are expensed, a Reserve reasonably determined by the Agent as appropriate in order to adjust the standard cost of Eligible Inventory to approximate actual cost.

  • 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).

  • Estimated Closing Statement has the meaning set forth in Section 2.4(a).

  • Inventory Formula Amount means, with respect to any item of Eligible Inventory and at any time of determination, the lesser of (a) 65% of the lower of cost and market of such Inventory and (b) 85% of the Net Orderly Liquidation Value of such Inventory.

  • Obsolete Inventory means items that have expired, are redundant or

  • Closing Statement means the Closing Statement in the form on Annex A attached hereto.

  • Estimated Closing Cash has the meaning set forth in Section 2.4(a).

  • Daily Contract Quantity or “DCQ” means the quantity of Gas as set out in Clause 4.1 herein.

  • Product Group or “the Group” means a group of lotteries that has joined together to offer a product pursuant to the terms of the Multi-State Lottery Agreement and the Product Group’s own rules.

  • Transferred Inventory shall have the meaning set forth in Section 1.1(c).

  • Closing Working Capital Statement has the meaning set forth in Section 2.04(b)(i).

  • Estimated Closing Indebtedness has the meaning set forth in Section 2.3(a).

  • Estimated Closing Balance Sheet has the meaning set forth in Section 2.6(a).

  • Post-Closing Straddle Period means the portion of a Straddle Period beginning the day after the Closing Date.

  • Closing Location means the location that all Proposals for this RFP will be accepted at.

  • Contract Quantity means the quantity of Delivered Energy expected to be delivered by Seller during each Contract Year as set forth in Section 3.1(e).

  • Post-Closing Statement has the meaning set forth in Section 3.3(c).

  • Estimated Closing Date Balance Sheet shall have the meaning set forth in Section 2.3(a) hereof.

  • Estimated Closing Working Capital has the meaning set forth in Section 2.04(a)(ii).

  • Closing Adjustment Amount shall have the meaning set forth in Section 2.3(b)(i)(A).

  • Priced Schedule of Quantities means the schedule of quantities duly priced with the accepted quoted rates of the contractor.

  • Net Invoice Price means the price paid by You for Your Vehicle including all factory fitted accessories and any discount given but excluding retailer fitted accessories, road fund licence, new vehicle registration fee, fuel, paintwork and / or upholstery protection kits, insurance premiums (including this Premium), warranty premiums and any such associated costs and any Negative Equity.

  • In-Transit Inventory means Inventory of a Borrower which is in the possession of a common carrier and is in transit from a Foreign Vendor of a Borrower from a location outside of the continental United States to a location of a Borrower that is within the continental United States.

  • Closing Sales Price means, for any security as of any date, the last sales price of such security on the principal trading market where such security is listed or traded as reported by Bloomberg Financial Markets (or a comparable reporting service of national reputation selected by the Corporation and reasonably acceptable to the Majority Holders if Bloomberg Financial Markets is not then reporting closing sales prices of such security) (collectively, “Bloomberg”), or if the foregoing does not apply, the last reported sales price of such security on a national exchange or in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no such price is reported for such security by Bloomberg, the average of the bid prices of all market makers for such security as reported in the “pink sheets” by the National Quotation Bureau, Inc., in each case for such date or, if such date was not a trading day for such security, on the next preceding date that was a trading day. If the Closing Sales Price cannot be calculated for such security as of either of such dates on any of the foregoing bases, the Closing Sales Price of such security on such date shall be the fair market value as reasonably determined by an investment banking firm selected by the Corporation and reasonably acceptable to the Majority Holders, with the costs of such appraisal to be borne by the Corporation.

  • Closing Cash means the amount of Cash determined as of the close of business on the Closing Date.

  • Post-Closing Adjustment Amount has the meaning set forth in Section 1.9.3.