The Excluded Property (other than the Crude Supply Agreement and the Supplemental Supply Agreement) is not Material.
At Closing, Seller (or its Affiliate) and Buyer will enter into a crude supply agreement in substantially the form attached hereto as Exhibit I (the "Crude Supply Agreement").
Crude Supply Agreement--Under a crude supply agreement ("Crude Supply Agreement" or "CSA"), PDVSA Petroleo, S.A. ("PDVSA Oil") is required to sell, and LCR is required to purchase, 230,000 barrels per day of extra heavy crude oil, which constitutes approximately 86% of LCR's rated refining capacity of 268,000 barrels per day of crude oil.
In the event that CITGO were to transfer its interest in LCR to an unaffiliated third party, PDVSA Oil would have an option to terminate the Crude Supply Agreement.
LCR has consistently contested the validity of the reductions in deliveries by PDVSA Oil and Petroleos de Venezuela, S.A. ("PDVSA") under the Crude Supply Agreement.