Eligible Petroleum Inventory means Eligible Inventory not otherwise included in Hedged Eligible Inventory, valued on a Marked-to-Market Basis, provided, “Eligible Petroleum Inventory” shall not include any Petroleum Product consisting of corn.
Eligible Petroleum Inventory as of any Borrowing Base Date, all Eligible Inventory of the Loan Parties consisting of Petroleum Products.
Eligible Petroleum Inventory means Petroleum Inventory that:
More Definitions of Eligible Petroleum Inventory
Eligible Petroleum Inventory means Eligible Inventory not otherwise included in Hedged Eligible Inventory, valued on a Marked-to-Market Basis, plus Eligible Exchange Balances (which number can be either negative or positive).
Eligible Petroleum Inventory means Petroleum Inventory of the Borrower and the Subsidiary Guarantors which is held for sale or lease in the ordinary course of business or furnished under any contract of service by the Borrower or such Subsidiary Guarantors in the ordinary course of business which is at all times and shall continue to meet standards of eligibility from time to time established in accordance with this Agreement. Initially, standards of eligibility will be established by the Agent in its reasonable credit judgment (which credit judgment shall be exercised in a manner that is not arbitrary or capricious) and may be revised from time to time by the Agent in its reasonable credit judgment (which credit judgment shall be exercised in a manner that is not arbitrary or capricious). In general, without limiting the foregoing, the following Petroleum Inventory includes as Eligible Petroleum Inventory:
Eligible Petroleum Inventory means Petroleum Inventory which is owned by a Borrower (other than packaging or shipping materials, labels, samples, display items, bags, replacement parts and manufacturing supplies) and which the Agents, in their reasonable credit judgment, deem to be Eligible Petroleum Inventory. Without limiting the generality of the foregoing, no Petroleum Inventory shall be Eligible Petroleum Inventory unless:
Eligible Petroleum Inventory means Petroleum Inventory of a Borrower which is held for sale or lease or refining in the ordinary course of business or furnished under any contract of service by a Borrower in the ordinary course of business that, unless otherwise approved by the Agent in its Permitted Discretion, meet all of the following requirements, subject to the ability of the Agent to establish other criteria of eligibility in its Permitted Discretion or modify the criteria established below, in either case subject to the requirements of Section 2.22:
Eligible Petroleum Inventory as of any date, all Eligible Inventory of the Loan Parties consisting of Petroleum Products. “Eligible RINs”: as of any date, all inventory of any Loan Party consisting of RINs valued at the then current Value, and in all instances as to which the following requirements have been fulfilled: the Eligible RIN is owned by such Loan Party;(a) the Eligible RIN is subject to a Perfected First Lien and is free and clear of(b) all other Liens except Permitted Borrowing Base Liens; if the Eligible RIN is credited to a Commodity Account or Securities(c) Account, such account is a Controlled Account; all requirements of applicable law with respect to the Eligible RIN have(d) been satisfied; and the Eligible RIN has an expiration date at least 31 days after such date.(e) “Eligible Short Term Unrealized Forward Gain”: as of any date and with respect to any Loan Party, the Aggregate Eligible In the Money Forward Contract Amount at such time for Eligible Forward Contract obligations whose final cash or physical settlement is during the period ending twelve (12) months after such date; provided that, notwithstanding the foregoing, an Eligible Forward Contract shall be excluded from the calculation of Eligible Short Term Unrealized Forward Gain if it is not in compliance with the Risk Management Policy or is a Futures Contract. “Eligible Tier 1 Account Receivable”: at the time of any determination thereof, each Eligible Account Receivable the Account Debtor of which is a Tier 1 Counterparty. “Eligible Tier 2 Account Receivable”: at the time of any determination thereof, each Eligible Account Receivable the Account Debtor of which is a Tier 2 Counterparty. “Eligible Unbilled Account Receivable”: as of any date, each Account Receivable of any Loan Party which would be an Eligible Account Receivable but for the fact that such Account Receivable has not actually been invoiced prior to such date. “Eligible Unbilled Tier 1 Account Receivable”: at the time of any determination thereof, each Eligible Unbilled Account Receivable the Account Debtor of which is a Tier 1 Counterparty. “Eligible Unbilled Tier 2 Account Receivable”: at the time of any determination thereof, each Eligible Unbilled Account Receivable the Account Debtor of which is a Tier 2 Counterparty. USActive 56005294.956005294.16- 61-
Eligible Petroleum Inventory means, at any given time the sum of:
Eligible Petroleum Inventory means Petroleum Inventory of the Borrower and the Subsidiary Guarantors which is held for sale or lease or refining in the ordinary course of business or furnished under any contract of service by the Borrower or such Subsidiary Guarantors in the ordinary course of business which is at all times and shall continue to meet standards of eligibility from time to time established in accordance with this Agreement. Initially, standards of eligibility will be established by the Agent in a manner substantially consistent with the standards in effect immediately prior to the effectiveness of this Agreement and may be revised from time to time by the Agent in its reasonable credit judgment (which credit judgment shall be exercised in a manner that is not arbitrary or capricious). In general, without limiting the foregoing, the following Petroleum Inventory constitutes Eligible Petroleum Inventory: