Eligible Refinery Hydrocarbon Inventory definition

Eligible Refinery Hydrocarbon Inventory means, at any date of determination, the aggregate market value as determined in accordance with the methods prescribed in Schedule 1.01(c) of all readily marketable, saleable and useful Petroleum Inventory owned by a Borrower and that otherwise constitutes Eligible Inventory.

Eligible Refinery Hydrocarbon Inventory means, at any date, the aggregate value therefor on a FIFO basis calculated in accordance with GAAP of all readily marketable, saleable and useful Feedstocks, Intermediate Products and Refined Products (excluding (a) any and all Feedstocks, Intermediate Products and Refined Products in which the Lenders do not have a valid and perfected first priority security interest, subject only to Permitted Liens, (b) any and all Feedstocks, Intermediate Products and Refined Products located on leased premises (other than Refined Product at leased service stations and travel centers operated by the Company or one of its Subsidiaries), or held by a bailee or otherwise subject to any third party interest, with respect to which any landlord's waiver or other third party agreement requested by Secured Party or the Majority Lenders shall not have been furnished, and (c) Feedstocks, Intermediate Products and Refined Products of any Subsidiary with respect to which any event described in SUBSECTION 9.01(f) or (g) shall have occurred and be continuing), owned by the Company and its Subsidiaries (other than "inactive" Subsidiaries) in field production tanks, storage tanks and lines (including line fills but excluding basic sediment and water and slop oil), stored at the Bloomfield Refinery, the Ciniza Refinery, the Company's or its Subsidiaries' bulk plants, service stations and travel centers (excluding cardlocks), the Albuquerque Terminal, the Flagstaff Terminal and other Refined Products terminals owned or leased by the Company or its Subsidiaries, or at such other locations as may be approved from time to time by the Majority Lenders, provided, however, that such Feedstocks, Intermediate Products and Refined Products are not obsolete, unsalable, damaged or otherwise unfit for sale or further processing in the ordinary course of business or otherwise unsatisfactory to the Administrative Agent or the Majority Lenders using reasonable business judgment.

Eligible Refinery Hydrocarbon Inventory means, at any date, the aggregate market value as determined in accordance with Schedule 1.01A Methods of all readily marketable, saleable and useful Petroleum Inventory owned by a Loan Party that is deemed by the Administrative Agent, in its Permitted Discretion, to be Eligible Refinery Hydrocarbon Inventory. Without limiting the foregoing, there shall be excluded from Eligible Refinery Hydrocarbon Inventory any and all Petroleum Inventory:

Examples of Eligible Refinery Hydrocarbon Inventory in a sentence

• Notwithstanding the foregoing, the dollar amount of the Borrowing Base comprised of (i) Eligible Refinery Hydrocarbon Inventory set forth in clause (a)(D) above and (ii) Eligible In-Transit Crude Oil set forth in clause (a)(H) above shall not, in the aggregate, exceed 80% of the Borrowing Base.

• Notwithstanding the foregoing, the dollar amount of the Borrowing Base comprised of (i) Eligible Refinery Hydrocarbon Inventory set forth in clause (a)(D) above and (ii) Eligible In-Transit Crude Oil set forth in clause (a)(E) above shall not, in the aggregate, exceed 60% of the Borrowing Base.

• To the extent feasible and consistent with prudent and safe refinery practices, Giant Yorktown shall exercise all commercially reasonable efforts to physically segregate Statoil Inventories (as defined in the Statoil Intercreditor Agreement) from Eligible Refinery Hydrocarbon Inventory, and to physically segregate Eligible Refinery Hydrocarbon Inventory from Statoil Inventories, located at the Yorktown Refinery.

• Notwithstanding the foregoing, the dollar amount of the Borrowing Base comprised of (i) Eligible Refinery Hydrocarbon Inventory set forth in clause (a)(D) above and (ii) Eligible In-Transit Crude Oil set forth in clause (a)(H) above shall not, in the aggregate, exceed 60% of the Borrowing Base.

• Eligible Refinery Hydrocarbon Inventory Borrowing Base Amount [Total indicated in Annex 1b attached hereto] $______________ C.

• All Eligible Refinery Hydrocarbon Inventory covered by this Certificate has been produced in compliance with all applicable laws, including, without limitation, the minimum wage and overtime requirement of the Fair Labor Standards Act of 1938, as amended.

• Eligible Accounts Receivable, Eligible Credit Card Receivables, Eligible Investment Grade Receivables, Eligible L/C-Backed Receivables, Eligible Refinery Hydrocarbon Inventory, Eligible Lubricants Inventory, Eligible Merchandise Inventory, Eligible In-Transit Crude Oil, Eligible In-Transit Products, the Eligible Exchange Agreement Positive Balance and Eligible Unbilled Accounts.

• Firms with 800 or more employees will now pay the maximum share of 80 per cent.people to make their own provision in the marketplace while restoring public confidence in the discredited British occupational pensions industry.

• Eligible In-Transit Products: at any date of determination, In-Transit Products owned by a Borrower that satisfies the criteria set forth in the definition of Eligible Refinery Hydrocarbon Inventory (other than the requirements as to location of such inventory as set forth in clauses (b), (d) and (k) of such definition) and that is deemed by the Administrative Agent, in its Permitted Discretion, to be Eligible In-Transit Products.

More Definitions of Eligible Refinery Hydrocarbon Inventory

Eligible Refinery Hydrocarbon Inventory mean, at any date, the aggregate market value, as determined in accordance with the Valuation Method, of all Petroleum Inventory owned by an Obligor and that do not satisfy any of the following criteria (unless otherwise agreed by the Agent in its Permitted Discretion); provided, that such criteria may be revised from time to time by the Agent in its Permitted Discretion by notifying the Administrative Borrower thereof in writing in order to address information with respect to the Obligors’ business or assets of which the Agent becomes aware after the Closing Date (or at any time with respect to the Billings business or assets):

Eligible Refinery Hydrocarbon Inventory means, at any date, the aggregate value therefor on a FIFO basis calculated in accordance with GAAP of all readily marketable, saleable and useful Petroleum Inventory (excluding any and all Petroleum Inventory (a) in which the Lenders do not have a valid and perfected first priority security interest, except that such security interest may be subject to statutory Liens in respect of First Purchase Crude Payables that are not delinquent, (b) located on leased premises, or held by a bailee or otherwise subject to any third party interest, with respect to which a landlord’s waiver or other third party agreement satisfactory to the Administrative Agent shall not have been furnished (unless otherwise agreed by the Administrative Agent), (c) that is in transit from vendors or suppliers) owned by a Borrower or a Guarantor and located in field production tanks, storage tanks and lines related thereto, stored at the Refinery or at other refined product terminals owned or leased by a Borrower or its Subsidiaries, or at such other locations as may be approved from time to time by the Administrative Agent; provided, that such Petroleum Inventory is not obsolete, unsalable, damaged or otherwise unfit for sale or further processing in the ordinary course of business or otherwise unsatisfactory to the Administrative Agent or the Required Lenders using reasonable business judgment. Neither Eligible Refinery Hydrocarbon Inventory nor Eligible In-Transit Crude Oil shall include line fill, basic sediment, water or slop oil.

Eligible Refinery Hydrocarbon Inventory means, at any date of determination, without duplication of any other type of Eligible Inventory, the aggregate market value as determined in accordance with the methods prescribed in Schedule 1.01(c) (as such Schedule may be updated from time to time by the Company with the consent of the Administrative Agent) of all readily marketable, saleable and useful Petroleum Inventory owned by a Borrower and that otherwise constitutes Eligible Inventory. “Eligible Renewable Feedstock Inventory” shall mean, at any date of determination, without duplication of any other type of Eligible Inventory, the aggregate market value as determined in accordance with the methods prescribed in Schedule 1.01(c) (as such Schedule may be updated from time to time by the Company with the consent of the Administrative Agent) of all readily marketable, saleable and useful renewable feedstock which is owned by a Borrower and that otherwise constitutes Eligible Inventory. “Eligible Renewable Petroleum Inventory” shall mean, at any date of determination, without duplication of any other type of Eligible Inventory, the aggregate market value as determined in accordance with the methods prescribed in Schedule 1.01(c) (as such Schedule may be updated from time to time by the Company with the consent of the Administrative Agent) of all readily marketable, saleable and useful renewable refined diesel (and such other renewable refined Inventory as Collateral Agent (in its sole discretion) and Borrowers may mutually agree) which, in each case, is owned by a Borrower and that otherwise constitutes Eligible Inventory. “Eligible RINs” shall mean, at any date of determination, all RINs owned by a Borrower, valued at the then current Market Value (RIN), and not excluded as ineligible by virtue of one or more of the exclusionary criteria set forth below; provided, however, that such criteria may be revised from time to time by the Collateral Agent in its Permitted Discretion to address the results of any field examination performed by or on behalf of the Administrative Agent or the Collateral Agent from time to time after the Effective Date, and other due diligence or information with respect to the Borrowers’ business or assets of which the Collateral Agent became aware after the Effective Date. The Collateral Agent shall have the right to establish, modify or eliminate Reserves against Eligible RINs from time to time in its Permitted Discretion. Eligible RINs shall only include RINs of a Borrower ...

Eligible Refinery Hydrocarbon Inventory means, at any date, the aggregate value therefor on a FIFO basis calculated in accordance with GAAP of all readily marketable, saleable and useful Feedstocks, Intermediate Products and Refined Products, owned by the Company and its Subsidiaries in field production tanks, storage tanks and lines (including line fills but excluding basic sediment and water and slop oil) stored on or required for the Bloomfield Refinery, the Ciniza Refinery, the Portales Refinery, the Company's or its Subsidiaries' service stations and travel centers or the Albuquerque Terminal and other Refined Products terminals owned by the Company or its Subsidiaries which service the Company's and its Subsidiaries' refineries, service stations and travel centers.

Eligible Refinery Hydrocarbon Inventory means, at any date, the aggregate value therefor on a FIFO basis calculated in accordance with GAAP of all readily marketable, saleable and useful Feedstocks, Intermediate Products and Refined Products, owned by the Company and its Subsidiaries in field production tanks, storage tanks and lines (including line fills but excluding basic sediment and water and slop oil) stored on or required for the Bloomfield Refinery, the Ciniza Refinery, the Portales Refinery, the Company s or its Subsidiaries service stations and travel centers, cardlock fueling stations or bulk plants, the Albuquerque Terminal and other Refined Products terminals owned or leased by the Company or its Subsidiaries."