Export Profit definition
Export Profit means Export Sales Revenue less Export Cost(s) as determined in accordance with GAAP. i. "Export Sales Revenue" means, on a process month basis, all revenue received and retained from Export Sales, less $25 per ton for each ton of processed asphalt sold. Notwithstanding the foregoing to the contrary, if ▇▇▇▇▇ Source could have supplied an Export Sale from another source, with such other source at a lower cost(s) than the effective cost(s) Petro Source incurs by supplying such sale with asphalt from the Refinery, such $25 shall be increased by the difference in the cost(s) of the two sources of supply. ii. "Export Sales" means sales of the following products: (1) asphalt which was produced at the Refinery from Feedstock supplied by Petro Source and delivered to an application site outside of the State of California, except when such asphalt has been modified with polymers at the Refinery, and (2) a prorated portion of the light products attributable to the volume of Feedstock from which Export Sales described in subparagraph (1) hereof were derived. iii. "Export Cost(s)" means, the sum of Petro Source's Export Marketing Cost(s), SMRC Reimbursable Variable Cost(s) allocable to Export Sales, Export Inventory and Receivable Carrying Cost(s) and any Remote Terminal Cost(s). iv. "Petro Sources Export Marketing Cost(s)" means on a process month basis, all cost(s), losses (including hedging losses net of gains) and expenses incurred by Petro Source in making related Export Sales Revenue, including, but not limited to, the direct out-of-pocket cost(s) of selling, documenting, handling, storing, developing, testing, transporting and installing product; cost(s) associated with collection of receivables related to Export Sales (including, but not limited to, demerits and bad debt), cost(s) of goods sold, and any environmental excise tax (including, but not limited to, Superfund excise tax) on petroleum processing. v. "Export Inventory and Receivable Carrying Cost(s)" means portion of interest incurred to purchase and hold inventory and receivables pending payment; and letters of credit cost(s) which are reasonably allocable to Export Sales. vi. "Remote Terminal Cost(s)" means a thruput cost(s) of $15.00 per ton for each ton of asphalt sold as an Export Sale to cover use of asphalt terminaling facilities of Petro Source and its affiliates only when such asphalt actually passes through such terminaling facility. Such Remote Terminal Cost(s) is to be adjusted for inflati...
Examples of Export Profit in a sentence
SMRC shall be entitled to a monthly processing fee (the "Processing Fee") which is the sum of 50% of Local Profit, plus 50% of Export Profit.