FIFO Adjustment definition
FIFO Adjustment means, with respect to any period (which shall be a period of four Fiscal Quarters and which period, with respect to any Fiscal Quarter (the “Reference Fiscal Quarter”), shall begin on the first day of the third preceding Fiscal Quarter and end on the last day of the Reference Fiscal Quarter), to the extent changes in the inventory value of any item of hydrocarbon inventory included in the inventory amount shown in the financial statements of the Company (each an “Item”) reduce or increase Consolidated Net Income, for each such Item, an amount equal to 75% of the sum of the products of (i) the inventory volume of each Item at the beginning of such period and (ii) the amount determined by subtracting (a) the inventory value of such Item at the beginning of such period from (b) the inventory value of such Item at the end of such period, such that if the result is negative, it represents a loss, and if the result is positive, it represents a gain.
FIFO Adjustment means, with respect to any period (which shall be a period of four Fiscal Quarters and which period, with respect to any Fiscal Quarter (the “Reference Fiscal Quarter”), shall begin on the first day of the third preceding Fiscal Quarter and end on the last day of the Reference Fiscal
FIFO Adjustment means, with respect to any period (which shall be a period of four Fiscal Quarters and which period, with respect to any Fiscal Quarter (the “Reference Fiscal Quarter”), shall begin on the first day of the third preceding Fiscal Quarter and end on the last day of the Reference Fiscal Quarter), to the extent changes in the inventory value of any item of inventory included in the inventory amount shown in the financial statements of the Credit Parties (each an “Item”) reduce or increase Consolidated Net Income, for each such Item, an amount equal to 75% of the sum of the products of (i) the inventory volume of each Item at the beginning of such period and (ii) the amount determined by subtracting (a) the inventory value of such Item at the beginning of such period from (b) the inventory value of such Item at the end of such period, such that if the result is negative, it represents a loss, and if the result is positive, it represents a gain. “Finance Lease” shall mean a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP. “Finance Lease Obligations” shall mean, with respect to any Person, that portion of the obligations under a Finance Lease that is required to be capitalized in accordance with GAAP. “First Priority” shall mean, with respect to any Lien purported to be created on any Collateral pursuant to any Security Document, that such Lien is prior in right to any other Lien thereon, other than any Permitted Liens (excluding Specified Permitted Liens) applicable to such Collateral which as a matter of law (and giving effect to any actions taken pursuant to the last paragraph of Section 10.01) have priority over the respective Liens on such Collateral created pursuant to the relevant Security Document. “First Purchase Crude Payables” shall mean, at any time, the unpaid amount of any obligation of any Borrower or any of its Subsidiaries as a “first purchaser” of crude oil, which is secured by a statutory “first purchaser” Lien created under the laws of any state, including Colorado, Kansas, Mississippi, Missouri, Montana, New Mexico, North Dakota, Oklahoma, Tennessee and Texas, to the extent such obligation is not covered by a Letter of Credit issued hereunder (in which case, for the avoidance of doubt, the amount of the First Purchase Crude Payables will be the unpaid amount of such obligations minus the amount of such Letter of Credit). “First Purchaser Reserve” shall mean the aggregate amount of reserves (if...
More Definitions of FIFO Adjustment
FIFO Adjustment set forth in Section 1.1 of the Current Credit Agreement is hereby restated in its entirety as follows:
FIFO Adjustment will be zero for all periods, except the periods referenced in the table below, during which time the FIFO Adjustment will be the FIFO Calculation Amount for such periods: December 31, 2008 January 1, 2008 – December 31, 2008 March 31, 2009 April 1, 2008 – March 31, 2009 June 30, 2009 July 1, 2008 – June 30, 2009 September 30, 2009 October 1, 2008 – September 30, 2009 December 31, 2009 January 1, 2009 – September 30, 2009 March 31, 2010 April 1, 2009 – September 30, 2009 June 30, 2010 July 1, 2009 – September 30, 2009
FIFO Adjustment means, with respect to any period (which shall be a period of four Fiscal Quarters and which period, with respect to any Fiscal Quarter (the “Reference Fiscal Quarter”), shall begin on the first day of the third preceding Fiscal Quarter and end on the last day of the Reference Fiscal Quarter), to the extent changes in the inventory value of any item of inventory included in the inventory amount shown in the financial statements of the Credit Parties (each an “Item”) reduce or increase Consolidated Net Income, for each such Item, an amount equal to 75% of the sum of the products of (i) the inventory volume of each Item at the beginning of such period and (ii) the amount determined by subtracting (a) the inventory value of such Item at the beginning of such period from (b) the inventory value of such Item at the end of such period, such that if the result is negative, it represents a loss, and if the result is positive, it represents a gain. “Finance Lease” shall mean a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP. “Finance Lease Obligations” shall mean, with respect to any Person, that portion of the obligations under a Finance Lease that is required to be capitalized in accordance with GAAP. “First Priority” shall mean, with respect to any Lien purported to be created on any Collateral pursuant to any Security Document, that such Lien is prior in right to any other Lien thereon, other than any Permitted Liens (excluding Specified Permitted Liens) applicable to such Collateral which as a matter of law (and giving effect to any actions taken pursuant to the last paragraph of Section 10.01) have priority over the respective Liens on such Collateral created pursuant to the relevant Security Document. “First Purchase Crude Payables” shall mean, at any time, the unpaid amount of any obligation of any Borrower or any of its Subsidiaries as a “first purchaser” of crude oil, which is secured by a statutory “first purchaser” Lien created under the laws of any state, including Colorado, Kansas, Mississippi, Missouri, Montana, New Mexico, North Dakota, Oklahoma, Tennessee and Texas, to the extent such obligation is not covered by a Letter of Credit issued hereunder (in which case, for the avoidance of doubt, the amount of the First Purchase Crude Payables will be the unpaid amount of such obligations minus the amount of such Letter of Credit). “First Purchaser Reserve” shall mean the aggregate amount of reserves (if...