Tank Heel definition

Tank Heel means the volume of crude oil, petroleum product or oxygenate that remains in a storage tank at the lowest operable level.

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Tank Heel means the liquid level remaining in each tank after lowering the level to the greatest extent possible by using existing transfer equipment, such as steam jets.

Tank Heel means the minimum quantity of LNG in the storage tanks at the LNG Terminal needed to maintain cryogenic temperature in the LNG tanks and equipment and to provide sufficient suction pressure to the LNG transfer pumps so that the system capability is not compromised.

Examples of Tank Heel in a sentence

Customer shall be required to keep a Tank Heel inventory in the Biodiesel tanks in proportion with the number of active inventory holders in the tanks.
TRMC shall be required to keep a Tank Heel inventory in the Biodiesel tanks in proportion with the number of active inventory holders in the tanks.
If there will be a net reduction in the Tank Heel volume following such operations Buyer shall purchase such reduction quantity of Tank Heel volume pursuant to the terms of Clause 5(j)(ii)(2), with the volume of such Tank Heels purchase being treated as an interim purchase by Buyer.
For each type of Feedstock, Buyer and Seller shall agree on a volume for a Feedstock Virtual Tank Heel, in addition to the actual Tank Heel applicable to such type of Feedstock.
Each storage tank used to store Feedstock additionally has a designated Feedstock Virtual Tank Heel (for each storage tank, the “Virtual Tank Heel Capacity,” and together with the Tank Heel Capacity, the “Aggregate Heel Capacity”).
As described in Clause 5(i)(i), all Feedstock Virtual Tank Heel shall be treated as Tank Heels for purposes of this Clause 5(j), including with respect to the calculations of the TH Starting Volume, TH Storage Fee and TH Exposure (and the resulting effect on Credit Usage under Clause 19).

More Definitions of Tank Heel

Tank Heel has the meaning specified in the Scheduling Terms.

Tank Heel means the liquid/solid level remaining in each tank after lowering the level to the greatest extent possible by

Tank Heel unless otherwise determined by Administrative Agent and the Specified Agent-Related Persons, in the exercise of their collective Credit Judgment, based on a report prepared by a consultant or adviser acceptable to Administrative Agent and each Specified Agent-Related Person, Petroleum Inventory in a storage tank, terminal or similar facility representing the difference between the working capacity required for the operation of such facility in the Ordinary Course of Business and the maximum capacity (net of any Tank Bottoms) of such facility.

Tank Heel means the liquid/solid level remaining in each tank after lowering the level to the greatest extent possible by using existing transfer equipment, such as steam jets. See SECTION 3 below for more information on how much of the tank heels and the curie contents are left in the tanks.

Tank Heel means all crude oil, feedstock, raw materials, blendstocks and refined and intermediate petroleum products (including, in process and finished products) located in a tank below the level of the pump suction of such tank, provided, that all such products above the pump suction in any such tank shall be deemed to be Hydrocarbon Inventory for purposes of this Agreement.