(1) Definitions In this subsection: (A) Binding offer The term “binding offer” means a bid submitted by the State of Hawaii for an assured award of a specific quantity of petroleum product, with a price to be calculated pursuant to paragraph (2) of this subsection, that obligates the offeror to take title to the petroleum product without further negotiation or recourse to withdraw the offer. (B) Category of petroleum product The term “category of petroleum product” means a master line item within a notice of sale. (C) Eligible entity The term “eligible entity” means an entity that owns or controls a refinery that is located within the State of Hawaii. (D) Full tanker load The term “full tanker load” means a tanker of approximately 700,000 barrels of capacity, or such lesser tanker capacity as may be designated by the State of Hawaii. (E) Insular area The term “insular area” means the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, the United States Virgin Islands, Guam, American Samoa, the Freely Associated States of the Republic of the Marshall Islands, the Federated States of Micronesia, and the Republic of Palau. (F) Offering The term “offering” means a solicitation for bids for a quantity or quantities of petroleum product from the Strategic Petroleum Reserve as specified in the notice of sale. (G) Notice of sale The term “notice of sale” means the document that announces— (i) the sale of Strategic Petroleum Reserve products; (ii) the quantity, characteristics, and location of the petroleum product being sold; (iii) the delivery period for the sale; and (iv) the procedures for submitting offers.