Initial Rate and Fee Sample Clauses

Initial Rate and Fee. The Storage and Transportation Fee shall initially be calculated using a rate of $0.50 per barrel per Month for the then-existing aggregate Shell Capacity of all of the Tanks in the Storage Facility. As of the date hereof, such Storage and Transportation Fee shall be equal to $439,000 per Month; provided however, that the fee owed during the Month in which the Commencement Date occurs shall be prorated in accordance with the ratio of (i) the number of days in such Month during which this Agreement is effective to (ii) the total number of days in such Month.