Common use of Obligations at Termination Clause in Contracts

Obligations at Termination. Upon the expiration or termination of this Agreement, MPC shall promptly take delivery of all of its Crude Petroleum from the Storage Tanks within thirty (30) Days of such expiration or termination. In the event MPC does not take delivery of all of the Crude Petroleum within such thirty (30) Day period, MPC shall be assessed a Monthly holdover storage fee on all Crude Petroleum held in storage more than thirty (30) Days beyond the termination or expiration of this Agreement until such time the entire volume of MPC’s Crude Petroleum is removed from the Storage Tanks. The Monthly holdover storage fee, if any, will be calculated on the same basis as the Storage and Transportation Fee.

Obligations at Termination. Upon the expiration or termination of this Agreement, MPC shall promptly take delivery of all of its Crude Petroleum and Product from the Storage Tanks within thirty (30) Days of such expiration or termination. In the event MPC does not take delivery of all of the Crude Petroleum and Product within such thirty (30) Day period, MPC shall be assessed a Monthly holdover storage fee on all Crude Petroleum and Product held in storage more than thirty (30) Days beyond the termination or expiration of this Agreement until such time the entire volume of MPC’s Crude Petroleum and Product is removed from the Storage Tanks. The Monthly holdover storage fee, if any, will be calculated on the same basis as the Storage and Transportation Fee.