Common use of Petroleum Inventory Clause in Contracts

Petroleum Inventory. The Petroleum Inventory will be valued utilizing Company’s cost of each grade of product for the last delivery to the Locations plus the current freight rate charged to transport the product to the Locations. The total value of Petroleum Inventory is to include all state sales and state and federal excise Taxes, whether or not Purchaser holds an exemption certificate and all applicable state sales and state and federal excise Taxes associated therewith shall be accrued as a Current Liability in the Company’s books and records to the extent not paid. The Petroleum Inventory will be valued net of any prompt payment discounts booked by Company to reduce the fuels payable account.

Petroleum Inventory. The Petroleum Inventory will be valued utilizing Company’s cost of each grade of product for the last delivery to the Locations plus the current freight rate charged to transport the product to the Locations. The total value of Petroleum Inventory is to include all state sales and state and federal excise taxes (“Gasoline Taxes”), whether or not Purchaser holds an exemption certificate and all applicable state sales and state and federal excise Taxes associated therewith shall be accrued as a Current Liability in the Company’s books and records to the extent not paidcertificate. The Petroleum Inventory will be valued net of any prompt payment discounts booked by Company to reduce the fuels payable account.