Common use of PRODUCT ACCOUNTING Clause in Contracts

PRODUCT ACCOUNTING. Accounting and adjustment for product stored at the Orlando Terminal shall be as set forth in Item 96 of the Tariff and as described as follows: (a) As soon as reasonably possible after the end of each calendar year or portion thereof, during or immediately following the term of this Agreement, Carrier shall account to Shipper for all of Shippers product received at the Orlando Terminal pursuant to this Agreement during said calendar year. Subject to (b) below and Item 110 of the Tariff, Carrier shall be liable to Shipper, for all losses between the quantities of Shippers product received at the Orlando Terminal and the quantities of product withdrawn from the Orlando Terminal by Shipper during such calendar year. (b) At the end of each month, but no later than the tenth working day after the end of the month, Carrier shall provide a summary of each grade and the product receipts, deliveries and closing inventory. Product gain or loss shall be determined in the following manner: opening tank inventory plus stock receipts into tank, plus additive volumes injected upstream of the loading rack meter, less the sum of withdrawals through meters and closing tank inventory, equals gain or loss. (i) If the monthly book inventory results in a gain or loss when compared to the physical inventory, such gain or loss will be allocated to Shipper as set forth in Item 96 of the Tariff. (ii) The aforesaid monthly gains and losses for the preceding calendar year will be totaled and compared to determine the net volume of the gain or loss of Shippers product. In the event there is a net loss of Shippers product in excess of the allowances set forth in Item 96 of the Tariff, Carrier will reimburse Shipper for such excess loss pursuant to Item 96 of the Tariff. (c) Carrier will reimburse Shipper for each barrel of product lost in excess of the aforementioned loss allowances by monetary payment or delivery of like product, at Carriers’ option, as follows: (i) Monetary Payment: Carrier will pay Shipper an amount equal to the lesser of (i) the actual cost of such Product to Shipper, or (ii) an amount equal to the average Xxxxx’x U.S.Gulf Coast Waterborne Jet Fuel (or an equivalent publication that is mutually acceptable) mean for fifteen (15) days immediately prior to such loss plus $ .02 per gallon of any lost Commodities on the day so lost or damaged, for the type product lost. (ii) Delivery of Product: Carrier will provide Shipper like product at the Orlando Terminal or other locations as mutually agreed to by the parties. (d) Carrier shall maintain records of products received, in storage, and withdrawn from the Orlando Terminal for Shippers account and make such reports to Shipper (including daily reports to Shipper detailing product receipts and deliveries for Shippers account and daily submission to Shipper of delivery tickets and month-end reports showing Shippers net inventories by product type and reconciling the ending inventories to starting inventories, receipts and deliveries) and/or as Shipper may from time to time request relating to the receipt, storage, handling and loading thereof.

PRODUCT ACCOUNTING. Accounting and adjustment for product stored at the Orlando Terminal shall be as set forth in Item 96 of the Tariff and as described as follows: (a) As soon as reasonably possible after the end of each calendar year or portion thereof, during or immediately following the term of this Agreement, Carrier Calnev shall account to Shipper Customer for all of Shippers Customer's product received at the Orlando Barstow Terminal pursuant to this Agreement during said calendar year. Subject to (b) below and Item 110 of the Tariffbelow, Carrier Calnev shall be liable to Shipper, for all losses between the quantities of Shippers Shipper's product received at the Orlando Barstow Terminal and the quantities of product withdrawn from the Orlando Barstow Terminal by Shipper during such calendar year. (b) At the end of each month, but no later than the tenth working day after the end of the month, Carrier Calnev shall provide a summary of each grade and the product receipts, deliveries and closing inventory. Product gain or loss shall be determined in the following manner: opening tank inventory plus stock receipts into tank, plus additive volumes injected upstream of the loading rack meter, less the sum of withdrawals through meters and closing tank inventory, equals gain or loss. (i) If the monthly book inventory versus physical inventory results in a gain, that gain or loss when compared to the physical inventory, such gain or loss will be allocated back to Shipper as set forth in Item 96 of the TariffCustomer. (ii) Except as set forth below, if the monthly book inventory versus physical inventory results in a loss, that loss will be allocated back to Calnev. However, Calnev shall not be responsible for a normal handling loss of up to one-eighth of one percent (0.125%) of all monthly receipts of petroleum distillate fuels and up to three- tenths of one percent (0.30 of 1%) of all monthly receipts for total gasoline volumes. (iii) The aforesaid losses and gains shall be determined monthly and the total of such monthly losses and gains and losses shall constitute the loss or gain for the preceding calendar year will involved. The closing inventory of one month shall be totaled and compared to determine the net volume of opening inventory for the gain or loss of Shippers product. In the event there is a net loss of Shippers product in excess of the allowances set forth in Item 96 of the Tariff, Carrier will reimburse Shipper for such excess loss pursuant to Item 96 of the Tarifffollowing month. (c) Carrier will reimburse Shipper for For each barrel of product lost in excess after calculation of the aforementioned loss allowances by monetary payment or delivery of like producttolerance and adjustments as indicated above, at Carriers’ option, as follows: (i) Monetary Payment: Carrier will Calnev shall annually pay Shipper Customer an amount equal to the lesser annual average of (i) Los Angeles prices reported on the actual cost PADD 4/5 as unleaded regular for gasoline and EPA low sulfur diesel for diesel report on the last Thursday of such Product to Shipperthe closing month of this agreement as published in the Oil Price Information Service, or (ii) an amount equal to the average Xxxxx’x U.S.Gulf Coast Waterborne Jet Fuel (or an equivalent publication that is mutually acceptable) mean . In the event that a Los Angeles price is not available, a settlement price will be based upon the Barstow area average annual rack price. Calnev shall, additionally, pay Customer for fifteen (15) days immediately prior to such loss plus $ .02 per gallon each barrel of any lost Commodities on the day so lost or damaged, product unaccounted for the type product lost. (ii) Delivery of Product: Carrier will provide Shipper like product at the Orlando Terminal or other locations as mutually agreed to by the parties. (d) Carrier shall maintain records of products received, in storage, and withdrawn from the Orlando Terminal for Shippers account and make such reports to Shipper (including daily reports to Shipper detailing product receipts and deliveries for Shippers account and daily submission to Shipper of delivery tickets and month-end reports showing Shippers net inventories by product type and reconciling the ending inventories to starting inventories, receipts and deliveries) and/or as Shipper may from time to time request relating an amount equal to the receipt, storage, handling and loading thereofsimple average of the Calnev P.U.C. Tariff Fees (to Barstow) that had been in effect during the calendar year involved.

PRODUCT ACCOUNTING. Accounting and adjustment for product stored at the Orlando Terminal shall be as set forth in Item 96 of the Tariff and as described as follows: (a) As soon as reasonably possible after the end of each calendar year or portion thereof, during or immediately following the term of this Agreement, Carrier Xxxxxx shall account to Shipper for all of Shippers Shipper's product received at the Orlando Las Vegas Terminal pursuant to this Agreement during said calendar year. Subject to (b) below and Item 110 of the Tariffbelow, Carrier Calnev shall be liable to Shipper, for all losses between the quantities of Shippers Shipper's product received at the Orlando Las Vegas Terminal and the quantities of product withdrawn from the Orlando Las Vegas Terminal by Shipper during such calendar year. (b) At the end of each month, but no later than the tenth working day after the end of the month, Carrier Calnev shall provide a summary of each grade and the product receipts, deliveries and closing inventory. Product gain or loss shall be determined in the following manner: opening tank inventory plus stock receipts into tank, plus additive volumes injected upstream of the loading rack meter, less the sum of withdrawals through meters and closing tank inventory, equals gain or loss. (i) If the monthly book inventory versus physical inventory results in a gain, that gain or loss when compared to the physical inventory, such gain or loss will be allocated back to Shipper as set forth in Item 96 of the TariffShipper. (ii) Except as set forth below, if the monthly book inventory versus physical inventory results in a loss, that loss will be allocated back to Calnev. However, Xxxxxx shall not be responsible for a normal handling loss of up to one-eighth of one percent (0.125%) of all monthly receipts of petroleum distillate fuels and up to two-tenths of one percent (0.20 of 1%) of all monthly receipts for total gasoline volumes. (iii) The aforesaid losses and gains shall be determined monthly and the total of such monthly losses and gains and losses shall constitute the loss or gain for the preceding calendar year will involved. The closing inventory of one month shall be totaled and compared to determine the net volume of opening inventory for the gain or loss of Shippers product. In the event there is a net loss of Shippers product in excess of the allowances set forth in Item 96 of the Tariff, Carrier will reimburse Shipper for such excess loss pursuant to Item 96 of the Tarifffollowing month. (c) Carrier will reimburse Shipper for For each barrel of product lost in excess after calculation of the aforementioned loss allowances by monetary payment or delivery of like producttolerance and adjustments as indicated above, at Carriers’ option, as follows: (i) Monetary Payment: Carrier will Calnev shall annually pay Shipper an amount equal to the lesser annual average of (i) Los Angeles prices reported on the actual cost PADD 4/5 as unleaded regular for gasoline and EPA low sulfur diesel for diesel report on the last Thursday of such Product to Shipperthe closing month of this agreement as published in the Oil Price Information Service, or (ii) an amount equal to the average Xxxxx’x U.S.Gulf Coast Waterborne Jet Fuel (or an equivalent publication that is mutually acceptable) mean . In the event that a Los Angeles price is not available, a settlement price will be based upon the Las Vegas area average annual rack price. Calnev shall, additionally, pay Shipper for fifteen (15) days immediately prior to such loss plus $ .02 per gallon each barrel of any lost Commodities on the day so lost or damaged, product unaccounted for the type product lost. (ii) Delivery of Product: Carrier will provide Shipper like product at the Orlando Terminal or other locations as mutually agreed to by the parties. (d) Carrier shall maintain records of products received, in storage, and withdrawn from the Orlando Terminal for Shippers account and make such reports to Shipper (including daily reports to Shipper detailing product receipts and deliveries for Shippers account and daily submission to Shipper of delivery tickets and month-end reports showing Shippers net inventories by product type and reconciling the ending inventories to starting inventories, receipts and deliveries) and/or as Shipper may from time to time request relating an amount equal to the receipt, storage, handling and loading thereofsimple average of the Calnev F.E.R.C. Tariff Fees that had been in effect during the calendar year involved.