Common use of Right to Enter into a New Agreement Clause in Contracts

Right to Enter into a New Agreement. In the event that the Refining Entity fails to exercise its option to extend this Agreement for any Renewal Term, the Logistics Entity shall have the right to negotiate to enter into one or more new pipelines and tankage agreements with one or more third parties to begin after the date of termination, provided that during the period from the date of the Refining Entity’s failure to provide written notice pursuant to Section 4 to the date of termination of this Agreement, the Refining Entity will have the right to enter into a new pipelines and tankage agreement with the Logistics Entity on commercial terms that substantially match the terms upon which the Logistics Entity proposes to enter into an agreement with a third party for similar services with respect to all or a material portion of the Pipelines and the Tankage. In such circumstances, the Logistics Entity shall give the Refining Entity forty-five (45) days prior written notice of any proposed new pipelines and tankage agreement with a third party, and such notice shall inform the Refining Entity of the fee schedules, tariffs, duration and any other terms of the proposed third party agreement and the Refining Entity shall have forty-five (45) days following receipt of such notice to agree to the terms specified in the notice or the Refining Entity shall lose the rights specified by this Section 5 with respect to the assets that are the subject of such notice.

Right to Enter into a New Agreement. In the event that the Refining Entity DKTS fails to exercise its option to extend this Agreement for any the Renewal Term, the Logistics Entity shall have the right to negotiate to enter into one or more new pipelines and tankage agreements with one or more third parties to begin after the date of termination, provided that during the period from the date of the Refining EntityDKTS’s failure to provide written notice pursuant to Section 4 to the date of termination of this Agreement, the Refining Entity DKTS will have the right to enter into a new pipelines and tankage agreement with the Logistics Entity on commercial terms that substantially match the terms upon which the Logistics Entity proposes to enter into an agreement with a third party for similar services with respect to all or a material portion of the Pipelines and the Tankage. In such circumstances, the Logistics Entity shall give the Refining Entity DKTS forty-five (45) days prior written notice of any proposed new pipelines and tankage agreement with a third party, and such notice shall inform the Refining Entity DKTS of the fee schedules, tariffs, duration and any other terms of the proposed third party agreement and the Refining Entity DKTS shall have forty-five (45) days following receipt of such notice to agree to the terms specified in the notice or the Refining Entity DKTS shall lose the rights specified by this Section 5 with respect to the assets that are the subject of such notice.