Common use of Storage and Transportation Fee Clause in Contracts

Storage and Transportation Fee. During the Term, MPC shall pay a Monthly fee (the “Storage and Transportation Fee”), for storage and transportation services equal to (a) the Current Rate multiplied by (b) the Commitment; provided, however, that the fee owed during the Month in which the Effective 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. The initial Current Rate shall be $0.48 per Barrel. On January 1, 2014 and annually thereafter, the Current Rate shall be increased (but not decreased) by the same percentage, if any, equal to any upward change in the Producer Price Index for Finished Goods, as reported by the U.S. Bureau of Labor Statistics, during the preceding year. Each Month during the Term, MPL shall issue an invoice to MPC for amounts due for the preceding Month, and payment shall be due and payable within fifteen (15) Days from the date of invoice. Any past due amounts owed by MPC to MPL shall accrue interest, payable on demand, at the rate of eight percent (8%) per annum from the due date of the payment through the actual date of payment.

Storage and Transportation Fee. During the Term, MPC shall pay a Monthly monthly fee (the “Storage and Transportation Fee”), for storage and transportation services, including pumping services and services utilizing the piping associated with the Cavern equal to (a) the Current Rate multiplied by (b) the Commitment; provided, however, that the fee owed during the Month in which the Effective 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. The initial Current Rate shall be $0.48 1.25 per Barrel. On January 1, 2014 and annually thereafter, the Current Rate shall be increased (but not decreased) by the same percentage, if any, equal to any upward change in the Producer Price Index for Finished Goods, as reported by the U.S. Bureau of Labor Statistics, during the preceding year. Each Month month during the Term, MPL MTS shall issue an invoice to MPC for amounts due for the preceding Monthmonth, and payment shall be due and payable within fifteen (15) Days from the date of invoice. Any past due amounts owed by MPC to MPL MTS shall accrue interest, payable on demand, at the rate of eight percent (8%) per annum from the due date of the payment through the actual date of payment.

Storage and Transportation Fee. During the Term, MPC shall pay a Monthly monthly fee (the “Storage and Transportation Fee”), for storage and transportation services equal to (a) the Current Rate multiplied by (b) the Commitment; provided, however, that the fee owed during the Month in which the Effective 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. The initial Current Rate shall be $0.48 [ ] per Barrel. On January 1, 2014 and annually thereafter, the Current Rate shall be increased (but not decreased) by the same percentage, if any, equal to any upward change in the Producer Price Index for Finished Goods, as reported by the U.S. Bureau of Labor Statistics, during the preceding year. Each Month during the Term, MPL shall issue an invoice to MPC for amounts due for the preceding Monthmonth, and payment shall be due and payable within fifteen (15) Days from the date of invoice. Any past due amounts owed by MPC to MPL shall accrue interest, payable on demand, at the rate of eight percent (8%) per annum from the due date of the payment through the actual date of payment.

Storage and Transportation Fee. During the Term, MPC shall pay a Monthly fee (the “Storage and Transportation Fee”), for storage and transportation services, including pumping services and services utilizing the piping associated with the Cavern equal to (a) the Current Rate multiplied by (b) the Commitment; provided, however, that the fee owed during the Month in which the Effective 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. The initial Current Rate shall be $0.48 1.25 per Barrel. On January 1, 2014 and annually thereafter, the Current Rate shall be increased (but not decreased) by the same percentage, if any, equal to any upward change in the Producer Price Index for Finished Goods, as reported by the U.S. Bureau of Labor Statistics, during the preceding year. Each Month during the Term, MPL MTS shall issue an invoice to MPC for amounts due for the preceding Month, and payment shall be due and payable within fifteen (15) Days from the date of invoice. Any past due amounts owed by MPC to MPL MTS shall accrue interest, payable on demand, at the rate of eight percent (8%) per annum from the due date of the payment through the actual date of payment.