Common use of Transfer of Title to Fuel Oil at Termination Clause in Contracts

Transfer of Title to Fuel Oil at Termination. Upon termination of this Agreement, MAEM shall transfer and sell to Project Company and Project Company shall purchase, take title to and pay MAEM for Fuel Oil inventories at the Generating Station, as measured at midnight on the date of transfer. The purchase price owed by Project Company to MAEM for the on-hand Fuel Oil inventories shall be based on the Fuel Oil Index Price on the date of transfer and shall be payable within three (3) business days after such date of transfer. Project Company shall also pay the Fuel Oil Index Price as of the transfer date for any Fuel scheduled for delivery in accordance with the terms and provisions of this Agreement prior to the date of termination and actually delivered after the date of termination.