Common use of Month End Inventory Clause in Contracts

Month End Inventory. (i) As of 11:59:59 p.m., CPT, on the last day of each month, Logistics shall apply the Volume Determination Procedures to the Terminal and the Tankage, and based thereon shall determine for such month for each Material, the aggregate volume of such Material held in the Terminal and the Tankage at that time (each, an “Actual Month End Product Volume”). Logistics shall notify Lion of each Actual Month End Product Volume by no later than 5:00 p.m., CPT, on the fifth Business Day thereafter. (ii) At the cost and expense of Lion, Lion may, or may have a Supplier’s Inspector, witness all or any aspects of the Volume Determination Procedures as Lion shall direct. If, in the judgment of Lion or a Supplier’s Inspector, the Volume Determination Procedures have not been applied correctly, then Logistics will cooperate with Lion, or such Supplier’s Inspector, to ensure the correct application of the Volume Determination Procedures, including making such revisions to any Actual Month End Product Volume as may be necessary to correct any such errors.