Phase One Effective Date Sample Clauses
The 'Phase One Effective Date' clause establishes the specific date on which the first phase of a project, agreement, or contractual obligation officially begins. This clause typically identifies a calendar date or a triggering event that marks the commencement of Phase One, ensuring all parties are aligned on when their respective duties and timelines start. By clearly defining this starting point, the clause helps prevent disputes over scheduling and ensures that subsequent obligations and deadlines are calculated from a mutually agreed-upon date.
Phase One Effective Date. The Phase One effective date shall commence on the date of the Commencement of Commercial Production (the "Phase One Effective Date") and shall continue for ten (10) years after the Phase One Effective Date (the "Phase One Term"); provided, however, that, other than with respect to the Stub Period (as defined below), the Phase One Term shall be extended by an equivalent amount of time for each calendar year in which the Annual Production Forecast (as defined below) (the "MAPR Extension") is less than the Minimum Annualized Production Rate. At GM's election, the Phase One Term may be extended for an additional five (5) years (the "Extension Term") (and in such event references in this Agreement to the Phase One Term shall be to such Phase One Term as extended by the MAPR Extension (if any) and the Extension Term). For clarity there shall be no MAPR Extension arising from an Annual Production Forecast being less than the Minimum Annualized Production Rate during the Extension Term.
Phase One Effective Date. The Phase One effective date shall commence on the date of the Commencement of Commercial Production (the “Phase One Effective Date”) and shall continue for twenty (20) years after the Phase One Effective Date (the “Phase One Term”); provided, however, that, other than with respect to the Stub Period (as defined below), the Phase One Term shall be extended by an equivalent amount of time for each calendar year in which the Annual Production Forecast (as defined below) (the “MAPR Extension”) is less than the Minimum Annualized Production Rate. If there is an MAPR Extension, references to the Phase One Term shall be to the Phase One Term as extended by the MAPR Extension (if any).
Phase One Effective Date. The Phase One effective date shall commence on the date of the Commencement of Commercial Production (the “Phase One Effective Date”) and shall continue for tentwenty (1020) years after the Phase One Effective Date (the “Phase One Term”); provided, however, that, other than with respect to the Stub Period (as defined below), the Phase One Term shall be extended by an equivalent amount of time for each calendar year in which the Annual Production Forecast (as defined below) (the “MAPR Extension”) is less than the Minimum Annualized Production Rate. At GM’s election, the Phase One Term may be extended for an additional five (5) years (the “Extension Term”) (and in such eventIf there is an MAPR Extension, references in this Agreement to the Phase One Term shall be to suchthe Phase One Term as extended by the MAPR Extension (if any) and the Extension Term). For clarity there shall be no MAPR Extension arising from an Annual Production Forecast being less than the Minimum Annualized Production Rate during the Extension Term..