Common use of Start-Up Period Clause in Contracts

Start-Up Period. Notwithstanding the foregoing provisions, where the Effective Date of this Agreement is a date other than April 1 in any year, the portion of the first Payment Period in respect of which advance payments are payable shall be the period commencing on the Effective Date and ending on the first March 31 which follows the Effective Date. The portion of the preceding calendar year which shall be used as a measure for determining the advance payments to be made shall be the portion of the preceding calendar year which corresponds in number of days, and dates to the period between the Effective Date and the first March 31 which follows the Effective Date. Volumes of Oil Handled by Operator at Operator’s Member Oil Handling Facility during such portion of the preceding year shall be provided to WCMRC on or before the Effective Date. Advance payments will be payable by Operator on the Effective Date and on any of July 1, October 1 and January 1 (or, if such days are not business days, then on the first business day following such date) as fall within the period between the Effective Date and the first March 31 which follows the Effective Date. In all other respects, the provisions of Sections 4.1, 4.2 and 4.3 of this Agreement shall apply.

Start-Up Period. Notwithstanding the foregoing provisions, where the Effective Date of this Agreement is a date other than April 1 in any year, the portion of the first Payment Period in respect of which advance payments are payable shall be the period commencing on the Effective Date and ending on the first March 31 which follows the Effective Date. The portion of the preceding calendar year which shall be used as a measure for determining the advance payments to be made shall be the portion of the preceding calendar year which corresponds in number of days, and dates to the period between the Effective Date and the first March 31 which follows the Effective Date. Volumes of Oil Handled by Operator at Operator’s Member Oil Handling Facility during such portion of the preceding year shall be provided to WCMRC on or before the Effective Date. Advance payments will be payable by Operator on the Effective Date and on any of July 1, October 1 and January 1 (or, if such days are not business days, then on the first business day following such date) as fall within the period between the Effective Date and the first March 31 which follows the Effective Date. In all other respects, the provisions of Sections 4.1, 4.2 and 4.3 of this Agreement shall applyshallapply.