Common use of Term Commencement Date Clause in Contracts

Term Commencement Date. Subject to Section 2.3, the initial term of this Lease (the “Initial Term”) shall commence on Sunday, July 1, 2018 (the “Commencement Date”), and shall expire 11:59 p.m., Pacific Time, on the fifteenth (15th) anniversary of the On-Line Date (as defined below), unless earlier terminated pursuant to this Lease. Thereafter, the Term (as defined below) shall automatically be extended (the “Extended Term”) on an annual basis (i.e. for successive periods of one (1) year each) for up to an additional fifteen years (15 yrs.) unless either party gives the other party written notice of the noticing party’s election not to renew the Lease at least four months (4 mos.) prior to the expiration of the Term. The Initial Term and the Extended Term are collectively referred to as the “Term.” The term “On-Line Date” means: (i) if the term “Commercial On-Line Date” is defined in the Energy Agreement, then such date; or, (ii) if the term “Commercial On-Line Date” is not defined in the Energy Agreement, then the date designated under the Energy Agreement as the first date on which Tenant is authorized to begin selling, injecting or transporting product thereunder.

Term Commencement Date. Subject to Section 2.3, the initial term of this Lease (the “Initial Term”) shall commence on Sunday, July 1June 24, 2018 (the “Commencement Date”), and shall expire 11:59 p.m., Pacific Time, on the fifteenth (15th) anniversary of the On-Line Date (as defined below), unless earlier terminated pursuant to this Lease. Thereafter, the Term (as defined below) shall automatically be extended (the “Extended Term”) on an annual basis (i.e. for successive periods of one one (1) year each) for up to an additional fifteen years (15 yrs.) unless either party gives the other party written notice of the noticing party’s election not to renew the Lease at least four months (4 mos.) prior to the expiration of the Term. The Initial Term and the Extended Term are collectively referred to as the “Term.” The term “On-Line Date” means: (i) if the term “Commercial On-Line Date” is defined in the Energy Agreement, then such date; or, (ii) if the term “Commercial On-Line Date” is not defined in the Energy Agreement, then the date designated under the Energy Agreement as the first date on which Tenant is authorized to begin selling, injecting or transporting product thereunder.