Base Term. Unless sooner terminated pursuant to the terms of this Agreement, (a) the initial term of this Agreement (the “Initial Term”) shall commence on the Effective Date and shall end on December 31, 2012, or any earlier date on which the Section 45 Credit expires, and (b) this Agreement shall automatically renew at the end of the Initial Term for successive annual terms until the date that is ten years after the Placed-in-Service Date, and (c) provided that if the Section 45 Credit for Refined Coal produced at the Refined Coal Plant has been extended beyond ten years from the Placed-in-Service Date, Lessee shall be entitled in its sole discretion to terminate this Agreement. If Lessee does not elect to exercise its termination right, this Agreement shall continue to renew automatically annually until the Section 45 Credit expires with respect to Refined Coal produced in the Refined Coal Plant.”
Appears in 6 contracts
Samples: Exchange Agreement (Advanced Emissions Solutions, Inc.), Exchange Agreement (Ada-Es Inc), Exchange Agreement (Advanced Emissions Solutions, Inc.)
