Common use of Phase One Effective Date Clause in Contracts

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).