Common use of Term; Quantity; Product Clause in Contracts

Term; Quantity; Product. For a term commencing January 1, 2007 and ending December 31, 2011 (the “Primary Term”), Lessor leases to Lessee two (2) underground storage w▇▇▇▇ (subject to Lessee’s right and option under Section 23 of this Lease), commonly known as Well *** and Well *** (collectively, the “W▇▇▇▇”), for storage of refinery grade propylene (referred to as “Product” in this Lease) at Lessor’s underground storage facility, located near Interstate 10 and State Highway 146 at Mont Belvieu, Texas, subject to the terms, provisions, and conditions contained herein. Lessee may, at its option, extend the term of this Lease for one ten (10) year term (the “Renewal Term”) by providing Lessor written notice of its intent to renew at least one hundred eighty (180) days in advance of the expiration of the Primary Term. The Primary Term, together with any exercised Renewal Term, are sometimes collectively referred to herein as the “Term.” For purposes of this Lease, a “barrel” of Product is equal to 42 U.S. gallons of equivalent liquid volume at 60° Fahrenheit.

Term; Quantity; Product. For a term commencing January February 1, 2007 and ending December 31, 2011 (the “Primary Term”), Lessor leases to Lessee two (2) underground storage w▇▇▇▇ (subject to Lessee’s right and option under Section 23 of this Lease), commonly known as Well *** and Well *** (collectively, the “W▇▇▇▇”), for storage of refinery grade propylene (referred to as “Product” in this Lease) at Lessor’s underground storage facility, located near Interstate 10 and State Highway 146 at Mont Belvieu, Texas, subject to the terms, provisions, and conditions contained herein. Lessee may, at its option, extend the term of this Lease for one ten (10) year term (the “Renewal Term”) by providing Lessor written notice of its intent to renew at least one hundred eighty (180) days in advance of the expiration of the Primary Term. The Primary Term, together with any exercised Renewal Term, are sometimes collectively referred to herein as the “Term.” For purposes of this Lease, a “barrel” of Product is equal to 42 U.S. gallons of equivalent liquid volume at 60° Fahrenheit.