Common use of Storage Term Clause in Contracts

Storage Term. (a) Unless this Agreement is earlier terminated pursuant to Section 5.1, RCR shall provide and RDC shall pay for the Terminal Services from July 1, 2006 until June 30, 2011 or such other end date as may be provided under Section 3.2(b) (the “Storage Term,” and each period from July 1 to June 30 of any year during the Storage Term, a “Storage Year”). (b) Unless cancelled by RDC by giving RCR three (3) months written notice of such cancellation prior to June 30, 2011, RCR shall continue to provide and RDC shall pay for the Terminal Services for the five (5) year period after June 30, 2011 (unless this Agreement is terminated pursuant to Section 5.1). Subsequently, unless cancelled by RDC by giving RCR three (3) months of written notice of such cancellation prior to the expiration of each successive June 30, the Storage Term shall renew until the termination of this Agreement pursuant to Section 5.1. Notwithstanding anything else set forth herein, the Storage Term shall terminate no later than the termination of this Agreement in accordance with Section 5.1. If the Agreement shall terminate on a date other than June 30 of any given year, then all calculations and requirements with respect to the Storage Year during which the Agreement is terminated shall be reduced proportionally based on the quotient obtained by dividing the actual number of days elapsed in that Storage Year by 365.