Fourth Renewal Term Sample Clauses

The "Fourth Renewal Term" clause defines the conditions under which a contract may be extended for a fourth consecutive renewal period. Typically, this clause outlines the duration of the fourth renewal, any notice requirements for exercising the renewal option, and whether any changes to terms, such as pricing or service levels, will apply during this period. Its core practical function is to provide both parties with a clear framework for continuing their contractual relationship beyond the initial and prior renewal terms, thereby ensuring predictability and minimizing disputes about ongoing obligations.
Fourth Renewal Term. The fourth and final Renewal Term shall be for a period of three (3) years and ten (10) months, beginning on the forty-fifth (45th) anniversary of the Restatement Effective Date and ending immediately prior to the forty-eighth (48th) and ten (10) month anniversary of the Restatement Effective Date.
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Fourth Renewal Term. (a) Tenant has exercised the Third Renewal Option in the Lease and the provisions of Section 10(b) through (d) of the Second Amendment are no longer applicable. In particular, Landlord shall not be required to provide the carpet required pursuant to Section 10(c) of the Second Amendment. (b) Subject to the terms of this Section 10, Tenant shall have one (1) option (“Fourth Renewal Option”) to extend the Third Renewal Term for a consecutive period of sixty (60) months beyond the expiration of the Third Renewal Term (“Fourth Renewal Term”). The Fourth Renewal Term is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Fourth Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than three hundred sixty five (365) days and not less than one hundred eighty (180) days prior to the expiration of the Third Renewal Term. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Fourth Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under the Lease, as amended hereby, either at the time Tenant exercises the Fourth Renewal Option or as of the commencement of the Fourth Renewal Term, or (ii) there is an event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default under the Lease, as amended hereby, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Fourth Renewal Term or (iii) if there has been any materially adverse change in the financial condition of the Tenant, as of the commencement of the Fourth Renewal Term. If Tenant fails to exercise the Fourth Renewal Option in a timely manner, as provided for above, then the Fourth Renewal Option shall be void and of no force and effect. The validly exercised Fourth Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that: (x) the annual Base Rent during the Fourth Renewal Term shall be equal to the Fair Market Rent (as defined in the Second Amendment) as of the commencement of the Fourth Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. (c) N...
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Fourth Renewal Term. Monthly Rent due during the first year of the fourth Renewal Term is equal to an amount determined in accordance with Section 4.a. below (CPI Increases).
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Fourth Renewal Term. If Licensee has not defaulted or -------------------- materially breached any of the terms of this Agreement, has complied with its obligations under this Agreement in all material respects (without regard to whether ▇▇▇▇▇ has given any notices of default or failure to comply), and if Wholesale Net Sales for the twelve (12) month period ending July 31, 2007 exceeded $40,000,000, Licensee shall have the option (conditioned upon the receipt by ▇▇▇▇▇ of the reports, required pursuant to Paragraphs 3.3 and 3.4 hereof, and the results contained therein), exercisable by written notice given to ▇▇▇▇▇ not later than five (5) months prior to the expiration of the Third Renewal Term, to renew this Agreement for a fourth renewal term ("Fourth Renewal Term") of five (5) years, commencing on January 1, 2008 and ending on December 31, 2012, subject to earlier termination as provided in this Agreement.
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Fourth Renewal Term. The Fourth Renewal Term shall be for a period beginning the first day after the Third Renewal Term and ending at 11:59 p.m. on the last day of the Month that included the date five (5) calendar years after the last day of the Third Renewal Term.
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Fourth Renewal Term. The fourth and final Renewal Term shall be for a period of ten (10) years beginning on February 1, 2042 and ending on January 31, 2052.
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Related to Fourth Renewal Term

  • Renewal Term If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods, provided such continuance is specifically approved at least annually (i) by the Fund’s Board of Trustees or (ii) by a vote of a majority of the outstanding voting securities of the relevant portfolio of the Fund, provided that in either event the continuance is also approved by the majority of the Trustees of the Fund who are not interested persons (as defined in the ▇▇▇▇ ▇▇▇) of any party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval. If a plan under Rule 12b-1 of the 1940 Act is in effect, continuance of the plan and this Agreement must be approved at least annually by a majority of the Trustees of the Fund who are not interested persons (as defined in the ▇▇▇▇ ▇▇▇) and have no financial interest in the operation of such plan or in any agreements related to such plan, cast in person at a meeting called for the purpose of voting on such approval.

  • Extension Term The Term of this Lease of all of the Premises may be extended for the Extension Term by unconditional written notice from Tenant to Landlord at least twelve (12) (but not more than fifteen (15)) months before the end of the Initial Term, time being of the essence. If Tenant does not timely exercise this option, or if on the date of such notice or at the beginning of the Extension Term (i) an Event of Default by Tenant exists, or (ii) Tenant is not leasing sixty percent (60%) or more of the Premises, or (iii) Tenant has made any Transfer under Article 13 (other than a Related Party Transfer), at Landlord’s option upon written notice to Tenant, Tenant’s right to extend the Term of this Lease shall irrevocably lapse and be void and of no further force and effect, Tenant shall have no further right to extend, and this Lease shall expire at the end of the Initial Term. If Tenant fails to timely exercise its rights hereunder, then within seven (7) days of Landlord’s request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. All references to the Term shall mean the Initial Term as it may be extended by the Extension Term. The Extension Term shall be on all the same terms and conditions except that the Base Rent for the Extension Term shall be as set forth below.

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.

  • Renewal Terms Immediately following the Initial Term this Agreement shall automatically renew for successive one-year periods (a “Renewal Term”).

  • Non-Renewal Termination If the Agreement expires as set forth in Section 6(g) [Non-Renewal Termination], then, subject to Section 22 [Compliance with Section 409A], in addition to all salary, annual bonuses, expense reimbursements, benefits and accrued vacation days earned by the Executive pursuant to Section 4 through the date of the Executive’s termination of employment, the Executive shall be entitled to the compensation set forth in Sections 8(d)(i) through (v), provided that within sixty days following the Executive’s termination of employment (i) the Executive has executed and delivered the Release to the Company, and (ii) the Release has become irrevocable: