Hugoton Term Sample Clauses

Hugoton Term. For Y-grade from Hugoton, this Agreement shall become effective on January 1, 1998 and shall remain in effect for a period of 15 years; provided, however, either Amoco or MNGL may terminate this Agreement on the tenth anniversary of its effective date by giving written notice to the other during the ***** year of the Agreement. If notice of termination is not given by the end of the ***** anniversary of the effective date, then this Agreement shall remain in effect for the full 15 year term. The 10 year or 15 year period, whichever is applicable, will be called the “Hugoton Term” of this Agreement. If notice of termination is given, Amoco and MNGL shall enter into good faith negotiations for ***** days after receipt of the notice to reach terms acceptable to both parties for the continued fractionation of Y-grade after the termination of this Agreement. MNGL shall have the right to negotiate with Amoco if any third party offer for fractionation is received by Amoco during the eighth year which Amoco intends to accept and which is to become effective after the termination of this Agreement. Amoco shall provide MNGL with information which accurately represents the terms and conditions of any such offer it receives. Notwithstanding the foregoing, the ***** day negotiation period shall not commence until after MNGL’s receipt of the terms and conditions of such offer. In the event Amoco has notified MNGL of such a third party offer and Amoco elects not to accept such offer after the negotiation period indicated above has expired, then the final offer by MNGL for that period shall be deemed to be accepted by Amoco.
Sample 1
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Related to Hugoton Term

  • Option Term This option shall have a term of ten (10) years measured from the Grant Date and shall accordingly expire at the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 5 or 6.

  • Initial Term The initial term will begin on the date set forth in the Contract documents or on the date the Contract is signed by all Parties, whichever is later.

  • 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 0000 Xxx) 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 0000 Xxx) 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.

  • Original Term The weighted average original term for the Receivables is at least 65 months.

  • Base Term Commencing on the Expansion Premises Commencement Date, the defined term “Base Term” on page 1 of the Lease is deleted in its entirety and replaced with the following:

  • 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.

  • Term of the Lease The lease begins at p.m. on (the “Check-in Date”) and ends at a.m. on (the “Checkout Date”).

  • Basic Term Subject to earlier termination in accordance with subsection 6(b) below, the exercise period of this option shall expire ten (10) years after the date it is granted.

  • Fixed Term This Agreement is concluded for a fixed term specified in the ‘Contract Term’ section of the Order Form. Neither Party can terminate this Agreement for convenience, however any rights of termination for cause remain unaffected.

  • RENTAL TERM The initial term of this Lease shall be for the period defined as the Rental Term in Section 1.01(K), plus the partial calendar month, if any, occurring after the Rental Commencement Date (as hereinafter defined) if the Rental Commencement Date occurs other than on the first day of a calendar month. "Lease Year" shall include twelve (12) calendar months, except that first Lease Year will also include any partial calendar month beginning on the Rental Commencement Date.

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