Common use of Initial Operations Clause in Contracts

Initial Operations. 2.1 The Venturers generally contemplate the Building and Construction Schedule for FabVen as shown in Attachment A and the Production and Business Schedule for FabVen as shown in Attachment B. 2.2 Under mutually agreeable written terms to be negotiated between UMC and FabVen, FabVen shall lease from UMC the land generally described in Attachment C, and commonly known as UMC's Module C, located at Nx. 0 Xx-Xxxx Xxxx Science Based Industrial Park, Hxxx Xxx City, Taiwan, R.O.C. (a) The Venturers contemplate that except as agreed by them in writing, the terms of this lease will be at the market rate which would be negotiated between a lessor and lessee dealing with one another at arms length in the context of an independent lease and not based on some other business relationship. (b) Without limiting the foregoing, any and all services and supplies (including without limitation power, water, gas and/or materials) will not be part of such lease, and will be the subject of such terms as may be negotiated by FabVen. (c) The lease term for Module C will be for an initial period of five years, and FabVen will have the right to extend the lease for up to two additional five year periods under terms to be stated in the lease agreement. FabVen will occupy the land for this Module as its principal place of business, and will utilize this land for its production facility. 2.3 The Venturers shall each cooperate to build out this land as FabVen's production facility as quickly and efficiently as commercially reasonable, provided however that this Paragraph 2.3 shall not impose any obligation to provide additional funding beyond that expressly required under this Foundry Venture Agreement.

Initial Operations. 2.1 The Venturers generally contemplate the Building and Construction Schedule for FabVen USI as shown in Attachment A and the Production and Business Schedule for FabVen USI as shown in Attachment B. 2.2 Under mutually agreeable written terms to be negotiated between UMC and FabVenUSI, FabVen USI shall lease from UMC the land generally described in Attachment C, and commonly known as UMC's Module C, located at NxNo. 0 Xx-Xxxx Xxxx Science Xxxence Based Industrial Park, Hxxx Hsin Xxx CityXxxy, Taiwan, R.O.C. (a) The Venturers contemplate that except as agreed by them in writing, the terms of this lease will be at the market rate which would be negotiated between a lessor and lessee dealing with one another at arms length in the context of an independent lease and not based on some other business relationship. (b) Without limiting the foregoing, any and all services and supplies (including without limitation power, water, gas and/or materials) will not be part of such lease, and will be the subject of such terms as may be negotiated by FabVenUSI. (c) The lease term for Module C will be for an initial period of five years, and FabVen USI will have the right to extend the lease for up to two additional five year periods under terms to be stated in the lease agreement. FabVen USI will occupy the land for this Module as its principal place of business, and will utilize this land for its production facility. 2.3 The Venturers shall each cooperate to build out this land as FabVenUSI's production facility as quickly and efficiently as commercially reasonable, provided however that this Paragraph 2.3 shall not impose any obligation to provide additional funding beyond that expressly required under this Foundry Venture Agreement.

Initial Operations. 2.1 The Venturers generally contemplate the Building and Construction Schedule for FabVen as shown in Attachment A and the Production and Business Schedule for FabVen as shown in Attachment B. 2.2 Under mutually agreeable written terms to be negotiated between UMC and FabVen, FabVen shall lease from UMC the land generally described in Attachment C, and commonly known as UMC's Module CD, located at NxXx. 0 Xx-Xxxx Xxxx Science Based Industrial Park, Hxxx Xxxx Xxx City, Taiwan, R.O.C. (a) The Venturers contemplate that except as agreed by them in writing, the terms of this lease will be at the market rate which would be negotiated between a lessor and lessee dealing with one another at arms length in the context of an independent lease and not based on some other business relationship. (b) Without limiting the foregoing, any and all services and supplies (including without limitation power, water, gas and/or materials) will not be part of such lease, and will be the subject of such terms as may be negotiated by FabVen. (c) The lease term for Module C D will be for an initial period of five years, and FabVen will have the right to extend the lease for up to two additional five year periods under terms to be stated in the lease agreement. FabVen will occupy the land for this Module as its principal place of business, and will utilize this land for its production facility. 2.3 The Venturers shall each cooperate to build out this land as FabVen's production facility as quickly and efficiently as commercially reasonable, provided however that this Paragraph 2.3 shall not impose any obligation to provide additional funding beyond that expressly required under this Foundry Venture Agreement.