Initial Term and Additional Term Sample Clauses

Initial Term and Additional Term. The term of the Executive’s employment hereunder shall commence on the Effective Date, and, unless terminated earlier pursuant to Section 4 hereof, shall (i) continue for a term of three (3) years (the “Initial Term”), and (ii) thereafter be extended for additional one (1) year periods (each, an “Additional Term”), unless either party, in its discretion, provides written notice of an intention to not renew the Agreement at the end of the Term at least one hundred and twenty (120) days prior to the end of the Term. As used in this Agreement, “Term” shall refer to the Initial Term and any Additional Term.
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Initial Term and Additional Term. The first term of this Lease shall commence upon the closing of IOC- Tunica's purchase from Tunica Partners L.P.(the "Commencement Date"). The initial term of the Lease shall be for five years from the Commencement Date. Lessee shall have the option to renew this Lease for up to seven successive five-year terms, such that, assuming IOC-Tunica exercises all seven renewal options, then the Lease shall extend for a period of forty (40) years from the Commencement Date. Unless the Lessee shall notify the Lessor in writing that the Lessee does not desire to exercise its renewal option for a successive five-year term prior to 180 days before the termination of the initial term or any successive additional term, the Lease shall automatically be renewed for the next successive term. Each additional term shall be upon the same terms, covenants, and conditions, with the same annual rent payable, as provided in this Lease for the initial term. Lessee's rights for the extension of this Lease shall expire automatically upon the termination of this Lease for any reason, whether by expiration of the initial term or any additional term, or otherwise.
Sample 1
Initial Term and Additional Term. Subject to Section 4, the -------------------------------- --------- Company hereby employs Executive, and Executive hereby accepts employment by the Company, to render services on behalf of the Company and all existing and future Affiliated Companies (as defined in Section 2.1) in the position and with the ----------- duties and responsibilities described in Section 2 for the period commencing on --------- the date of this Agreement and ending upon the fifth anniversary hereof (the "Initial Term"). Unless either party notifies the other party of its intention to terminate this Agreement, at its sole and absolute discretion, within thirty (30) days prior to the expiration of the Initial Term, this Agreement shall continue indefinitely on a yearly basis (each extended yearly term referred to as an "Additional Term"), subject to termination by either party, at its sole and absolute discretion, upon thirty (30) days' notice prior to the expiration of any such Additional Term. The Initial Term and all Additional Terms as set forth above shall be referred to as the "Employment Term." In the event that the Employment Term expires at the end of the Initial Term or any Additional Term by reason of a notice provided by the Company or by the Executive pursuant to this Section 1, the Company shall (i) pay Executive the compensation to which --------- Executive is entitled under Section 3.1(a), including any accrued vacation, -------------- through the end of the Employment Term; and (ii) reimburse Executive for any business expenses properly incurred by Executive pursuant to Section 3.3 through ----------- the end of the Employment Term. In the event that the Employment Term expires at the end of the Initial Term or any Additional Term by reason of a notice provided by the Company pursuant to this Section 1, the Company shall also pay --------- Executive the severance payment as set forth in Section 5. Thereafter, the --------- Company's obligations hereunder shall terminate. Nothing in this Section 1 shall --------- affect Executive's rights to any benefits vested as of the date of the expiration of the Initial Term or Additional Term, as the case may be (including, without limitation, stock options that have vested). Executive hereby agrees that the Company may cause the Employment Term to expire pursuant to this Section 1 without regard (i) to any general or specific policies --------- (whether written or oral) of the Company relating to the employment or terminat...
Sample 1

Related to Initial Term and Additional Term

  • Initial Term This Agreement shall become effective as of the date first written above (the “Start Date”) and shall continue thereafter throughout the period that ends two (2) years after the Start Date (the “Initial Term”).

  • ADDITIONAL TERMINATION In addition to any other termination provisions contained in this Agreement, the Optionee shall at any time have the right to terminate its rights and future obligations under this Agreement by giving notice in writing of such termination to the Optionor, and in the event of such termination, the Optionee shall not earn any interest in the Property, and this Agreement, save and except for the provisions of paragraphs 13 hereof, shall be of no further force and effect.

  • 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.

  • Additional Termination Provisions Notwithstanding and in addition to the foregoing, in the event that (i) a Mortgage Loan becomes delinquent for a period of 90 days or more (a "Delinquent Mortgage Loan") or (ii) a Mortgage Loan becomes an REO Property, the Purchaser may at its election terminate this Agreement with respect to such Delinquent Mortgage Loan or REO Property, upon 15 days' written notice to the Seller.

  • 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.

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

  • Additional Termination Rights In addition to any right to terminate this Agreement under the provisions of this Section 16, either party shall have the further right to terminate this Agreement, upon delivery of written notice to the Agent, upon the occurrence of any of the following:

  • Additional Terms None B-1

  • Initial Term Loan The Borrower shall give the Administrative Agent an irrevocable Notice of Borrowing prior to 11:00 a.m. on the Closing Date requesting that the Term Loan Lenders make the Initial Term Loan as a Base Rate Loan on such date (provided that the Borrower may request, no later than three (3) Business Days prior to the Closing Date, that the Lenders make the Initial Term Loan as a LIBOR Rate Loan if the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in Section 5.9 of this Agreement). Upon receipt of such Notice of Borrowing from the Borrower, the Administrative Agent shall promptly notify each Term Loan Lender thereof. Not later than 1:00 p.m. on the Closing Date, each Term Loan Lender will make available to the Administrative Agent for the account of the Borrower, at the Administrative Agent’s Office in immediately available funds, the amount of such Initial Term Loan to be made by such Term Loan Lender on the Closing Date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of the Initial Term Loan in immediately available funds by wire transfer to such Person or Persons as may be designated by the Borrower in writing.

  • Term and Renewal This Agreement shall become effective as of the Effective Date and shall remain in effect for a period of three years from and after the Live Date (the “Initial Term”), and thereafter shall automatically renew for successive three year terms (each such period, a “Renewal Term”) unless terminated by any party giving written notice of non-renewal at least one hundred eighty days prior to the last day of the then current term to each other party hereto.

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