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. 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
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

Related to Initial Term and Additional Term

  • Initial Term and Renewal This Agreement shall become effective upon its execution and, shall have an initial term of five (5) years. Following the expiration of the initial term, the Agreement shall automatically renew for successive one-year terms until such time that the Agreement is terminated by either Party upon giving the other Party six (6) months’ written notice of termination.

  • 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.

  • 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.

  • License Term and Termination Unless otherwise specified, any license granted is perpetual, provided however that if Customer fails to comply with the terms of this Agreement, HP may terminate the license upon written notice. Immediately upon termination, or in the case of a limited-term license, upon expiration, Customer will either destroy all copies of the software or return them to HP, except that Customer may retain one copy for archival purposes only.

  • Agreement Term and Termination This agreement will remain in effect until the expiration or termination of Customer’s Subscription, whichever is earliest. Customer may terminate this agreement at any time by contacting its Reseller. The expiration or termination of this agreement will only terminate Customer’s right to place new orders for additional Products under this agreement.

  • Contract Term and Termination 14.1 The Contract becomes effective when the Holder / Authorized user receives the card and the PIN and is valid for a period of 60 months with the possibility of being automatically extended for new successive periods of 60 months. If neither party sends the other party a written notification at least 30 days before the expiry of the initial term or of any of the extended terms, specifying that it does not wish to extend the Contract.

  • Renewal Contract Term Upon mutual written agreement, the Parties may renew this Contract, in whole or in part, for a Renewal Term not to exceed the Initial Contract Term, pursuant to the incorporated Special Contract Conditions.

  • Term and Termination of Engagement; Exclusivity The term of Xxxxxxxxxx’x exclusive engagement will begin on the date hereof and end six (6) months thereafter (the “Term”). Notwithstanding anything to the contrary contained herein, the Company agrees that the provisions relating to the payment of fees, reimbursement of expenses, right of first refusal, tail, indemnification and contribution, confidentiality, conflicts, independent contractor and waiver of the right to trial by jury will survive any termination or expiration of this Agreement. Notwithstanding anything to the contrary contained herein, the Company has the right to terminate the Agreement for cause in compliance with FINRA Rule 5110(g)(5)(B)(i). The exercise of such right of termination for cause eliminates the Company’s obligations with respect to the provisions relating to the tail fees and right of first refusal. Notwithstanding anything to the contrary contained in this Agreement, in the event that an Offering pursuant to this Agreement shall not be carried out for any reason whatsoever during the Term, the Company shall be obligated to pay to Xxxxxxxxxx its actual and accountable out-of-pocket expenses related to an Offering (including the fees and disbursements of Xxxxxxxxxx’x legal counsel) and, if applicable, for electronic road show service used in connection with an Offering. During Xxxxxxxxxx’x engagement hereunder: (i) the Company will not, and will not permit its representatives to, other than in coordination with Xxxxxxxxxx, contact or solicit institutions, corporations or other entities or individuals as potential purchasers of the Securities and (ii) the Company will not pursue any financing transaction which would be in lieu of an Offering. Furthermore, the Company agrees that during Xxxxxxxxxx’x engagement hereunder, all inquiries from prospective investors will be referred to Xxxxxxxxxx. Additionally, except as set forth hereunder, the Company represents, warrants and covenants that no brokerage or finder’s fees or commissions are or will be payable by the Company or any subsidiary of the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other third-party with respect to any Offering.

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