PRINCIPAL TERM Clause Samples

The "Principal Term" clause defines the main duration or period during which the agreement is in effect. Typically, it specifies the start and end dates of the contract, and may outline any conditions for renewal or extension. By clearly establishing the timeframe of the parties' obligations, this clause ensures both sides understand when their responsibilities begin and end, thereby preventing confusion or disputes over the contract's validity period.
PRINCIPAL TERM. The term of this Lease shall be 99 years, commencing on the day of , 20 , and terminating on the day of , 20 , unless terminated sooner or extended as provided below.
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PRINCIPAL TERM. It is a principal and fundamental term of the Agreement that: (a) In order to achieve the maximum benefit from the goodwill and reputation of THE DRIVING SCHOOL and thereby improve the profitability of the INSTRUCTOR’s Business the INSTRUCTOR must comply with the standards and conditions set out herein; and (b) THE DRIVING SCHOOL as the operator of the operation must retain the right to take such steps as it may consider necessary from time to time to protect and enhance not only THE DRIVING SCHOOL’s Business but also the businesses of THE DRIVING SCHOOL’s driver trainers whilst under the obligations of this agreement.
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PRINCIPAL TERM. To extend the term of the Framework Agreement so that it shall end on 31
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PRINCIPAL TERM. Tenant shall have the right, at Tenant's sole option, to cause the principal term ("Principal Term") of this Lease to commence by Tenant (as Optionee under the terms of that certain Option Agreement dated July 31, 1996 between Landlord and Tenant, said Option Agreement being hereinafter called the "Option Agreement") giving written notice (the "Principal Term Commencement Notice") to Landlord (as Optionor) that Tenant has exercised the Option to amend the Lease Agreement pursuant to the terms of the Option Agreement. If Tenant gives a Principal Term Commencement Notice to Landlord, the Principal Term shall commence on the "Principal Term Commencement Date" which shall be thirty (30) days after the date on which Tenant has given to Landlord the Principal Term Commencement Notice; provided that such Principal Term Commencement Date shall occur on the first day of the next following month after thirty (30) days have elapsed from the giving of the Principal Term Commencement Notice. For example, if Tenant delivers the Principal Term Commencement Notice on February 15, 1998, then the Principal Term Commencement Date shall occur on April 1, 1998. The Principal Term shall end on the date which is ten (10) years from the Principal Term Commencement Date.
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PRINCIPAL TERM. The Principal Term of this Lease shall commence on the Rent Commencement Date and shall be for a term of fifteen (15) years.
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PRINCIPAL TERM. The term of this lease shall be ninety-nine (99) years, commencing on the day of
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PRINCIPAL TERM. The term of this Lease shall be ninety nine (99) years, commencing on the 18th day of July, 2022, and terminating on the 18th day of July, 2121 (the “Principal Term”), unless terminated sooner or extended pursuant to the provisions of this Lease.‌
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PRINCIPAL TERM. It is a principal and fundamental term of the Support Agreement that: (a) In order to achieve the maximum benefit from the goodwill and reputation of THE SUPPORT PROVIDER and thereby improve the profitability of the PDI’s Business, the PDI must comply with the standards and conditions set out herein; and (b) THE SUPPORT PROVIDER as the operator of this Support Agreement must retain the right to take such steps as it may consider necessary from time to time to protect and enhance not only THE SUPPORT PROVIDER’S Business but also the businesses of THE SUPPORT PROVIDER ‘s other driver trainers.
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Related to PRINCIPAL TERM

  • 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 ▇▇▇▇ ▇▇▇) 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.