Renewal of the Term Sample Clauses

Renewal of the Term. (a) Tenant may renew the Term for two successive 5-year renewal terms (“Renewal Terms”) so long as this Lease is in full force and effect and Tenant is not in default beyond all applicable grace, notice and cure periods in respect of the performance of any obligation it undertakes under the terms of this Lease both at the time that Tenant exercises such renewal option and at the time such Renewal Term commences. Tenant will exercise each renewal option, if at all, by delivering written notice (the “Option Notice”) to Landlord not less than 12 months prior to the Expiration Date of the current Term. The provisions of this Lease will govern the relationship between the parties during each Renewal Term, except that the Base Rent for each Renewal Term will be determined as provided below. (b) The annual Base Rent payable during each Renewal Term will be equal to the product of 95% of the Fair Market Rent (as defined below and as determined in accordance with the procedures described in this Section 7(b)) as of the date Tenant exercises its option to renew the Term for the ensuing Renewal Term, multiplied by the sum of the Waterford I Building Square Footage and the Waterford II Building Square Footage. In the event that Tenant desires to renew the Lease solely with respect to one Building, Tenant shall notify Landlord of such in the Option Notice, and the Fair Market Rent shall be based on the particular attributes and square footage of the Building Tenant desires to lease. Initially Landlord will determine the Fair Market Rent by using its good faith judgment. Landlord will use due diligence and commercially reasonable efforts to provide written notice of its determination in that regard within 15 days after the date Tenant sends the Option Notice, but in no event later than 30 days after that date. Tenant will have a period (the “Tenant Review Period”) of 30 days following the date Tenant receives Landlord’s notice regarding Landlord’s proposed Fair Market Rent within which to accept Landlord’s proposal or to provide Landlord with Tenant’s objections to Landlord’s proposal. If Tenant objects to Landlord’s initial proposal or fails to affirmatively accept that proposal in writing, the parties will use due diligence and commercially reasonable efforts to reach agreement with respect to the Fair Market Rent, but, if the parties fail to agree within 15 days after the expiration of the Tenant Review Period, determination of the Fair Market Rent will be made in ac...
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Renewal of the Term. (a) With respect to all the Markets except the Direct Markets, at any time one year before the end of the applicable Term, Zimmxx xxx Linvatec shall negotiate in good faith the renewal term (the "Renewal Term") for this Agreement and any modifications to the transfer prices (the "New Transfer Prices") set forth in this Agreement. If the parties hereto do not reach agreement on the Renewal Term and the New Transfer Prices on or prior to the date one year before the end of the applicable Term, this Agreement shall automatically expire upon the end of the applicable Term. (b) With respect to the Direct Markets, at any time six months before the end of the applicable Term, Zimmxx xxx Linvatec shall negotiate in good faith the Renewal Term and any modifications to the New Transfer Prices. If the parties hereto do not reach agreement on the Renewal Term and the New Transfer Prices on or prior to the date six months before the end of the applicable Term, this Agreement shall automatically expire upon the end of the applicable Term. (1) Aggregate sales of Products calculated based on sales to customers by Zimmxx xx Yen. 10 7
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Renewal of the Term. Upon expiry of the Term, the Term will be automatically renewed on the same terms as this Agreement, each time for a period of three years subject to the termination or non-renewal of this Agreement in accordance with Clause 3.
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Renewal of the Term. Pursuant to Section 13.1 of the Agreement, the Agreement is hereby renewed by the mutual agreement of the parties for the stated renewal of an additional twelve (12) month period, through June 8, 2015.
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Renewal of the Term. (a) The Lessee may, at its option, by notice in writing, notify the Lessor not less than [●] days prior to the expiry of the Initial Term of its desire to renew or extend the initial Term for a further period as specified in the aforesaid notice (“Renewed Term”) for the purpose of continuing the operation of the Project. (b) Immediately upon receipt of such a notice, and in any event, prior to the expiry of the Initial Term, the Lessor shall proceed to execute and register (if required) a fresh Lease Agreement for the Renewed Term on the same terms and conditions, other than the initial Term, as this Lease Agreement.
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Related to Renewal of the Term

  • Renewal of Term Subject to Pxxxxxx's Board of Directors' approval, Executive's employment shall be extended for one additional year at the end of each year of the term, or extended term, of this Agreement on the same terms and conditions as contained in this Agreement, unless either AMERX, Procyon or the Executive shall, prior to the expiration of the initial term or of any renewal term, give written notice of the intention not to renew this Agreement.

  • Renewal of Agreement This agreement does not automatically renew, and residence in UCF DHRL residence facilities during one agreement period does not guarantee that residence accommodations will be offered to the Student for any following periods. The Student is solely responsible for the timely completion of housing agreements for future periods. UCF DHRL housing agreements shall not be re-offered to residents who are unwilling to adhere to the basic elements of good housekeeping, and community living. UCF DHRL housing agreements shall not be re-offered to residents who disregard or violate rules, regulations, or policies established for governing UCF DHRL residential facilities. Finally, housing agreements shall not be re-offered to residents who have outstanding charges from UCF DHRL.

  • Modification, Extension and Renewal of Options The Board or a duly appointed committee thereof, may modify, extend or renew this Option or accept the surrender thereof (to the extent not theretofore exercised) and authorize the granting of a new option in substitution therefore (to the extent not theretofore exercised), subject at all times to the Code and applicable securities laws. Notwithstanding the foregoing provisions of this Section 12, no modification shall, without the consent of the Recipient, alter to the Recipient’s detriment or impair any rights of Recipient hereunder.

  • Non-Renewal of Agreement The Company may terminate Executive’s employment by providing a timely Non-Renewal Notice, pursuant to Section 1(a).

  • Renewal, Extension The renewal or extension of any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.

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

  • Term and Renewal of Agreements The Agreement with TIPS is for three (3) years with an option for renewal for an additional one (1) consecutive year if both parties agree. TIPS may or may not exercise the one-year extension beyond the base three-year term and whether or not to offer the extension is at the sole discretion of TIPS. The scheduled Agreement termination date shall be the last date of the month of the last month of the agreement’s legal effect. Example: If the agreement is scheduled to end on May 23, the anniversary date of the award, it would actually be extended to May 31 in the last month of the last year the contract is active. No Agreement for goods or services with a TIPS Member by the awarded vendor named in this Agreement that results from the solicitation award named in this Agreement, may incorporate an automatic renewal clause that exceeds month to month terms with which the TIPS Member must comply. All renewal terms incorporated in an Agreement by the vendor with the TIPS Member shall only be valid and enforceable when the vendor receives written confirmation by purchase order, executed Agreement or other written instruction issued by the TIPS Member for any renewal period. The purpose of this clause is to avoid a TIPS Member inadvertently renewing an Agreement during a period in which the governing body of the TIPS Member has not properly appropriated and budgeted the funds to satisfy the Agreement renewal. This term is not negotiable and any Agreement between a TIPS Member and a TIPS awarded vendor with an automatic renewal clause that conflicts with these terms is rendered void and unenforceable.

  • Renewal of Agreements The Agreement with TIPS is for three (3) years with an option for renewal for an additional one

  • 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.

  • Renewal of Contract If a Board representative does not inform the Superintendent in writing on or before the seventh day after the regular December board meeting of the Board’s intention to consider the nonrenewal or amendment of this contract, the contract will automatically renew for a period of one year from and after the expiration date provided in Section 1 of this contract. The Superintendent shall remind the Board in writing of this provision no later than its regular November meeting of each year of this contract and shall make the renewal of his employment contract an agenda item for the regular December board meeting during each year of this contract. At the time of each contract renewal and/or amendment, the Superintendent shall be responsible for taking all necessary steps to insure that the district has complied with the Superintendent Pay Transparency Act.

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