Common use of Renewal Periods Clause in Contracts

Renewal Periods. Except as otherwise provided below, the term of this SMA shall be renewed: (1) at the end of the Initial Term, for a period from the first day after the end of the Initial Term through December 31 of the calendar year in which the Initial Term ends; and (2) thereafter, annually on a calendar year by calendar year basis, unless either Party elects not to renew by written notice to the other Party with sixty (60) days written notice prior to the end of such Initial Term or renewal term, as the case may be. ImageSoft shall not exercise its right of non-renewal unless Customer is then in default, ImageSoft reasonably anticipates a Customer default, or ImageSoft is generally no longer in the business of providing such support or otherwise winding down its business. ImageSoft shall invoice Customer for annual maintenance fees for renewal terms at least forty-five (45) days prior to the end of the then-current term of this SMA. If any term of this SMA for which annual maintenance fees are payable is a period of less than twelve