RENEWAL STATEMENT Sample Clauses
A Renewal Statement clause defines the terms and conditions under which an agreement may be extended beyond its original term. Typically, it outlines whether renewal is automatic or requires notice from one or both parties, and may specify the length of each renewal period and any changes to terms upon renewal. This clause ensures both parties are aware of how and when the contract can continue, preventing misunderstandings and lapses in coverage or service.
RENEWAL STATEMENT. This Promissory Note is an extension, renewal and/or modification of the Promissory Note dated December 31, 2008 in the principal amount of $15,000.000.00 from the Borrower to Lender and is not a novation and shall be deemed effective as of the date set forth as the date such Promissory Note would have matured if not otherwise renewed or extended hereby.