Common use of Term and Renewal Term Clause in Contracts

Term and Renewal Term. 4.1 The grant of this License is for the Term as provided in Schedule “E unless earlier terminated in accordance with Article 23 or subsequently renewed as provided in Section 4.2. 4.2 Provided that the Licensee is not and has not been in default of any of its obligations under this License which default remained uncured during the cure period provided hereunder, this License will be automatically renewed and extended unless the Licensee gives the Licensor at least one hundred eighty (180) days written notice prior to the end of the Term of the Licensee’s intention not to renew. The renewal shall for one (1) additional term of five (5) years (the “Renewal Term”) which Renewal Term shall be governed by the same terms and conditions set out in this License, except for any further right to renew and the POP Space Fee. The POP Space Fee, upon renewal, shall based on the then prevailing “fair market” fee for the alternate use of the POP Space, taking into account: (i) the location and the class of the Building; and (ii) the location and amount of space comprising the POP Space. In the event the parties are unable to agree to the POP Space Fee payable upon renewal, then such fee shall be determined pursuant to Section 29.1.