Common use of Term Expiration Fee Clause in Contracts

Term Expiration Fee. If the Customer chooses to terminate this Agreement upon the completion of the Initial Term or Renewal Term (with the exclusion of Monthly Terms), the Customer shall notify the Company prior to the expiration date and remove any remaining wine stored at the Facility on or before the expiration of the current term. If the Customer has wine stored at the Facility beyond the expiration of the term, this Agreement shall automatically renew for an additional Renewal Term of one calendar month subject to these Terms and Conditions; provided, however, that the applicable calendar month storage charge(s) shall be equal to one-third (1/3) of the Company’s then-current Quarterly Storage Charge(s) for new customers, plus a 20% administrative fee. Customer’s access to the facility will be limited until storage charge(s) is paid in full.

Term Expiration Fee. If the Customer chooses to terminate this Agreement upon the completion of the Initial Term or Renewal Term (with the exclusion of Monthly Terms), the Customer shall notify the Company prior to the expiration date and remove any remaining wine stored at the Facility on or before the expiration of the current term. If the Customer has wine stored at the Facility beyond the expiration of the term, this Agreement shall automatically renew for an additional Renewal Term of one calendar month subject to these Terms and Conditions; provided, however, that the applicable calendar month storage charge(s) shall be equal to one-third (1/3) of the Company’s then-then- current Quarterly Storage Charge(s) for new customers, plus a 20% administrative fee. Customer’s access to the facility will be limited until storage charge(s) is paid in full.