Term; Renewal Terms Clause Samples
The 'Term; Renewal Terms' clause defines the initial duration of an agreement and outlines the conditions under which it may be extended or renewed. Typically, this clause specifies a fixed starting and ending date for the contract, and may include provisions for automatic renewal or require one or both parties to provide notice if they wish to renew or terminate the agreement at the end of the term. Its core practical function is to provide clarity and predictability regarding the length of the contractual relationship, helping both parties plan for continuity or transition as needed.
Term; Renewal Terms. (a) Subject to the provisions of this Lease, Tenant shall have and hold the Demised Premises for an initial term (the “Initial Term” and, as extended in connection with one or more Renewal Terms, the “Term”), commencing on the date hereof (the “Commencement Date”) and ending on the last day of the calendar month in which the twentieth (20th) anniversary of the Commencement Date occurs (as the same may be extended in connection with one or more Renewal Terms, the “Expiration Date”).
(b) The Initial Term of this Lease may be extended at the option of Tenant (each, a “Renewal Option”) for an aggregate of five (5) consecutive renewal terms of five (5) years each (each, a “Renewal Term”) with respect to the entirety of the Demised Premises (but not less than the entirety of the Demised Premises (as the Demised Premises is then constituted) then subject to this Lease), in each case if and only if: (i) at least twenty-four (24) months prior to the then current Expiration Date, Tenant delivers to Landlord a Notice, which shall be irrevocable once delivered, that Tenant is exercising its Renewal Option to extend the Term for the ensuing Renewal Term (a “Renewal Notice”) and (ii) as of both the date on which Landlord receives the Renewal Notice (the “Renewal Exercise Date”) and the applicable Renewal Term Commencement Date, no Event of Default then exists.
(c) Within twenty (20) Business Days following Landlord’s receipt of a Renewal Notice delivered in accordance with this Section 1.3, Landlord shall provide Tenant with Landlord’s calculation of the base rent that Landlord could reasonably be expected to obtain in connection with a re-letting of the Demised Premises upon and subject to the other terms of this Lease (the “Fair Market Rent”), which Fair Market Rent shall exclude (i) all base rent that is attributable to Properties that, as a result of a Property Termination, will not constitute a part of the Demised Premises as of the commencement of the applicable Renewal Term (“Pending Removal Properties”) and (ii) the fair market rental value (the “Alterations Fair Market Rent”) of any Structural Alterations (excluding any Required Removal Alterations) made by Tenant in accordance with the terms of this Lease following the Commencement Date with respect to the structure or envelope of the buildings comprising the Leased Improvements that exist as of the Commencement Date (“Existing Envelope Alterations”) that are subject to such Renewal Option and that are identif...
Term; Renewal Terms. This Agreement shall be effective as of the Effective Date and shall expire on December 31, 2016, unless earlier terminated as provided for in Sections 6.2 and 6.3 hereof. The term of this Agreement automatically shall be extended for an additional five (5) year term unless either Party gives written notice to the other not less than 180 days prior to the end of the then current term that it does not desire to extend the term. Notwithstanding the foregoing, if the Practice elects to not extend the term of this Agreement, then the Company shall have the right to extend the term of this Agreement for two (2) extensions of one (1) additional Contract Year (each, a “One Year Extension”) by providing a written notice that must be delivered by the Company to the Practice within thirty (30) days after the Practice’s delivery of its notice not to extend this Agreement (each, an “Extension Notice”). For each One Year Extension, the Company agrees to pay an extension fee of *** to the Practice, which will be paid with the delivery of each Extension Notice.
Term; Renewal Terms. This Agreement shall commence on the Effective Date and expire on June 30, 2019 (the “Term”).
Term; Renewal Terms. The term of this Agreement shall commence on the execution hereof and shall continue until November 30, 2004 (the "Term"). TVN shall have the right to renew this Agreement, in its sole discretion, for two (2) additional two (2)-year periods (each a"Renewal Term"), upon TVN's delivery to 4MC of a renewal notice (a "Renewal Notice") at least nine (9) months prior to the expiration of the Term, or at least three (3) months prior to the expiration of the first Renewal Term, as applicable. Upon TVN's exercise of the first two (2)-year Renewal Term, the term of the Sublease shall expire on January 30, 2010 rather than January 30, 2005.
Term; Renewal Terms. This Agreement shall commence on the Effective Date and shall expire on October 11, 2011, unless earlier terminated as provided for in Sections 5.2 and 5.3 hereof. The term of this Agreement automatically shall be extended for an additional five year term unless (a) there has been a material change in either (i) the management fees set forth in Section 4.1, (ii) the Management Services set forth in Article II or (iii) the Practice’s clinical practice (including any significant change with respect to staffing, equipment or administrative oversight thereof) required by, or otherwise resulting from an action taken by, the Company, and (b) either Party gives written notice to the other not less than 180 days prior to the end of the then current term that it does not desire to extend the term.
Term; Renewal Terms. Unless terminated as provided for below, the initial term of this Agreement shall be three (3) years from the Effective Date and, subject to the provisions hereof will be automatically renewed for one (1) year periods (the “Renewal Terms”). During the term of this Agreement it is the intention of NEXUS to only use AMS for the manufacture of the NEXUS products listed in Appendix 1 within the State of Israel.
Term; Renewal Terms. 30 8.2 Termination............................................. 30 8.4
Term; Renewal Terms. This Agreement shall commence on the date hereof and shall expire on the 40th anniversary hereof unless earlier terminated as provided for in Section 8.2 hereof. Unless earlier terminated pursuant to Section 8.2 hereof, the term of this Agreement shall be automatically extended for additional terms of five (5) years each, unless either party delivers to the other party, not less than twelve (12) months nor earlier than fifteen (15) months prior to the expiration of the preceding term, written notice of such party's intention not to extend the term of this Agreement.
Term; Renewal Terms. The initial term of this Lease (the "Initial Term") will be for five (5) years, commencing on the date this Lease is signed by the Lessee. The Lease will terminate five (5) years after the commencement of the term. Lessee will have the option to extend the Initial Term for three (3) consecutive periods of five (5) years each (the "Option Periods"). Unless Lessee provides written notice to the Lessor at least sixty (60) days prior to the expiration of the Initial Term or the applicable Option Period, this Lease will automatically terminate. If the Lessee provides written notice of its intent to exercise an Option Period, the Lessor may amend or modify provisions of the Lease before accepting the written notice as may be in the best interests of the City of ▇▇▇▇▇▇▇▇ (Lessor). Provided however, the Rent for each Option Period will be an amount agreed upon by Lessor and Lessee, as adjusted on the basis of the percentage increase in the U.S. Department of Labor Consumer Price Index for Urban Alaska (CPI-U) and as determined by the most recent published CPI figures. The base CPI figure for this Lease is 227.258. Base Rent for this Lease is the rent for the Initial Term is Six Hundred and Twenty-Eight dollars ($628.00) per year. The Initial Term and any Option Period during which Lessee occupies the Premises shall be collectively referred to as the "Term".
Term; Renewal Terms. This Agreement shall commence on the Effective Date and shall expire on the tenth anniversary of the Effective Date, unless earlier terminated as provided for in Sections 5.2 and 5.3 hereof (“Term”). The Term of this Agreement shall automatically renew for up to two successive five year terms, unless either Party gives written notice to the other not less than 60 days prior to the end of the then current Term that it does not desire to extend the Term.