Initial Termination Date definition
Examples of Initial Termination Date in a sentence
Unless this Agreement has been terminated prior to the date of exercise of such Extension Right, upon timely exercise of the Extension Right, the term of this Agreement shall not terminate as provided in Section 4.1, and shall continue after the Initial Termination Date until 11:59 p.m. on February 16, 2104.
Except as otherwise provided in Section 4.3, Licensee shall have the right, exercisable in its sole discretion and subject to Section 4.3, to extend the term of this Agreement for a single additional term of fifty years (the “Extension Right”), which Extension Right shall be exercisable at any time on or after February 17, 2049 and prior to the date 180 days prior to the Initial Termination Date, by written notice from Licensee to Licensor.