Renewal definition
Examples of Renewal in a sentence
If the decision of the outside non-employee members of the Board is not to renew this Agreement, then the Board shall provide Executive with a written notice of non-renewal (the “Non-Renewal Notice”) at least sixty (60) days prior to any Renewal Date, such that this Agreement shall terminate at the end of twenty-four (24) months following such Renewal Date.
The failure of the outside non-employee members of the Board to take the actions set forth herein before any Renewal Date will result in the automatic non-renewal of this Agreement, even if the Board fails to affirmatively issue the Non-Renewal Notice to Executive.
The term of the Agreement shall commence on the Effective Date and continue for the Subscription Term, unless either Party provides written notice of non-renewal at the expiration of the Initial Term or, as applicable, the then-current Renewal Term to the other Party at least sixty (60) days prior to such expiration, in which case the Agreement shall expire without renewing upon the expiration of the Initial Term or the then-current Renewal Term.
The Initial Term and each Renewal Term are collectively referred to as the Term.
The Parties agree that SG may increase Fees by up to the greater of: (a) five percent (5%); or (b) the change in the U.S. Consumer Price Index (all urban consumers) on the last day of the Initial Term or any subsequent Renewal Term.