Term Extension definition

Term Extension means, for any Lease, an extension of the payment term by the Servicer in accordance with the Credit and Collection Policy, by increasing the number of Total Payments due and extending the term of the Lease for an additional month for each additional Total Payment.

Term Extension has the meaning set forth in Section 6.2.

Term Extension means in respect of a Permanent Out of Path Relocation of any Firm Transportation Service – Northern, the extension of the term of any such service for one or more whole years pursuant to an award made by Westcoast in accordance with Section 9.13(a).

Examples of Term Extension in a sentence

• This Subsection does not obligate Contracting Officer to grant Contract Term Extension.

• The provisions of this Contract in effect when such notice is given shall remain in effect during the End of Term Extension.

• In the event of Contract Term Extension, the escala- tion procedure will be used during the extension period, except that adjusted payment rates for any calendar quar- ter cannot be less than Tentative Rates, for each species and product group, established under B8.23 for the ex- tension period.

• The provisions of this Agreement in effect when such notice is given shall remain in effect during the End of Term Extension.

• The End of Term Extension shall automatically terminate upon execution of a replacement Agreement or modification extending the total term of this Agreement.

More Definitions of Term Extension

Term Extension means immediately subsequent licensing periods after the initial license period. Each Term Extension will commence on expiration of the previous Term Extension (or, in the case of the first Term Extension, on expiration of the initial license period) and will have a duration of no less than twelve (12) months.

Term Extension shall have the meaning set forth in Section 14.3.

Term Extension has the meaning set forth in Section 2.2 hereof.

Term Extension. As long as the Company is not otherwise in default, the Company may at its option extend the loan for three (3) successive one-(1) year periods by reducing the principal amount of the loan by 25% of the original loan amount and pay current all unpaid interest.

Term Extension is defined in Section 5.1.

Term Extension has the meaning given in Clause 4.15;

Term Extension means, at the Sole and Absolute Discretion of Owner, a possible additional two (2) year period commencing on the day following the expiration of the initial Term, and, at the Sole and Absolute Discretion of Owner, a possible additional two (2) year period commencing on the day following the expiration of a possible initial Term extension described above.