Common use of Development Term Clause in Contracts

Development Term. Development Term" means the five (5) year period commencing on the date of execution of this Agreement. However, either party may terminate this Agreement during the Development Term immediately upon written notice if no contract has been entered into for the acquisition of a Facility or site for a Facility (or an option to acquire a Facility or a site for a Facility) during any consecutive twelve (12) month period commencing after the date of this Agreement. Providing such termination shall not affect the obligations of JOINT VENTURE PARTNER and SGH-SUB to complete any Facilities then under development.

Development Term. Development Term" means the five (5) year period commencing on the date of execution of this Agreement. However, either party may terminate this Agreement during the Development Term immediately upon written notice if no contract has been entered into for the acquisition of a Facility or site for a Facility (or an option to acquire a Facility or a site for a Facility) during any consecutive twelve (12) month period commencing after the date of this Agreement. Providing such termination shall not affect the obligations of JOINT VENTURE PARTNER and SGH-SUB SGH to complete any Facilities then under development.