INITIAL TERM AND EXTENDED TERM Sample Clauses

The 'Initial Term and Extended Term' clause defines the duration of an agreement, specifying both the original period during which the contract is active and the conditions under which it may be renewed or extended. Typically, this clause outlines the length of the initial commitment (such as one year) and details any automatic or optional renewal periods, including notice requirements for extension or termination. Its core function is to provide clarity and predictability regarding the contract's lifespan, helping both parties plan their obligations and manage expectations about the continuity of their relationship.
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INITIAL TERM AND EXTENDED TERM. Employee's employment term hereunder shall commence on March 18, 1996. The Company, on or before the expiration of the Initial Term, shall extend the term of this Agreement for a period of not less than 51 months (but not more than 60 months). Following the completion of the Extended Initial Term or Extended Term hereof, the employment shall continue at will, provided that either party shall be obligated to give the other at least thirty (30) days' written notice of termination. The Company may, at its option, waive such notice and if so waived the Employee's resignation shall be immediately effective.
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INITIAL TERM AND EXTENDED TERM. This Agreement was effective on December 10, 1997. The term of this Agreement shall continue until December 31, 2010 (the "Initial Term"). Capital shall have the option to extend the term of this Agreement for one additional five (5) year period on the same terms and conditions as herein provided (the "Extended Term"), except that the compensation payable hereunder during the Extended Term shall be a market rate as agreed to by Owner and Capital or, if no agreement is reached within 30 days of exercise of the option, as established by arbitration as provided herein. The option to extend must be exercised by notice to Owner by Capital at least nine (9) months prior to the end of the Initial Term. The Initial Term or the Extended Term, as applicable at the time in question, may sometimes be referred to herein as the "Term".
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INITIAL TERM AND EXTENDED TERM. The initial term of this Agreement shall be for five (5) years (“Initial Term”) commencing on the date that this agreement is fully executed (“Commencement Date”) and expiring on the day before the fifth anniversary of the Commencement Date. The Customer shall have the ability to extend this Agreement for one (1) additional five (5) year term (an “Extended Term”) by providing the County a written request to do so at least one hundred eighty (180) days prior to the end of the then-current term (“Exercise Date”). The County reserves the right, at any point prior to any Extended Term under this Agreement, not to extend this Agreement, following the Initial Term. Notice of such non-extension shall be given to the Customer in writing at least one hundred eighty (180) days prior to the end of the then-current term. The parties may renegotiate the term of the Agreement at any point. The County may renegotiate the fee amount at the end of the First Term. As set forth in Paragraph 11, any changes shall be mutually satisfactory, in writing, and incorporated into this Agreement.
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INITIAL TERM AND EXTENDED TERM. The “Initial Term” begins anew upon the 4th Amendment Effective Date and ends upon the completion of 24 months, at which time the Agreement is automatically extended (“Extended Term”) on a month-to-month basis until either party terminates it upon sixty (60) days prior written notice. Annual Volume Commitment (“AVC”): Customer agrees to pay Company no less than $600,000 in Total Service Charges (“AVC”) during each contract year of the Term. Customer agrees to pay Company no less than the amounts set forth below (the “AVC”) in Total Service Charges in each twelve-month period during the Initial Term commencing on the 4th Amendment Effective Date (each a “Contract Year”). $400,000.00 $100,000.00
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Related to INITIAL TERM AND EXTENDED TERM

  • Initial Term and Renewal This Agreement shall become effective upon its execution and, shall have an initial term of five (5) years. Following the expiration of the initial term, the Agreement shall automatically renew for successive one-year terms until such time that the Agreement is terminated by either Party upon giving the other Party six (6) months’ written notice of termination.

  • Initial Term The initial term will begin on the date set forth in the Contract documents or on the date the Contract is signed by all Parties, whichever is later.

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.

  • Renewal Term If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods, provided such continuance is specifically approved at least annually (i) by the Fund’s Board of Trustees or (ii) by a vote of a majority of the outstanding voting securities of the relevant portfolio of the Fund, provided that in either event the continuance is also approved by the majority of the Trustees of the Fund who are not interested persons (as defined in the ▇▇▇▇ ▇▇▇) of any party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval. If a plan under Rule 12b-1 of the 1940 Act is in effect, continuance of the plan and this Agreement must be approved at least annually by a majority of the Trustees of the Fund who are not interested persons (as defined in the ▇▇▇▇ ▇▇▇) and have no financial interest in the operation of such plan or in any agreements related to such plan, cast in person at a meeting called for the purpose of voting on such approval.

  • Extended Terms The Term of this Agreement may be extended by the Manager if the Resident applies in writing for an “Extension” in accordance with the Managers published policies about Term Extensions. Extensions are subject to availability. Priority will be given to Residents travelling from great distances, who demonstrate a special need, or who are enrolled in orientation or academic programs that begin early or continue beyond the Residence Term. Extensions may also be granted for any ‘Early Move-In’, ‘Late Move-Out’ or ‘Summer Residence’ programs offered by the Manager. Residents granted Extensions are subject to the fees detailed in Table 3. Any Resident found occupying a Room outside of the Term without approval from the Manager are subject to additional fees over and above those detailed in Table 3. Summer Semester 2020 N/A N/A $35.00/Day Academic Year 2020-2021 N/A N/A $35.00/Day Winter Semester 2021 N/A N/A $35.00/Day