Initial Term, Primary Term and Renewal Term(s) Clause Samples

The 'Initial Term, Primary Term and Renewal Term(s)' clause defines the duration of the agreement, specifying how long the contract will initially last and under what conditions it may be extended. Typically, it outlines a fixed starting period (the initial or primary term) and details the process for renewing the contract, such as automatic renewals or requirements for notice if either party wishes to extend or terminate the agreement. This clause ensures both parties have a clear understanding of the contract's timeline and renewal procedures, reducing uncertainty and helping to manage expectations regarding the length of their obligations.
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Initial Term, Primary Term and Renewal Term(s). The term of the Agreement shall be divided into three (3) phases, an Initial Term, a Primary Term and up to four (4)
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Related to Initial Term, Primary Term and Renewal Term(s)

  • 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.

  • Initial Term Loan The Borrower shall give the Administrative Agent an irrevocable Notice of Borrowing prior to 11:00 a.m. on the Closing Date requesting that the Term Loan Lenders make the Initial Term Loan as a Base Rate Loan on such date (provided that the Borrower may request, no later than three (3) Business Days prior to the Closing Date, that the Lenders make the Initial Term Loan as a LIBOR Rate Loan if the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in Section 5.9 of this Agreement). Upon receipt of such Notice of Borrowing from the Borrower, the Administrative Agent shall promptly notify each Term Loan Lender thereof. Not later than 1:00 p.m. on the Closing Date, each Term Loan Lender will make available to the Administrative Agent for the account of the Borrower, at the Administrative Agent’s Office in immediately available funds, the amount of such Initial Term Loan to be made by such Term Loan Lender on the Closing Date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of the Initial Term Loan in immediately available funds by wire transfer to such Person or Persons as may be designated by the Borrower in writing.

  • Primary Term This lease is for a primary term of seven (7) years beginning May 11, 2021.

  • 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.