Common use of Long Term Contracts Clause in Contracts

Long Term Contracts. Any agreement or understanding which obligates Company or Company's Subsidiaries for a period in excess of one year, which has a value in excess of $50,000, to purchase, sell, or provide services, materials, supplies, merchandise, facilities, or equipment and which is not terminable without penalty on not more than thirty (30) days' notice;

Long Term Contracts. Any agreement or understanding which obligates Company or Company's Subsidiaries for a period in excess of one year, which has a value in excess of $50,00025,000, to purchase, sell, or provide services, materials, supplies, merchandise, facilities, or equipment and which is not terminable without cost or penalty on not more than thirty sixty (3060) days' notice;