MODIFIED TERM Clause Samples
The Modified Term clause defines how the duration or length of an agreement can be changed from its original terms. Typically, this clause outlines the process by which the parties may agree to extend, shorten, or otherwise alter the contract's term, often requiring written consent or notice within a specified timeframe. Its core function is to provide flexibility in the contractual relationship, allowing the parties to adapt the agreement's duration to changing circumstances or business needs.
MODIFIED TERM. If, following a meeting of the Chief Executive Officers of the Parties, the Parties are unable successfully to negotiate in good faith and execute a new technical assistance agreement or amendment by June 30, 2000, then either Party may give the other Party a two-year notice of termination, whereupon the Parties shall agree (i) on a transition schedule, provided, however, that to the extent that the Parties cannot agree on a reasonable transition schedule, TI's minimum loading commitment during said remainder two-year period shall be lowered to twenty percent (20%), and (ii) on a modification of the TAA to permit Anam to obtain a new technology provider, or otherwise introduce new technology, during such two-year period.
MODIFIED TERM. The term of the existing Memorandum of Understanding reflected in Article 50 will be extended by approximately six months, through June 30, 2011.
MODIFIED TERM. Landlord and Tenant acknowledge that Tenant’s lease of the New Premises is scheduled to expire on May 31, 2021, pursuant to the terms of the Lease, as amended. Notwithstanding anything to the contrary in the Lease, the term of Tenant’s lease of the New Premises is hereby extended and shall expire coterminously with the term of Tenant’s lease of Suite 700 on the last day of the calendar month in which the seventh (7th) yearly anniversary of the Suite 700 Commencement Date occurs (the “Extended Expiration Date”), unless sooner terminated as provided in the Lease, as hereby amended; provided, however, in the event the Suite 700 Commencement Date occurs on the first day of a calendar month, then the Extended Expiration Date shall be the day immediately preceding the seventh (7th) yearly anniversary of the Suite 700 Commencement Date. The period of time commencing on the Suite 700 Commencement Date and terminating on the Extended Expiration Date shall be referred to herein as the “Modified Term.” As of the date of this Fourth Amendment, any reference to the “Lease Term” in the Lease, as hereby amended, shall be deemed to include the period defined herein as the Modified Term. At any time during the Modified Term, Landlord may deliver to Tenant a notice in the form as set forth in Exhibit C of the Original Lease, as confirmation only of the information set forth therein, which Tenant shall execute and return to Landlord within five (5) days of receipt thereof.
MODIFIED TERM. Section 10.1 of the Agreement is amended to extend the last day of the term from December 31, 2020 to June 30, 2021 (“Revised Term”).
MODIFIED TERM. The Corporation and Employee are currently parties to a September 12, 2012 Employment Agreement (the "Employment Agreement") that includes a December 31, 2017 termination date. The Corporation and Employee agree to extend the Employment Agreement's termination date from December 31, 2017 until December 31, 2022.