Portfolio Balancing Clause Samples

Portfolio Balancing. 4.4.1. At least thirty (30) days prior to each anniversary of any renewal of the term of this Agreement pursuant to Section 7.1 below, Subscriber may, upon ▇▇▇▇▇▇▇’▇ approval and under the terms set forth herein, request Portfolio Balancing (“Portfolio Balancing”). Portfolio Balancing allows Subscriber to exchange Eligible Product licenses Subscriber has purchased from Bentley for use on a perpetual basis (“Perpetual Licenses”) for licenses for other Eligible Products in substitution for a Perpetual License (“Exchanged Portfolio Licenses”) for use at the Site of the Perpetual Licenses under the terms of Section 6.1 below of these SELECT Program Terms. 4.4.2. Subscriber may exchange Perpetual Licenses for Exchanged Portfolio Licenses having a total aggregate value based on the list price in effect as published by ▇▇▇▇▇▇▇ in the Country of use for perpetual license of a Product (“Current License Price”) that is equal to or less than the total aggregate value based on the Current License Prices for the Perpetual Licenses. Upon exchange, license rights granted by ▇▇▇▇▇▇▇ to Subscriber in respect of the Perpetual Licenses shall cease, and license rights in respect of the Exchanged Portfolio Licenses shall commence for an initial term of twelve (12) months, with by-default automatic requests for renewals of like terms to follow, unless Subscriber notifies ▇▇▇▇▇▇▇ of its election not to request a renewal term. Notwithstanding the above, upon termination of this Agreement or the Portfolio Balancing licensing program any Exchanged Portfolio License granted to Subscriber shall terminate and Subscriber’s right to use Perpetual Licenses shall be reinstated. To be eligible to participate, Subscriber must be current on all outstanding invoices for amounts owed to Bentley.