Renewal; Replacement Clause Samples
The 'Renewal; Replacement' clause defines the terms under which an agreement or its components may be renewed or replaced at the end of a specified period. Typically, this clause outlines whether renewal is automatic or requires notice from one or both parties, and may specify the process for negotiating replacement terms or substituting new products or services. Its core function is to provide a clear framework for continuing or updating the contractual relationship, thereby preventing lapses in service and reducing uncertainty about future obligations.
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Renewal; Replacement. If the L-C expires earlier than the date (the “LC Expiration Date”) that is one hundred twenty (120) days after the expiration of the Lease Term, Tenant shall deliver a new L-C or certificate of renewal or extension to Landlord at least sixty (60) days prior to the expiration of the L-C then held by Landlord, without any action whatsoever on the part of Landlord, which new L-C shall be irrevocable and automatically renewable through the LC Expiration Date upon the same terms as the expiring L-C or such other terms as may be acceptable to Landlord in its sole discretion. In furtherance of the foregoing, Landlord and Tenant agree that the L-C shall contain a so-called “evergreen provision,” whereby the L-C will automatically be renewed unless at least sixty (60) days’ prior written notice of non-renewal is provided by the issuer to Landlord; provided, however, that the final expiration date identified in the L-C, beyond which the L-C shall not automatically renew, shall not be earlier than the LC Expiration Date.
Renewal; Replacement. Until such time as the insurance is no longer required to be maintained by the School, the School shall provide the District with evidence of the renewal or replacement of the insurance no less than thirty (30) days before expiration or termination of the required insurance for which evidence was provided.
Renewal; Replacement. If the Letter of Credit expires earlier than the date (the “LC Expiration Date”) that is one hundred twenty (120) days after the expiration of the Sublease Term, Sublessee shall deliver a new Letter of Credit or certificate of renewal or extension to Sublessor at least thirty (30) days prior to the expiration of the Letter of Credit then held by Sublessor, without any action whatsoever on the part of Sublessor, which new Letter of Credit shall be irrevocable and automatically renewable through the LC Expiration Date upon the same terms as the expiring Letter of Credit or such other terms as may be acceptable to Sublessor in its sole discretion. In furtherance of the foregoing, Sublessor and Sublessee agree that the Letter of Credit shall contain a so-called “evergreen provision,” whereby the Letter of Credit will automatically be renewed unless at least thirty (30) days’ prior written notice of non-renewal is provided by the issuer to Sublessor; provided, however, that the final expiration date identified in the Letter of Credit, beyond which the Letter of Credit shall not automatically renew, shall not be earlier than the LC Expiration Date.
Renewal; Replacement. The costs of unforeseen, emergency renewal and replacement of capital assets that have not been considered in CIWW Capital Plan, such as the replacement of a pump due to failure and other costs of a similar nature. The Water Producing Member initially incurring the cost of capital replacement shall provide supporting documentation and justification for the capital expense.
Renewal; Replacement. The L-C shall have a final expiration date that is at least one hundred (100) days after the expiration of the Lease Term (the "LC Expiration Date"), provided that the L-C may contain a so-called "evergreen provision" whereby the L-C will automatically be renewed on an annual basis unless at least sixty (60) days’ prior written notice of non-renewal is provided by the issuer to Landlord. If the L-C expires earlier than the LC Expiration Date then Tenant shall deliver a new L-C or certificate of renewal or extension to Landlord at least sixty (60) days prior to the expiration of the L-C then held by Landlord, without any action whatsoever on the part of Landlord, which new L-C shall be irrevocable and automatically renewable through the LC Expiration Date upon the same terms as the expiring L-C or such other terms as may be acceptable to Landlord in its sole discretion. 4▇▇▇-▇▇▇▇-▇▇▇▇.5 391174.00001/5-24-21//mem -4▇- ▇▇▇▇▇▇ ▇▇▇▇▇ [Turning Point Therapeutics]
Renewal; Replacement. If the Letter of Credit expires earlier than the date (the “Letter of Credit Expiration Date”) that is one hundred twenty (120) days after the expiration of the Term, Tenant shall deliver a new Letter of Credit or certificate of renewal or extension to Landlord at least sixty (60) days prior to the expiration of the Letter of Credit then held by Landlord, which new Letter of Credit shall be irrevocable and automatically renewable through the Letter of Credit Expiration Date upon the same terms as the expiring Letter of Credit or such other terms as may be acceptable to Landlord in its sole and absolute discretion. The Letter of Credit shall contain a so-called “evergreen provision,” whereby the Letter of Credit will automatically be renewed unless at least sixty (60) days’ prior written notice of non- renewal is provided by the issuer to Landlord; provided, however, that the final expiration date identified in the Letter of Credit, beyond which the Letter of Credit shall not automatically renew, shall not be earlier than the Letter of Credit Expiration Date.
Renewal; Replacement. Until such time as the insurance is no longer required to be maintained by the Charter School, the School shall provide the School Board with evidence of the renewal or replacement of the insurance no less than thirty (30) calendar days, if practicable, before the expiration or termination of the required insurance, but no later than seven (7) calendar days before expiration or termination of said insurance.
Renewal; Replacement. Until such time as the insurance is no longer required to be maintained by the Charter School, the School shall provide the School Board with evidence of the renewal or replacement of the insurance no less than thirty (30) calendar days, if practicable, before the expiration or termination of the required insurance, but no later than seven (7) calendar days before expiration or termination of said insurance.