Common use of Renewal Rights Clause in Contracts

Renewal Rights. shippers with contract terms of thirty-five (35) months or more shall have the right to renew their TA’s for the same volume or a lower volume under their TA at the date of expiry of their TA, without pro ration, at the same receipt point(s), for a minimum of one year, at the then-prevailing toll (prevailing at the time of the election to renew), by providing Transporter with one year’s advance written notice. There is no limitation on the number of times such shippers may exercise this right, provided that where any provision of this Precedent Agreement (including this Section 7(g)) requires that shipper have a contract term of at least thirty-five (35) months or of fifty-nine (59) months, as applicable, the initial term of such shipper's original contract (and not the duration of the renewal term) shall be used for the purpose of applying such provision;

Renewal Rights. shippers with contract terms of thirty-five (35) months or more shall have the right to renew their TA’s for the same volume or a lower volume under their TA at the date of expiry of their TA, without pro ration, at the same receipt point(s), for a minimum of one year, at the then-prevailing toll rate (prevailing at the time of the election to renew), by providing Transporter with one year’s advance written notice. There is no limitation on the number of times such shippers may exercise this right, provided that where any provision of this Precedent Agreement (including this Section 7(g7(e)) requires that shipper have a contract term of at least thirty-five (35) months or of fifty-nine (59) months, as applicable, the initial term of such shipper's original contract (and not the duration of the renewal term) shall be used for the purpose of applying such provision;.