Renewal Term Sample Clauses

Renewal Term. If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods, provided such continuance is specifically approved at least annually (i) by the Fund’s Board of Trustees or (ii) by a vote of a majority of the outstanding voting securities of the relevant portfolio of the Fund, provided that in either event the continuance is also approved by the majority of the Trustees of the Fund who are not interested persons (as defined in the 0000 Xxx) of any party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval. If a plan under Rule 12b-1 of the 1940 Act is in effect, continuance of the plan and this Agreement must be approved at least annually by a majority of the Trustees of the Fund who are not interested persons (as defined in the 0000 Xxx) and have no financial interest in the operation of such plan or in any agreements related to such plan, cast in person at a meeting called for the purpose of voting on such approval.

Renewal Term. Upon mutual written agreement, the Parties may renew this Contract, in whole or in part, for a Renewal Term not to exceed the Initial Contract Term, pursuant to the incorporated Special Contract Conditions.

Renewal Term. If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods until terminated by either party upon not less than sixty (60) days’ written notice prior to the expiration of the then current renewal term or for cause pursuant to Section 15(c) hereof.

Renewal Term. Following expiration of the Initial Term, this Agreement will be automatically renewed for additional consecutive terms of twelve (12) months (each, “Renewal Term”), unless a Party gives written notice of termination to the other Party at least thirty (30) days’ prior to the end of the Initial Term or any Renewal Term.

Renewal Term. Following the Initial Term, the School District shall have the option to extend this Contract by up to two (2) additional years on a year-to-year basis, in its sole discretion (each a “Renewal Term”). Nothing in this Contract requires the School District to exercise its option for a Renewal Term and Contractor has no expectation of a contract beyond the Initial Term, or a Renewal Term if any are exercised. Ninety (90) days prior to the end of the Initial Term, or any Renewal Term, the School District shall notify the Contractor in writing as to whether the School District will exercise any option for a Renewal Term. Notwithstanding the above, this Contract may be terminated in accordance with the provisions of the Contract Documents.

Renewal Term. Provided Tenant is not in default of any term, covenant or condition of this Lease beyond any applicable cure periods, Tenant shall have the option to extend the Term of this Lease for one (1) additional period of five (5) years (the "Renewal Term") to commence immediately upon the expiration of the initial Term referenced in Section 2.1 hereof, upon the same terms, covenants and conditions as contained in this Lease except that Tenant shall pay to Landlord during such Renewal Term as Base Rent that amount equal to ninety-five percent (95%) of the "Prevailing Market Rate," as hereinafter defined. For the purposes of this Section 2.3, the term "Prevailing Market Rate" shall mean the average annual rental including all market concessions, expressed in dollars per square foot, for space in the Building then being obtained by Landlord for leasing under leases of not less than three (3) years covering an area in the Building of not less than 10,000 square feet. If no such area is then being offered for leasing in the Building, the Prevailing Market Rate shall be equal to the average annual rental including all market concessions, expressed in dollars per square foot, for areas in comparable office buildings located within the Columbia, Maryland market place area taking into consideration the age of the building and the size of the tenant. In order to exercise the option granted herein, Tenant shall so notify Landlord in writing not less than two hundred and seventy (270) days prior to the expiration of the initial Term referenced in Section 2.1 hereof. If Tenant exercises the foregoing option, Landlord and Tenant shall execute a writing acknowledging such renewal and setting forth the Base Rent with respect to said Renewal Term. The option, however, shall be void if Tenant is in default beyond any applicable cure periods under any of the terms of this Lease at that time, or if Tenant does not deliver the requisite notice thereof within the time period specified above. The option granted herein shall not be severed from this Lease, or separately sold, assigned or transferred.

Renewal Term. Subject to VIASPACE otherwise being in full compliance with this Agreement (including, without limitation, the timely payment of any and all amounts due hereunder) prior to the delivery of any Notice of Renewal and the commencement of each then applicable Renewal Term, this Agreement may be renewed on the same terms and conditions hereof: (i) Provided that VIASPACE shall have first satisfied the conditions for any such renewal as set forth in Exhibit “B” for each such applicable renewal, VIASPACE shall have the option to renew the term of this Agreement for four (4) consecutive and subsequent terms, each being for a two (2) year period (for a total of ten (10) years from the Effective Date assuming each renewal is elected)(each, a “Conditional Renewal Term”) by providing written notice of its election to renew such term (each, a “Renewal Notice”) to VGE at least three (3) months prior to the expiry of the then current Initial Term or Conditional Renewal Term, as the case may be; and (ii) Provided it delivers a Renewal Notice to VGE at least three (3) months prior to the expiry of the then Renewal Term, this Agreement shall automatically renew on the same terms and conditions hereof for consecutive two (2) year periods thereafter without any further act on the part of either Party (each, an “Evergreen Renewal Term”); provided, however, that in no event shall the term of this Agreement be renewed for the succeeding Evergreen Renewal Term if and to the extent either Party delivers to the other written notice of its intent to not so renew this Agreement (the “Notice of Nonrenewal”) at least sixty (60) days prior to the end of any such Evergreen Renewal Term (as the case may be)(together, the Conditional Renewal Term and Evergreen Renewal Term shall be referred to as the “Renewal Terms”); provided, further, that in no event shall either Party have the right to deliver a Notice of Nonrenewal if and to the extent VIASPACE’s Net Sales exceed Five Million Dollars ($5,000,000) during the first applicable Evergreen Renewal Term; Eight Million Dollars ($8,000,000) during the second applicable Evergreen Renewal Term and Ten Million Dollars ($10,000,000) during the third and subsequent Evergreen Renewal Terms, and to the extent any such Notice of Nonrenewal is delivered by VGE, the Commercial License shall convert to a nonexclusive license in those countries in which VIASPACE is engaged actively in the commercialization of GKG.

Renewal Term. Upon mutual written agreement, the Parties may renew this Contract, in whole or in part, for up to three (3) years, pursuant to Exhibit B, Special Contract Conditions.

Renewal Term. The Agreement is hereby renewed for a three-year Renewal Term commencing on July 1, 2011 and ending on June 30, 2014. For purposes of this Renewal Term, Section 5.5 (Cost of Living Adjustment) of the Agreement shall not apply until July 1, 2012. Unless the parties otherwise agree to different provisions in writing, the Agreement shall continue to be renewable in accordance with the terms set forth in Section 14.1 of the Agreement.

Renewal Term. This Agreement may be renewed for successive two (2) year terms (each, a “Renewal Term”) by mutual written agreement of the parties hereto, executed not less than six (6) months prior to the expiration of the Initial Term or any Renewal Term, as applicable.