Term Modes Sample Clauses
The 'Term Modes' clause defines the different ways in which the duration of an agreement or contract can be structured. It typically outlines whether the contract is for a fixed term, automatically renews, or continues on a rolling basis, and may specify the conditions under which each mode applies. For example, a contract might last for one year with automatic renewal unless either party provides notice of termination. This clause ensures both parties have a clear understanding of how long their obligations last and under what circumstances the agreement may be extended or ended, thereby reducing uncertainty and potential disputes over contract duration.
Term Modes with respect to Bonds in a Term Rate Mode or a term rate R-FLOATs Mode, each May 1 and November 1 prior to the Purchase Date and the Purchase Date;
Term Modes if such Bond is in a Term Rate Mode or a term rate R-FLOATs Mode, shall be a day determined by the Remarketing Agent for such Bonds which is a Business Day no earlier than 30 Business Days and no later than the Business Day immediately preceding the first day of each Interest Period;