Common use of Term, Term Components Clause in Contracts

Term, Term Components. This Agreement will commence as of the Effective Date (the date the last party signs this Agreement) and remain in effect for three (3) years and one day after the date the new school bus is put into active service. This time period shall be referred to as the Agreement “Term”. The Agreement shall remain in effect over the full length of the Term unless terminated earlier as specified in Section 6 below. The Term has two phases, “Equipment Acquisition Phase” and the “Equipment Utilization Phase” as follows:

Term, Term Components. This Agreement will commence as of the Effective Date (the date the last party signs this Agreement) and remain in effect for three five (35) years and one day after the date the new school bus is put into active service. This time period shall be referred to as the Agreement “Term”. The Agreement shall remain in effect over the full length of the Term unless terminated earlier as specified in Section 6 below. The Term has two phases, “Equipment Acquisition Phase” and the “Equipment Utilization Phase” as follows: