Total Term Clause Samples
Total Term. The Initial Term and any Renewal Terms are referred to herein collectively as the “Term.” The total length of the Term shall be the sum of the Initial Term and any and all Renewal Terms. Vendor shall provide the State of Iowa with at least ninety (90) days prior written notice of the end of the Initial Term and each Renewal Term.
Total Term. The Total Term of this Agreement, for each section of the Concession Area which might become a Field in the terms provided herein, shall be equal to the sum of the term starting at the Effective Date until the respective Declaration of Commerciality, added by a period of 27 (twenty-seven) years, as defined in paragraph 8.1. To this Total Term, Extended periods shall be automatically added upon authorization, pursuant to paragraphs 7.3 and 7.5, being these two cases exclusively related to the Development Area referred thereto, and the paragraphs 8.4 and 8.5 related to the Field referred thereto.
Total Term. The total term of this Agreement (the “Total Term”) shall be determined as follows:
(a) If the Initial Term is not extended by the board of directors pursuant to Section 10.1, then the total term of this Agreement shall be equal to the Initial Term plus a transition period of five (5) years after the expiration of the Initial Term, for a Total Term of ten (10) years.
(b) If the Initial Term is extended by the board of directors pursuant to Section 10.1 but the Extension Period is less than five (5) years, then the total term of this Agreement shall be equal to the Extended Initial Term plus a transition period equal to the difference between five (5) years and the Extension Period, for a Total Term of ten (10) years.
(c) If the Initial Term is extended by the board of directors pursuant to Section 10.1 and the Extension Period is greater than five (5) years, then the Total Term of this Agreement shall be equal to the lesser of (i) the Extended Initial Term and (ii) five (5) years after the end of the period ending on the date referred to in clause (i) of the definition of Business Scope Period (as defined in the Transaction Agreement).
Total Term. The Parties' express intent is to not trigger any property tax reassessment or deemed change of ownership of the Property. Accordingly, in no event shall the Term exceed thirty‐ four (34) years and eleven (11) months, and in the event the overall Term would exceed or be construed to exceed such maximum, the Third Extended Period (as hereinafter defined) shall automatically be deemed reduced and adjusted to a period such that the total Term does not exceed thirty‐four (34) years and eleven (11) months (or the maximum number of years and months to avoid a property tax reassessment or deemed change of ownership of the Property, if less).