Underutilization – Renewal Term Sample Clauses

Underutilization – Renewal Term. If, at the end of any Contract Year in the Renewal Term, Customer’s Total Usage Charges (net of any credits, except (i) as otherwise provided in the agreement, and (ii) for SLA credits) for said Contract Year are less than the Renewal Term Annual Minimum (which condition shall be referred to as an “Underutilization”), Customer shall pay: (1) all due but unpaid Usage Charges and other charges incurred by Customer; and (2) an Underutilization charge (which Customer hereby agrees is reasonable) equal to the amount by which the Renewal Term Annual Minimum exceeds Customer’s Total Usage Charges during the applicable Contract Year (the “Renewal Term Annual Underutilization Charge”). Likewise, if at the end of any month of the Extension Term, Customer’s Total Usage Charges (net of any credits, except (i) as otherwise provided in the agreement, and (ii) for SLA credits) for said month are less than the Extension Term Monthly Minimum (which condition shall also referred to as an “Underutilization”), Customer shall pay: (1) all due but unpaid Usage Charges and other charges incurred by Customer; and (2) an Underutilization charge (which Customer hereby agrees is reasonable) equal to the amount by which the Extension Term Monthly Minimum exceeds Customer’s Total Usage Charges during the applicable month (the “Extension Term Monthly Underutilization Charge”). If an Underutilization occurs because the agreement is terminated other than due to Company’s fault, then in addition to the amounts described in subsections (1) and (2) of this paragraph, Customer will also pay an additional Underutilization charge (which Customer hereby agrees is reasonable) calculated by multiplying $166,667 times the percentage of Underutilization of the applicable minimum commitment for the year of early termination, plus $166,667 per year for any remaining years in the Renewal Term (the “Additional Underutilization Charge”). If Customer terminates in Year 2 after having attained 75% of the applicable minimum commitment, Customer will pay the charges described in subsections (1) and (2) of this paragraph, plus an Additional Underutilization Charge of $41,666.75 for Year 2 (calculated as 25% of $166,667) and $166,667 for Year 3.
Sample 1
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Related to Underutilization – Renewal Term

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.

  • 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.

  • DURATION & RENEWAL 22.01 This agreement shall be effective from the 1st day of March, 2011 up to and including the 28th day of February 2014. Either party shall be entitled to give notice in writing to the other party as provided in the Canada Labour Code, of its desire to bargain with a view to the renewal of the expiring collective agreement at any time within a period of 90 days before the expiry date of the agreement. Following such notice to bargain, the parties shall meet within 15 days of the notice or within such further period as the parties mutually agree upon.

  • Renewal Terms Immediately following the Initial Term this Agreement shall automatically renew for successive one-year periods (a “Renewal Term”).

  • Renewal Contract 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.

  • Extension Term Provided Lessee is not in default in the performance of any term or condition of this Lease, Lessee shall have the option to extend this Lease for two (2) additional terms of five (5) years per term, commencing with the expiration of the first or additional term, upon the following conditions:

  • Extended Work Year A teacher requested by the Board to work in his/her regular assignment beyond the contracted number of days shall be offered an extended contract and compensated at the scheduled per diem rate, as specified in Article XXV. Compensation for weeks worked after July 1 shall be at the new rate.

  • CONTRACT RENEWAL PERIOD FURNITURE ADDITIONS/DELETIONS: Contractors wishing to make furniture additions/changes to their contract during the contract period should be aware of the following additions/changes will be allowed only once during a contract period. No changes to discount percentages are allowed during this contract period. Additions/changes must be submitted during the contract renewal period. When requesting additions and/or changes; contractor shall submit a request either by letter or via email which shall include a list of all items being proposed for addition and/or change. Contractor shall submit all required documents supporting any new items. Product literature for all new items shall also be submitted with the request. Contractor is responsible for submitting a complete name, address, email address, phone and fax numbers when a new dealer is added.

  • Rental Rates Schedules for (i) proposed rental rates on heavy construction equipment, and (ii) proposed wage rates of operating engineers. The Design-Builder firm shall certify that the proposal for rental rates and proposal for wage rates comply with the Contract Documents.

  • Commencement of Grid Rate 5.2.1 Number of days to go on grid: A substitute teacher employed for more than four (4) consecutive school days as a replacement for a specific teacher shall be placed on the basic salary schedule on the fifth (5th) consecutive school day according to the substitute teacher's qualifications and experience.

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