Initial Schedule Term definition
Examples of Initial Schedule Term in a sentence
The term of this Schedule (“Schedule Term”) begins on the Schedule Effective Date, and unless earlier terminated, continues for the Initial Schedule Term.
Initial Schedule Term: 12 months For purposes of this Schedule, the initial twelve months of the Initial Schedule Term is referred to as “Year One,” and the consecutive twelve months thereafter is referred to as “Year Two,” and so on.
The initial term applicable to each Schedule means the period which commences on the Schedule Effective Date specified in the relevant Schedule and continues for the initial term specified in that Schedule (each, an “Initial Schedule Term”) and, if none is specified, the Initial Schedule Term will be for a period of twelve months from the Schedule Effective Date.
Upon expiration of the Initial Schedule Term, the Schedule will extend for successive twelve month periods (each of which is referred to as an “Extension Schedule Term” and, together with the Initial Schedule Term, is referred to as the “Schedule Term”) unless one party elects to terminate the Schedule by giving the other party at least 90 days’ written notice prior to the end of the Initial Schedule Term or any Renewal Schedule Term.
The pricing, terms, and conditions contained herein and in the Service Schedules hereto are based on Client’s agreement that throughout the Initial Schedule Term Client shall not enter into any arrangement with a third party to receive, or undertake on an in-house basis through licensed or proprietary software, any of the Services to be received by Client following the Live Date for any such Services pursuant to the Agreement to process the Trades for its institutional and retail brokerage business.
In the event Purchaser requires (i) additional services related to the implementation of its SAP system or other migration activities, or (ii) other continuing HR Services, Purchaser may extend the Schedule Term for the Extension Schedule Term by providing to Provider written notice of extension at least thirty (30) days prior to the expiration of the Initial Schedule Term.
Purchaser and Provider may mutually agree to extend the Initial Schedule Term for an Extension Schedule Term.
Monthly charges for the Services shall not be increased during the Initial Schedule Term except as provided in Paragraph 3(C) below.
All such terminations are effective only (i) following written notice received not less than ninety (90) days prior to the end of the Schedule Term, (ii) on the last day of the Initial Schedule Term or Renewal Schedule Term then in effect and (iii) with respect to Individual Whole Units, as defined in Section 12(c) hereunder, under a Schedule.
Thereafter, this Addendum will automatically renew for successive terms of five (5) years each (the "Renewal Schedule Terms") unless either party gives the other party written notice at least six (6) months prior to the expiration date of the Initial Schedule Term or the Renewal Schedule Term then in effect that the Addendum will not be renewed beyond such Initial Schedule Term or Renewal Schedule Term.