Initial Term definition
Examples of Initial Term in a sentence
Following the Initial Term, this Agreement shall automatically renew for successive one (1) year terms (each, a “Renewal Term”), unless either party provides written notice of its intent not to renew at least ninety (90) calendar days prior to the expiration of the then-current term (the Initial Term and each Renewal Term, together, the “Agreement Term”).
The Initial Term and the aggregate of every consecutive Renewal Term shall be collectively referred to herein as the “Term of this Agreement”.
Upon expiration of the Initial Term, this Agreement shall be renewable by the Client for three (3) additional terms of one (1) year each (each, a “Renewal Term”).
Each Initial Term Lender’s Initial Term Loan Commitment shall automatically and without notice be reduced to zero immediately after the funding of the Initial Term Loans on the Closing Date.
The Borrowing of the Initial Term Loans on the Closing Date shall be in an aggregate amount equal to the aggregate Initial Term Loan Commitments.