Optional Renewal Term definition
Examples of Optional Renewal Term in a sentence
On a monthly basis, Vendor shall provide a report to USAC on the total spend against the Not-to-Exceed Amount for the Initial Term and each Optional Renewal Term.
Vendor will provide a notice to USAC when Fees for the Initial Term or any Optional Renewal Term exceed sixty percent (60%) of the Not-to-Exceed Amount for the Initial Term or such Optional Renewal Term.
Vendor is not obligated to provide Services under this MSA to the extent the Fees for such Services would exceed the Not-to-Exceed Amount for the then-applicable Initial Term or Optional Renewal Term if (i) it has complied with the two following paragraphs, and (ii) it notifies USAC immediately when the Not-to-Exceed Amount has been reached.
Optional Renewal Term: Customer, at its sole discretion may extend the Agreement for one (1) additional one (1) year Term (“Renewal Term’).
Upon the expiration of the Automatic Renewal Term, PNV and Operator may mutually agree to an additional five (5) year renewal term (the "Optional Renewal Term"), provided that, as a condition to the commencement of the Optional Renewal Term, Operator shall be entitled to receipt of the increased percentage of Gross Receipts set forth in Section 8(a).
After the expiration of the Initial Term and County’s Optional Renewal Term (if any), this Lease shall continue on a month-to-month basis unless and until either Party gives the other Party sixty (60) days’ written notice of its desire to end its privileges and obligations under this Lease.
County’s Optional Renewal Term shall commence automatically on October 1, 2013 unless the County provides 30 days’ written notice that it will not exercise the Option.
On the first day of each calendar month during the Term of the Lease Agreement (“Lease”), Tenant shall pay Landlord at the address listed above or at such location as Landlord may designate to Tenant in writing, Rent in the amount of $2,082 during the Initial Term, Optional Renewal Term, or month-to-month renewal period, as applicable.
Fees for each year of the Second Renewal Term and for any Second Renewal Optional Renewal Term shall automatically increase by three percent over the previous period, unless otherwise mutually agreed to by the Parties in writing or material changes are otherwise agreed to by the Parties in accordance with Section 5.2. Payment is due for all undisputed charges within thirty (30) days of receipt of an invoice.
RRC reserves the right to renew the Contract for one (1) additional, one-year renewal term remaining of the original three (3) one-year renewal terms as set forth below: Third Optional Renewal Term: September 1, 2024 – August 31, 2025” II.