Successor term definition

Successor term means a term that the United States bureau of labor statistics uses in place of another term in revisions to the CPI.
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Successor term means additional 10 consecutive year periods each following the Initial Term, or such other period set out in the agreement then in effect between TAB and You.
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Successor term means any consecutive two-year period commencing after the expiration of the Initial Term as set forth in Section 3(b).
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Examples of Successor term in a sentence

  • In the event that this Agreement is not extended at the end of the Initial Term or any Successor Term and thereby terminates, only paragraphs 6, 7, 8(d), 8(g), 8(h), 8(i) and 11 shall survive such termination, except that Executive shall be entitled to receive compensation and benefits to the extent expressly provided herein or by the terms of any of the Company’s compensation and benefit plans, programs or policies or as required by applicable law.

  • The Executive may terminate his employment hereunder upon the expiration of the Initial Term or any Successor Term, provided that notice of termination is provided as set forth in Section 1.

  • The Initial Term and the Successor Term are referred collectively in this Agreement as the “Term”.

  • The Company may terminate the Executive's employment hereunder upon the expiration of the Initial Term or any Successor Term, provided that notice of termination is furnished as set forth in Section 1, and subject to the right of the Executive, within such notification period, to effect his own Good Reason termination as described in subsection 8e below.

  • At the time Franchisee delivers its Notice of Election to Franchisor and at all times thereafter until the commencement of the applicable Successor Term, Franchisee shall have fully performed, in all material respects, all of its obligations under the Agreement, the Manuals and all other agreements then in effect between Franchisee and Franchisor (or its Affiliates).

  • Franchisee acknowledges that the terms, including Continuing Royalty and Marketing Fund Contribution payable, during the First Successor Term and Second Successor Term shall be as then generally applicable to new franchisees granted at the time and may differ from those contained in this Agreement.

  • At Franchisor’s request, Franchisee shall, prior to the date of commencement of the applicable Successor Term, undertake and complete at its expense, the remodeling, renovation, modernization, or refurbishing of the Premises, Approved Location and the Licensed Restaurant, which may include installation of new or replacement equipment, to comply with Franchisor’s then-current System Standards for new Restaurant.

  • Upon your execution of a successor franchise agreement pursuant to Section 2.2 (Successor Term), you will pay to us a successor fee (the “Successor Fee”) equal to 20% of the then-current initial franchise fee for the type of Store that you operate.

  • At the time Franchisee delivers its Notice of Election to Company and at all times thereafter until the commencement of the First Successor Term, Franchisee shall have fully performed, in all material respects, all of its obligations under the Agreement, the Manuals and all other agreements then in effect between Franchisee and Company (or its Affiliates).

  • If, for any reason, You continue to operate the Business beyond the Initial Term or any subsequent Successor Term, You will pay to TAB on a monthly basis the Hold Over Fee as set out in Section 5.2(q).


More Definitions of Successor term

Successor term. – means the First Successor Term (as defined in Section 3.1 below), the Second Successor Term (as defined in Section 3.1 below) or both the First Successor Term and the Second Successor Term collectively.
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Successor term means a period of 5 years.
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Successor term means the First Successor Term or Second Successor Term, as the context requires.
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Related to Successor term

  • Successor Rate means a successor to or replacement of the Original Reference Rate which is formally recommended by any Relevant Nominating Body.

  • Successor Operator means a Train Operator succeeding or intended by the Secretary of State to succeed (and whose identity is notified to the Franchisee by the Secretary of State) the Franchisee in the provision or operation of all or any of the Franchise Services including, where the context so admits, the Franchisee where it is to continue to provide or operate the Franchise Services following termination of the Franchise Agreement;

  • Successor Rate Conforming Changes means, with respect to any proposed Successor Rate, any spread adjustments or other conforming changes to the timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of Buyer, to reflect the adoption of such Successor Rate and to permit the administration thereof by Buyer in a manner substantially consistent with market practice.

  • Renewal Period “Buyer” and “Default” have the same meanings respectively as they have in the Water Agreement.

  • LIBOR Successor Rate Conforming Changes means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption and implementation of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement).

  • Initial Term has the meaning set forth in Section 7.1.

  • Additional Termination Event has the meaning specified in Section 5(b).

  • Renewal Term has the meaning set forth in Section 2.

  • Successor Manager Any Independent Contractor as selected or retained by the Special Servicer, on behalf of the Trustee for the benefit of the Trust and the Companion Loan Holders, to serve as manager of a Foreclosed Property, which designation, as evidenced by written confirmation from each Rating Agency, shall not result in the downgrade, withdrawal or qualification of the ratings assigned to the Certificates by such Rating Agency.

  • Additional Term shall have the meaning set forth in Section 8.2.

  • Successor Reference Rate means the rate that the relevant Independent Adviser determines is a successor to or replacement of the Reference Rate which is formally recommended by any Relevant Nominating Body.

  • Initial Termination Date has the meaning set forth in Section 9.1(b)(i).

  • LIBOR Successor Rate has the meaning specified in Section 3.03(c).

  • Fixed Term shall have the meaning given such term in Section 2.3.

  • Resolution Extension Period As defined in Section 2.03(b).

  • Extended Term shall have the meaning given such term in Section 2.4.

  • Automatic Renewal Term has the meaning set forth in Section 10(a) hereof.

  • Lease Termination Date means the last day of the Lease Term.

  • Initial appointment means appointment made otherwise than by promotion or transfer;

  • Substitution Event means, in respect of a Share, any Nationalization, Insolvency or Delisting in respect of such Share, or any Merger Event or Tender Offer in respect of such Share that is deemed by the Calculation Agent to be a Substitution Event, or an occurrence and continuation for at least eight consecutive applicable Exchange Business Days of a Market Disruption Event in respect of such Share.

  • Extended Termination Date has the meaning specified in Section 2.16(c).

  • Successor Benchmark Rate means a successor to or replacement of the Original Benchmark Rate which is formally recommended by any Relevant Nominating Body.

  • Original Term shall have the meaning specified in Section 10 hereof.

  • Pre-Adjustment Successor Rate has the meaning specified in Section 3.03(c).

  • Renewal Date means the effective date of Renewal. The first Renewal Date shall be the date as specified in the Policy Schedule (which shall not be later than the first anniversary of the Policy Effective Date) and the subsequent Renewal Date(s) shall be the anniversary(ies) of the first Renewal Date. The relevant Renewal Date shall be specified in the notification of Renewal in accordance with Section 3 of Part 4.

  • Successor manufacturer means a manufacturer that acquires, succeeds to, or assumes any part of the business of another manufacturer as the result of any of the following: