End of Initial Term Clause Samples

The "End of Initial Term" clause defines when the original, agreed-upon period of a contract concludes. Typically, this clause specifies the exact date or duration after which the initial commitment between the parties expires, and may outline what happens next, such as automatic renewal, renegotiation, or termination unless further action is taken. Its core practical function is to provide clarity on the contract's timeline, ensuring both parties understand when their initial obligations end and what steps are required to continue or end the relationship.
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End of Initial Term. This Agreement shall automatically be extended at the end of the initial eighty-four (84) month term for an additional eighteen (18) month renewal term, unless the Customer gives M&I at least one hundred eighty (180) days' prior written notice of its intent to terminate, which notice may be given during the initial term on the Agreement.
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End of Initial Term. 4.12.1 At the end of the Initial Term, provided Client is not in default under the Lease, Client may select an end of Initial Term option for the relevant Type as indicated below, by providing the End of Term Notice. If Equipment has been subject to a Modification Client shall select the same options for each applicable Lease. 4.12.2 Provided all Payments due under the Lease have been made IGF shall pass title in Equipment to Client on the date on which all Payments are received by IGF. 4.12.3 No further Rent will be payable. End of Term Notice is not required. 4 i) Pay the Option Charge. On receipt IGF will pass title in Equipment to Client. No further Rent will be payable; or
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End of Initial Term. Provided this Lease is not in default at the end of the initial term the LESSEE may, at LESSEE’S option ( I ) return the Equipment at his cost to the LESSOR, ( ii ) continue renting the Equipment on a monthly basis at the previous monthly rental amount, ( iii ) purchase the Equipment at the greater of fair market value or 10% of its original cost. The LESSEE must notify the LESSOR at least 30 days prior to the initial period expiry date, which alternative is selected and should he fail to do so, the lease will automatically revert to alternative ( ii ).
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Related to End of Initial Term

  • Initial Term The initial term will begin on the date set forth in the Contract documents or on the date the Contract is signed by all Parties, whichever is later.

  • 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.

  • Initial Contract Term The Initial Contract Term shall be for two years. The Initial Contract Term shall begin on October 1, 2021, or on the last date the Contract is signed by all Parties, whichever is later. The Contract shall expire on October 1, 2023, unless terminated earlier in accordance with the Special Contract Conditions or Additional Special Contract Conditions.

  • Term of Engagement (a) This Agreement will remain in effect until April 15, 2010, after which either party shall have the right to terminate it on thirty (30) days prior written notice to the other. The date of termination of this Agreement is referred to herein from time to time as the "Termination Date." The period of time during which this Agreement remains in effect is referred to herein from time to time as the "Term". If, within two years after the Termination Date, the Company completes any private financing of equity or debt or other capital raising activity of the Company (other than the exercise by any person or entity of any options, warrants or other convertible securities other than the warrants issued pursuant to this Agreement) with any of the Investors who were first introduced to the Company in connection with the financing contemplated hereby by ▇▇▇▇▇ and disclosed to the Company in writing prior to its introduction to the Company, the Company will pay to Maxim upon the closing of such financing the compensation set forth in Sections 3(a) as a "Source Fee". (b) Notwithstanding anything herein to the contrary, subject to the two years limitation described in Section 4(a) above, the obligation to pay the compensation and expenses described in Section 3, this Section 4, Sections 5, 7 and 9-17 and all of Exhibit A attached, hereto (the terms of which are incorporated by reference hereto), will survive any termination or expiration of this Agreement. The termination of this Agreement shall not affect the Company's obligation to pay fees to the extent provided for in Section 3 herein and shall not affect the Company's obligation to reimburse the expenses accruing prior to such termination to the extent provided for herein. All such fees and reimbursements due shall be paid to the Placement Agent on or before the Termination Date (in the event such fees and reimbursements are earned or owed as of the Termination Date) or upon the closing of the Offering or any applicable portion thereof (in the event such fees are due pursuant to the terms of Section 3 hereof).

  • Term of Agreement; Termination The term of this Agreement shall commence on the date hereof and such term and this Agreement shall terminate upon the earlier to occur of (i) the Effective Time, and (ii) the date on which the Merger Agreement is terminated in accordance with its terms. Upon such termination, no party shall have any further obligations or liabilities hereunder; PROVIDED, HOWEVER, such termination shall not relieve any party from liability for any breach of this Agreement prior to such termination.