Extension of the Initial Term Clause Samples

The "Extension of the Initial Term" clause defines the conditions under which the original duration of an agreement can be prolonged beyond its initial period. Typically, this clause outlines the process for extending the contract, such as requiring written notice from one or both parties before the initial term expires, and may specify the length and number of possible extensions. Its core practical function is to provide a clear mechanism for continuing the contractual relationship without renegotiating a new agreement, thereby ensuring continuity and reducing uncertainty for both parties.
Extension of the Initial Term. 10.1. Section 13(a) of the Main Agreement, is hereby deleted in its entirety and replaced with the following paragraph: (a) This Agreement will be effective as of the date first above written and will continue until December 31, 2005 (the "Initial Term") unless earlier terminated in accordance with subsection c, below. Thereafter, this Agreement may be extended by AMEX for additional one-year terms provided that at the end of the third year following the Initial Term, any extension to the Agreement shall be by mutual consent of AMEX and CreditComm.
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Extension of the Initial Term. The parties agree to extend the existing Initial Term, which will retain the Agreement’s existing Effective Date. Customer’s new Term is Select Term in Drop-down.
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Extension of the Initial Term. In the event JPC or Kodiak Drills and Completes a minimum of two (2) Test ▇▇▇▇▇ within the Initial Term, the term of this Agreement shall be extended for an additional one (1) year period, and will likewise be extended for additional successive one-year periods, up to a maximum of four additional successive one-year periods, until JPC or Kodiak has Drilled and Completed ten (10) Test ▇▇▇▇▇, but only on the condition that JPC or Kodiak Drills and Completes a minimum of two (2) Test ▇▇▇▇▇ in each one year extension of the Initial Term, subject to Synergy having the sole and absolute discretion to waive this condition as set forth in Section II.F. directly below.
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Extension of the Initial Term. Section 3.1 of the Lease is hereby deleted in its entirety and replaced with the following:
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Extension of the Initial Term. Subject to the terms and provisions hereof and provided that there is no Event of Default existing at the time of the exercise of the applicable option term extension, the Tenant may extend the Initial Term of this Lease for two (2) additional terms of ten (10) years each (the “First Option Term” and the “Second Option Term”; the exercise of the Second Option Term being subject to the timely exercise of the First Option Term). The Tenant shall exercise such option by giving written notice to the Landlord on or before twelve (12) months prior to the expiration of the Initial Term for the exercise of the First Option Term and on or before twelve (12) months prior to the expiration of the First Option Term for the exercise of the Second Option Term, of its intent to exercise its option to extend this Lease for the applicable Option Term. The timely giving of such written notice by Tenant shall automatically extend the Term of this Lease for the respective Option Term at the end of the Initial Term or the First Option Term, as the case may be.
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Extension of the Initial Term. Subject to the terms of this Third Amendment, the Initial Term is renewed and extended for a period commencing on the Relocation Commencement Date (as hereinafter defined) and expiring on the date that is one hundred two (102) full calendar months thereafter (the “Extended Term”). Except as otherwise provided in this Third Amendment, the Extended Term will be upon the same terms and conditions set forth in the Lease. References in the Lease to the 'Initial Term” will include the Extended Term (as defined in this Section 2).
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Extension of the Initial Term. The Authority shall have the right, at its sole discretion, to extend the Initial Term for periods of not more than twelve (12) months (each an "Extension Period"), for a maximum of two (2) years in the aggregate, by giving to the Supplier not less than three (3) months' written notice before the end of the Initial Term (or any Extension Period which has already been notified to the Supplier by the Authority, as appropriate).
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Related to Extension of the Initial Term

  • Extension of the Term At least two months prior to the third anniversary of the Effective Date, the Parties will evaluate the effectiveness of this Agreement and decide whether to extend the Term.

  • Extension of Term If the term of NASPO ValuePoint Master Agreement is extended for any reason, the Term of this Participating Addendum shall be automatically modified to account for that extension, so long as such extension complies with the Colorado Procurement Code.

  • Extension Term The Term of this Lease of all of the Premises may be extended for the Extension Term by unconditional written notice from Tenant to Landlord at least twelve (12) (but not more than fifteen (15)) months before the end of the Initial Term, time being of the essence. If Tenant does not timely exercise this option, or if on the date of such notice or at the beginning of the Extension Term (i) an Event of Default by Tenant exists, or (ii) Tenant is not leasing sixty percent (60%) or more of the Premises, or (iii) Tenant has made any Transfer under Article 13 (other than a Related Party Transfer), at Landlord’s option upon written notice to Tenant, Tenant’s right to extend the Term of this Lease shall irrevocably lapse and be void and of no further force and effect, Tenant shall have no further right to extend, and this Lease shall expire at the end of the Initial Term. If Tenant fails to timely exercise its rights hereunder, then within seven (7) days of Landlord’s request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. All references to the Term shall mean the Initial Term as it may be extended by the Extension Term. The Extension Term shall be on all the same terms and conditions except that the Base Rent for the Extension Term shall be as set forth below.

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.

  • 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.