First Extended Term Sample Clauses
The "First Extended Term" clause defines the initial period following the expiration of the original term of an agreement during which the contract may continue in effect, typically under the same or modified terms. This clause specifies the duration of the first extension, such as an additional year, and may outline any conditions or procedures required to activate the extension, like providing written notice before the original term ends. Its core practical function is to provide a clear mechanism for prolonging the contractual relationship beyond the initial term, thereby offering both parties predictability and continuity.
First Extended Term. The annual Base Rent for the First Extended Term, shall be an amount equal to the greater of (1) the Market Rent for the Premises for the First Extended Term and (2) the product of (A) the annual Base Rent in effect on the last day of the Term and (B) the greater of (x) 1.03 and (y) the lesser of (aa) 1.06 and (bb) the average annual percentage increase, if any, in the CPI between August 2014 and the month preceding the commencement of the First Extended Term.
First Extended Term. If this Agreement has not been terminated in accordance with Section 8.2 hereof (other than termination by Novartis in accordance with Section 8.2(b) hereof) on or before the expiration of the Initial Term, Novartis may extend the term of this Agreement from the end of the Initial Term until the fourth (4th) anniversary of the Effective Date, subject to earlier termination in accordance with Section 8.2 hereof (the “First Extended Term”), by providing written notice and by paying the Extension Fee in accordance with Section 5.2 hereof at any time prior to the expiration of the Initial Term.
First Extended Term. Landlord and Tenant acknowledge that T▇▇▇▇▇ has exercised its right to extend the Term for the first Extended Term and that the first Extended Term commenced on April 12, 2006.
First Extended Term. The fixed annual rent for the First Extended Term shall be adjusted in accordance with changes in the Consumer Price Index (hereinafter called the "Price Index"). The Price Index shall mean the average for "All Items" Series A, for "Urban Wage Earners and Clerical Workers, Boston, Massachusetts", as promulgated by the Bureau of Labor Statistics of the U.S. Department of Labor. The fixed annual rent for the First Extended Term shall be adjusted in accordance with the following provisions:
First Extended Term. Subject to the terms and conditions set forth ------------------- in Section 2.5, Sublessee shall have the option to extend the Term for the First Extended Term by giving notice to Sublessor of its election so to extend the Term on or prior to the date six (6) months prior to the date upon which the Initial Term expires.
First Extended Term. The currently scheduled “Termination Date” of the Lease, as extended pursuant to the First Amendment, is February 15, 2004. The parties now desire to further extend the Term of the Lease, subject to the terms and conditions set forth in the Lease and this Third Amendment, effective as of January 1, 2004, which date precedes the currently scheduled Termination Date by approximately one and one-half months. As such, Paragraph 3 of the First Amendment is hereby amended by advancing the “Termination Date” set forth therein from “February 15, 2004” to “December 31, 2003”.
First Extended Term. Provided that the aggregate Minimum Net Sales (as hereinafter defined) required to be achieved for the first three (3) Contract Years of the Initial Term ending January 31, 2001 are met, and as of the last day of the Initial Term, Licensee is not in default under this Agreement nor has there occurred any event that, with the passage of time or the giving of notice, or both, would constitute a default under this Agreement by Licensee, the term of this Agreement may be extended by Licensee for the period (the "First Extended Term") beginning on February 1, 2002 and ending on January 31, 2006, unless sooner terminated in accordance with this Agreement, provided notice of such extension is given in writing to Licensor at least six (6) months prior to the end of the Initial Term. The amount of Minimum Net Sales (as hereinafter defined) to be achieved by Licensee during the First Extended Term is set forth in Paragraph 4.2.
First Extended Term. The first Extended Term, if exercised by Tenant, shall commence upon the expiration of the primary 5-year term of this Lease and shall expire on the date that is three (3) years after such date. Tenant must exercise its right to extend the Term for the first Extended Term, if at all, by written notice to Landlord given not later than the date that is ninety (90) days prior to the expiration date of the primary 5-year term of this Lease. All of the terms and conditions of the Lease shall remain in full force and effect during the first Extended Term, except for the amount of Base Rent, which shall be the Market Rate (as defined below).
First Extended Term. All references to “November 18, 2008” as the First Extended Term in the Loan Documents shall be deleted and replaced with the following date: “June 30, 2010”.
First Extended Term. In the event there is no material uncured default under the terms of this Agreement, this Agreement shall renew for an additional ten year term. (The First