Common use of Initial Term; Renewal Terms Clause in Contracts

Initial Term; Renewal Terms. The initial term of each Supplemental Agreement (the “Initial Term”) is five (5) years commencing on the Payment Commencement Date of each Supplemental Agreement and terminating at 11:59 p.m. on the day preceding the fifth (5th) anniversary of the Payment Commencement Date. Licensee shall have the option to renew each Supplemental Agreement for up to four (4) additional terms of five (5) years each (“Renewal Terms”), provided that Licensee is not then in default under this Agreement beyond any applicable grace or cure period and that Licensee gives a notice to renew to NGrid not less than six (6) months prior to the expiration of the Initial Term or Renewal Term, as the case may be. NGrid reserves the right to reasonably renegotiate some or all the terms and conditions of Section 28 in connection with any such renewal.