Procedure for Renewal Term Option Sample Clauses

Procedure for Renewal Term Option. (a) If the Facility Lessor shall have elected the Renewal Term Option, or if the Renewal Term Option shall be deemed to have been elected pursuant to Section 15.2, the term of this Facility Lease will be extended for a renewal term that begins on the Expiration Date and extends for a period of 16 years, or such shorter period as may be acceptable to the Owner Participant and extends beyond the final maturity of the Loan or any Loan Extension (the "Renewal Term") made in accordance with the provisions of Section 15.5 and the Facility Lessee will arrange for a Loan Extension in accordance with Section 15.5. Termination Values during the Renewal Term will be as set forth on Schedule 2 to this Facility Lease as such amounts may be adjusted as provided in this Facility Lease; provided, that, notwithstanding anything to the contrary set forth herein, the amounts of such Termination Values during the Renewal Term, together with any Basic Rent payable on any Termination Date during the Renewal Term, shall never be less than the scheduled outstanding principal amount of, and accrued interest scheduled to be payable on, the Loan Extension on the date on which such Termination Values are payable. (b) The schedule of Basic Rent for the Renewal Term set forth in Schedule 1 shall be adjusted in accordance with the same assumptions and methodology originally employed by the Owner Participant in determining the Net Economic Return, so as to preserve Net Economic Return as provided in Section 3.4 and, to the extent consistent therewith, minimize the net present value of Basic Rent for the Renewal Term: (i) during the Basic Term in any circumstance in which Basic Rent, Termination Values and the Purchase Option Price are adjusted pursuant to Section 3.4 of the Facility Lease; (ii) on or prior to the Expiration Date, to reflect an adjustment in the interest expense (and related tax consequences) on the Loan or any Loan Extension from the interest rate on the Loan Certificate; and (iii) to reflect any amounts included in income by the Owner Participant at the end of the Basic Term (and future correlative tax benefits) resulting from any Modifications made during the Basic Term; and, in the case of any such adjustment to the schedule of Basic Rent set forth on Schedule 1, (A) the amount of Basic Rent payable on the Rent Payment Dates set forth in Schedule 1 (as adjusted in accordance with this paragraph (b) of this Section 15.4) shall never be less than the amounts of principa...
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Related to Procedure for Renewal Term Option

  • CONTRACT RENEWAL PERIOD FURNITURE ADDITIONS/DELETIONS: Contractors wishing to make furniture additions/changes to their contract during the contract period should be aware of the following additions/changes will be allowed only once during a contract period. No changes to discount percentages are allowed during this contract period. Additions/changes must be submitted during the contract renewal period. When requesting additions and/or changes; contractor shall submit a request either by letter or via email which shall include a list of all items being proposed for addition and/or change. Contractor shall submit all required documents supporting any new items. Product literature for all new items shall also be submitted with the request. Contractor is responsible for submitting a complete name, address, email address, phone and fax numbers when a new dealer is added.

  • Renewal Term If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods, provided such continuance is specifically approved at least annually (i) by the Fund’s Board of Trustees or (ii) by a vote of a majority of the outstanding voting securities of the relevant portfolio of the Fund, provided that in either event the continuance is also approved by the majority of the Trustees of the Fund who are not interested persons (as defined in the ▇▇▇▇ ▇▇▇) of any party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval. If a plan under Rule 12b-1 of the 1940 Act is in effect, continuance of the plan and this Agreement must be approved at least annually by a majority of the Trustees of the Fund who are not interested persons (as defined in the ▇▇▇▇ ▇▇▇) and have no financial interest in the operation of such plan or in any agreements related to such plan, cast in person at a meeting called for the purpose of voting on such approval.

  • Option Term This option shall have a term of ten (10) years measured from the Grant Date and shall accordingly expire at the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 5 or 6.

  • Automatic Renewal Limitation for TIPS Sales No TIPS Sale may incorporate an automatic renewal clause that exceeds month to month terms with which the TIPS Member must comply. All renewal terms incorporated into a TIPS Sale Supplemental Agreement shall only be valid and enforceable when Vendor received written confirmation of acceptance of the renewal term from the TIPS Member for the specific renewal term. The purpose of this clause is to avoid a TIPS Member inadvertently renewing an Agreement during a period in which the governing body of the TIPS Member has not properly appropriated and budgeted the funds to satisfy the Agreement renewal. Any TIPS Sale Supplemental Agreement containing an “Automatic Renewal” clause that conflicts with these terms is rendered void and unenforceable.

  • Non-Renewal Termination If the Agreement expires as set forth in Section 6(g) [Non-Renewal Termination], then, subject to Section 22 [Compliance with Section 409A], in addition to all salary, annual bonuses, expense reimbursements, benefits and accrued vacation days earned by the Executive pursuant to Section 4 through the date of the Executive’s termination of employment, the Executive shall be entitled to the compensation set forth in Sections 8(d)(i) through (v), provided that within sixty days following the Executive’s termination of employment (i) the Executive has executed and delivered the Release to the Company, and (ii) the Release has become irrevocable: