Common use of RIGHTS OF EXTENSION Clause in Contracts

RIGHTS OF EXTENSION. 4.1 If the Term is greater than 3 years, the ▇▇▇▇▇▇ has one right to extend the Term by a 12-month period provided that the ▇▇▇▇▇▇ gives to the Processor written notice of their desire to extend the Term: (a) no earlier than 30 calendar days before; and (b) no later than 7 calendar days before, the conclusion of the Term. 4.2 If the Term is 3 years or less, the ▇▇▇▇▇▇ has no rights of renewal unless otherwise notified in writing by the Processor.