Common use of Schedule Term Clause in Contracts

Schedule Term. The initial term applicable to each Schedule means the period which commences on the Schedule Effective Date specified in the relevant Schedule and continues for the initial term specified in that Schedule (each, an “Initial Schedule Term”) and, if none is specified, the Initial Schedule Term will be for a period of twelve months from the Schedule Effective Date. Upon expiration of the Initial Schedule Term, the Schedule will extend for successive twelve month periods (each of which is referred to as an “Extension Schedule Term” and, together with the Initial Schedule Term, is referred to as the “Schedule Term”) unless one party elects to terminate the Schedule by giving the other party at least 90 days’ written notice prior to the end of the Initial Schedule Term or any Renewal Schedule Term.