Term and Extension Term Clause Samples

The 'Term and Extension Term' clause defines the initial duration of an agreement and outlines the conditions under which the agreement may be extended beyond its original end date. Typically, this clause specifies a fixed start and end date for the contract and may include provisions for automatic renewal or require one or both parties to provide notice if they wish to extend or terminate the agreement. Its core practical function is to provide certainty regarding the length of the contractual relationship and to establish clear procedures for continuing or ending the agreement, thereby preventing misunderstandings about the contract's duration.
Term and Extension Term. 3.1. The Term of this Agreement shall be from the Commencement Date to the Expiration Date as those terms are defined in this Agreement. 3.2. The Licensee shall have the option to extend this Agreement for an Extension Term upon such terms and conditions as may be agreed to between the parties. The Licensee shall exercise the option to extend by sending written notice thereof to the City by not later than 180 days prior to the Expiration Date.
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Term and Extension Term. Except as otherwise provided in this Lease, the Lease Term shall be for the period described in Section 1.02 of this Lease. This Lease and the Purchase Option granted hereunder shall be valid and effective starting on the Effective Date, notwithstanding the later Commencement Date. So long as (i) there exists no default of Tenant beyond applicable notice and cure periods under this Lease either at the time of exercise or on the first day of the Extension Teini (as hereinafter defined), (ii) this Lease is in full force and effect, (iii) the Tenant named herein has not assigned this Lease (except as permitted in Article XIV hereof) and is in occupancy of the entire Premises, and (iv) Tenant has obtained a Title V operating permit for the Project (as distinguished from the current permit for the Powerhouse), and has timely commenced and is diligently pursuing the satisfaction of the Preconditions of Exercise, then upon written notice to Landlord given not less than thirty (30) days before the Expiration Date Tenant shall have the right and option to extend the Term hereof for up to one year (the "Extension Term"). If Tenant fails to exercise its option to extend the Term strictly within the time period set forth in this Section, then Tenant's option to extend the Term shall automatically lapse and Tenant shall have no right to extend such Term. If Tenant exercises the option granted hereunder, the Extension Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such Extension Term except that Base Rent shall be increased in accordance with Section 1.05 hereof.
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Term and Extension Term. 3.1 This Service Order shall commence on 08 Feb 2022 (Effective Date) and shall, unless terminated earlier in accordance With paragraph 9 of the MTS (Termination), continue for one (1) (Initial Term) until 07 Mar 2022 (Termination Date). 3.2 This Service Order shall automatically extend for a successive one (1) month Term (Extension Term) at the end of the Initial Term and at the end of each Extension Term thereafter under the same terms provided for under this Agreement, unless and until (i) Hyve shall give to Client a Written Non-ReneWal Notice (in accordance With paragraph 21 of the MTS) of its intent to cancel this Agreement; or (ii) Client shall give to Hyve, via MyHyve, a Non-ReneWal Notice (in accordance With paragraph 21 of the MTS) of its intent to cancel this Agreement at least ninety (90) days in advance of the Termination Date of the Initial Term or of the Extension Term. 3.3 Any future Service Upgrade[s], additional to any Solution that the Parties herein agree to, shall become binding and shall be deemed incorporated into this Agreement as part of the Hosting Solution via the creation and acceptance of a MyHyve Ticket, requesting Service Upgrade[s], Within the MyHyve Client Portal by the Client. 3.4 The Go-Live Date, as standard, shall commence Within tWo (2) Weeks of the Effective Date as stated at 3.1 above.
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Term and Extension Term. 1.1 The initial term of this Agreement (“Initial Term”) shall be effective as of the Effective Date and expire on December 31, 2021, provided that the Initial Term shall be automatically extended for successive one-year terms (each, an “Extension Term” and together with the Initial Term, the “Term”) until written notice of non-renewal or termination is provided by one party to the other at least twenty-four (24) months prior to the end of the Initial Term or any Extension Term. 1.2 The parties agree to commence negotiations on the terms of an extension of this Agreement at least twenty-four (24) months prior to the end of the Initial Term. Unless the parties otherwise agree in writing, the terms and conditions of this Agreement shall apply during any Extension Term.
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Related to Term and Extension Term

  • Extension Term The Term of this Lease of all of the Premises may be extended for the Extension Term by unconditional written notice from Tenant to Landlord at least twelve (12) (but not more than fifteen (15)) months before the end of the Initial Term, time being of the essence. If Tenant does not timely exercise this option, or if on the date of such notice or at the beginning of the Extension Term (i) an Event of Default by Tenant exists, or (ii) Tenant is not leasing sixty percent (60%) or more of the Premises, or (iii) Tenant has made any Transfer under Article 13 (other than a Related Party Transfer), at Landlord’s option upon written notice to Tenant, Tenant’s right to extend the Term of this Lease shall irrevocably lapse and be void and of no further force and effect, Tenant shall have no further right to extend, and this Lease shall expire at the end of the Initial Term. If Tenant fails to timely exercise its rights hereunder, then within seven (7) days of Landlord’s request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. All references to the Term shall mean the Initial Term as it may be extended by the Extension Term. The Extension Term shall be on all the same terms and conditions except that the Base Rent for the Extension Term shall be as set forth below.

  • Extension Terms County may, at its sole option, extend the term of this Agreement beyond the Initial Term for up to ___ additional one-year terms at the same rates and under the same terms provided for herein (each such period being an “Extension Term”). County shall notify Contractor of its election for an Extension Term(s) as provided for in §6.

  • Renewal, Extension The renewal or extension of any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.

  • Expiration and Extension of the Offer (i) Unless the Offer is extended pursuant to and in accordance with this Agreement, the Offer shall expire at midnight, New York Time, on the date that is twenty (20) Business Days after the date the Offer is first commenced (within the meaning of Rule 14d-2 promulgated under the Exchange Act) (as such date and time may be extended, the “Expiration Time”). In the event that the Offer is extended pursuant to and in accordance with this Agreement, then the Offer shall expire on the date and at the time to which the Offer has been so extended. (ii) Notwithstanding the provisions of Section 2.1(d)(i) or anything to the contrary set forth in this Agreement: (A) Acquisition Sub shall extend the Offer for any period required by any Law or Order, or any rule, regulation, interpretation or position of the SEC or its staff or NASDAQ, in any such case that is applicable to the Offer; (B) in the event that any of the conditions to the Offer set forth on Annex A, other than the Minimum Condition, are not satisfied or waived (if permitted hereunder) as of any then scheduled expiration of the Offer, Acquisition Sub shall extend the Offer for successive extension periods of ten (10) Business Days each (or any longer period as may be approved in advance by the Company) in order to permit the satisfaction of all of the conditions to the Offer; and (C) in the event that all of the conditions to the Offer set forth on Annex A have been satisfied or waived (if permitted hereunder), except that the Minimum Condition has not been satisfied, as of any then scheduled expiration of the Offer, Acquisition Sub shall extend the Offer for an extension period of ten (10) Business Days (or any longer period as may be approved in advance by the Company), it being understood and agreed that Acquisition Sub shall not be required to extend the Offer pursuant to this clause (C) on more than two (2) occasions, but may, in its sole discretion, elect to do so; provided, however, that the foregoing clauses (A), (B) or (C) of this Section 2.1(d)(ii) shall not be deemed to impair, limit or otherwise restrict in any manner the right of the parties to terminate this Agreement pursuant to the terms of Article IX, and in no event shall Acquisition Sub be required to extend the Offer beyond the Termination Date. (iii) Neither Parent nor Acquisition Sub shall extend the Offer in any manner other than pursuant to and in accordance with the provisions of Section 2.1(d)(ii) without the prior written consent of the Company. (iv) Neither Parent nor Acquisition Sub shall terminate or withdraw the Offer prior to the then scheduled expiration of the Offer unless this Agreement is validly terminated in accordance with Article IX, in which case Acquisition Sub shall (and Parent shall cause Acquisition Sub to) irrevocably and unconditionally terminate the Offer promptly (but in no event more than one (1) Business Day) after such termination of this Agreement.