TERM AND RIGHT OF EXTENSION Clause Samples

TERM AND RIGHT OF EXTENSION. 18 1.1. This Agreement shall commence on June 26, 2024 (services shall begin July 1, 2024) and 19 shall continue until June 30, 2029, and if all two (2) one (1) year extension option periods 20 are exercised pursuant to paragraph 1.2 herein, the Agreement shall continue until June 21 30, 2031. 22 1.2. ICTC may, at its sole option and discretion, extend this Agreement up to two (2) times as 23 follows: 24 1.2.1. From July 1, 2029 through June 30, 2030; and 25 1. 2.2. From July 1, 2030 through June 30, 2031; and 26 1.3. This Agreement is contingent upon the receipt of funds by the ICTC. Such funds include 27 Federal Transit Administration (FTA) Section 5307, 5310, and 5311 Grants, Local 28 1 Transportation Funds (LTF), State Transportation Assistance Funds (STAF) and Local 2 Transportation Authority (LTA). 4 2. DEFINITIONS 6 2024” dated March 2024 and is incorporated herein by this reference. 10 this reference.
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TERM AND RIGHT OF EXTENSION. 18 1.1. This Agreement shall commence on June 26, 2024, (services shall begin on July 1, 2024) 19 and shall continue until June 30, 2029, and if all two (2) one (1) year extension option 20 periods are exercised pursuant to paragraph 1.2 herein, the Agreement shall continue until 21 June 30, 2031. 22 1.2. ICTC may, at its sole option and discretion, extend this Agreement up to two (2) times as 23 follows: 24 1.2.1. From July 1, 2029 through June 30, 2030; and 25 1. 2.2. From July 1, 2030 through June 30, 2031; and 26 1.3. This Agreement is contingent upon the receipt of funds by the ICTC. Such funds include 27 Federal Transit Administration (FTA) Section 5307, 5310, and 5311 Grants, Local 28 1 Transportation Funds (LTF), State Transportation Assistance Funds (STAF) and Local 2 Transportation Authority (LTA).
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Related to TERM AND RIGHT OF EXTENSION

  • Term and Renewal This Agreement shall become effective as of the Effective Date and shall remain in effect for a period of three years from and after the Live Date (the “Initial Term”), and thereafter shall automatically renew for successive three year terms (each such period, a “Renewal Term”) unless terminated by any party giving written notice of non-renewal at least one hundred eighty days prior to the last day of the then current term to each other party hereto.

  • Initial Term and Renewal This Agreement shall become effective upon its execution and, shall have an initial term of five (5) years. Following the expiration of the initial term, the Agreement shall automatically renew for successive one-year terms until such time that the Agreement is terminated by either Party upon giving the other Party six (6) months’ written notice of termination.

  • Right of First Negotiation If, during the two (2) year period beginning on the First Commercial Sale of a Licensed Product by Proprius, (i) Proprius desires to divest or sublicense all or substantially all of its business relating to the Licensed Products (whether by sale, license or otherwise) to a Third Party, or (ii) a Third Party initiates such discussions with Proprius and Proprius is interested in entertaining such discussions (both (1) and (ii) are collectively referred to as a “Business Opportunity”), then Proprius will promptly notify Prometheus in writing thereof, with such notice containing a reasonably complete summary of reasonably available information necessary to evaluate the Business Opportunity; provided, however, that Proprius shall not be obligated to disclose to Prometheus the identity of any such Third Party, the terms proposed by such Third Party (if confidential) or any other confidential or proprietary information of such Third Party. If Prometheus indicates interest in pursuing the Business Opportunity within [***] business days of Prometheus’ receipt of Proprius’ written notice, the Parties will negotiate in good faith to enter into a definitive agreement. If the Parties are unable to enter into a definitive agreement within [***] days after Proprius’ receipt of Prometheus’ indication of interest, or if Prometheus does not so indicate an interest in pursuing the Business Opportunity within the [***] business day period, Proprius will be free to execute such Business Opportunity with a Third Party provided that Proprius shall not offer the Business Opportunity to a Third Party on terms more favorable then those offered to Prometheus or on terms worth less to Proprius then those offered by Prometheus for the Business Opportunity. In no event shall Proprius be obligated to enter into any such transaction with Prometheus. Notwithstanding anything in this Agreement to the contrary, any Business Opportunity entered into by Proprius with a Third Party will be subject to Prometheus’ rights under this Agreement, including, without limitation, Prometheus’ right to receive the payments set forth in Article 5. *** Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

  • Term and Renewal Options The term of service is 24 months (Initial Term). Following the expiration of the Initial Term, service under this option will continue on a month-to-month basis subject to the terms and conditions, including rates and discounts set forth under this option (Extension Term). The Company or the Customer may elect to forego the Extension Term by providing the other party written notice at least 60 days prior to the expiration of the Initial Term. Either party may terminate service during the Extension Term by providing the other party at least 60 days prior written notice. Term shall mean the Initial Term and the Extension Term.

  • Term of License The license granted to the Engineer by this article shall terminate at the end of the term specified in Article 2 of this contract.