Underutilization – Renewal Term Sample Clauses

Underutilization – Renewal Term. If, at the end of any Contract Year in the Renewal Term, Customer’s Total Usage Charges (net of any credits, except (i) as otherwise provided in the agreement, and (ii) for SLA credits) for said Contract Year are less than the Renewal Term Annual Minimum (which condition shall be referred to as an “Underutilization”), Customer shall pay: (1) all due but unpaid Usage Charges and other charges incurred by Customer; and (2) an Underutilization charge (which Customer hereby agrees is reasonable) equal to the amount by which the Renewal Term Annual Minimum exceeds Customer’s Total Usage Charges during the applicable Contract Year (the “Renewal Term Annual Underutilization Charge”). Likewise, if at the end of any month of the Extension Term, Customer’s Total Usage Charges (net of any credits, except (i) as otherwise provided in the agreement, and (ii) for SLA credits) for said month are less than the Extension Term Monthly Minimum (which condition shall also referred to as an “Underutilization”), Customer shall pay: (1) all due but unpaid Usage Charges and other charges incurred by Customer; and (2) an Underutilization charge (which Customer hereby agrees is reasonable) equal to the amount by which the Extension Term Monthly Minimum exceeds Customer’s Total Usage Charges during the applicable month (the “Extension Term Monthly Underutilization Charge”). If an Underutilization occurs because the agreement is terminated other than due to Company’s fault, then in addition to the amounts described in subsections (1) and (2) of this paragraph, Customer will also pay an additional Underutilization charge (which Customer hereby agrees is reasonable) calculated by multiplying $166,667 times the percentage of Underutilization of the applicable minimum commitment for the year of early termination, plus $166,667 per year for any remaining years in the Renewal Term (the “Additional Underutilization Charge”). If Customer terminates in Year 2 after having attained 75% of the applicable minimum commitment, Customer will pay the charges described in subsections (1) and (2) of this paragraph, plus an Additional Underutilization Charge of $41,666.75 for Year 2 (calculated as 25% of $166,667) and $166,667 for Year 3.
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Related to Underutilization – Renewal Term

  • 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.

  • 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.

  • 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:

  • Renewal Terms Immediately following the Initial Term this Agreement shall automatically renew for successive one-year periods (a “Renewal Term”).

  • Renewal Contract Term Upon mutual written agreement, the Parties may renew this Contract, in whole or in part, for a Renewal Term not to exceed the Initial Contract Term, pursuant to the incorporated Special Contract Conditions.