Renewal Term License Fees. No fewer than thirty (30) calendar days prior to the last day of the Initial Term and any Renewal Term subsequent to the Initial Term, the parties shall negotiate the license fee payable for the upcoming Renewal Term. The new license fee shall be no more than 110% of the most recent flat monthly license fee in effect (the “Renewal License Fee”). Unless the parties agree otherwise, the Renewal License Fee shall be payable in advance on or before the first day of each month.
Term of Employment. Effective as of the Date of Hire, the Company agrees to employ Employee as an employee of the Company and as the Chairman, Chief Executive Officer and President of the Company as further set forth in Section 1.2, and Employee accepts employment by the Company, for the period commencing on the Date of Hire and ending on December 31, 2018 (the Initial Term), subject to earlier termination as set forth in Article III below. Unless earlier terminated in accordance with Article III, following the expiration of the Initial Term, this Agreement shall be automatically renewed for successive one-year periods (collectively, the Renewal Terms; individually, a Renewal Term) unless, at least one hundred and twenty (120) days prior to the expiration of the Initial Term or the then current Renewal Term, either party provides the other party with a written notice of intention not to renew, in which case the Employees employment with the Company, and the Companys obligations hereunder, shall terminate as of the end of the Initial Term or said Renewal Term, as applicable. Except as otherwise expressly provided herein, the terms and conditions of this Agreement during any Renewal Term shall be the same as the terms in effect immediately prior to such renewal, subject to any such changes or modifications as mutually may be agreed between the parties as evidenced in a written instrument signed by both the Company and Employee.
This Agreement shall automatically renew for additional one-year terms from January 1st to December 31st of each year (each, a "Renewal Term"), unless employment is earlier terminated in accordance with the terms set forth in Paragraph 5 of this Agreement. Notwithstanding the foregoing, either party may decide not to renew this Agreement for any Renewal Term by providing ninety (90) days advance written notice of such decision to the other parties. For purposes of this Agreement, the Initial Term and any Renewal Term(s) shall be collectively referred to herein as the "Term".
Term - the initial term of the Agreement or any renewal or extension.
Annual Bonus. Executive shall not be entitled to an annual bonus for the Initial Term. Any bonuses for the initial term will be the sole discretion of the Board. During a Renewal Term, Executive shall be entitled to such bonuses, on such terms and conditions for such bonuses, as the Parties may agree.
Non-Renewal by the Company. The Company may elect not to renew this Agreement prior to the expiration of the Initial Term or any Renewal Term by delivering to the Advisor a written notice of non-renewal no later than one hundred eighty (180) days prior to the expiration of the Initial Term or a Renewal Term, as applicable. Unless otherwise agreed to by the Parties, the Termination Date for any termination pursuant to this Section 15(a) shall be the last day of the Initial Term or Renewal Term, as applicable. Any decision by the Company to terminate for non-renewal pursuant to this Section 15(a) must be approved by at least two-thirds of the Independent Directors.
TERM OF AGREEMENT. Until this Agreement is terminated in accordance with Section 15 hereunder, this Agreement shall be in effect from the Effective Date until the fifth (5th) anniversary of the Effective Date (the "Initial Term") and shall be automatically renewed for a one (1) year term on each anniversary date thereafter for a maximum of three (3) one (1) year renewal terms (each, a "Renewal Term").
Term. The term of this Agreement commenced effective as of the Launch Date and, unless terminated earlier pursuant to any of this Agreement's express provisions, will continue through and including June 30, 2019 (the "Initial Term"). Unless terminated earlier pursuant to any of this Agreement's express provisions, the Agreement shall thereafter automatically renew for successive one (1) year terms (each, a “Renewal Term,“ and together with the Initial Term, the “Term”) until such time as a Party provides the other Party with written notice of termination; provided, however, that: # such notice must be given no fewer than fifteen (15) calendar days prior to the last day of the then-current Initial or Renewal Term; and, # any such termination shall be effective as of the date that would have been the first day of the next Renewal Term.
Renewal. If, as of the Effective Date, [[Organization C:Organization]] holds any outstanding undivided percentage ownership interests (each an Existing Participation Interest) in any Mortgage Loan purchased by [[Organization C:Organization]] from [[Organization B:Organization]] pursuant to a written mortgage warehouse agreement or similar written agreement executed by [[Organization C:Organization]] and [[Organization B:Organization]] prior to the Effective Date (as amended or modified from time to time, the
Renewal. A Participant who has revoked a Deferral Election may file a new Deferral Election to defer Compensation payable with respect to services performed or a performance period ending in the calendar year following the year in which such new Deferral Election is filed.
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