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Initial Term; Renewal Terms
Initial Term; Renewal Terms contract clause examples
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Term. This Agreement shall be effective as of the Effective Date and shall remain in effect for a period of three (3) years, unless sooner terminated as provided under this Agreement (the “Initial Term”). This Agreement shall automatically renew for additional one (1) year terms thereafter, unless either Party delivers written notice of non-renewal to the other Party at least ninety (90) days prior to the expiration of the initial or any renewal term or this Agreement is otherwise terminated as set forth herein.

upon the expiration of the Initial Term of this Agreement or any Renewal Term thereof, if either party has provided a timely Non-Renewal Notice in accordance with Section 3, above;

Executive’s employment under this Agreement shall commence on the date first set forth above (the “Commencement Date”). Executive’s employment shall continue thereafter until the third anniversary of the Commencement Date (the “Initial Term”); and shall be automatically extended for one (1) additional year (a “Renewal Term”) at the end of the Initial Term, and an additional one (1) year Renewal Term at the end of each Renewal Term (the last day of the Initial Term and each such Renewal Term is referred to herein as a “Term Date”), unless either Party provides written notice to the other of its non-renewal of this Agreement not later than sixty (60) days prior to a Term Date, or Executive’s employment is terminated sooner under paragraph 3 of this Agreement. The period during which Executive’s employment continues in effect pursuant to this Agreement is hereinafter referred to as the Employment Period.

Subject to the terms hereof, the Company hereby employs the Executive, and the Executive hereby accepts employment with the Company, all in accordance with the terms and conditions set forth herein, for a period of three years (the “Initial Term”) commencing on the date (the “Commencement Date”) of the closing of the stock purchase contemplated by the Stock Purchase Agreement, dated as of January 27, 2015 (the “Purchase Agreement”), by and among the Company, [[Organization B:Organization]] (“[[Organization B:Organization]]”) and the stockholders of [[Organization B:Organization]] listed on the signature pages thereto, and ending on the third anniversary of such date. After the Initial Term, this Agreement shall automatically renew for successive one-year terms under the same terms and conditions set forth herein unless: (a) the Agreement is earlier terminated or amended as provided herein, or (b) the Company or the Executive gives written notice of non-renewal at least ninety (90) days prior to the end of the Initial Term or any renewal term of this Agreement. If the Company gives notice later than 90 days prior to the end of the Initial Term or any renewal term of this Agreement after the Initial Term, then the Executive shall have the choice of (1) extending the term of this Agreement until a date which is 90 days after the date such notice is given, or (2) determining that the term of the Agreement shall only run through the end of the Initial Term or any renewal term of this Agreement, whichever is applicable. If the Company gives notice pursuant to clause (b) of this paragraph, the Executive will notify the Company within sixty (60) days of whether he is electing [(1) or (2) above]. If the Company gives notice of non-renewal, the Executive may seek alternative employment while still being employed by the Company. The Executive shall hold the position of Senior Vice President of Content of the Company.

The term of this Agreement shall commence on the Effective Date and shall continue for an initial term of five (5) years (the “Initial Term”), subject to earlier termination pursuant to the terms hereof, and shall automatically renew for successive one (1) year periods unless either party gives the other written notice of its intent not to renew at least thirty (30) days prior to the expiration of the Initial Term or any subsequent term (the Initial Term together with any subsequent terms are hereinafter referred to as the “Term”). If JUPITER has successfully attained the minimum royalty in Exhibit III for the Product during the Initial Term or any subsequent year, JUPITER shall be entitled to renewal of the Agreement for another year at its option.

Initial Term License Fees. BBTR shall pay (or has prepaid) Blackbox the following amounts (“Initial Term License Fees”) during the Initial Term:

The Initial Term Borrowings. Subject to the terms and conditions set forth herein, each Term Lender with an Initial Term Commitment severally agrees to make a single loan denominated in Dollars to the Borrower (the “Initial Term Loans”) on the Closing Date in an amount not to exceed such Term Lender’s Initial Term Commitment. The Initial Term Borrowing shall consist of Initial Term Loans made simultaneously by the Term Lenders in accordance with their respective Initial Term Commitments. Amounts borrowed under this Section 2.01(a) and subsequently repaid or prepaid may not be reborrowed. Initial Term Loans may be Base Rate Loans or Eurocurrency Rate Loans as further provided herein.

Term. Except as expressly provided otherwise in this Services Agreement, or with respect to specific services as indicated on the Schedules hereto, the term of this Services Agreement shall be for an initial period commencing at 12:01 a.m. on the date immediately following the date hereof and ending on January 31, 2019 (the “Initial Term”). Effective between the respective Provider and Recipient, the Initial Term may be extended for an additional period ending on the one-year anniversary of the date hereof, or such other period set forth on [Schedule A] or [Schedule B] (the “Renewal Term”) at the request of a Recipient by written notice from such Recipient to its Provider, with copies to and ; any such notice shall be made not less than two months prior to the end of the Initial Term. The obligation of any Recipient to make a payment for services previously rendered shall not be affected by the expiration of the Initial Term or Renewal Term and shall survive such expiration and continue until full payment is made.

Renewal Premiums. The Ceding Company shall not accept additional premium in accordance with [Section 3.02] with respect to any tax sheltered Reinsured Policy, except as required by the express terms of such Reinsured Policy.

Non-Renewal. If the Company does not extend or renew this Agreement at the end of the Contract Period and you have not entered into a new contractual relationship with the Company, your continuing employment, if any, with the Company shall be “at-will” and may be terminated at any time by either party. If the Company terminates your employment during the twelve (12) month period commencing with the last day of the Contract Period while you are an employee at-will, the Company shall continue to pay your Salary (at the rate in effect on the date of termination) at the same time and in the same manner as if you had not terminated employment for the balance, if any, of such twelve (12) month period; provided, however, that # you shall not be entitled to such Salary continuation if the Company terminates your employment for reasons constituting Cause and # any such Salary continuation shall be subject to offset as set forth in [Section 11(d)] above, without giving effect to the twelve (12) month period referenced therein.

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