Common use of Initial Term and Renewal Terms Clause in Contracts

Initial Term and Renewal Terms. The Venture shall have a term commencing on the date hereof and continuing to and including April 30, 2022. Thereafter the term of the Venture shall be automatically extended for successive two-year renewal terms unless either party elects by written notice to the other party given not less than twelve (12) months prior to expiration of the initial term or any renewal term, to terminate the Venture upon expiration of the initial term or renewal term, as the case may be.

Initial Term and Renewal Terms. The Venture shall have a term commencing on the date hereof and continuing to and including April 30, 20222025. Thereafter the term of the Venture shall be automatically extended for successive two-year renewal terms unless either party elects by written notice to the other party given not less than twelve (12) months prior to expiration of the initial term or any renewal term, to terminate the Venture upon expiration of the initial term or renewal term, as the case may be.

Initial Term and Renewal Terms. The Venture shall have a term commencing on the date hereof and continuing to and including April 30, 20222018. Thereafter Thereafter, the term of the Venture shall be automatically extended for successive two-year renewal terms unless either party elects by written notice to the other party given not less than twelve (12) months prior to expiration of the initial term or any renewal term, to terminate the Venture upon expiration of the initial term or renewal term, as the case may be.