Common use of Initial Term; Renewal Terms Clause in Contracts

Initial Term; Renewal Terms. The initial term of each Supplemental Agreement (the “Initial Term”) is five (5) years commencing on the Payment Commencement Date of each Supplemental Agreement and terminating at 11:59 p.m. on the day preceding the fifth (5th) anniversary of the Payment Commencement Date. Licensee may renew a Supplemental Agreement for up to four (4) additional terms of five (5) years each (“Renewal Terms”).