Common use of Initial Term; Renewal Terms Clause in Contracts

Initial Term; Renewal Terms. The term of this Agreement is for an initial term of ten years, plus an additional time period equal to the period of any postponement of the NWIP Call Right under Section 4.02(a) of the Shareholders' Agreement (the "Initial Term"), and is subject to renewal for up to four additional ten-year terms (each, a "Renewal Term") at the Company's option exercisable by providing 180 days' written notice prior to the end of the Initial Term or any Renewal Term. Any extension of the Initial Term of this Agreement or any renewal of this Agreement for a Renewal Term will automatically extend and continue the terms of the Collateral Agreements so that (unless the arbitrators have determined pursuant to Section 12.9D, that the Trademark License Agreement should be terminated) the term of those agreements are the same as this Agreement. Either the Company or NWIP may terminate the Collateral Agreements at any time upon or after termination of this Agreement (unless the arbitrators have determined pursuant to Section 12.9D that the Trademark License Agreement should continue).