Common use of Basic Term Clause in Contracts

Basic Term. The term of this Agreement shall commence on the Effective Date and continue through December 31, 2017, unless terminated pursuant to this Section 2. On December 31, 2017, and on December 31 of each succeeding year, the first sentence of this Section 2.2 shall be automatically amended without any action by the parties by deleting each year then appearing therein and inserting in each place the next subsequent year.

Basic Term. The term of this Agreement shall commence on the Effective Date January 1, 2012 and continue through December 31, 20172012, unless terminated pursuant to this Section 2. On December 31, 20172012, and on December 31 of each succeeding year, the first sentence of this Section 2.2 shall be automatically amended without any action by the parties by deleting each year then appearing therein and inserting in each place the next subsequent year.

Basic Term. The term of this Agreement shall commence on the Effective Date July 31, 2012 and continue through December 31, 20172012, unless terminated pursuant to this Section 2. On December 31, 20172012, and on December 31 of each succeeding year, the first sentence of this Section 2.2 shall be automatically amended without any action by the parties by deleting “July 31” and inserting in its stead “January 1” and deleting each year then appearing therein and inserting in each place the next subsequent year.

Basic Term. The term of this Agreement shall commence on the Effective Date and continue through December 31, 20172019, unless terminated pursuant to this Section 2. On December 31, 20172019, and on December 31 of each succeeding year, the first sentence of this Section 2.2 shall be automatically amended without any action by the parties by deleting each year then appearing therein and inserting in each place the next subsequent year.

Basic Term. The term of this Agreement shall commence on the Effective Date and continue through December 31, 20172023, unless terminated pursuant to this Section 2. On December 31, 20172023, and on December 31 of each succeeding year, the first sentence of this Section 2.2 shall be automatically amended without any action by the parties by deleting each year then appearing therein and inserting in each place the next subsequent year.

Basic Term. The term of this Agreement shall commence on the Effective Date and continue through December 31, 2017, unless terminated pursuant to this Section 2. On December 31, 20172015, and on December 31 of each succeeding year, the first sentence of this Section 2.2 shall be automatically amended without any action by the parties by deleting each year then appearing therein and inserting in each place the next subsequent year.

Basic Term. The term of this Agreement shall commence on the Effective Date February 15, 2017 and continue through December 31, 2017, unless terminated pursuant to this Section 2. On December 31, Commencing in 2017, and on the last day of December 31 of each succeeding year, the first sentence of this Section 2.2 shall be automatically amended without any action by the parties by deleting “February 15” and inserting in its stead “January 1” and deleting each year then appearing therein and inserting in each place the next subsequent year, such that this Agreement shall be deemed to have been renewed each year prior to the expiration of the current term.