Common use of Initial Term; Renewal Clause in Contracts

Initial Term; Renewal. This Agreement shall take effect as of the Distribution Date and, unless earlier terminated as provided for in Section 3.2 hereof, BOLC shall provide the Services for a period of one (1) year from the Distribution Date; provided, however, if this Agreement commences on any date other than the first calendar day of a calendar month, then the period during which BOLC shall provide the Services shall be extended to conclude at the end of the thirteenth (13th) calendar month following the Distribution Date (the “Initial Term”). NUVOLA shall have the option to renew this Agreement for an additional three (3)-month period (the “First Renewal Term”) from the end of the Initial Term (provided this Agreement has not been terminated prior to such date in accordance with the terms hereof) by providing at least sixty (60) days written notice to BOLC prior to the expiration of the Initial Term of NUVOLA’s intention to renew this Agreement. In the event this Agreement is renewed for a First Renewal Term, NUVOLA shall have the option to renew this Agreement for an additional three (3)-month period from the end of the First Renewal Term (the “Second Renewal Term”, and together with the First Renewal Term and Initial Term are collectively referred to as the “Term”) by providing at least thirty (30) days written notice to BOLC prior to the expiration of the First Renewal Term. If this Agreement is renewed for a First Renewal Term, the Charges set forth on Schedule A (and any Charges for Additional Services), shall be renegotiated by BOLC and Nuvola. If this Agreement is renewed for a Second Renewal Term, the Charges (and any charges for Additional Services), shall be renegotiated by BOLC and Nuvola.

Initial Term; Renewal. This Unless terminated earlier pursuant to the provisions of Section 12, the initial term of this Agreement ("Licensed Term") shall take effect as of the Distribution Date and, unless earlier terminated as provided for in Section 3.2 hereof, BOLC shall provide the Services be for a period of twenty-five (25) years, commencing at 12:00 a.m. Pacific standard time on September 1, 1995 and terminating at 11:59 Pacific standard time on August 31, 2224. Licensee shall have the right to renew and extend the Licensed Term for like twenty-five (25) year periods for any or all of the following product categories of the Licensed Products, provided (a) that Licensee is not in default or breach of any of the terms of this Agreement for which a cure is not being diligently pursued, (b) that an event of termination as set forth in Section 12 below has not occurred, (c) that during the immediately preceding five (5) year period, Licensee sold in the Licensed Territories those categories renewed by Licensee in excess of 500,000 gallons of Licensed Frozen Dessert Products, 1.5 million gallons of Cultured Dairy Products and 4 million gallons of Licensed Fluid Milk Products, and (d) that at least eight (8) percent of such sales required in subparagraph (c) occurred during the last year of the Licensed Term. During the Licensed Term, commencing on August 31, 1996 and annually thereafter, Licensee shall provide to Licensor within sixty (60) days after the end of each calendar year a written report setting forth in detail the quantity of each Licensed Product sold using any of the Trademarks for the immediately preceding anniversary year of this Agreement. Licensee shall provide to Licensor in writing its intent to renew at least one (1) year from the Distribution Date; provided, however, if this Agreement commences on any date other than the first calendar day of a calendar month, then the period during which BOLC shall provide the Services shall be extended to conclude at the end of the thirteenth (13th) calendar month following the Distribution Date (the “Initial Term”). NUVOLA shall have the option to renew this Agreement for an additional three (3)-month period (the “First Renewal Term”) from the end of the Initial Term (provided this Agreement has not been terminated prior to such date in accordance with the terms hereof) by providing at least sixty (60) days written notice to BOLC prior to the expiration of the Initial Term Licensed Term. All terms and conditions of NUVOLA’s intention to renew this AgreementAgreement shall continue without change in any such extension or renewal period. In the event this Agreement is renewed Licensee fails to submit to Licensor timely written notice of its intent to renew as provided for a First Renewal Termherein, NUVOLA Licensor shall provide Licensee with written notice of Licensee's failure to seek renewal, from which notice Licensee shall have the option sixty (60) days thereafter to effect its notice to renew this Agreement as provided for an additional three (3)-month period from the end of the First Renewal Term (the “Second Renewal Term”, and together with the First Renewal Term and Initial Term are collectively referred to as the “Term”) by providing at least thirty (30) days written notice to BOLC prior to the expiration of the First Renewal Term. If this Agreement is renewed for a First Renewal Term, the Charges set forth on Schedule A (and any Charges for Additional Services), shall be renegotiated by BOLC and Nuvola. If this Agreement is renewed for a Second Renewal Term, the Charges (and any charges for Additional Services), shall be renegotiated by BOLC and Nuvolaherein.