Common use of Term Renewal and Termination Clause in Contracts

Term Renewal and Termination. 1.1 This Agreement shall be effective as of •, 2007 (the “Effective Date”) and shall remain in effect for twenty (20) years until •, 2027 (the “Initial Term”). 1.2 The parties may extend the Initial Term from time to time for such further period or periods as the parties may mutually agree in an amendment to this Agreement in writing executed by the parties. 1.3 This Agreement shall terminate automatically upon: (i) the bankruptcy of either party or the making of an assignment for the benefit of creditors, or the appointment of a trustee or receiver and manager or liquidator for such party or for all or a substantial part of its property, or the commencement of bankruptcy, reorganization, arrangement, insolvency or similar proceedings by or against such party under the laws of any jurisdiction; (ii) the default of a party in performing a material obligation hereunder, provided that: (a) the other party shall have first given written notice of such default to the party in default (a “Default Notice”), which Default Notice shall set out in reasonable detail the particulars of the default alleged, and (b) such default shall not have been remedied within 15 days of notice thereof by the party in default; or (iii) the mutual consent of the parties.

Term Renewal and Termination. 1.1 This Agreement shall be effective as of •March 7th, 2007 (the “Effective Date”) and shall remain in effect for twenty (20) years until •March 7th, 2027 (the “Initial Term”). 1.2 The parties may extend the Initial Term from time to time for such further period or periods as the parties may mutually agree in an amendment to this Agreement in writing executed by the parties. 1.3 This Agreement shall terminate automatically upon: (i) the bankruptcy of either party or the making of an assignment for the benefit of creditors, or the appointment of a trustee or receiver and manager or liquidator for such party or for all or a substantial part of its property, or the commencement of bankruptcy, reorganization, arrangement, insolvency or similar proceedings by or against such party under the laws of any jurisdiction; (ii) the default of a party in performing a material obligation hereunder, provided that: (a) the other party shall have first given written notice of such default to the party in default (a “Default Notice”), which Default Notice shall set out in reasonable detail the particulars of the default alleged, and (b) such default shall not have been remedied within 15 days of notice thereof by the party in default; or (iii) the mutual consent of the parties.

Term Renewal and Termination. 1.1 This Agreement shall be effective as of •, 2007 (the “Effective Date”) ), and shall remain in effect for twenty five (205) years until •, 2027 2012 (the “Initial Term”), provided the parties shall agree on the volumes and pricing on an annual basis following the expiration of the first contract year. 1.2 The parties may extend the Initial Term from time to time for such further period or periods as the parties may mutually agree in an amendment to this Agreement in writing executed by the parties. 1.3 This Agreement shall terminate automatically upon: (i) the bankruptcy of either party or the making of an assignment for the benefit of creditors, or the appointment of a trustee or receiver and manager or liquidator for such party or for all or a substantial part of its property, or the commencement of bankruptcy, reorganization, arrangement, insolvency or similar proceedings by or against such party under the laws of any jurisdiction; (ii) the default of a party in performing a material obligation hereunder, provided that: (a) the other party shall have first given written notice of such default to the party in default (a “Default Notice”), which Default Notice shall set out in reasonable detail the particulars of the default alleged, and (b) such default shall not have been remedied within 15 days of notice receipt thereof by the party in default; or (iii) the mutual consent of the parties.