Common use of Alternative B Clause in Contracts

Alternative B. Each Participation Agreement shall take effect on the date specified therein, and shall remain in force and effect for a period of [one (1) year] (the “Initial Term”). The term of each Participation Agreement shall automatically be extended for an additional period of [one (1) year] (each, a “Renewal Term”) following the expiration of the Initial Term or any Renewal Term, unless either HIO or the Participant gives the other written notice of termination not less than [thirty (30) days] prior to the expiration of the then-current Initial Term or Renewal Term.29

Alternative B. Each Participation Agreement shall take effect on the date specified therein, and shall remain in force and effect for a period of [one (1) year] (the “Initial Term”). The term of each Participation Agreement shall automatically be extended for an additional period of [one (1) year] (each, a “Renewal Term”) following the expiration of the Initial Term or any Renewal Term, unless either HIO or the Participant gives the other written notice of termination not less than [thirty (30) days] prior to the expiration of the then-current Initial Term or Renewal Term.29Term.34

Alternative B. Each Participation Agreement shall take effect on the date specified therein, and shall remain in force and effect for a period of [one (1) year] (the “Initial Term”). The term of each Participation Agreement shall automatically be extended for an additional period of [one (1) year] (each, a “Renewal Term”) following the expiration of the Initial Term or any Renewal Term, unless either HIO or the Participant gives the other written notice of termination not less than [thirty (30) days] prior to the expiration of the then-current Initial Term or Renewal Term.29Term.3432