Common use of Applicable Term Clause in Contracts

Applicable Term. The Applicable Term of Section 6 of this Agreement shall be (i) the term of employment in the event Undersigned is an Employee, it being understood and acknowledged that Employee is employed at will and may be terminated at any time by Company and/or the Related Party signatory hereto, as the case may be, (ii) the term of the applicable Area Development Agreement or License Agreement in the event Undersigned is an Owner, or (iii) three years in the event the Undersigned is a Vendor, provided that in the case of this clause (iii), the Applicable Term shall automatically be extended one year on each anniversary of the date of execution hereof, unless either party has given written notice to the other not more than 90 days prior thereto stating that such extensions shall not occur.

Applicable Term. The Applicable Term of Section 6 of this Agreement shall be (i) the term of employment in the event Undersigned is an Employee, it being understood and acknowledged that Employee is employed at will and may be terminated at any time by Company and/or the Related Party signatory hereto, as the case may be, (ii) the term of the applicable Area Development Agreement, Franchise Agreement or License Agreement in the event Undersigned is an Owner, or (iii) three years in the event the Undersigned is a Vendor, provided that in the case of this clause (iii), the Applicable Term shall automatically be extended one year on each anniversary of the date of execution hereof, unless either party has given written notice to the other not more than 90 days prior thereto stating that such extensions shall not occur.