Common use of Basic Term Clause in Contracts

Basic Term. The term of this Agreement shall commence on January 1, 2012 and continue through December 31, 2012, unless terminated pursuant to this Section 2. On December 31, 2012, 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 January 1, 2012 the Effective Date and continue through December 31, 20122017, unless terminated pursuant to this Section 2. On December 31, 20122017, 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 January 1July 31, 2012 and continue through December 31, 2012, unless terminated pursuant to this Section 2. On December 31, 2012, 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.