Operating Term. 2.1. This Agreement shall have an initial term commencing on the Takeover Date and expiring on the tenth (10th) anniversary of the Takeover Date (the “Initial Term”), unless sooner terminated in accordance with the provisions of this Agreement or unless extended as provided by the terms of this Agreement or as otherwise provided by the written agreement of Owner and Operator. This Agreement shall automatically renew for the applicable Renewal Term unless either party gives the other party written notice of termination no less than ninety (90) days before the end of the Initial Term or the then applicable Renewal Term (such date, the “Renewal Termination Date”); provided that no such renewal shall be effective if an Operator Event of Default is ongoing on either the Renewal Termination Date or the commencement date of any such Renewal Term.
Operating Term. The period commencing on the Effective Date of this Agreement and expiring at 11:59 p.m. on December 31, 2013. Operating Year: The twelve (12) month period of time during which the Facilities are operated, commencing on January 1st and ending on December 31st, and each twelve month period of time thereafter, provided that the first Operating Year shall commence on November 1, 2011 and end December 31, 2011. PGA: The Professional Golfers Association of America. Revenues: All income collected by Operator from the operation of the Facilities, as more fully described in Section 14 of this Agreement.
Operating Term. The term of this Agreement shall commence on the Commencement Date and shall terminate at midnight on the date that is three (3) years after the Commencement Date (the “Initial Term”), subject to earlier termination or extension as set forth herein. This Agreement shall automatically renew for two (2) additional terms of one (1) year each (each, a “Renewal Term”) unless either party gives the other party written notice of termination at least ninety (90) days prior to the end of the Initial Term or the then-current Renewal Term. ARTICLE 3 OPERATION OF THE HOTEL
Operating Term. 2.1. This Agreement shall have a term (the “Operating Term”) commencing on the date hereof (the “Commencement Date”) and expiring on the tenth (10th) anniversary of the Commencement Date (the “Initial Term”), unless sooner terminated in accordance with the provisions of this Agreement or unless extended as provided by the terms of this Agreement or as otherwise provided by the written agreement of Owner and Operator. This Agreement shall automatically renew for additional terms of thirty (30) days each (each, a “Renewal Term”) unless either party gives the other party written notice of termination at least sixty (60) days prior to the end of the Initial Term or thirty (30) days prior to the end of the then-current Renewal Term. Owner and Operator, by mutual written agreement, may renew this Agreement for a longer term and, in such case, such longer term shall be a Renewal Term. Any and all reference contained herein to Term shall be deemed to include the Operating Term, the Initial Term and the Renewal Term(s).
Operating Term. The initial term of this Agreement as established in Section 2.1 and each renewal or extension of the initial term as it occurs, as established under Section 2.2 or otherwise, unless this Agreement shall be sooner terminated as herein provided, in which case the “Operating Term” shall end upon the date of such termination.
Operating Term. The initial Operating Term commences on the Effective Date and expires on the fifth (5th) anniversary of the Opening Date.
Operating Term. The period commencing on the Effective Date of this Agreement and expiring at 11:59 p.m. on December 31, 2021. Operating Year: The twelve (12) month period of time during which the Facility is operated, commencing on January 1st and ending on December 31st, and each twelve month period of time thereafter.
Operating Term. The initial operating term of this Agreement will commence at 12:01 A.M. on the date identified on Schedule I (the "Commencement Date") and terminate at 11:59 P.M. on the expiration date identified on Schedule I (the "Expiration Date").
Operating Term. Subject to the termination provisions as hereinafter provided (which shall also serve as the sole grounds for non-renewal by either party), the “Operating Term” of this Agreement shall commence on the Effective Date and terminate on the Seventh (7th) anniversary of the Effective Date. Thereafter, the Operating Term shall be extended automatically for subsequent periods of one (1) year each (“Renewal Term”).
Operating Term. The “Operating Term” of this Lease shall commence upon the expiration of the Procurement and Construction Period and shall continue for a period of 25 years less the time of the Procurement and Construction Period. Notwithstanding the foregoing, the Operating Term may be terminated prior to the expiration of the Term in accordance with the terms of this Agreement.
