Common use of Term Date Clause in Contracts

Term Date. This Corporate Guaranty shall continue in full force and effect until the earlier of (i) such date as all of the statutes of limitations applicable to any cause of action Martek might have against DFS related to the ARA Agreement have expired or (ii) the date three (3) years after the expiration or the termination of the ARA Agreement (“Term Date”), provided that this Corporate Guaranty shall continue in effect even after the Term Date with regard to any Arbitral Award issued as a result of any arbitration previously commenced by Martek against DFS before the Term Date and not yet completed as of the Term Date.