Common use of Term Duration Clause in Contracts

Term Duration. (a) This Agreement shall become effective as of the Effective Date and shall continue in full force and effect for an initial period of three (3) years from and after the Effective Date (the "Primary Term"). At the end of the Primary Term, this Agreement shall automatically be extended for additional periods of three (3) years each (each a "Renewal Term") unless a Party elects, during any Renewal Term, to terminate this Agreement by giving written notice to the other Party at least six (6) months prior to the date on which such termination shall become effective. (b) The exclusive nature of the rights and license granted to Licensee under Section 2.01 is based on the assumption that Licensee will market and install at Facilities a minimum of (1) ten (10) Nano Reactor Units during the first year of the Primary Term, and (2) twenty (20) Units during each subsequent year of the Primary Term (in each such year the "Minimum Annual Units"). Should Licensee fail to complete the placement, installation or integration of the Minimum Annual Units at Facilities during any year of the Primary Term, Licensor shall have the right, by written notice to Licensee, to convert the exclusive rights and license granted to Licensee under Section 2.01 to a non-exclusive license and right during the remaining term of this Agreement.

Term Duration. (a) This Agreement shall become effective as of the Effective Date and shall continue in full force and effect for an initial period of three (3) years from and after the Effective Date (the "“Primary Term"”). At the end of the Primary Term, this Agreement shall automatically be extended for additional periods of three (3) years each (each a "“Renewal Term"”) unless a Party elects, during any Renewal Term, to terminate this Agreement by giving written notice to the other Party at least six (6) months prior to the date on which such termination shall become effective. (b) The exclusive nature of the rights and license granted to Licensee under Section 2.01 is based on the assumption that Licensee will market and install at Facilities a minimum of (1) ten (10) Nano Reactor Units during the first year of the Primary Term, and (2) twenty (20) Units during each subsequent year of the Primary Term (in each such year the "“Minimum Annual Units"”). Should Licensee fail to complete the placement, installation or integration of the Minimum Annual Units at Facilities during any year of the Primary Term, Licensor shall have the right, by written notice to Licensee, to convert the exclusive rights and license granted to Licensee under Section 2.01 to a non-exclusive license and right during the remaining term of this Agreement.