Common use of TERM OF MEMORANDUM Clause in Contracts

TERM OF MEMORANDUM. This memorandum of understanding shall be in effect from the date of its execution until June 30, 1986 and may be renewed at the option of either party upon written notice to do so served on the other party to this agreement not later than thirty (30) days prior to the expiration of this memorandum on an annual basis not to exceed a total of two (2) years. Continuation of the PPRP after June 30, 1988 shall require the mutual agreement of the University and AFUM. In the event that such agreement does not occur or neither party exercises the option for renewal above, the PPRP shall expire and shall be discontinued, subject to the provisions of Section D hereof regarding individual PPRP participants. October 9, 1984 Date 12/14/84

TERM OF MEMORANDUM. This memorandum of understanding shall be in effect from the date of its execution until June 30, 1986 and may be renewed at the option of either party upon written notice to do so served on the other party to this agreement not later than thirty (30) days prior to the expiration of this memorandum on an annual basis not to exceed a total of two (2) years. Continuation of the PPRP after June 30, 1988 shall require the mutual agreement of the University and AFUM. In the event that such agreement does not occur or neither party exercises the option for renewal above, the PPRP shall expire and shall be discontinued, subject to the provisions of Section D hereof regarding individual PPRP participants. October 9, 1984 Date 12/14/84Date