This Agreement shall be for a period commencing at 12:01 a.m. of the prevailing time in the time zone where the Hotel is located on the Management Commencement Date, and unless sooner terminated as hereinafter provided, shall continue until 11:59 p.m. of the prevailing time in the time zone where the Hotel is located on the 31st day of [______], [_____] (“ Initial Term ”) and shall, until the end of the term of the Franchise Agreement (or earlier termination thereof), automatically renew for additional one (1) year periods (each additional one (1) year period a “ Renewal Term ”) at the end of the Initial Term or applicable Renewal Term unless either party provides a termination notice to the other party at least one hundred twenty (120) days prior to the expiration of the Initial Term or the then current Renewal Term. The Initial Term and each Renewal Term are collectively referred to herein as the “ Term ”.