Commencement and Duration full text

4.1 Commencement of the Agreement

The Agreement shall become effective as of the date it is duly executed by both Parties (the „Effective Date”), or on such later date as may be specified herein. Notwithstanding the execution of this Agreement, no Party shall be entitled to exercise any rights or obligations until the satisfaction of all conditions precedent specified in Schedule X, unless such conditions are expressly waived in writing by the Party entitled to their benefit.

4.2 Duration of the Agreement

The term of the present Agreement (the „Term”) shall commence on the Effective Date and shall remain in full force and effect for an initial period of six months (the „Initial Term”), unless terminated earlier in accordance with the provisions of this Agreement. Upon expiration of the Initial Term, the Agreement shall automatically renew for successive periods of six months (each, a „Renewal Term”) unless either Party provides the other Party with written notice of its intent not to renew, no less than thirty days prior to the expiration of the then-current Term.