Common use of Term; Automatic Renewal Clause in Contracts

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three years from the Closing Date and automatically shall be renewed for successive one year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 3 contracts

Samples: Loan and Security Agreement (International Remote Imaging Systems Inc /De/), Loan and Security Agreement (Celebrity Inc), Loan and Security Agreement (Celebrity Inc)

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Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three 4 years from the Closing Date and automatically shall be renewed for successive one 1 year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one 1 year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 2 contracts

Samples: Loan and Security Agreement (Dep Corp), Loan and Security Agreement (Discovery Zone Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three 3 years from the Closing Effective Date and automatically shall be renewed for successive one 1 year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one 1 year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 2 contracts

Samples: Loan and Security Agreement (Banyan Systems Inc), Loan and Security Agreement (Garden Botanika Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three five (5) years from the Closing Date and automatically shall be renewed for successive one (1) year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one (1) year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 2 contracts

Samples: Loan and Security Agreement (American Bank Note Holographics Inc), Loan and Security Agreement (American Bank Note Holographics Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three (3) years from the Closing Date and automatically shall be renewed for successive one (1) year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one (1) year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 2 contracts

Samples: Loan and Security Agreement (Data Systems Network Corp), Loan and Security Agreement (Oneita Industries Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three 5 years from the Closing Date and automatically shall be renewed for successive one 1 year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one 1 year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (Fitzgeralds Gaming Corp)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date July 31, 2002 (the "Renewal Date") that is three years from the Closing Date and automatically shall be renewed for successive one year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one year anniversary of the Renewal Date by giving the other party at least 90 days prior written noticenotice by registered or certified mail, return receipt requested. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default." (e) Section 6.13 of the Agreement is amended to read as follows:

Appears in 1 contract

Samples: Loan and Security Agreement (Childrens Place Retail Stores Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three four years from the Closing Date and automatically shall be renewed for successive one year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (K Tel International Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date November 20, 2002 (the "Renewal Date") that is three years from the Closing Date and automatically shall be renewed for successive one (1) year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one (1) year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (Global Sports Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three years from the Closing Date and automatically shall be renewed for successive one year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (Ultimate Electronics Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three years from the Closing Date and automatically shall be renewed for successive one year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (Incomnet Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three five (5) years from the Closing Date and automatically shall be renewed for successive one two (2) year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one two (2) year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (Dorsey Trailers Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three two years from the Closing Date and automatically shall be renewed for successive one year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (Wam Net Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and the Foothill Group and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three two years from the Closing Date and automatically shall be renewed for successive one year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, the Foothill Group shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (Stormedia Inc)

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Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three (3) years from the Closing Date and automatically shall Date. This Agreement may be renewed for successive one (1) year periods thereafter, unless sooner terminated pursuant thereafter at the option of the Borrower upon 90 days prior written notice to the terms hereofFoothill. Either party may terminate this Agreement effective on the Renewal Date or on any one (1) year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (Computron Software Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three years from the Closing Date and automatically shall be renewed for successive one year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either 31 party may terminate this Agreement effective on the Renewal Date or on any one year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (Gi Joes Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date July 31, 2002 (the "Renewal Date") that is three years from the Closing Date and automatically shall be renewed for successive one year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one year anniversary of the Renewal Date by giving the other party at least 90 days prior written noticenotice by registered or certified mail, return receipt requested. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default."

Appears in 1 contract

Samples: Loan and Security Agreement (Childrens Place Retail Stores Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three 5 years from the Closing Date and automatically shall be renewed for successive one 1 year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one year anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (Bpi Packaging Technologies Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three seven (7) years from the Closing Date and automatically shall be renewed for successive one two (2) year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal renewal Date or on any one two (2) year anniversary of the Renewal renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default."

Appears in 1 contract

Samples: Loan and Security Agreement (Dorsey Trailers Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date October 6, 2000 (the "Renewal Date") that is three years from the Closing Date and automatically shall be automatically renewed for successive one (1) year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one (1) year anniversary of the Renewal Date by giving the other party at least 90 ninety (90) days prior written noticenotice by registered or certified mail, return receipt requested. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default. (8) Section 3.5:

Appears in 1 contract

Samples: Loan and Security Agreement (Phoenix Network Inc)

Term; Automatic Renewal. This Agreement shall become effective upon on the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date (the "Renewal Date") that is three 3 years from the Closing Date and automatically shall be renewed for successive one 1 year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one 1 year anniversary of the Renewal Date by giving the other party at least 90 60 days prior written noticenotice by registered or certified mail, return receipt requested. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (Image Entertainment Inc)

Term; Automatic Renewal. This Agreement shall become effective upon the execution and delivery hereof by Borrowers Borrower and Foothill and shall continue in full force and effect for a term ending on the date August 1, 2000 (the "Renewal Date") that is three years from the Closing Date and automatically shall be renewed for successive one 1 year periods thereafter, unless sooner terminated pursuant to the terms hereof. Either party may terminate this Agreement effective on the Renewal Date or on any one year subsequent anniversary of the Renewal Date by giving the other party at least 90 days prior written notice. The foregoing notwithstanding, Foothill shall have the right to terminate its obligations under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (Concurrent Computer Corp/De)

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