Common use of Termination of Revolving Credit Clause in Contracts

Termination of Revolving Credit. This Agreement is, and is intended ------------------------------- to be, a continuing agreement and shall remain in full force and effect for an initial term ending on the Maturity Date, and thereafter for successive twelve- month periods, each beginning on the 1st day of December (commencing December 1, 2002) of each year and ending on November 30th of the following year (each such twelve-month period is hereinafter referred to as a "renewal term"); provided, however, that either party may terminate this Agreement as of the end of the initial term or any subsequent renewal term by giving the other party notice to terminate in writing at least sixty (60) days prior to the end of any such period whereupon at the end of such period all Liabilities shall be due and payable in full without presentation, demand, or further notice of any kind, whether or not all or any part of the Liabilities is otherwise due and payable pursuant to the agreement or instrument evidencing same. Lender may terminate this Agreement immediately and without notice upon the occurrence of an Event of Default. Notwithstanding the foregoing or anything in this Agreement or elsewhere to the contrary, the security interest, Lender's rights and remedies hereunder and Borrower's obligations and liabilities hereunder shall survive any termination of this Agreement and shall remain in full force and effect until all of the Liabilities outstanding, or contracted or committed for (whether or not outstanding), before the receipt of such notice by Lender, and any extensions or renewals thereof (whether made before or after receipt of such notice), together with interest accruing thereon after such notice, shall be finally and irrevocably paid in full. No Collateral shall be released or financing statement terminated until such final and irrevocable payment in full of the Liabilities, as described in the preceding sentence.

Termination of Revolving Credit. This Agreement is, and is intended ------------------------------- to be, a continuing agreement and shall remain in full force and effect for an initial term ending on the Maturity Date, and thereafter thereafter, at Lender’s discretion, for successive twelve- twelve-month periods, each beginning on the 1st 8th day of December September (commencing December 1, 20022004) of each year and ending on November 30th September 8th of the following year (each such twelve-month period is hereinafter referred to as a "“renewal term"”); provided, however, that either party may terminate this Agreement as of the end of the initial term or any subsequent renewal term by giving the other party notice to terminate in writing at least sixty ninety (6090) days prior to the end of any such period whereupon at the end of such period all Liabilities shall be due and payable in full without presentation, demand, or further notice of any kind, whether or not all or any part of the Liabilities is otherwise due and payable pursuant to the agreement or instrument evidencing same. Subject to Section 13-2 below, Borrower may pay the Liabilities in full at any time prior to the Maturity Date. Lender may terminate this Agreement immediately and without notice upon the occurrence of an Event of DefaultDefault which has not been remedied within any grace period expressly provided herein or otherwise waived in writing by Lender. Notwithstanding the foregoing or anything in this Agreement or elsewhere to the contrary, the security interest, Lender's ’s rights and remedies hereunder and Borrower's ’s obligations and liabilities hereunder shall survive any termination of this Agreement and shall remain in full force and effect until all of the Liabilities outstanding, or contracted or committed for (whether or not outstanding), before the receipt of such notice by Lender, and any extensions or renewals thereof (whether made before or after receipt of such notice), together with interest accruing thereon after such notice, shall be finally and irrevocably paid in full. No Collateral shall be released or financing statement terminated until such final and irrevocable payment in full of the Liabilities, as described in the preceding sentence.

Termination of Revolving Credit. This Agreement is, The Revolving Credit and is intended ------------------------------- to be, a continuing agreement and shall remain in full force and effect for an initial term ending on the Maturity Date, and thereafter for successive twelve- month periods, each beginning on the 1st day of December (commencing December 1, 2002) of each year and ending on November 30th any obligation of the following year (each such twelve-month period is hereinafter referred Lender to as a "renewal term"); providedmake loans and advances, howeveror to otherwise grant financial accommodations, that either party may terminate this Agreement as to or for the benefit of the end Borrowers shall terminate at the close of the initial term or any subsequent renewal term by giving the other party notice to terminate business on Tuesday, April 15, 2003. From and after that date and time: 1. Unless expressly extended in writing at least sixty (60) days prior to by the end of any such period whereupon at Lender in the end of such period Lender's sole discretion, all Liabilities shall be due and payable in full full, without presentation, demand, notice or further notice protest, all of which are hereby expressly waived by the Borrowers; PROVIDED, HOWEVER, THAT any kind, whether or not all or any part of Early Termination Fee shall be waived by the Liabilities is otherwise due and payable pursuant to Lender in the agreement or instrument evidencing same. Lender may terminate this Agreement event that immediately and without notice upon the occurrence of an Event of Default. Notwithstanding the foregoing or anything in this Agreement or elsewhere to the contrarysuch termination, the security interest, Lender's rights and remedies hereunder and Borrower's obligations and liabilities hereunder shall survive any termination of this Agreement and shall remain in full force and effect until Borrowers repay all of the Liabilities outstandingand discharge all of their obligations on account of such termination (as to which, see Section 13:13-2 of the Loan Agreement) with the proceeds of a financing from a third party which has provided the Borrowers with a financing commitment with advance rates (inclusive of all applicable reserves used to determine the amount available to the Borrowers under such financing commitment) which provide the Borrowers with greater availability on the same assets than are offered by the Lender either under the then existing Loan Agreement or under any modification thereto proposed by the Lender; 2. In the absence of such an agreement in writing, the Lender may, in its discretion, either: a. Forbear from making demand for, and accelerating payment of the Liabilities and otherwise forbear from enforcing the Lender's Rights and Remedies; or b. Make demand for, and accelerate payment of the Liabilities and otherwise commence enforcing the Lender's Rights and Remedies at any time, or contracted or committed for (whether or not outstanding)from time to time, before without further notice to the receipt of such notice by Lender, and any extensions or renewals thereof (whether made before or after receipt of such notice), together with interest accruing thereon after such notice, shall be finally and irrevocably paid in full. No Collateral shall be released or financing statement terminated until such final and irrevocable payment in full of the Liabilities, as described in the preceding sentenceBorrowers.

Termination of Revolving Credit. This Agreement is, and is intended ------------------------------- to be, a continuing agreement and shall remain in full force and effect for an initial term ending on the Maturity Date, and thereafter for successive twelve- twelve-month periods, each beginning on the 1st 23rd day of December January (commencing December 1January 23, 20022006) of each year and ending on November 30th January 22nd of the following year (each such twelve-month period is hereinafter referred to as a "renewal term"); provided, however, that either party may terminate this Agreement as of the end of the initial term or any subsequent renewal term by giving the other party notice to terminate in writing at least sixty one hundred twenty (60120) days prior to the end of any such period whereupon at the end of such period all Liabilities shall be due and payable in full without presentation, demand, or further notice of any kind, whether or not all or any part of the Liabilities is otherwise due and payable pursuant to the agreement or instrument evidencing same. Lender may terminate this Agreement immediately and without notice upon the occurrence of an Event of Default. Notwithstanding the foregoing or anything in this Agreement or elsewhere to the contrary, the security interest, Lender's rights and remedies hereunder and Borrower's obligations and liabilities hereunder shall survive any termination of this Agreement and shall remain in full force and effect until all of the Liabilities outstanding, or contracted or committed for (whether or not outstanding), before the receipt of such notice by Lender, and any extensions or renewals thereof (whether made before or after receipt of such notice), together with interest accruing thereon after such notice, shall be finally and irrevocably paid in full. No Collateral shall be released or financing statement terminated until such final and irrevocable payment in full of the Liabilities, as described in the preceding sentence.

Termination of Revolving Credit. This Agreement is, and is intended ------------------------------- to be, a continuing agreement and shall remain in full force and effect for an initial term ending on the earlier of (i) the Maturity Date, and thereafter or (ii) December 31, 2003, unless on or before October 31, 2003 the Borrower receives the waiver from the Borrower's stockholders of any requirement to make any mandatory distributions of cash dividends or other payments. If such waiver is obtained this Agreement shall after the Maturity Date be renewed for successive twelve- twelve-month periods, each beginning on the 1st 31st day of December August (commencing December 1August 31, 20022005) of each year and ending on November 30th August 30 of the following year (each such twelve-month period is hereinafter referred to as a "renewal termRENEWAL TERM"); provided, however, that either party may terminate this Agreement as of the end of the initial term or any subsequent renewal term by giving the other party notice to terminate in writing at least sixty ninety (6090) days prior to the end of any such period whereupon at the end of such period all Liabilities shall be due and payable in full without presentation, demand, or further notice of any kind, whether or not all or any part of the Liabilities is otherwise due and payable pursuant to the agreement or instrument evidencing same. Lender may terminate this Agreement immediately and without notice upon the occurrence of an Event of Default. Notwithstanding the foregoing or anything in this Agreement or elsewhere to the contrary, the security interest, Lender's rights and remedies hereunder and Borrower's obligations and liabilities hereunder shall survive any termination of this Agreement and shall remain in full force and effect until all of the Liabilities outstanding, or contracted or committed for (whether or not outstanding), before the receipt of such notice by Lender, and any extensions or renewals thereof (whether made before or after receipt of such notice), together with interest accruing thereon after such notice, shall be finally and irrevocably paid in full. No Collateral shall be released or financing statement terminated until such final and irrevocable payment in full of the Liabilities, as described in the preceding sentence.

Termination of Revolving Credit. This Agreement is, and is intended ------------------------------- to be, a continuing agreement and shall remain in full force and effect for an initial term ending on the Maturity Date, and thereafter for successive twelve- twelve-month periods, each beginning on the 1st first day of December October (commencing December October 1, 20022000) of each year and ending on November 30th September 30 of the following year (each such twelve-month period is hereinafter referred to as a "renewal term"); provided, however, that either party may terminate this Agreement as of the end of the initial term or any subsequent renewal term by giving the other party notice to terminate in writing at least sixty (60) days prior to the end of any such period whereupon at the end of such period all Liabilities shall be due and payable in full without presentation, demand, or further notice of any kind, whether or not all or any part of the Liabilities is otherwise due and payable pursuant to the agreement or instrument evidencing same. Lender may terminate this Agreement immediately and without notice upon the occurrence of an Event of Default. Notwithstanding the foregoing or anything in this Agreement or elsewhere to the contrary, the security interest, Lender's rights and remedies hereunder and Borrower's obligations and liabilities hereunder shall survive any termination of this Agreement and shall remain in full force and effect until all of the Liabilities outstanding, or contracted or committed for (whether or not outstanding), before the receipt of such notice by Lender, and any extensions or renewals thereof (whether made before or after receipt of such notice), together with interest accruing thereon after such notice, shall be finally and irrevocably paid in full. No Collateral shall be released or financing statement terminated until such final and irrevocable payment in full of the Liabilities, as described in the preceding sentence.

Termination of Revolving Credit. This Agreement is, and is ------------------------------- intended ------------------------------- to be, a continuing agreement and shall remain in full force and effect for an initial term ending on the Maturity Date, and thereafter shall automatically be renewed for successive twelve- month periodsone (1) year periods thereafter, each beginning on unless sooner terminated pursuant to the 1st day of December (commencing December 1, 2002) of each year and ending on November 30th of the following year (each such twelve-month period is hereinafter referred to as a "renewal term"); provided, however, that either terms hereof. Either party may terminate this Agreement as of the end of the initial term or any subsequent renewal term by giving the other party notice to terminate in writing at least sixty ninety (6090) days prior to the end of any such period whereupon at the end of such period all Liabilities shall be due and payable in full without presentation, demand, or further notice of any kind, whether or not all or any part of the Liabilities is otherwise due and payable pursuant to the agreement or instrument evidencing same. Lender may terminate this Agreement immediately and without notice upon the occurrence of an Event of Default. Notwithstanding the foregoing or anything in this Agreement or elsewhere to the contrary, the security interest, Lender's rights and remedies hereunder and Borrower's obligations and liabilities hereunder shall survive any termination of this Agreement and shall remain in full force and effect until all of the Liabilities outstanding, or contracted or committed for (whether or not outstanding), before the receipt of such notice by Lender, and any extensions or renewals thereof (whether made before or after receipt of such notice), together with interest accruing thereon after such notice, shall be finally and irrevocably paid in full. No Collateral shall be released or financing statement terminated until such final and irrevocable payment in full of the Liabilities, as described in the preceding sentence.

Termination of Revolving Credit. This Agreement is, and is intended ------------------------------- to be, a continuing agreement and shall remain in full force and effect for an initial term ending on the Maturity Date, and thereafter for successive twelve- twelve-month periods, each beginning on the 1st day of December August (commencing December 1, 20022003) of each year and ending on November 30th July 31st of the following year (each such twelve-month period is hereinafter referred to as a "renewal termRENEWAL TERM"); provided, however, that either party may terminate this Agreement as of the end of the initial term or any subsequent renewal term by giving the other party notice to terminate in writing at least sixty forty-five (6045) days prior to the end of any such period whereupon at the end of such period all Liabilities shall be due and payable in full without presentation, demand, or further notice of any kind, whether or not all or any part of the Liabilities is otherwise due and payable pursuant to the agreement or instrument evidencing same. Lender may terminate this Agreement immediately and without notice upon the occurrence of an Event of Default. Notwithstanding the foregoing or anything in this Agreement or elsewhere to the contrary, the security interest, Lender's rights and remedies hereunder and Borrower's obligations and liabilities hereunder shall survive any termination of this Agreement and shall remain in full force and effect until all of the Liabilities outstanding, or contracted or committed for (whether or not outstanding), before the receipt of such notice by Lender, and any extensions or renewals thereof (whether made before or after receipt of such notice), together with interest accruing thereon after such notice, shall be finally and irrevocably paid in full. No Collateral shall be released or financing statement terminated until such final and irrevocable payment in full of the Liabilities, as described in the preceding sentence.

Termination of Revolving Credit. This Agreement is, and is intended ------------------------------- to be, a continuing agreement and shall remain in full force and effect for an initial term ending on the Maturity Date, and thereafter for successive twelve- twelve-month periods, each beginning on the 1st day of December August (commencing December 1, 20022004) of each year and ending on November 30th July 31st of the following year (each such twelve-month period is hereinafter referred to as a "renewal termRENEWAL TERM"); provided, however, that either party may terminate this Agreement as of the end of the initial term or any subsequent renewal term by giving the other party notice to terminate in writing at least sixty forty-five (6045) days prior to the end of any such period whereupon at the end of such period all Liabilities shall be due and payable in full without presentation, demand, or further notice of any kind, whether or not all or any part of the Liabilities is otherwise due and payable pursuant to the agreement or instrument evidencing same. Lender may terminate this Agreement immediately and without notice upon the occurrence of an Event of Default. Notwithstanding the foregoing or anything in this Agreement or elsewhere to the contrary, the security interest, Lender's rights and remedies hereunder and Borrower's obligations and liabilities hereunder shall survive any termination of this Agreement and shall remain in full force and effect until all of the Liabilities outstanding, or contracted or committed for (whether or not outstanding), before the receipt of such notice by Lender, and any extensions or renewals thereof (whether made before or after receipt of such notice), together with interest accruing thereon after such notice, shall be finally and irrevocably paid in full. No Collateral shall be released or financing statement terminated until such final and irrevocable payment in full of the Liabilities, as described in the preceding sentence.

Termination of Revolving Credit. This Agreement is, and is intended ------------------------------- to be, a continuing agreement and shall remain in full force and effect for an initial term ending on the earlier of (i) the Maturity Date, and thereafter or (ii) September 30, 2004, which date shall be extended until September 30, 2005 if, on or before May 30, 2004 the Borrower furnishes the Lender with financial statements through the year to date ending April 30, 2004 evidencing that the Borrower has attained not less than ninety percent (90%) of planned EBITDA, based upon the most recent Business Plan approved by the Lender, which date shall be further extended until the Maturity Date if, on or before July 31, 2005 the Borrower receives the waiver from the Borrower's shareholders of any requirement to make any mandatory distributions of cash dividends or other payments. If such waiver is obtained, this Agreement shall, after the Maturity Date, be renewed for successive twelve- twelve-month periods, each beginning on the 1st 31st day of December August (commencing December 1August 31, 20022006) of each year and ending on November 30th August 30 of the following year (each such twelve-month period is hereinafter referred to as a "renewal termRENEWAL TERM"); provided, however, that either party may terminate this Agreement as of the end of the initial term or any subsequent renewal term by giving the other party notice to terminate in writing at least sixty ninety (6090) days prior to the end of any such period whereupon at the end of such period all Liabilities shall be due and payable in full without presentation, demand, or further notice of any kind, whether or not all or any part of the Liabilities is otherwise due and payable pursuant to the agreement or instrument evidencing same. Lender may terminate this Agreement immediately and without notice upon the occurrence of an Event of Default. Notwithstanding the foregoing or anything in this Agreement or elsewhere to the contrary, the security interest, Lender's rights and remedies hereunder and Borrower's obligations and liabilities hereunder shall survive any termination of this Agreement and shall remain in full force and effect until all of the Liabilities outstanding, or contracted or committed for (whether or not outstanding), before the receipt of such notice by Lender, and any extensions or renewals thereof (whether made before or after receipt of such notice), together with interest accruing thereon after such notice, shall be finally and irrevocably paid in full. No Collateral shall be released or financing statement terminated until such final and irrevocable payment in full of the Liabilities, as described in the preceding sentence.