Common use of Termination Effective Date Clause in Contracts

Termination Effective Date. 16.1 This Agreement shall take effect on the Effective Date set forth on the signature page hereto and shall remain in full force for a period of twelve (12) months (the “Initial Term”). The Agreement shall be automatically extended and renewed for successive one (1) year periods following the Initial Term unless notice of non-renewal is provided by the Seller as hereinafter provided (each such one (1) year period, a “Renewal Term”). Notice of non-renewal under this Agreement must be in writing and delivered to Purchaser by Seller not less than ninety (90) days prior to the conclusion of the Initial Term or any Renewal Term. 16.2 This Agreement may be terminated: by Purchaser at anytime upon ninety (90) days prior written notice of termination to Seller, or, without notice by Purchaser if an Event of Default shall occur. 16.3 Upon the effective date of termination all Obligations of Seller to Purchaser shall become immediately due and payable without further notice or demand irrespective of any maturity dates established prior thereto, and Seller shall be obligated to satisfy all Obligations which shall include the repurchase of all Purchased Accounts as described in Section 5 for a repurchase price equal to the aggregate Obligations to Purchaser on the date of repurchase. No termination of this Agreement will in any way affect or impair any right of Purchaser arising prior thereto or by reason thereof, nor will any such termination relieve Seller of any duty to Purchaser under, nor deny Purchaser any benefit from, this Agreement or otherwise until all of Obligations have been fully discharged. In recognition of the Purchaser’s right to have its attorneys' fees and other expenses incurred in connection with this Agreement secured by the Collateral, as well as all indemnities of Seller with respect to dishonored payment items and Avoidance Claims, notwithstanding payment in full of all Obligations by Seller, Purchaser shall not be required to record any terminations or satisfactions of any of Purchaser’s liens on the Collateral unless and until Seller has executed and delivered to Purchaser a general release in the form of Exhibit A hereto. Seller understands that this provision constitutes a waiver of its rights under §9-513 of the UCC. Initials:________ Accounts Receivable Purchasing Agreement 16.4 In the event that this Agreement is terminated during an Early Termination Period, Seller will pay to Purchaser compensation equal to the total Discounts and Cost of Funds Fee accruing under this Agreement for the ninety day period prior to the date of termination. Notwithstanding any right to termination compensation under this section, Purchaser’s rights and remedies in the Event of a Default shall be unimpaired.

Termination Effective Date. 16.1 This Agreement ARPA shall take effect on the Effective Date set forth on the signature page hereto and shall remain in full force for a period of twelve (12) months (the “Initial Term”). The Agreement ARPA shall be automatically extended and renewed for successive one (1) year periods following the Initial Term unless notice of non-renewal is provided by the Seller as hereinafter provided (each such one (1) year period, a “Renewal Term”), unless notice of non-renewal is provided by either party as hereinafter provided. Notice of non-renewal under this Agreement ARPA must be in writing and delivered to Purchaser by Seller the other party not less than ninety (90) days prior to the conclusion of the Initial Term or any and/or Renewal Term. 16.2 This Agreement The ARPA may be terminated: by Purchaser (i) at anytime any time upon ninety one-hundred and fifty (90150) days prior written notice of termination to Seller, or, or (ii) without notice by Purchaser if of termination, upon the occurrence and during the continuance of an Event of Default Default; and by Seller upon sixty (60) days prior written notice of termination provided that Seller has satisfied all Obligations hereunder on the date of termination. In the event of termination by Seller under this Section 16.2, Seller shall occurbe obligated to pay the Termination Fee as defined and set forth in Section 16.4 of this ARPA. 16.3 Upon the effective date of termination all Obligations of Seller to Purchaser shall become immediately due and payable without further notice or demand irrespective of any maturity dates established prior thereto, and Seller shall be obligated to satisfy all Obligations which shall include the repurchase of all Purchased Accounts as described in Section 5 for a repurchase price equal to the aggregate Obligations to Purchaser on the date of repurchase. No termination of this Agreement ARPA will in any way affect or impair any right of Purchaser arising prior thereto or by reason thereof, nor will any such termination relieve Seller of any duty to Purchaser under, nor deny Purchaser any benefit from, this Agreement ARPA or otherwise until all of Obligations have been fully discharged. In recognition of the Purchaser’s right to have its reasonable attorneys' ’ fees and other expenses incurred in connection with this Agreement ARPA secured by the Collateral, as well as all indemnities of Seller with respect to dishonored payment items and Avoidance Claims, notwithstanding payment in full of all Obligations by Seller, if Purchaser has not been grossly negligent or engaged in willful misconduct, Purchaser shall not be required to record any terminations or satisfactions of any of Purchaser’s liens on the Collateral unless and until Seller has executed and delivered to Purchaser a general release in the approximate form of Exhibit A “A” hereto. Except as otherwise provided herein, Seller understands that this provision constitutes a waiver of its rights under §9-513 of the UCC. Initials:________ Accounts Receivable Purchasing Agreement. 16.4 In the event that Purchaser terminates this Agreement ARPA as a result of an Event of Default and/or this ARPA is terminated during an Early Termination Periodby Seller prior to the end of the Initial Term or any Renewal Term as allowed under Section 16.2 hereof, Seller will pay to Purchaser compensation Purchaser, in addition to any other Obligations due and owing upon termination, a penalty equal to the total Discounts and Cost of Funds Fee accruing under this Agreement ARPA for the ninety day period prior to the effective date of termination. Notwithstanding any right to termination compensation under this section, Purchaser’s Seller agrees that the penalty provisions set forth herein are cumulative and in no way impair or limit the rights and remedies in the Event of a Default shall be unimpairedPurchaser under this ARPA.

Termination Effective Date. 16.1 This Agreement shall take effect on the Effective Date set forth on the signature page hereto and shall remain in full force for a period of twelve (12) months (the “Initial Term”). The Agreement shall be automatically extended and renewed for successive one (1) year periods following the Initial Term unless notice of non-renewal is provided by the Seller as hereinafter provided (each such one (1) year period, a “Renewal Term”). Notice of non-renewal under this Agreement must be in writing and delivered to Purchaser by Seller not less than ninety (90) days prior to the conclusion of the Initial Term or any Renewal Term. 16.2 This Agreement may be terminated: by Purchaser at anytime upon ninety (90) days prior written notice of termination to Seller, or, without notice by Purchaser if an Event of Default shall occur. 16.3 Upon the effective date of termination all Obligations of Seller to Purchaser shall become immediately due and payable without further notice or demand irrespective of any maturity dates established prior thereto, and Seller shall be obligated to satisfy all Obligations which shall include the repurchase of all Purchased Accounts as described in Section 5 for a repurchase price equal to the aggregate Obligations to Purchaser on the date of repurchase. No termination of this Agreement will in any way affect or impair any right of Purchaser arising prior thereto or by reason thereof, nor will any such termination relieve Seller of any duty to Purchaser under, nor deny Purchaser any benefit from, this Agreement or otherwise until all of Obligations have been fully discharged. In recognition of the Purchaser’s right to have its attorneys' fees and other expenses incurred in connection with this Agreement secured by the Collateral, as well as all indemnities of Seller with respect to dishonored payment items and Avoidance Claims, notwithstanding payment in full of all Obligations by Seller, Purchaser shall not be required to record any terminations or satisfactions of any of Purchaser’s liens on the Collateral unless and until Seller has executed and delivered to Purchaser a general release in the form of Exhibit A hereto. Seller understands that this provision constitutes a waiver of its rights under §9-513 of the UCC. Initials:________ Accounts Receivable Purchasing Agreement 16.4 In the event that this Agreement is terminated during an Early Termination Period, Seller will pay to Purchaser compensation equal to the total Discounts and Cost of Funds Fee accruing under this Agreement for the ninety day period prior to the date of termination. Notwithstanding any right to termination compensation under this section, Purchaser’s rights and remedies in the Event of a Default shall be unimpaired.