Termination/Maturity/Renewal Clause Samples
The Termination/Maturity/Renewal clause defines the conditions under which an agreement ends, is extended, or is renewed. It typically specifies the contract's initial duration, outlines procedures for early termination by either party, and details any automatic or optional renewal terms. For example, it may require written notice within a certain period to terminate or renew the agreement. This clause ensures both parties understand when and how the contractual relationship can be concluded or continued, thereby providing predictability and reducing the risk of disputes over the contract's duration.
Termination/Maturity/Renewal. 3.5.1. At any time there is an Existing Default irrespective of any provision in this Agreement to the contrary, Administrative Agents or Required Lenders may terminate the Facilities, accelerate the Loan Obligations or take such other actions as they may be permitted to take hereunder (including under Section 17.3), the other Loan Documents or at law or in equity. Notwithstanding a termination, Administrative Agents and Lenders will retain all of their rights, interests and remedies hereunder and in all Collateral until Reseller has indefeasibly paid all of the Loan Obligations in full in cash, all Letters of Credit have expired and the Letter of Credit Exposure is irreversibly zero.
3.5.2. Reseller may, at any time, elect to terminate the Facilities, provided that Reseller pays to Administrative Agents, for the ratable benefit of Lenders (a) the outstanding principal amount of the Loans (b) all interest accrued hereunder with respect to the Loans, if any, to the date set for termination, plus (c) a prepayment fee equal to $410 times the number of days from and including the date set for termination to and including the second anniversary of the Effective Date. Notwithstanding a termination, Administrative Agents and Lenders will retain all of their rights, interests and remedies hereunder and in all Collateral until Reseller has indefeasibly paid all of the Loan Obligations in full in cash, all Letters of Credit have expired and the Letter of Credit Exposure is irreversibly zero. Notwithstanding the foregoing, if CPC’s relationship is terminated with an Approved Vendor such that Reseller may no longer obtain Floorplan Loan Advances with respect to such Approved Vendor, then Reseller shall not be obligated to pay the foregoing prepayment fee if within 60 days of the termination of the relationship between CPC and such Approved Vendor, Reseller elects to terminate the Facilities and make all payments required by this Section (other than the prepayment fee) within 60 days after such election to terminate.
3.5.3. If the Facilities are not sooner terminated as contemplated by Section 3.5.2 of this Agreement, then, notwithstanding anything contained in this Agreement to the contrary, the Facilities shall automatically terminate on the Termination Date (defined below) unless no fewer than sixty (60) days prior to May 27, 2011, Administrative Agents, Reseller and all of Lenders affirmatively agree in writing, in each of their respective sole and absolute discret...
Termination/Maturity/Renewal. 3.2.1 At any time there is an Existing Default irrespective of any provision in this Agreement to the contrary, Administrative Agents may, and at the request of the Required Lenders shall, by notice to the Borrowing Agent, terminate the Facilities, accelerate the Loan Obligations or take such other actions as they may be permitted to take hereunder (including under Section 12.1), the other Loan Documents or at law or in equity. Notwithstanding a termination, Administrative Agents and Lenders will retain all of their rights, interests and remedies hereunder and in all Collateral until the Loan Obligations have been indefeasibly paid in full in cash.
3.2.2 Resellers may, at any time, elect to terminate or permanently reduce, in whole or in part, the Facilities, provided that, (i) in the case of a termination in full, Resellers pay to the Administrative Agents, for the ratable benefit of Lenders (a) the outstanding principal amount of the Aggregate Channel Finance Loans, plus (b) all accrued interest with respect to such Loans, if any, to the date set for termination of the Aggregate Channel Finance Loans, and (ii) in the case of a permanent reduction, Resellers pay to the Administrative Agents, for the ratable benefit of Lenders, (a) the outstanding principal amount of the Loans in excess of the Aggregate Channel Finance Loan Facility Limit as adjusted pursuant to this Section 3.2.2, plus (b) all accrued interest with respect to such Loans, if any, to the date set for such reduction. Notwithstanding a termination pursuant to the provisions of Section 3.2.1 and Section 3.2.2, (i) Administrative Agents and Lenders will retain all of their rights, interests and remedies hereunder and in all Collateral until Reseller has indefeasibly paid all of the Loan Obligations in full in cash and (ii) all the provisions hereunder that by their terms expressly survive the termination of the Agreement shall survive.
3.2.3 If the Facilities are not sooner terminated as contemplated by this Agreement, then, notwithstanding anything contained in this Agreement to the contrary, the Facilities shall automatically terminate on the Termination Date (defined below) unless no less than 60 days prior to the Termination Date, Administrative Agents, Resellers, and all of the Lenders affirmatively agree in writing, in each of their respective sole and absolute discretion, to renew the Channel Finance Loan Facility and the Interim Channel Finance Loan Facility for an additional twelve-mon...