Common use of Renewals and Extensions Clause in Contracts

Renewals and Extensions. If no Event of Default has occurred or is continuing, Borrower shall have the option to renew the Indebtedness outstanding under the Facility Note on its maturity date. Such renewal shall be evidenced by a term note having a maturity date of October 1, 2010 (the "Renewal Note"). Interest on the Renewal Note shall be adjusted on the first day of each month to National Prime Rate as of such date less 1/2%. The Renewal Note shall provide for equal installments of principal and interest commencing on November 1, 2006 and continuing each month thereafter as necessary to fully amortize the Indebtedness plus future interest over the term. As a precondition of such renewal, Borrower and Guarantor agree to execute and deliver to Bank such additional documents as may be required by Bank to grant, continue or perfect Bank's interest in the Collateral, as it may exist at the time of such renewal. Any renewal, extension or modification of the Facility Note, or any advance made pursuant to the terms of such note, or any other indebtedness which Borrower may have with Bank in the future, shall be subject to the terms of this Agreement. Except as expressly set forth herein, Bank is under no obligation to renew any obligation when it matures.

Renewals and Extensions. If no Event of Default has occurred or is continuing, Borrower shall have the option to renew the Indebtedness outstanding under the Facility Note on its maturity date. Such renewal shall be evidenced by a term note having a maturity date of October 11 , 2010 2005 (the "Renewal Note"). Interest on the Renewal Note shall be adjusted on the first day of each month to National Prime Rate as of such date less 1/2%. The Renewal Note shall provide for equal installments of principal and interest commencing on November 1, 2006 2001 and continuing each month thereafter as necessary to fully amortize the Indebtedness plus future interest over the term. As a precondition of such renewal, Borrower and Guarantor agree to execute and deliver to Bank such additional documents as may be required by Bank to grant, continue or perfect Bank's interest in the Collateral, as it may exist at the time of such renewal. Any renewal, extension or modification of the Facility Note, or any advance made pursuant to the terms of such note, or any other indebtedness which Borrower may have with Bank in the future, shall be subject to the terms of this Agreement. Except as expressly set forth herein, Bank is under no obligation to renew any obligation when it matures.is

Renewals and Extensions. If no Event of Default has occurred or is continuing, Borrower shall have the option to renew the Indebtedness outstanding under the Facility Note on its maturity date. Such renewal shall be evidenced by a term note having a maturity date of October 1, 2010 2007 (the "Renewal Note"). Interest on the Renewal Note shall be adjusted on the first day of each month to National Prime Rate as of such date less 1/2%. The Renewal Note shall provide for equal installments of principal and interest commencing on November 1, 2006 2003 and continuing each month thereafter as necessary to fully amortize the Indebtedness plus future interest over the term. As a precondition of such renewal, Borrower and Guarantor agree to execute and deliver to Bank such additional documents as may be required by Bank to grant, continue or perfect Bank's interest in the Collateral, as it may exist at the time of such renewal. Any renewal, extension or modification of the Facility Note, or any advance made pursuant to the terms of such note, or any other indebtedness which Borrower may have with Bank in the future, shall be subject to the terms of this Agreement. Except as expressly set forth herein, Bank is under no obligation to renew any obligation when it matures.

Renewals and Extensions. If no Event of Default has occurred or is continuing, Borrower shall have the option to renew the Indebtedness outstanding under the Facility Note on its maturity date. Such renewal shall be evidenced by a term note having a maturity date of October 1, 2010 2005 (the "Renewal Note"). Interest on the Renewal Note shall be adjusted on the first day of each month to National Prime Rate as of such date less 1/2%. The Renewal Note shall provide for equal installments of principal and interest commencing on November 1, 2006 2001 and continuing each month thereafter as necessary to fully amortize the Indebtedness plus future interest over the term. As a precondition of such renewal, Borrower and Guarantor agree to execute and deliver to Bank such additional documents as may be required by Bank to grant, continue or perfect Bank's interest in the Collateral, as it may exist at the time of such renewal. Any renewal, extension or modification of the Facility Note, or any advance made pursuant to the terms of such note, or any other indebtedness which Borrower may have with Bank in the future, shall be subject to the terms of this Agreement. Except as expressly set forth herein, Bank is under no obligation to renew any obligation when it matures.