Automatic renewal terms clause samples

On December 1, 2007, the Company and Pinchas Althaus entered into an Employment Agreement, whereby Mr. Althaus was employed as Chief Executive Officer and Chairman of the Board of Directors for a term of four years, with one-year automatic renewal terms. Mr. Althaus is entitled to compensation of $350,000 per year for base salary and an annual bonus to be determined at the discretion of the Board of Directors. Mr. Althaus and the Company have mutually agreed to defer any unpaid portion of salaries until the Company’s financial condition allows for salaries due pursuant to the Employment Agreement can be paid.

XML 20 R10.htm IDEA: XBRL DOCUMENT /* Do Not Remove This Comment */ function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } } v3.7.0.1 Debt and Capital Lease Obligations 3 Months Ended Mar. 31, 2017 Debt Disclosure [Abstract] DEBT AND CAPITAL LEASE OBLIGATIONS 3.DEBT AND CAPITAL LEASE OBLIGATIONSThere was no significant activity related to our debt during the threemonths ended March31, 2017 and 2016.Summary of Credit FacilitiesWe had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (inmillions):March31, 2017FacilityAmountMaturity DateOutstandingBorrowingsLetters ofCreditIssuedAvailabilityCommitted facilities:Valero Revolver$3,000November 2020$—$150$2,850VLP Revolver$750November 2020$30$—$720CanadianRevolverC$25November 2017C$—C$10C$15Accountsreceivablesales facility$1,300July 2017$100n/a$1,183Letter of credit facilities$225June2017 andNovember2017n/a$—$225Uncommitted facilities:Letter of credit facilitiesn/an/an/a$235n/aAs of March31, 2017 and December31, 2016, the weighted-average interest rate on the VLP Revolver was 2.3125percent. As of March31, 2017 and December31, 2016, the weighted-average interest rate on the accounts receivable sales facility was 1.4805percent and 1.3422percent, respectively.Capital LeasesIn January 2017, we recognized capital lease assets and related obligations of approximately $490million for the lease of storage tanks located at three of our refineries. These lease agreements have initial terms of 10years each with successive 10-year automatic renewal terms. X - ReferencesNo definition available.