Common use of Early Termination by Borrowers Clause in Contracts

Early Termination by Borrowers. Borrowers have the option, at any time upon 30 days prior written notice by Administrative Borrower to Agent, to terminate this Agreement by paying to Agent, in cash, the Obligations (including either (i) providing cash collateral to be held by Agent for the benefit of those Lenders in an amount equal to 105% of the Letter of Credit Usage, or (ii) causing the original Letters of Credit to be returned to the Issuing Lender), in full, together with any Applicable Prepayment Premium. If Administrative Borrower has sent a notice of termination pursuant to the provisions of this Section, then, absent an agreement to the contrary contained in any Loan Document, the Commitments shall terminate and Borrowers shall be obligated to repay the Obligations (including either (i) providing cash collateral to be held by Agent for the benefit of those Lenders in an amount equal to 105% of the Letter of Credit Usage, or (ii) causing the original Letters of Credit to be returned to the Issuing Lender), in full, together with any Applicable Prepayment Premium, on the date set forth as the date of termination of this Agreement in such notice.

Appears in 2 contracts

Samples: Credit Agreement (TB Wood's INC), Credit Agreement (Altra Industrial Motion, Inc.)

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Early Termination by Borrowers. Borrowers have the option, at any time upon 30 days 60 days’ prior written notice by Administrative Borrower Borrowers to Agent, to terminate this Agreement by paying to Agent, for the benefit of the Lender Group, in cash, the Obligations (including (a) either (ia) providing cash collateral to be held by Agent for the benefit of those the Lenders with a Commitment in an amount equal to 105% of the then extant Letter of Credit Usage, or (iib) causing the original Letters of Credit to be returned to the Issuing Lender)Agent, in full, together with any Applicable Prepayment Premium. If Administrative Borrower has Borrowers have sent a notice of termination pursuant to the provisions of this Section, then, absent an agreement then the Lenders’ obligations to the contrary contained in any Loan Document, the Commitments extend credit hereunder shall terminate and Borrowers shall be obligated to repay the Obligations (including either (ia) providing cash collateral to be held by Agent for the benefit of those the Lenders with a Commitment in an amount equal to 105% of the then extant Letter of Credit Usage, or (iib) causing the original Letters of Credit to be returned to the Issuing LenderAgent), in full, together with any Applicable Prepayment Premium, full on the date set forth as the date of termination of this Agreement in such notice.

Appears in 1 contract

Samples: Loan and Security Agreement (Peninsula Gaming, LLC)

Early Termination by Borrowers. Borrowers have the option, at any time upon 30 90 days prior written notice by Administrative Borrower to AgentLender, to terminate this Agreement by paying to AgentLender, in cash, the Obligations (including either (i) providing cash collateral to be held by Agent for the benefit of those Lenders Lender in an amount equal to 105% of the then extant Letter of Credit Usage, or (ii) causing the original Letters of Credit to be returned to the Issuing Lender), in full, together with any the Applicable Prepayment Premium. If Administrative Borrower has sent a notice of termination pursuant to the provisions of this Section, then, absent an agreement then Lender's obligations to the contrary contained in any Loan Document, the Commitments extend credit hereunder shall terminate and Borrowers shall be obligated to repay the Obligations (including either (i) providing cash collateral to be held by Agent for the benefit of those Lenders Lender in an amount equal to 105% of the then extant Letter of Credit Usage, or (ii) causing the original Letters of Credit to be returned to the Issuing Lender), in full, together with any the Applicable Prepayment Premium, on the date set forth as the date of termination of this Agreement in such notice.. In the

Appears in 1 contract

Samples: Loan and Security Agreement (Cray Inc)

Early Termination by Borrowers. Borrowers have the option, at any time upon 30 days prior written notice by Administrative Borrower to Agent, to terminate this Agreement by paying to Agent, for the benefit of the Lender Group, in cash, the Obligations (including either (i) providing cash collateral to be held by Agent for the benefit of those Lenders with a Revolver Commitment in an amount equal to 105% of the then extant Letter of Credit Usage, or (ii) causing the original Letters of Credit to be returned to the Issuing Lender), in full, together with any Applicable Prepayment Premium). If Administrative Borrower has sent a notice of termination pursuant to the provisions of this Section, then, absent an agreement to the contrary contained in any Loan Document, then the Commitments shall terminate and Borrowers shall be obligated to repay the Obligations (including either (i) providing cash collateral to be held by Agent for the benefit of those Lenders with a Revolver Commitment in an amount equal to 105% of the then extant Letter of Credit Usage, or (ii) causing the original Letters of Credit to be returned to the Issuing Lender), in full, together with without any Applicable Prepayment Premiumpremium or early termination fee. If Administrative Borrower has sent a notice of termination pursuant to the provisions of this Section, then the Commitments shall terminate and Borrowers shall be obligated to repay the Obligations, in full, on the date set forth as the date of termination of this Agreement in such notice.

Appears in 1 contract

Samples: Loan and Security Agreement (Wam Net Inc)

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Early Termination by Borrowers. Borrowers have the option, at any time upon 30 90 days prior written notice by Administrative Borrower to Agent, to terminate this Agreement by paying to Agent, for the benefit of the Lender Group, in cash, the Obligations (including either (i) providing cash collateral to be held by Agent for the benefit of those Lenders with a Revolver Commitment in an amount equal to 105% of the then extant Letter of Credit Usage, or (ii) causing the original Letters of Credit to be returned to the Issuing Lender), in full, together with any Applicable Prepayment Premium. If Administrative Borrower has sent a notice of termination pursuant to the provisions of this Section, then, absent an agreement to the contrary contained in any Loan Document, then the Commitments shall terminate and Borrowers shall be obligated to repay the Obligations (including either (i) providing cash collateral to be held by Agent for the benefit of those Lenders with a Revolver Commitment in an amount equal to 105% of the then extant Letter of Credit Usage, or (ii) causing the original Letters of Credit to be returned to the Issuing Lender), in full, together with any Applicable Prepayment Premium, on the date set forth as the date of termination of this Agreement in such notice.

Appears in 1 contract

Samples: Loan and Security Agreement (Dairy Mart Convenience Stores Inc)

Early Termination by Borrowers. Borrowers have the option, at any time upon 30 days 60 days’ prior written notice by Administrative Borrower Borrowers to Agent, to terminate this Agreement by paying to Agent, for the benefit of the Lender Group, in cash, the Obligations (including either (ia) providing cash collateral to be held by Agent for the benefit of those the Lenders with a Revolver Commitment in an amount equal to 105% of the then extant Letter of Credit Usage, or (iib) causing the original Letters of Credit to be returned to the Issuing LenderAgent), in full, together with any Applicable Prepayment Premium. If Administrative Borrower has Borrowers have sent a notice of termination pursuant to the provisions of this Section, then, absent an agreement then the Lenders’ obligations to the contrary contained in any Loan Document, the Commitments extend credit hereunder shall terminate and Borrowers shall be obligated to repay the Obligations (including either (ia) providing cash collateral to be held by Agent for the benefit of those the Lenders with a Revolver Commitment in an amount equal to 105% of the then extant Letter of Credit Usage, or (iib) causing the original Letters of Credit to be returned to the Issuing LenderAgent), in full, together with any Applicable Prepayment Premium, full on the date set forth as the date of termination of this Agreement in such notice.

Appears in 1 contract

Samples: Loan and Security Agreement (Peninsula Gaming, LLC)

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