Common use of Termination and Effective Date Thereof Clause in Contracts

Termination and Effective Date Thereof. (a) Subject to Lender’s right to cease making Advances pursuant to Section 2.1 or upon or after any Event of Default, this Agreement shall continue in full force and effect until the Obligations are Paid in Full, unless terminated sooner as provided in this Section 13.1(a). Borrower may terminate this Agreement at any time upon not less than thirty calendar days’ prior written notice to Lender and upon full performance and indefeasible Payment in Full of all Obligations after Receipt by Lender of such written notice. All of the Obligations shall be immediately due and payable upon any termination by Borrower pursuant to this Section 13.1(a) on the Termination Date which shall be the first Business Day after the thirty (30) day notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay the filing of a release of its liens. Notwithstanding any other provision of any Loan Document, no termination of this Agreement shall affect Lender’s rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Documents shall continue to be fully operative until the Obligations have been fully performed and Paid in Full. The Liens granted to Lender under the Loan Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower’s borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid in Full.

Appears in 6 contracts

Samples: Revolving Credit and Security Agreement (Neogenomics Inc), Revolving Credit and Security Agreement (Neogenomics Inc), Revolving Credit and Security Agreement (Neogenomics Inc)

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Termination and Effective Date Thereof. (a) Subject to Lender’s right to terminate and cease making Advances pursuant to Section 2.1 or upon or after any Event of Default, this Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullcash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower may terminate this Agreement at any time upon not less than thirty sixty (60) calendar days’ prior written notice to Lender and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such 60th calendar day after Receipt by Lender of such written notice. All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the “Termination Date”); provided that, notwithstanding any other provision of any Loan Document, the Termination Date which shall be effective no earlier than the first Business Day after the thirty (30) day notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay month following the filing expiration of a release of its liensthe sixty (60) calendar days’ prior written notice period. Notwithstanding any other provision of any Loan Document, no termination of this Agreement shall affect Lender’s rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Liens granted to Lender under the Loan Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower’s borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash.

Appears in 2 contracts

Samples: Revolving Credit and Security Agreement (NationsHealth, Inc.), Revolving Credit and Security Agreement (Boston Biomedica Inc)

Termination and Effective Date Thereof. (a) Subject to Lender’s right to terminate and cease making Advances pursuant to Section 2.1 or upon or after any Event of Default, this Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullcash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower may terminate this Agreement at any time upon not less than thirty (30) calendar days’ prior written notice to Lender and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such 30th calendar day after Receipt by Lender of such written notice. All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the “Termination Date”); provided that, notwithstanding any other provision of any Loan Document, the Termination Date which shall be effective no earlier than the first Business Day after of the month following the expiration of the thirty (30) day calendar days’ prior written notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay the filing of a release of its liensperiod. Notwithstanding any other provision of any Loan Document, no termination of this Agreement shall affect Lender’s rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Liens granted to Lender under the Loan Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower’s borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash.

Appears in 1 contract

Samples: Loan and Security Agreement (NationsHealth, Inc.)

Termination and Effective Date Thereof. (a) Subject to Lender’s right to cease making Advances pursuant to Section 2.1 or upon or after any Event of Default, this This Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullcash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower Purchaser may terminate this Agreement at any time upon not less than thirty ninety calendar days’ prior written notice to Lender Seller and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such ninetieth calendar day after Receipt by Lender Seller of such written notice. .All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the “Termination Date”); provided that, notwithstanding any other provision of any Acquisition Document, the Termination Date which shall be effective no earlier than the first Business Day after the thirty (30) day notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay month following the filing expiration of a release of its liensthe ninety calendar days’ prior written notice period. Notwithstanding any other provision of any Loan Acquisition Document, no termination of this Agreement shall affect LenderSeller’s rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Acquisition Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Liens granted to Lender Seller under the Loan Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender Seller shall continue in full force and effect notwithstanding the fact that Borrower’s borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash and this Agreement has been terminated.

Appears in 1 contract

Samples: Security Agreement (Ibf Vi Guaranteed Income Fund)

Termination and Effective Date Thereof. (a) Subject to Lender’s Xxxxxx's right to terminate and cease making Advances pursuant to Section 2.1 or upon or after any Event of Default, this Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullcash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower may terminate this Agreement at any time upon not less than thirty fourteen calendar days' prior written notice to Lender and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such fourteenth calendar day after Receipt by Lender Xxxxxx of such written notice. All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the “Termination Date”); provided that, notwithstanding any other provision of any DIP Loan Document, the Termination Date which shall be effective no earlier than the first Business Day after the thirty (30) day notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay month following the filing expiration of a release of its liensthe fourteen (14) calendar days' prior written notice period. Notwithstanding any other provision of any DIP Loan Document, no termination of this Agreement shall affect Lender’s 's rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the DIP Loan Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Liens granted to Lender Xxxxxx xxxxxxxxx, under the Loan Financing Orders, under the other Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower’s Xxxxxxxx's borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash and all commitments to lend hereunder have terminated.

Appears in 1 contract

Samples: Postpetition Revolving Credit and Security Agreement

Termination and Effective Date Thereof. (a) Subject to Lender’s 's right to terminate and cease making Advances pursuant to Section 2.1 or upon or after any Event of Default, this Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullcash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower may terminate this Agreement at any time upon not less than thirty sixty (60) calendar days' prior written notice to Lender and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such 60th calendar day after Receipt by Lender of such written notice; provided, however, that, notwithstanding any other provision of any Loan Document, Borrower shall have no right to terminate this Agreement until after the first anniversary of the Closing Date. All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the "Termination Date"); provided that, notwithstanding any other provision of any Loan Document, the Termination Date which shall be effective no earlier than the first Business Day after the thirty (30) day notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay month following the filing expiration of a release of its liensthe sixty (60) calendar days' prior written notice period. Notwithstanding any other provision of any Loan Document, no termination of this Agreement shall affect Lender’s 's rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Liens granted to Lender under the Loan Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower’s 's borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash.

Appears in 1 contract

Samples: Credit and Security Agreement (Millstream Acquisition Corp)

Termination and Effective Date Thereof. (a) Subject to Lender’s right to terminate and cease making Advances pursuant to Section 2.1 or and Overadvances upon or after any Event of Default, this Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullcash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower may terminate this Agreement at any time upon not less than thirty sixty (60) calendar days’ prior written notice to Lender and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such 60th calendar day after Receipt by Lender of such written notice; provided, however, that, notwithstanding any other provision of any Loan Document, Borrower shall have no right to terminate this Agreement until after the first anniversary of the Closing Date. All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the “Termination Date”); provided that, notwithstanding any other provision of any Loan Document, the Termination Date which shall be effective no earlier than the first Business Day after the thirty (30) day notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay month following the filing expiration of a release of its liensthe sixty (60) calendar days’ prior written notice period. Notwithstanding any other provision of any Loan Document, no termination of this Agreement shall affect Lender’s rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Liens granted to Lender under the Loan Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower’s borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (NationsHealth, Inc.)

Termination and Effective Date Thereof. (a) Subject to Lender’s 's right to terminate and cease making Advances pursuant to Section 2.1 or upon or after any Event of Default, this Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullcash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower may terminate this Agreement at any time upon not less than thirty ninety (90) calendar days' prior written notice to Lender and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such 90th calendar day after Receipt by Lender of such written notice. All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the "TERMINATION DATE"); provided that, notwithstanding any other provision of any Loan Document, the Termination Date which shall be effective no earlier than the first Business Day after of the thirty month following the expiration of the ninety (3090) day calendar days' prior written notice period. The Termination Date may be extended once for a period of one year at the option of Borrower provided that (i) Borrower has elapsed, on which given Lender written notice of such renewal at least sixty (60) days prior to the Obligations have fully performed expiration of the Termination Date and indefeasibly Paid in Full(ii) there does not then exist a Default or Event of Default. Upon any such full performance and Payment in full extension of the Obligations Termination Date, Borrower shall pay Lender shall not unreasonably delay an extension fee in an amount equal to the filing product of a release (x) the Facility Cap times (y) one third of its liensone percent. Notwithstanding any other provision of any Loan Document, no termination of this Agreement shall affect Lender’s 's rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Liens granted to Lender under the Loan Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower’s 's borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash.

Appears in 1 contract

Samples: Credit and Security Agreement (Western Express Holdings, Inc.)

Termination and Effective Date Thereof. (a) Subject to Lender’s right to cease making Advances pursuant to Section 2.1 or upon or after any Event of Default, this This Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullcash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower may terminate this Agreement at any time upon not less than thirty one hundred calendar days’ prior written notice to Lender Debenture Holder and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such one hundredth calendar day after Receipt by Lender Debenture Holder of such written notice. All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the “Termination Date”); provided that, notwithstanding any other provision of any Debenture Document, the Termination Date which shall be effective no earlier than the first Business Day after the thirty (30) day notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay month following the filing expiration of a release of its liensthe one hundred calendar days’ prior written notice period. Notwithstanding any other provision of any Loan Debenture Document, no termination of this Agreement shall affect LenderDebenture Holder’s rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Debenture Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Liens granted to Lender Debenture Holder under the Loan Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender Debenture Holder shall continue in full force and effect notwithstanding the fact that Borrower’s borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash and this Agreement has been terminated.

Appears in 1 contract

Samples: Junior Security Agreement (Ibf Vi Guaranteed Income Fund)

Termination and Effective Date Thereof. (a) Subject to Lender’s right to terminate and cease making Advances pursuant to Section 2.1 or upon or after any Event of Default, this Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullcash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower may terminate this Agreement at any time upon not less than thirty (30) calendar days’ prior written notice to Lender and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such 30th calendar day after Receipt by Lender of such written notice; provided, that, if Lender has not otherwise exercised its option to extend the Term under Section 2.2, then Lender may exercise such option during such thirty (30) day period solely for purposes of the calculation of Yield Maintenance. All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the “Termination Date”); provided that, notwithstanding any other provision of any Loan Document, the Termination Date which shall be effective no earlier than the first Business Day after of the month following the expiration of the thirty (30) day calendar days’ prior written notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay the filing of a release of its liensperiod. Notwithstanding any other provision of any Loan Document, no termination of this Agreement shall affect Lender’s rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Liens granted to Lender under the Loan Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower’s borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash.

Appears in 1 contract

Samples: Loan and Security Agreement (NationsHealth, Inc.)

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Termination and Effective Date Thereof. (a) Subject to Lender’s 's right to terminate and cease making Advances pursuant to Section 2.1 or and Overadvances upon or after any Event of Default, this Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullcash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower may terminate this Agreement at any time upon not less than thirty sixty (60) calendar days' prior written notice to Lender and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such 60th calendar day after Receipt by Lender of such written notice; provided, however, that, notwithstanding any other provision of any Loan Document, Borrower shall have no right to terminate this Agreement until after the first anniversary of the Closing Date. All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the "Termination Date"); provided that, notwithstanding any other provision of any Loan Document, the Termination Date which shall be effective no earlier than the first Business Day after the thirty (30) day notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay month following the filing expiration of a release of its liensthe sixty (60) calendar days' prior written notice period. Notwithstanding any other provision of any Loan Document, no termination of this Agreement shall affect Lender’s 's rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Liens granted to Lender under the Loan Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower’s 's borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Millstream Acquisition Corp)

Termination and Effective Date Thereof. (a) Subject to Lender’s right to terminate and cease making Advances pursuant to Section 2.1 or upon or after any Event of Default, this Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullcash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower may terminate this Agreement at any time upon not less than thirty ninety (90) calendar days’ prior written notice to Lender and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such ninetieth (90th) calendar day after Receipt by Lender of such written notice. All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the “Termination Date”); provided that, notwithstanding any other provision of any Loan Document, the Termination Date which shall be effective no earlier than the first Business Day after the thirty (30) day notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay month following the filing expiration of a release of its liensthe ninety (90) calendar days’ prior written notice period. Notwithstanding any other provision of any Loan Document, no termination of this Agreement shall affect Lender’s rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Except as otherwise provided in the Loan Documents, the Liens granted to Lender under the Loan Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower’s borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash.

Appears in 1 contract

Samples: Credit and Security Agreement (Ventures National Inc)

Termination and Effective Date Thereof. (a) Subject to Lender’s right to terminate and cease making Advances pursuant to Section 2.1 or Loans upon or after any Event of Default, this Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullcash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower may terminate this Agreement at any time upon not less than thirty sixty (60) calendar days’ prior written notice to Lender and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such 60th calendar day after Receipt by Lender of such written notice; provided, however, that, notwithstanding any other provision of any Loan Document, Borrower shall have no right to terminate this Agreement until after the second anniversary of the Closing Date, unless such termination occurs in connection with a Sale Transaction. All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the “Termination Date”); provided that, notwithstanding any other provision of any Loan Document, the Termination Date which shall be effective no earlier than the first Business Day after the thirty (30) day notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay month following the filing expiration of a release of its liensthe sixty (60) calendar days’ prior written notice period. Notwithstanding any other provision of any Loan Document, no termination of this Agreement shall affect Lender’s rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Liens granted to Lender under the Loan Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower’s borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash.

Appears in 1 contract

Samples: Credit, Term Loan and Security Agreement (World Health Alternatives Inc)

Termination and Effective Date Thereof. (a) Subject to Lender’s right to terminate and cease making Advances pursuant to Section 2.1 or upon or after any Event of Default, this Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullfull in cash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower may terminate this Agreement at any time upon not less than thirty sixty calendar days’ prior written notice to Lender and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such sixtieth calendar day after Receipt by Lender of such written notice. All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the “Termination Date”); provided that, notwithstanding any other provision of any Loan Document, the Termination Date which shall be effective no earlier than the first Business Day after the thirty (30) day notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay month following the filing expiration of a release of its liensthe sixty calendar days’ prior written notice period. Notwithstanding any other provision of any Loan Document, no termination of this Agreement shall affect Lender’s rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Liens granted to Lender under the Loan Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower’s borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash. Once all of the Obligations have been fully performed and indefeasibly paid in full in cash, Lender agrees to promptly terminate any and all effective financing statements or other filings made with any governmental agency to perfect Lender’s security interest in the Collateral.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Rita Medical Systems Inc)

Termination and Effective Date Thereof. (a) Subject to Lender’s right to terminate and cease making Advances pursuant to Section 2.1 or upon or after any Event of Default, this Agreement shall continue in full force and effect until the Obligations are Paid full performance and indefeasible payment in Fullcash of all Obligations, unless terminated sooner as provided in this Section 13.1(a)11.1. Borrower may terminate this Agreement at any time upon not less than thirty (30) calendar days’ prior written notice to Lender and upon full performance and indefeasible Payment payment in Full full in cash of all Obligations on or prior to such thirtieth (30th) calendar day after Receipt by Lender of such written notice; provided, however, that notwithstanding any other provision of any Loan Document, Borrower shall have no right to terminate this Agreement until after the first anniversary of the Closing Date. All of the Obligations shall be immediately due and payable upon any such termination by Borrower pursuant to this Section 13.1(a) on the termination date stated in any notice of termination (the “Termination Date”); provided that, notwithstanding any other provision of any Loan Document, the Termination Date which shall be effective no earlier than the first Business Day after the thirty (30) day notice period has elapsed, on which the Obligations have fully performed and indefeasibly Paid in Full. Upon such full performance and Payment in full of the Obligations Lender shall not unreasonably delay month following the filing expiration of a release of its liensthe sixty (60) calendar days’ prior written notice period. Notwithstanding any other provision of any Loan Document, no termination of this Agreement shall affect Lender’s rights or any of the Obligations existing as of the effective date of such termination, and the provisions of the Loan Documents shall continue to be fully operative until the Obligations have been fully performed and Paid indefeasibly paid in Fullcash in full. The Liens granted to Lender under the Loan Security Documents and the financing statements filed pursuant thereto and the rights and powers of Lender shall continue in full force and effect notwithstanding the fact that Borrower’s borrowings hereunder may from time to time be in a zero or credit position until all of the Obligations have been fully performed and indefeasibly Paid paid in Fullfull in cash.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Derma Sciences, Inc.)

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