Common use of Termination by Borrowers Clause in Contracts

Termination by Borrowers. Upon at least 10 days prior written notice to Agent and Lenders, Borrowers may, at their option, terminate this Agreement; provided, however, no such termination shall be effective until Borrowers have paid or collateralized to Agent's satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties have expired, terminated or have been cash collateralized to Agent's satisfaction and Borrowers have complied with Section 2.6 and subsection 3.2.5. Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and no Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 2 contracts

Samples: Loan and Security Agreement (Kinetek Inc), Loan and Security Agreement (Kinetek Inc)

AutoNDA by SimpleDocs

Termination by Borrowers. Upon at least 10 days thirty (30) days’ prior written notice to Agent and Lenders, Borrowers may, at their option, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers have (i) paid or collateralized to Agent's ’s satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties Support Agreements have expired, terminated or have been cash collateralized to Agent's satisfaction and Borrowers have ’s satisfaction, (ii) complied with Section 2.6 and subsection 3.2.52.2(f). Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and no Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties Support Agreements on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Credit and Security Agreement (Appliance Recycling Centers of America Inc /Mn)

Termination by Borrowers. Upon at least 10 3 days prior written notice to Agent Agents and Lenders, Borrowers may, at their option, terminate this Agreement; provided, however, no such termination shall be effective until Borrowers have paid or collateralized to Administrative Agent's ’s reasonable satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties Guarantees have expired, terminated or have been cash collateralized to Administrative Agent's ’s reasonable satisfaction and Borrowers have complied with Section 2.6 and subsection 3.2.5. Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and no Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties Guarantees on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Loan and Security Agreement (Anchor Lamina Inc)

Termination by Borrowers. Upon at least 10 90 days prior written ------------------------ notice to Agent and LendersAgent, Borrowers may, at their option, collectively and not individually, terminate this Agreement; provided, however, no such termination -------- ------- shall be effective until Borrowers have paid or collateralized to Agent's satisfaction all of the Obligations (including any applicable termination charges) then due in immediately available fundsfunds (and made provision for identified contingent Obligations, all including without limitation, outstanding Letters of Credit Credit, in form and LC Guaranties have expired, terminated or have been cash collateralized substance acceptable to Agent's satisfaction and Borrowers have complied with Section 2.6 and subsection 3.2.5). Any notice of termination given by Borrowers shall be irrevocable unless all Agent otherwise agrees in writing, and Lenders otherwise agree in writing and no Lender shall have any no obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singlysingly or by any Borrower acting on its own behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Restoration Hardware Inc)

Termination by Borrowers. Upon at least 10 90 days prior written notice to Agent and Lenders, Borrowers may, at their option, terminate this Agreement; provided, however, no such termination shall be effective until Borrowers have paid or collateralized to Agent's satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties have expired, terminated or have been cash collateralized to Agent's satisfaction and Borrowers have complied with Section 2.6 and subsection 3.2.5. Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and no Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Loan and Security Agreement (Pw Eagle Inc)

Termination by Borrowers. Upon at least 10 days ten (10) days' prior written notice to Agent and Lenders, Borrowers may, at their its option, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers have (i) paid or collateralized to Agent's satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties Support Agreements have expired, terminated or have been cash collateralized to Agent's satisfaction satisfaction, and Borrowers have (ii) complied with Section 2.6 and subsection 3.2.52.2(f). Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and no Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties Support Agreements on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Credit Agreement (Steel Connect, Inc.)

Termination by Borrowers. Upon at least 10 days 30 days’ prior written notice to Agent and Lenders, Borrowers may, at their option, terminate this Agreement; provided, however, no such termination shall be effective until Borrowers have paid or collateralized to Agent's ’s satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties have expired, terminated or have been cash collateralized to Agent's ’s satisfaction and Borrowers have complied with Section Sections 2.6 and subsection 3.2.5. Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and no writing. No Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Loan and Security Agreement (Restoration Hardware Inc)

Termination by Borrowers. Upon at least 10 days thirty (30) days' prior written notice to Agent and Lenders, Borrowers may, at their its option, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers have (i) paid or collateralized to Agent's satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties Support Agreements have expired, terminated or have been cash collateralized to Agent's satisfaction and Borrowers have (ii) complied with Section 2.6 and subsection 3.2.52.2(f). Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and no Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties Support Agreements on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Credit and Security Agreement (Celadon Group Inc)

Termination by Borrowers. Upon at least 10 days 30 days' prior written notice to Agent and Lenders, Borrowers may, at their option, terminate this Agreement; provided, however, no such termination shall be effective until Borrowers have paid or collateralized to Agent's satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties have expired, terminated or have been cash collateralized to Agent's satisfaction and Borrowers have complied with Section Sections 2.6 and subsection 3.2.5. Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and writing, no Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Loan and Security Agreement (Restoration Hardware Inc)

Termination by Borrowers. Upon at least 10 ten (10) days prior written notice to Agent and Lenders(which shall state a termination date), Borrowers through Borrowing Agent may, at their option, terminate this Agreement; provided, however, no such termination shall be effective until Borrowers have paid or collateralized to Agent's satisfaction all of the Obligations in immediately available funds, funds and all Letters of Credit and LC Guaranties have expired, terminated terminated, cancelled or have been fully cash collateralized to Agent's satisfaction and Borrowers have complied with Section 2.6 and subsection 3.2.5reasonable satisfaction. Any notice of termination given by Borrowers Borrowing Agent shall be irrevocable unless all Lenders otherwise agree in writing writing, and no Lender neither Agent nor Lenders shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Loan and Security Agreement (Gentiva Health Services Inc)

AutoNDA by SimpleDocs

Termination by Borrowers. Upon at least 10 thirty (30) days prior written notice to Agent and Lenders, Borrowers may, at their option, terminate this Agreement; provided, however, no such termination shall be effective until Borrowers have paid or collateralized to Agent's ’s satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties have expired, terminated or have been cash collateralized to Agent's ’s satisfaction and Borrowers have complied with Section 2.6 and subsection 3.2.5. Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and no Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Loan and Security Agreement (Mfri Inc)

Termination by Borrowers. Upon at least 10 days five (5) days’ prior written notice to Agent and Lenders, Borrowers may, at their its option, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers have (i) paid or collateralized to Agent's ’s reasonable satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties Support Agreements have expired, terminated or have been cash collateralized to Agent's ’s reasonable satisfaction and Borrowers have (ii) complied with Section 2.6 and subsection 3.2.52.2(g). Any notice of termination given by Borrowers shall be irrevocable unless at Borrower’s request all Lenders otherwise agree in writing and no Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties Support Agreements on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Credit and Security Agreement (Integrated Healthcare Holdings Inc)

Termination by Borrowers. Upon at least 10 days thirty (30) days’ prior written notice and pursuant to payoff documentation in form and substance satisfactory to Agent and Lenders, Borrowers may, at their its option, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers have (i) paid or collateralized to Agent's ’s satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties Support Agreements have expired, terminated or have been cash collateralized to Agent's satisfaction and Borrowers have ’s satisfaction, (ii) complied with Section 2.6 and subsection 3.2.52.2. Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and no Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties Support Agreements on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Credit and Security Agreement (Mohawk Group Holdings, Inc.)

Termination by Borrowers. Upon at least 10 days thirty ------------------------ (30) days' prior written notice to Agent and Lenders, Borrowers may, at their option, terminate this Agreement; provided, however, no such termination -------- shall be effective until Borrowers have paid or collateralized to Agent's reasonable satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties have expired, terminated or have been cash collateralized to Agent's reasonable satisfaction and Borrowers have complied with Section 2.6 and subsection 3.2.5. Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and no Revolving Credit Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Loan and Security Agreement (Falcon Products Inc /De/)

Termination by Borrowers. Upon at least 10 thirty (30) days prior written notice to Agent and Lenders, Borrowers may, at their option, terminate this Agreement; provided, however, no such termination shall be effective until Borrowers have paid or collateralized to Agent's satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties have expired, terminated or have been cash collateralized to Agent's satisfaction and Borrowers have complied with Section 2.6 and subsection 3.2.5. Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and no Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Loan and Security Agreement (Mfri Inc)

Termination by Borrowers. Upon at least 10 thirty (30) days prior written notice to Agent and Lenders, Borrowers may, at their option, terminate this Agreement; provided, however, no such termination shall be effective until Borrowers have paid or collateralized to Agent's ’s satisfaction all of the Obligations in immediately available funds, all Letters of Credit and LC Guaranties have expired, terminated or have been cash collateralized to Agent's ’s satisfaction and Borrowers have complied with Section 2.6 and subsection 3.2.5. Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and no Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or LC Guaranties on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.. 4.2.3

Appears in 1 contract

Samples: Loan and Security Agreement (Mfri Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.