Common use of Voluntary Termination of Loan Facilities Clause in Contracts

Voluntary Termination of Loan Facilities. Borrowers may, on at least ten (10) days prior and irrevocable written notice received by Agent, permanently terminate the Loan facilities by repaying all of the outstanding Obligations (such dated of repayment, the “Voluntary Termination Date”), including all principal, interest and fees with respect to the Revolving Loans, and an Early Payment/Termination Premium in the amount specified in the paragraph under the heading “Early Termination Fee” in the Fee Letter; the foregoing notwithstanding, a Borrower may rescind such notice if it states that the proposed payment in full of the Obligations is to be made with the proceeds of third party Indebtedness and if the closing for such Indebtedness does not happen on or before the date of the proposed termination set forth in such notice (in which case, a new notice shall be required to be sent in connection with any subsequent termination). If, on the date of a voluntary termination pursuant to this Section 1.8(b), there are any outstanding Letters of Credit, then on such date, and as a condition precedent to such termination, Borrowers shall provide to Agent cash collateral in an amount equal to 103% of the Letter of Credit Balance to secure all of the Obligations (including estimated documented attorneys’ fees and other expenses, which shall be reasonable prior to an Event of Default) relating to said Letters of Credit, pursuant to a cash pledge agreement in form and substance reasonably satisfactory to Agent. From and after such Voluntary Termination Date, Lenders shall have no obligation whatsoever to extend any additional Loans or Letters of Credit and all of their lending commitments hereunder shall be terminated.

Voluntary Termination of Loan Facilities. Borrowers may, on at least ten (10) days Business Days prior and irrevocable written notice received by AgentXxxxxx, permanently terminate the Loan facilities by repaying all of the outstanding Obligations (such dated of repayment, the “Voluntary Termination Date”)Obligations, including all principal, interest and fees with respect to the Revolving Loans, Loans and an Early Payment/Termination Premium in the amount specified in the paragraph under the heading “Early Prepayment/Termination FeePremium” in the Fee Letter; the foregoing notwithstanding, a Borrower may rescind such notice if it states that the proposed payment in full of the Obligations is to be made with the proceeds of third party Indebtedness and if the closing for such Indebtedness does not happen on or before the date of the proposed termination set forth in such notice (in which case, a new notice shall be required to be sent in connection with any subsequent termination). If, on the date of a voluntary termination pursuant to this Section 1.8(b), there are any outstanding Letters of Credit, then on such date, and as a condition precedent to such termination, Borrowers shall provide to Agent Lender cash collateral in an amount equal to 103% of the Letter of Credit Balance to secure all of the Obligations (including estimated documented out-of-pocket attorneys’ fees and other expenses, which shall be reasonable prior to an Event of Default) relating to said Letters of Credit, pursuant to a cash pledge agreement in form and substance reasonably satisfactory to AgentLender. From and after such Voluntary Termination Datedate of termination, Lenders Lender shall have no obligation whatsoever to extend any additional Loans or Letters of Credit and all of their its lending commitments hereunder shall be terminated.

Voluntary Termination of Loan Facilities. Borrowers may, on at least ten (10) days Business Days prior and irrevocable written notice received by Agent, permanently terminate the Loan facilities by repaying all of the outstanding Obligations (such dated of repayment, the “Voluntary Termination Date”)Obligations, including all principal, interest and fees with respect to the Revolving Loans, and an Early Payment/Termination Premium in the amount specified in the paragraph under the heading “Early Termination Fee” in the Fee Letter; the foregoing notwithstanding, a Borrower may rescind such written notice if it states that the proposed payment in full of the Obligations is to be made with the proceeds of third party Indebtedness and if the closing for such Indebtedness does not happen on or before the date of the proposed termination set forth in such notice (in which case, a new notice shall be required to be sent in connection with any subsequent termination). If, on the date of a voluntary termination pursuant to this Section 1.8(b), there are any outstanding Letters of Credit, then on such date, and as a condition precedent to such termination, Borrowers shall provide to Agent cash collateral in an amount equal to 103% of the Letter of Credit Balance to secure all of the Obligations (including estimated documented attorneys’ fees and other expenses, expenses which shall be reasonable prior to an Event of Default) relating to said Letters of Credit, pursuant to a cash pledge agreement in form and substance reasonably satisfactory to Agent. From and after such Voluntary Termination Datedate of termination, Lenders shall have no obligation whatsoever to extend any additional Loans or Letters of Credit and all of their its lending commitments hereunder shall be terminated.

Voluntary Termination of Loan Facilities. Borrowers may, on at least ten five (105) days Business Days’ prior and irrevocable written notice received by AgentLender, permanently terminate the Loan facilities by repaying all of the outstanding Obligations (such dated of repayment, the “Voluntary Termination Date”)Obligations, including all principal, interest and fees with respect to the Revolving Loans, and an any Early Payment/Termination Premium in the amount specified in the paragraph under the heading “Early Termination Fee” in the Fee Letter; the foregoing notwithstanding, a Borrower may rescind such notice if it states that the proposed payment in full of the Obligations is to be made with the proceeds of third party Indebtedness and if the closing for such Indebtedness does not happen on or before the date of the proposed termination set forth in such notice (in which case, a new notice shall be required to be sent in connection with any subsequent termination). If, on the date of a voluntary termination pursuant to this Section 1.8(b)1.8, there are any outstanding Letters of Credit, then on such date, and as a condition precedent to such termination, Borrowers shall provide to Agent Lender a back-up standby letter of credit reasonably acceptable to Lender or cash collateral in an amount equal to 103% of the Letter of Credit Balance to secure all of the Obligations (including estimated documented out-of-pocket attorneys’ fees and other expenses, which shall be reasonable prior to an Event of Default) relating to said Letters of Credit, pursuant to a cash pledge agreement in form and substance reasonably satisfactory to AgentLender. From and after such Voluntary Termination Datedate of termination, Lenders Lender shall have no obligation whatsoever to extend any additional Loans or Letters of Credit and all of their its lending commitments hereunder shall be terminated.

Voluntary Termination of Loan Facilities. Borrowers Borrower may, on at least ten (10) days Business Days prior and irrevocable written notice received by AgentLender (which notice may be conditioned upon the closing of another transaction), permanently terminate the Loan facilities by repaying all of the outstanding Obligations (such dated of repayment, the “Voluntary Termination Date”)Obligations, including all principal, interest and fees with respect to the Revolving Loans, Loans and an Early Payment/Termination Premium in the amount specified in the paragraph under the heading “Early Termination FeePremium” in the Fee Letter; . Notwithstanding the foregoing notwithstandingforegoing, a in the event that the Revolving Loan is refinanced by Bank of America, N.A. prior to the Scheduled Maturity Date, Borrower may rescind shall not be obligated to pay an Early Termination Premium. Following Lender’s receipt of such notice if it states that the proposed payment in full and its receipt of the Obligations is to be made with the proceeds of third party Indebtedness and if the closing for such Indebtedness does not happen on or before the date of the proposed termination set forth a request from Borrower (either contained in such notice (in or made separately thereafter), Lender agrees to provide Borrower with a payoff letter setting forth the terms and conditions upon which case, a new notice the Obligations shall be required to satisfied in full, the Loan Documents shall be sent in connection with any subsequent termination)terminated and Lien releases and terminations shall be delivered. If, on the date of a voluntary termination pursuant to this Section 1.8(b1.8(d), there are any outstanding Letters of Credit, then on such date, and as a condition precedent to such termination, Borrowers Borrower shall provide to Agent Lender cash collateral in an amount equal to 103105% of the Letter of Credit Balance to secure all of the Obligations (including estimated documented attorneys’ fees and other expenses, which shall be reasonable prior to an Event of Default) relating to said Letters of Credit, pursuant to a cash pledge agreement in form and substance reasonably satisfactory to AgentLender. From and after such Voluntary Termination Datedate of termination, Lenders Lender shall have no obligation whatsoever to extend any additional Loans or Letters of Credit and all of their its lending commitments hereunder shall be terminated.

Voluntary Termination of Loan Facilities. Borrowers may, on at least ten (10) days prior and irrevocable written notice received by Agent, permanently terminate the Loan facilities by repaying all of the outstanding Obligations (such dated of repayment, the “Voluntary Termination Date”), including all principal, interest and fees with respect Subject to the Revolving Loans, and an Early Payment/Termination Premium in the amount specified in the paragraph under the heading “Early Termination Fee” in the Fee Letter; the foregoing notwithstanding, a Borrower may rescind such notice if it states that the proposed payment in full of any applicable Early Termination Fee, the Obligations is Borrowers may, upon notice from the Borrower Representative to the Agent, terminate the Commitments or from time to time permanently reduce the Commitments; provided that (i) any such notice shall be made with received by the proceeds of third party Indebtedness and if the closing for such Indebtedness does Agent not happen on or before later than 11:00 a.m. five (5) Business Days prior to the date of the proposed termination set forth in or reduction, (ii) any such notice (in which case, a new notice partial reduction shall be required in an aggregate amount of $500,000 or any whole multiple of $100,000 in excess thereof, (iii) the Borrowers shall not terminate or reduce the aggregate Revolving Loan Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, Excess Availability would be sent in connection with any subsequent terminationnegative). If, on the date of a voluntary termination pursuant to this Section 1.8(b2.6(d), there are any outstanding Letters of Credit, then on such date, and as a condition precedent to such termination, Borrowers Borrower shall provide to Agent cash collateral in an amount equal to 103105% of the Letter of Credit Balance to secure all of the Obligations (including estimated documented attorneys’ ' fees and other expenses, which shall be reasonable prior to an Event of Default) relating to said Letters of CreditCredit or such greater percentage or amount as Agent reasonably deems appropriate, pursuant to a cash pledge collateral agreement in form and substance reasonably satisfactory to AgentLender. From and after such Voluntary Termination Datedate of termination, Lenders Agent and Lender shall have no obligation whatsoever to extend any additional Loans or make available any Letters of Credit Credit, and all of their lending commitments hereunder shall be terminated.