Common use of Termination by Borrower Clause in Contracts

Termination by Borrower. Upon at least sixty (60) days prior written notice to Lender, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to Lender's satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender otherwise agrees in writing, and Lender shall have 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. Borrower 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 3 contracts

Samples: Loan and Security Agreement (Meade Instruments Corp), Loan and Security Agreement (Bayard Drilling Technologies Inc), Loan and Security Agreement (Bayard Drilling Technologies Inc)

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Termination by Borrower. Upon at least sixty ninety (6090) days prior written notice to LenderAgent, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to LenderAgent's satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender Required Lenders otherwise agrees agree in writing, and Lender Lenders shall have 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. Borrower 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 3 contracts

Samples: Loan and Security Agreement (Nations Flooring Inc), Loan and Security Agreement (Nations Flooring Inc), Loan and Security Agreement (Executone Information Systems Inc)

Termination by Borrower. Upon at least sixty ninety (6090) days prior written notice to Lender, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to Lender's ’s satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender otherwise agrees in writing, and Lender shall have 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. Borrower 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 (Iwt Tesoro Corp), Loan and Security Agreement (Iwt Tesoro Corp)

Termination by Borrower. Upon at least sixty (60) 90 days prior written notice to Lender, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to Lender's satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender otherwise agrees in writing, and Lender shall have 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. Borrower 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 (Zoom Telephonics Inc)

Termination by Borrower. Upon at least sixty (60) 30 days prior written ----------------------- notice to Lender, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower -------- ------- has paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to Lender's satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender otherwise agrees in writing, and Lender shall have no obligation to make any Revolving Credit Loans or issue or procure any Letters of Credit or LC Guaranties on or after the termination date stated in such notice. Borrower 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 (Moore Medical Corp)

Termination by Borrower. Upon at least sixty (60) 30 days prior written notice to LenderAgent, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to LenderAgent's satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender Agent otherwise agrees in writing, and Lender Agent shall have 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. Borrower 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 (Drypers Corp)

Termination by Borrower. Upon at least sixty (60) 30 days prior written notice to Lender, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to Lender's satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender otherwise agrees in writing, and Lender shall have 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 termination notice. Borrower 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 (Financial Performance Corp)

Termination by Borrower. Upon at least sixty (60) 30 days prior written notice to LenderAgent, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has have paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to LenderAgent's satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender Required Lenders otherwise agrees agree in writing, and Lender Lenders shall have 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. Borrower may elect to terminate this Agreement in its entirety only. No section Section of this Agreement or type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Loan and Security Agreement (Northwestern Steel & Wire Co)

Termination by Borrower. Upon at least sixty ninety (6090) days prior written notice to Lender, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to Lender's satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender otherwise agrees in writing, and Lender shall have 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. Borrower 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 (Joule Inc)

Termination by Borrower. Upon at least sixty (60) 10 days prior written notice to LenderAgent, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has have paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to LenderAgent's satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender Required Lenders otherwise agrees agree in writing, and Lender Lenders shall have 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. Borrower 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 (Houston Wire & Cable CO)

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Termination by Borrower. Upon at least sixty thirty (6030) days prior written notice to LenderAgent, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to LenderAgent's satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender Agent otherwise agrees in writing, and Lender Agent and/or Lenders shall have 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. Borrower 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 (Industrial Data Systems Corp)

Termination by Borrower. Upon at least sixty (60) 10 days prior written notice to LenderAgent, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has have paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to Lender's Agent’s satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender Required Lenders otherwise agrees agree in writing, and Lender Lenders shall have 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. Borrower 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 (Houston Wire & Cable CO)

Termination by Borrower. Upon at least sixty (60) 90 days prior written notice to LenderAgent, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to LenderAgent's satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender Required Lenders otherwise agrees agree in writing, and Lender Lenders shall have 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. Borrower 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 (Eagle Pacific Industries Inc/Mn)

Termination by Borrower. Upon at least sixty (60) 90 days prior written notice to Lender, Borrower Borrowers may, at its their option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has Borrowers have paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to Lender's satisfaction. Any notice of termination given by Borrower Borrowers shall be irrevocable unless Lender otherwise agrees in writing, and Lender shall have 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. Borrower Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan or credit facility available hereunder may be terminated singly.

Appears in 1 contract

Samples: Loan and Security Agreement (Tmci Electronics Inc)

Termination by Borrower. Upon at least sixty thirty (6030) days prior written notice to LenderAgent, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has paid all of the Obligations in immediately available funds and all Letters of Credit and LC Guaranties have expired or have been cash collateralized to LenderAgent's satisfaction. Any notice of termination given by Borrower shall be irrevocable unless Lender Required Lenders and Agent otherwise agrees agree in writing, and Lender Agent and Lenders shall have 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. Borrower 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 (Home Products International Inc)

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