Common use of Termination by Borrower Clause in Contracts

Termination by Borrower. Upon at least 30 days prior written notice to Agent and Lenders, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has 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 satisfaction and Borrower has complied with Subsection 3.2.5. Unless Majority Lenders otherwise agree, any notice of termination given by Borrower shall be irrevocable 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. 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 (Mobile Mini Inc), Loan and Security Agreement (Mobile Mini Inc)

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Termination by Borrower. Upon at least 30 days three (3) days' prior written notice to Agent and Lenders, Borrower Borrowers may, at its their option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has Borrowers have paid or collateralized to Agent's reasonable satisfaction all of the Obligations in immediately available funds, funds and all Letters of Credit and LC Guaranties have expired, terminated or have been cash collateralized to Agent's satisfaction and Borrower has Borrowers have complied with Subsection Section 2.6 and subsection 3.2.5. Unless Majority Lenders otherwise agree, any Any notice of termination given by Borrower VEI, on behalf of all Borrowers, shall be irrevocable unless Majority Lenders and no Lender Agent otherwise agree in writing, and Agent and Lenders 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. Borrower 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 (Velocity Express Corp), Loan and Security Agreement (Velocity Express Corp)

Termination by Borrower. Upon at least 30 90 days prior written notice to Agent and Lenders, Borrower may, at its option, on its own behalf and on behalf of each other Co-Borrower, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has Co-Borrowers have paid or collateralized to Agent's reasonable ’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 Borrower has Co-Borrowers have complied with Subsection Section 2.6 and subsection 3.2.5. Unless Majority Lenders otherwise agree, any Any notice of termination given by Borrower 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. 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 (Pw Eagle Inc), Loan and Security Agreement (Pw Eagle Inc)

Termination by Borrower. Upon at least 30 90 days prior written notice to Agent and Lenders, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has 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 satisfaction and Borrower has complied with Subsection Section 2.6 and subsection 3.2.5. Unless Majority Lenders otherwise agree, any Any notice of termination given by Borrower 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. 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 (Weirton Steel Corp), Loan and Security Agreement (Weirton Steel Corp)

Termination by Borrower. Upon at least 30 90 days prior written notice to Agent and Lenders, Borrower may, at its option, terminate this Agreement; providedPROVIDED, howeverHOWEVER, no such termination shall be effective until Borrower has 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 satisfaction and Borrower has complied with Subsection Section 2.6 and subsection 3.2.5. Unless Majority Lenders otherwise agree, any Any notice of termination given by Borrower 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. 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 (Weirton Steel Corp)

Termination by Borrower. Upon at least 30 days five (5) Business Days prior written notice to Agent and Lenders, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has 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 satisfaction and Borrower has complied with Subsection 3.2.5. Unless Majority Lenders otherwise agree, any notice of termination given by Borrower shall be irrevocable 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. 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 (Mobile Mini Inc)

Termination by Borrower. Upon at least 30 90 days prior written notice to Agent and Lenders, Borrower Borrowers may, at its their option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has 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 satisfaction and Borrower has Borrowers have complied with Subsection 3.2.5Sections 2.3(ii) and 2.7. Unless Majority Lenders otherwise agree, any Any notice of termination given by Borrower Borrowers shall be irrevocable and no unless all Lenders otherwise agree in 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. Borrower 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: Financing and Security Agreement (Henry Co)

Termination by Borrower. Upon at least 30 days prior written ----------------------- notice to Agent and Lenders, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until -------- ------- Borrower has 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 satisfaction and Borrower has complied with Subsection 3.2.5Sections 2.3(ii) and 2.7. Unless Majority Lenders otherwise agree, any Any notice of termination given by Borrower shall be irrevocable and unless all Lenders otherwise agree in 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. 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 (Woods Equipment Co)

Termination by Borrower. Upon at least 30 90 days prior written notice to Agent and Lenders, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has paid or collateralized to Agent's reasonable ’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 Borrower has complied with Subsection Section 2.6 and subsection 3.2.5. Unless Majority Lenders otherwise agree, any Any notice of termination given by Borrower 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. 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 (Pw Eagle Inc)

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Termination by Borrower. Upon at least 30 90 days prior written notice to Agent and Lenders, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has 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 satisfaction and Borrower has complied with Subsection Section 2.6 and subsection 3.2.5. Unless Majority Lenders otherwise agree, any Any notice of termination given by Borrower shall be irrevocable unless all Lenders otherwise agree in writing and no Revolving 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. 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: And Security Agreement (Weirton Steel Corp)

Termination by Borrower. Upon at least 30 10 days prior written ----------------------- notice to Agent and Lenders, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until --------- ------- Borrower has 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 Borrower has complied with Subsection 3.2.5subsection 2.7. Unless Majority Lenders otherwise agree, any Any notice of termination given by Borrower shall be irrevocable and unless all Lenders otherwise agrees in 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. 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 (Borden Chemicals & Plastics Limited Partnership /De/)

Termination by Borrower. Upon at least 30 90 days prior written notice to Agent and Lenders, Borrower may, at its option, on its own behalf and on behalf of each other Co-Borrower, terminate this Agreement; provided, however, however no such termination shall be effective until Borrower has Co-Borrowers have paid or collateralized to Agent's reasonable ’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 Borrower has Co-Borrowers have complied with Subsection Section 2.6 and subsection 3.2.5. Unless Majority Lenders otherwise agree, any Any notice of termination given by Borrower 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. 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 (Pw Eagle Inc)

Termination by Borrower. Upon at least 30 ninety (90) days prior written notice to Agent and LendersLender, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has 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 satisfaction and Borrower has complied with Subsection 3.2.5. Unless Majority Lenders otherwise agree, any Any notice of termination given by Borrower shall be irrevocable unless Lender otherwise agrees 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 noticenotice and thereafter, provided the Obligations are paid and satisfied in full and Lender has no commitment to make any loans or advances hereunder, no further fees shall accrue under Section 2.2.2 hereof. Borrower may elect to terminate this Agreement in its entirety only. No section Section of this Agreement or type Type of Loan available hereunder may be terminated singly.

Appears in 1 contract

Samples: Loan and Security Agreement (Fresh Foods Inc)

Termination by Borrower. Upon at least 30 thirty (30) days prior written notice to Agent and LendersAgent, Borrower may, at its option, terminate this Agreement; provided, however, no such termination shall be effective until Borrower has paid or collateralized to Agent's reasonable satisfaction all of all monetary Obligations arising hereunder or under any of the Obligations other Loan Documents (other than contingent claims with respect to indemnification obligations) in immediately available funds, funds and all Letters of Credit and LC Guaranties have expired, terminated expired or have been cash collateralized or back-to-back letters of credit have been provided to Agent's satisfaction and Borrower has complied with Subsection 3.2.5’s satisfaction. Unless Majority Lenders otherwise agree, any Any notice of termination given by Borrower shall be irrevocable unless Required Lenders and no Lender Agent otherwise agree in writing, and Agent and Lenders 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. 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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