Common use of Termination by Borrowers Clause in Contracts

Termination by Borrowers. Upon at least ten (10) days’ prior written notice to Administrative Agent, Borrower Agent (on behalf of Borrowers) may, at its option, terminate the Commitments; provided, however, that no such termination by Borrowers shall be effective until Payment in Full of the Obligations. Any notice of termination given by Borrowers shall be irrevocable unless Administrative Agent otherwise agrees in writing. Borrowers may elect to terminate the Commitments in their entirety only; provided that nothing contained herein shall affect Borrowers’ right to voluntarily reduce the Commitments as provided in Section 5.3.1 of this Agreement. No section of this Agreement, Type of Loan available hereunder or Commitment may be terminated by Borrowers singly.

Appears in 3 contracts

Samples: Credit Agreement (Ryerson Holding Corp), Credit Agreement (Ryerson Inc.), Credit Agreement (J.M. Tull Metals Company, Inc.)

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Termination by Borrowers. Upon at least ten (10) days’ 30 days prior written notice to Administrative Agent, Borrower Agent (on behalf of Borrowers) Borrowers may, at its their option, terminate the Commitments; provided, however, that no such termination by Borrowers shall be effective until Full Payment in Full of the ObligationsObligations (other than contingent indemnification obligations for which no claim has been made). Any notice of termination given by Borrowers shall be irrevocable unless Administrative Agent otherwise agrees in writing. Borrowers may elect to terminate the Commitments in their entirety only; , provided that nothing contained herein shall affect Borrowers' right to voluntarily reduce the Revolver Commitments as provided in Section 5.3.1 of this AgreementSECTION 2.1.5. No section of this Agreement, Type of Loan available hereunder or Commitment may be terminated by Borrowers singly.

Appears in 1 contract

Samples: Loan and Security Agreement (IMI of Arlington, Inc.)

Termination by Borrowers. Upon at least ten (10) days’ 30 days prior written notice to Administrative Agent, Borrower Agent (on behalf of Borrowers) Borrowers may, at its their option, terminate the Commitments; provided, however, that no such termination by Borrowers shall be effective until Full Payment in Full of the ObligationsObligations (other than contingent indemnification obligations for which no claim has been made). Any notice of termination given by Borrowers shall be irrevocable unless Administrative Agent otherwise agrees in writing. Borrowers may elect to terminate the Commitments in their entirety only; , provided that nothing contained herein shall affect Borrowers’ right to voluntarily reduce the Revolver Commitments as provided in Section 5.3.1 of this Agreement2.1.5. No section of this Agreement, Type of Loan available hereunder or Commitment may be terminated by Borrowers singly.

Appears in 1 contract

Samples: Loan and Security Agreement (Insight Health Services Holdings Corp)

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Termination by Borrowers. Upon at least ten (10) days’ 30 days prior written notice to Administrative Agent, Borrower Agent (on behalf of Borrowers) may, at its option, terminate the CommitmentsCommitments in full; provided, however, that no such termination by Borrowers shall be effective until Full Payment in Full of the Obligations. Any notice of termination given by Borrowers shall be irrevocable unless Administrative Agent otherwise agrees in writing. Borrowers may elect to terminate the Commitments in their entirety only; provided that provided, that, nothing contained herein shall affect Borrowers’ right to voluntarily reduce the Commitments as provided in Section 5.3.1 1.2.5 of this Agreement. No section of this Agreement, Type of Loan available hereunder or Commitment may be terminated by Borrowers singly.

Appears in 1 contract

Samples: Credit Agreement (Superior Essex Inc)

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