Common use of Termination by Borrowers Clause in Contracts

Termination by Borrowers. Upon at least 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 2 contracts

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

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Termination by Borrowers. Upon at least thirty (30) 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 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 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 thirty (30) days 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 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 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 thirty (30) days 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 satisfaction, (ii) complied with Section 2.6 and subsection 3.2.52.2(d). 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, except that the Term Loan may be voluntarily paid in full and the Term Loan Commitment terminated in accordance with the terms of Section 2.1(a) without concurrently paying in full the Revolving Loans and terminating the Revolving Loan Commitment.

Appears in 1 contract

Samples: Credit Agreement (Pernix Therapeutics Holdings, Inc.)

Termination by Borrowers. Upon at least thirty ten (3010) days 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 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 '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 (Steel Connect, Inc.)

Termination by Borrowers. Upon at least thirty (30) days 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 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 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)

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Termination by Borrowers. Upon at least thirty (30) 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 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 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 thirty five (305) days 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 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 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 thirty (30) days 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 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 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.)

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