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 its option, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers have (i) paid all of the Obligations in immediately available funds, all Letters of Credit and Support Agreements have expired, terminated or have been cash collateralized in accordance with this Agreement and (ii) complied with Section 2.2(h). 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 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 (Williams Industrial Services Group Inc.)

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Termination by Borrowers. Upon at least thirty (30) 30 days' prior written notice to Agent and Lenders, Borrowers may, at 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. For the avoidance of doubt, all Letters of Credit and Support Agreements have expired, terminated or have been cash collateralized in accordance with the Borrowers may not reduce the Revolving Loan Commitment at any time without terminating this Agreement and (ii) complied with pursuant to this Section 2.2(h)2.10. 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 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, Security and Guaranty Agreement (Chicken Soup for the Soul Entertainment, Inc.)

Termination by Borrowers. Upon at least thirty (30) days' ’ (or such shorter period as the Agent, in its reasonable discretion, shall agree) prior written notice and pursuant to payoff documentation in form and substance reasonably satisfactory to Agent and Lenders, Borrowers may, at its their option, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers have (i) paid all of the Obligations in immediately available funds, all Letters of Credit and Support Agreements have expired, terminated or have been cash collateralized in accordance with this Agreement and (ii) complied with Section 2.2(h)2.2 and the terms of the Fee Letter. 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 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. The Revolving Loan may not be terminated without also terminating the Term Loan.

Appears in 1 contract

Samples: Credit, Security and Guaranty Agreement (Wright Medical Group N.V.)

Termination by Borrowers. Upon at least thirty (30) days' prior written notice to Agent and Lenders, Borrowers may, at its option, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers have (i) paid all of the Obligations in immediately available funds, all Letters of Credit and Support Agreements have expired, terminated or have been cash collateralized in accordance with this Agreement and (ii) complied with Section 2.2(h2.2(f); and provided, further, that Agent and Lenders shall have no obligation to release any of the Collateral securing the Obligations under this Agreement while any portion of the Debt under the Affiliated Financing Documents remains outstanding. 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 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 (Bacterin International Holdings, Inc.)

Termination by Borrowers. Upon at least thirty (30) days' 90 days prior written ------------------------ notice to Agent and LendersAgent, Borrowers may, at its their option, collectively and not individually, terminate this Agreement; provided, however, that no such termination -------- ------- shall be effective until Borrowers have (i) paid all of the Obligations (including any applicable termination charges) then due in immediately available fundsfunds (and made provision for identified contingent Obligations, all including without limitation, outstanding Letters of Credit Credit, in form and Support Agreements have expired, terminated or have been cash collateralized in accordance with this Agreement and (ii) complied with Section 2.2(hsubstance acceptable to Agent). Any notice of termination given by Borrowers shall be irrevocable unless all Agent otherwise agrees in writing, and Lenders otherwise agree in writing and no Lender shall have any no obligation to make any Loans or issue or procure any Letters of Credit or 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 singlysingly or by any Borrower acting on its own behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Restoration Hardware Inc)

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Termination by Borrowers. Upon at least thirty (30) days' 90 days prior written notice to Agent and LendersAgent, Borrowers may, at its their option, collectively and not individually, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers have (i) paid all of the Obligations (including any applicable termination charges) then due in immediately available fundsfunds (and made provision for identified contingent Obligations, all including without limitation, outstanding Letters of Credit Credit, in form and Support Agreements have expired, terminated or have been cash collateralized in accordance with this Agreement and (ii) complied with Section 2.2(hsubstance acceptable to Agent). Any notice of termination given by Borrowers shall be irrevocable unless all Agent otherwise agrees in writing, and Lenders otherwise agree in writing and no Lender shall have any no obligation to make any Loans or issue or procure any Letters of Credit or 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 commitment for any type of Loan available hereunder may be terminated singlysingly or by any Borrower acting on its own behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Restoration Hardware Inc)

Termination by Borrowers. Upon at least thirty (30) days' ’ (or such shorter period as the Agent, in its reasonable discretion, shall agree) prior written notice and pursuant to payoff documentation in form and substance reasonably satisfactory to Agent and Lenders, Borrowers may, at its their option, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers have (i) paid all of the Obligations in immediately available funds, all Letters of Credit and Support Agreements have expired, terminated or have been cash collateralized in accordance with this Agreement and (ii) complied with Section 2.2(h)2.2 and the terms of the Fee Letter. 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 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, Security and Guaranty Agreement (Wright Medical Group N.V.)

Termination by Borrowers. Upon at least thirty (30) days' prior written notice to Agent and Lenders, Borrowers may, at its option, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers have (i) paid all complied with Section 2.2(d) and the terms of the Obligations in immediately available fundsany Fee Letter, all Letters of Credit and Support Agreements have expired, terminated or have been cash collateralized in accordance with this Agreement and (ii) complied with Section 2.2(h)paid in full all of the Affiliated Obligations (if any) in immediately available funds and terminated the Affiliated Financing Documents. 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 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

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