Termination of Credit Agreement. The Collection Agent shall notify the Administrative Agent and each Purchaser Agent of the termination of the Credit Agreement by the lenders thereunder as soon as reasonably practicable, but in any event within one (1) Business Day of the earlier of receipt by the Collection Agent or the Originator of notice of such termination and the effectiveness of such termination.
Termination of Credit Agreement. In the event that the Credit Agreement is terminated for any reason whatsoever, the covenants set forth in Article 10, Article 11, and Article 12 thereof and the events of default set forth in Article 13 thereof, together with all of the definitions of all the defined terms used therein and all other portions of the Credit Agreement to which reference is made in such Articles, in each case as of such termination date, will be incorporated by reference herein and the same shall be applicable herein, mutatis mutandis, and will be deemed to continue in effect until this Agreement is terminated and all Obligations under this Agreement are fully paid and performed.
Termination of Credit Agreement. The Company shall have delivered to Parent evidence of the (a) termination of that certain Loan Agreement, dated December 17, 2004, by and between Lancer Partnership, Ltd. and International Bank of Commerce, and all other agreements entered into in connection therewith, and (b) release of all liens on any assets of the Acquired Companies held by International Bank of Commerce to secure such Loan Agreement and related documents.
Termination of Credit Agreement. Effective as of the Effective Date, the Bank and the Borrower agree that the Credit Agreement is terminated, and that neither the Bank nor the Borrower shall have any further obligations under the Credit Agreement.
Termination of Credit Agreement. The Buyer and the Companies mutually agree that the Credit Agreement dated May 26, 2006 and entered into by and among the Buyer, as lender, and the Companies, as borrowers is hereby terminated as of the Closing Date.
Termination of Credit Agreement. Prior to the Effective Time, the Company shall deliver to Parent written documentation, in commercially reasonable form, from Fleet National Bank, N.A. with respect to the termination of the Credit Agreement between the Company and such bank and shall make arrangements for the release of all Liens and the release of all obligations and guarantees under such Credit Agreement over the Company’s and its Subsidiaries’ properties and assets.
Termination of Credit Agreement. On or prior to the second business day prior to the Closing Date, the Company shall use its reasonable best efforts to deliver to Parent copies of payoff letters (subject to delivery of funds as arranged by Parent and Merger Sub), in reasonable form, from the administration agents under the Credit Agreement and shall use its commercially reasonable efforts to make arrangements for the release of all mortgages, liens and other security over the Company’s and the Company Subsidiaries’ properties and assets securing such obligations (subject to delivery of funds as arranged by Parent and Merger Sub, if necessary).
Termination of Credit Agreement. Parent and the Company shall mutually determine if, upon Closing, it is in the best interest of the Parent and the Surviving Corporation to maintain, amend, pay off or terminate the Parent Credit Agreement and/or the Company Credit Agreement. In the event Parent and the Company determine to pay off the amounts owed under the Parent Credit Agreement or the Company Credit Agreement on the Closing Date, on or prior to the second Business Day prior to the Closing Date, the Parent or Company, as applicable, shall use commercially reasonable efforts to deliver to the other party copies of payoff letters (the “Payoff Letters”) with respect to the Parent Credit Agreement or the Company Credit Agreement, as applicable, in form and substance reasonably satisfactory to such other party and executed by the holder of the Indebtedness referenced therein (or agent thereof) and certifying as to the amount, if any, then outstanding and owing under the Parent Credit Agreement or Company Credit Agreement, as of the Closing Date, including all outstanding principal, accrued interest thereon, premium, if any, payable if prepaid on the Closing Date, with a further certification stating that, upon receipt of such amount, if any, on the Closing Date, such holder (or the agent thereof) shall release any liens and security interests on any of the assets of the Parent or Company, as applicable, in favor of such holder (or agent therefor) securing such Indebtedness. In the event that the parties cannot, in good faith, mutually agree as to the disposition of the Parent Credit Facility, Parent shall pay off the Parent Credit Facility.
Termination of Credit Agreement. Prior to Closing, the Company shall prepay any amounts outstanding under, and shall use its reasonable best efforts to terminate, the Loan Agreement dated as of March 19, 1999 between the Company, Fleet National Bank and the other banks party thereto.
Termination of Credit Agreement. Subject to (a) the receipt by ING Bank of all outstanding Letters of Credit for cancellation (or confirmation of such receipt in the case of confirmed Letters of Credit) and (b) the receipt of payment in full without deduction, counterclaim or set-off from SLDI of (w) all Letter of Credit Fees payable by SLDI that are accrued and unpaid as of the date each Letter of Credit is received for cancellation, (x) ING Bank’s reasonable costs and expenses, including Attorney Costs, incurred in connection with the negotiation and execution hereof and the transactions contemplated hereby, (y) the amount of any unpaid Reimbursement Obligations as of the date of payment, and (z) the amount of outstanding Loans, if any, including any accrued and unpaid interest thereon through the date of payment (collectively, the matters described in (a) and (b) being referred to as the “Termination Conditions”), (i) all obligations under the Credit Documents shall automatically terminate in all respects and shall be of no further force and effect, and (ii) neither ING Bank nor SLDI shall have any liabilities or obligations under the Credit Documents, and each of them shall be forever released and discharged in all respects from any and all obligations, under or with respect to the Credit Documents. Upon termination of the Credit Documents and cancellation of the Promissory Note (as set forth in paragraph 2 below), ING Bank shall promptly deliver to SLDI the acknowledgement letter attached hereto as Exhibit A.
