Common use of Termination of Facility Clause in Contracts

Termination of Facility. The Borrowers may terminate this Agreement ----------------------- upon at least thirty (30) Business Days' notice to the Agent and the Lenders, upon (a) the payment in full of all outstanding Revolving Loans, together with accrued interest thereon and all other Obligations, and the cancellation and return of all outstanding Letters of Credit, (b) the payment of the early termination fee set forth in the next sentence, (c) the payment in full in cash of all other Obligations together with accrued interest thereon, and (d) with respect to any LIBOR Rate Loans prepaid in connection with such termination prior to the expiration date of the Interest Period applicable thereto, the payment of the amounts described in Section 5.4. If this Agreement is terminated ----------- at any time prior to the second Anniversary Date, whether pursuant to this Section or pursuant to Section 11.2, the Borrowers shall pay to the Agent, for ------------ the account of the Lenders, an early termination fee determined in accordance with the following table: 44 Period during which early termination occurs Early Termination Fee ---------------------------------------------- --------------------- On or prior to the first Anniversary Date 1% of the Total Facility After the first Anniversary Date but on or prior to the second Anniversary Date .5% of the Total Facility provided, however, that the early termination fee described in this Section 4.2 -------- ------- ----------- shall not be payable in the event the Borrowers terminate this Agreement and pay all Obligations utilizing the proceeds of a credit facility agented by the Bank.

Appears in 1 contract

Samples: Loan and Security Agreement (Envirosource Inc)

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Termination of Facility. The Borrowers Borrower may terminate this Agreement ----------------------- upon at least thirty ten (3010) Business Days' notice to the Agent and the Lenders, upon (a) the payment in full of all outstanding Revolving Loans, together with accrued interest thereon and all other Obligationsthereon, and the cancellation and return of all outstanding Letters of Credit, (b) the prepayment in full of the Term Loans, together with accrued interest thereon, (c) the payment of the early termination fee set forth in the next sentence, (cd) the payment in full in cash of all other outstanding monetary Obligations together with accrued interest thereon, if any, and (de) with respect to any LIBOR Rate Loans prepaid in connection with such termination prior to the expiration date of the Interest Period applicable thereto, the payment of the amounts described in Section 5.4. If this Agreement is terminated ----------- at any time prior to the second Anniversary Stated Termination Date, whether pursuant to this Section or pursuant to Section 11.2, the Borrowers Borrower shall pay to the Agent, for ------------ the account of the Lenders, an early termination fee determined in accordance with the following table: 44 Period during which early termination occurs Early Termination Fee ---------------------------------------------- termination occurs ------------------------- --------------------- On or prior Prior to the first Anniversary Date 1% of the Total Facility After $1,175,000 On or after the first Anniversary Date but on or prior to $587,500 the second third Anniversary Date .5% of On or after the Total Facility provided, however, that the early termination fee described in this Section 4.2 -------- ------- ----------- shall not be payable in the event the Borrowers terminate this Agreement and pay all Obligations utilizing the proceeds of a credit facility agented by the Bank.third Anniversary Date $0

Appears in 1 contract

Samples: Loan and Security Agreement (Sweetheart Holdings Inc \De\)

Termination of Facility. The Borrowers Borrower may terminate this Agreement ----------------------- upon at least thirty ten (3010) Business Days' notice to the Agent and the Lenders, upon (a) the payment in full of all outstanding Revolving Loans, together with accrued interest thereon and all other Obligationsthereon, and the cancellation and return of all outstanding Letters of Credit, (b) the payment of the early termination fee set forth in the next sentencebelow, (c) the payment in full in cash of all reimbursable expenses and other Obligations together with accrued interest thereonObligations, and (d) with respect to any LIBOR Rate Loans prepaid in connection with such termination prior to the expiration date of the Interest Period applicable theretoprepaid, the payment of the amounts described in due under Section 5.44.4, if any. If this Agreement is terminated ----------- at any time prior to the second Anniversary Stated Termination Date, whether pursuant to this Section or pursuant to Section 11.29.2, the Borrowers shall Borrower shall, in addition to the foregoing, pay to the Agent, for ------------ the account of the Lenders, an early termination fee determined in accordance with the following table: 44 Period during which early termination occurs Early Termination Fee ---------------------------------------------- --------------------- PERIOD DURING WHICH EARLY EARLY TERMINATION TERMINATION OCCURS FEE On or prior to the first Anniversary Date 1% of the Total Facility Maximum Anniversary Date Revolver Amount After the first Anniversary 0.5% of the Maximum Date but on or prior to the Revolver Amount second Anniversary Date .5After the second 0.25% of the Total Facility provided, however, that Maximum Anniversary Date but prior Revolver Amount to the early termination fee described in this Section 4.2 -------- ------- ----------- shall not be payable in the event the Borrowers terminate this Agreement third Anniversary Date The Third Anniversary Date None and pay all Obligations utilizing the proceeds of a credit facility agented by the Bank.thereafter

Appears in 1 contract

Samples: Credit Agreement (Applica Inc)

Termination of Facility. The Borrowers Borrower may terminate this Agreement ----------------------- upon at least thirty three (303) Business Days' joint notice to the Agent and the Lenders, upon (a) the payment in full of all outstanding Revolving Loans, together with accrued interest thereon and all other Obligationsthereon, and the cancellation and return of all outstanding Letters of CreditCredit (or delivery to the Agent of cash collateral therefor as required by Section 2.3(j)), (b) the payment of the early termination fee set forth in the next sentence, (c) the payment in full in cash of all other Obligations together with accrued interest thereon, and (d) with respect to any LIBOR Rate Loans prepaid in connection with such termination prior to the expiration date of the Interest Period applicable thereto, the payment of the amounts described in Section 5.4. If this Agreement is terminated ----------- at any time on or prior to the second fourth Anniversary Date, whether pursuant to this Section or pursuant to Section 11.2, the Borrowers Borrower shall pay to the Agent, for ------------ the account of the Lenders, an early termination fee determined in accordance with the following table: 44 Period during which early termination occurs Early Termination Fee ---------------------------------------------- ------------------------ --------------------- On or prior to the first Anniversary Date 10.50% of the Total Anniversary Date Facility After the first Anniversary Date but on or prior to the second Anniversary Date .50.25% of the Total Facility provided, however, that the early termination fee described in this Section 4.2 -------- ------- ----------- shall not be payable in the event the Borrowers terminate this Agreement and pay all Obligations utilizing the proceeds of a credit facility agented by the Bank.fourth Anniversary Date Facility

Appears in 1 contract

Samples: Loan and Security Agreement (Hills Stores Co /De/)

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Termination of Facility. The Borrowers Borrower may terminate this Agreement ----------------------- upon at least thirty ten (3010) Business Days' notice to the Agent and the Lenders, upon (a) the payment in full of all outstanding Revolving Loans, together with accrued interest thereon and all other Obligationsthereon, and the cancellation and return of all outstanding Letters of Credit, (b) the payment of the early termination fee set forth in the next sentence, (c) the payment in full in cash of all other outstanding monetary Obligations together with accrued interest thereon, if any, and (d) with respect to any LIBOR Rate Revolving Loans prepaid in connection with such termination prior to the expiration date of the Interest Period applicable thereto, the payment of the amounts described in Section 5.4. If this Agreement is terminated ----------- at any time prior to the second Anniversary Stated Termination Date, whether pursuant to this Section or pursuant to Section 11.2, the Borrowers Borrower shall pay to the Agent, for ------------ the account of the Lenders, an early termination fee determined in accordance with the following table: 44 Period during which early termination occurs Early Termination Fee ---------------------------------------------- PERIOD DURING WHICH EARLY EARLY TERMINATION FEE TERMINATION OCCURS --------------------- ------------------ On or prior to the first Anniversary Date 1% of the Total Facility $2,700,000 After the first Anniversary Date but on or prior to $1,350,000 the second Anniversary Date .5% After the second Anniversary Date 0 provided that in the event this Agreement is refinanced pursuant to a credit agreement under which BABC or an Affiliate of BABC is the Total Facility providedagent or the sole lender, however, that the then no early termination fee described in this Section 4.2 -------- ------- ----------- shall not be payable in the event the Borrowers terminate this Agreement and pay all Obligations utilizing the proceeds of a credit facility agented by the Bankhereunder.

Appears in 1 contract

Samples: Loan and Security Agreement (Sweetheart Holdings Inc \De\)

Termination of Facility. The Borrowers Borrower may terminate this Agreement ----------------------- upon at least thirty twenty (3020) Business Days' notice to the Agent and the Lenders, with such termination being effective upon (a) the payment in full of all outstanding Revolving Loans, together with accrued interest thereon and all other Obligationsthereon, and the cancellation and return of all outstanding Letters of Credit, (b) the payment of the early termination fee set forth in the next sentence, (c) the payment in full in cash of all other Obligations (other than those Obligations which by their terms are intended to survive the termination of this Agreement) together with accrued interest thereon, and (d) with respect to any LIBOR Rate Revolving Loans prepaid in connection with such termination prior to the expiration date of the Interest Period applicable thereto, the payment of the amounts described in Section 5.4. If this Agreement is terminated ----------- at any time prior to the second Anniversary Stated Termination Date, whether pursuant to this Section or pursuant to Section 11.2, the Borrowers Borrower shall pay to the Agent, for ------------ the account of the Lenders, an early termination fee determined in accordance with the following table: 44 Period during which early termination occurs Early Termination Fee ---------------------------------------------- --------------------- PERIOD DURING WHICH EARLY EARLY TERMINATION TERMINATION IS EFFECTIVE FEE ------------ ----------- On or prior to the first Anniversary Date 13.0% of the Total Facility After the first average daily balance Anniversary Date but on of Loans and Letters of Credit outstanding during the 180 days (or lesser period if within 180 days of the Closing Date) immediately prior to the second Anniversary Date .5% effective date of the Total Facility provided, however, that the early termination fee described in this Section 4.2 -------- ------- ----------- shall not be payable in the event the Borrowers terminate this Agreement and pay all Obligations utilizing the proceeds of a credit facility agented by the Banktermination.

Appears in 1 contract

Samples: Loan and Security Agreement (Gt Bicycles Inc)

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