Common use of Termination of Revolving Loan Commitment Clause in Contracts

Termination of Revolving Loan Commitment. (i) Borrower may at any time on at least 10 days’ prior written notice to Lender terminate the Revolving Loan Commitment; provided that, upon such termination, all Advances and other Obligations shall be immediately due and payable in full and all Letter of Credit Obligations shall be cash collateralized or otherwise satisfied in accordance with Annex A. Any voluntary termination of the Revolving Loan Commitment must be accompanied by payment of any Tranche Rate funding breakage costs in accordance with Section 2.5(c). Upon any such termination of the Revolving Loan Commitment, Xxxxxxxx’s right to request Revolving Credit Advances, or request that Letter of Credit Obligations be incurred on its behalf, shall simultaneously be permanently terminated. (ii) All of the Obligations shall, if not sooner paid or required to be paid pursuant to this Agreement or any other Loan Document, be due and payable in full on the Commitment Termination Date.

Appears in 2 contracts

Samples: Credit Agreement (Universal Technical Institute Inc), Credit Agreement (Universal Technical Institute Inc)

AutoNDA by SimpleDocs

Termination of Revolving Loan Commitment. (i) Borrower may at any time on at least 10 days’ five Business Days' prior written notice (or such shorter time as Lender may agree in its sole discretion) to Lender terminate the Revolving Loan Commitment; provided that, upon such termination, all Advances and other Obligations shall be immediately due and payable in full and all Letter of Credit Obligations shall be cash collateralized or otherwise satisfied in accordance with Annex A. Any voluntary termination of the Revolving Loan Commitment must be accompanied by payment of any Tranche Rate funding breakage costs in accordance with Section 2.5(c2.5(e). Upon any such termination of the Revolving Loan Commitment, Xxxxxxxx’s 's right to request Revolving Credit Advances, or request that Letter of Credit Obligations be incurred on its behalf, shall simultaneously be permanently terminated. (ii) All of the Obligations shall, if not sooner paid or required to be paid pursuant to this Agreement or any other Loan Documentpaid, be due and payable in full on the Commitment Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Lincoln Educational Services Corp)

Termination of Revolving Loan Commitment. (i) Borrower may at any time on at least 10 thirty (30) days’ prior written notice to Lender terminate the Revolving Loan Commitment; provided that, upon such termination, all Revolving Credit Advances and other Obligations in respect of the Revolving Credit Advances shall be immediately due and payable in full and all Letter of Credit Obligations shall be cash collateralized or otherwise satisfied in accordance with Annex A. Any voluntary termination of the Revolving Loan Commitment must be accompanied by payment of any Tranche Rate funding breakage costs in accordance with Section 2.5(c2.5(e). Upon any such termination of the Revolving Loan Commitment, Xxxxxxxx’s right to request Revolving Credit Advances, or request that Letter of Credit Obligations be incurred on its behalf, shall simultaneously be permanently terminated. (ii) All of the Obligations in respect of the Revolving Credit Advances shall, if not sooner paid or required to be paid pursuant to this Agreement or any other Loan Document, be due and payable in full on the Commitment Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Thorne Healthtech, Inc.)

AutoNDA by SimpleDocs

Termination of Revolving Loan Commitment. (i) Borrower may at any time on at least 10 days’ prior written notice to Lender terminate the Revolving Loan Commitment; provided that, upon such termination, all Advances and other Obligations shall be immediately due and payable in full and all Letter of Credit Obligations shall be cash collateralized or otherwise satisfied in accordance with Annex A. Any voluntary termination of the Revolving Loan Commitment must be accompanied by payment of any Tranche Rate funding breakage costs in accordance with Section 2.5(c2.5(e). Upon any such termination of the Revolving Loan Commitment, Xxxxxxxx’s right to request Revolving Credit Advances, or request that Letter of Credit Obligations be incurred on its behalf, shall simultaneously be permanently terminated. (ii) All of the Obligations shall, if not sooner paid or required to be paid pursuant to this Agreement or any other Loan Document, be due and payable in full on the Commitment Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Universal Technical Institute Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!