Common use of Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower Clause in Contracts

Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower. Except as otherwise provided herein, the Borrower may prepay the Advances in whole at any time or from time to time in part. The Borrower may terminate the Credit Facility or reduce the Maximum Line at any time if it (i) gives the Lender at least 30 days' prior written notice and (ii) pays the Lender termination or Maximum Line reduction fees in accordance with Section 2.9(e). Any reduction in the Maximum Line must be in an amount of not less than $500,000.00 or an integral multiple thereof. If the Borrower reduces the Maximum Line to zero, all Obligations shall be immediately due and payable. Subject to termination of the Credit Facility and payment and performance of all Obligations, the Lender shall, at the Borrower's expense, release or terminate the Security Interest and the Security Documents to which the Borrower is entitled by law.

Appears in 2 contracts

Samples: And Security Agreement (Hc2 Holdings, Inc.), Credit and Security Agreement (Schuff International Inc)

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Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower. Except as otherwise provided herein, the Borrower may prepay the Advances in whole at any time or from time to time in part. The Borrower may terminate the Credit Facility or reduce the Maximum Line at any time if it (i) gives the Lender at least 30 days' prior written notice and (ii) pays the Lender termination or Maximum Line reduction fees in accordance with Section 2.9(e2.9(c). Any reduction in the Maximum Line must be in an amount of not less than $500,000.00 100,000 or an integral multiple thereof. If the Borrower reduces the Maximum Line to zero, all Obligations shall be immediately due and payable. Subject to termination of the Credit Facility and payment and performance of all Obligations, the Lender shall, at the Borrower's ’s expense, release or terminate the Security Interest and the Security Documents to which the Borrower is entitled by law.

Appears in 2 contracts

Samples: Credit and Security Agreement (Digital Angel Corp), Credit and Security Agreement (Digital Angel Corp)

Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower. Except as otherwise provided herein, the Borrower may prepay the Advances in whole at any time or from time to time in part. The Borrower may terminate the Credit Facility or reduce the Maximum Line at any time if it (i) gives the Lender at least 30 days' prior written notice and (ii) pays the Lender termination or Maximum Line reduction fees in accordance with Section 2.9(e2.9(g). Any reduction in the Maximum Line must be in an amount of not less than $500,000.00 100,000 or an integral multiple thereof. If the Borrower reduces the Maximum Line to zero, all Obligations shall be immediately due and payable. Subject to termination of the Credit Facility and payment and performance of all Obligations, the Lender shall, at the Borrower's expense, release or terminate the Security Interest and the Security Documents to which the Borrower is entitled by law.

Appears in 2 contracts

Samples: Credit and Security Agreement (Metretek Technologies Inc), Credit and Security Agreement (Metretek Technologies Inc)

Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower. Except as otherwise provided herein, the Borrower may prepay the Advances in whole at any time or from time to time in partpart without penalty. The Borrower may terminate the Credit Facility or reduce the Maximum Line at any time if it (i) gives the Lender at least 30 days' prior written notice and (ii) pays the Lender termination or Maximum Line reduction fees in accordance with Section 2.9(e). Any reduction in the Maximum Line must be in an amount of not less than $500,000.00 or an integral multiple thereof. If the Borrower reduces the Maximum Line to zero, all Obligations shall be immediately due and payable. Subject to termination of the Credit Facility and payment and performance of all Obligations, the Lender shall, at the Borrower's expense, release or terminate the Security Interest and the Security Documents to which the Borrower is entitled by law.

Appears in 1 contract

Samples: Credit and Security Agreement (Kitty Hawk Inc)

Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower. Except as otherwise provided herein, the Borrower may prepay the Advances in whole at any time or from time to time in part. The Borrower may terminate the Credit Facility or reduce the Maximum Line at any time if it (i) gives the Lender at least 30 days' prior written notice and (ii) pays the Lender termination or Maximum Line reduction fees in accordance with Section 2.9(e2.11(c). Any reduction in the Maximum Line must be in an amount of not less than $500,000.00 500,000 or an integral multiple thereof. If the Borrower reduces the Maximum Line to zero, all Obligations shall be immediately due and payable. Subject to termination of the Credit Facility and payment and performance of all Obligations, the Lender shall, at the Borrower's ’s expense, release or terminate the Security Interest and the Security Documents to which the Borrower is entitled by law.

Appears in 1 contract

Samples: Credit and Security Agreement (Nortech Systems Inc)

Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower. Except as otherwise provided herein, the Borrower Borrowers may prepay the Advances in whole at any time or from time to time in part. The Borrower Borrowers may terminate the Credit Facility or reduce the Maximum Line at any time if it they (i) gives give the Lender at least 30 days' prior written notice and (ii) pays pay the Lender termination or and Maximum Line reduction fees in accordance with Section 2.9(e2.5(d). Any reduction in the Maximum Line must be in an amount of not less than $500,000.00 250,000 or an integral multiple thereof. If the Borrower reduces Borrowers reduce the Maximum Line to zero, all Obligations shall be immediately due and payable. Subject to termination of the Credit Facility and payment and performance of all Obligations, the Lender shall, at the Borrower's Borrowers' expense, release or terminate the Security Interest and the Security Documents to which the each Borrower is entitled by law.

Appears in 1 contract

Samples: Credit and Security Agreement (Ramtron International Corp)

Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower. Except as otherwise provided herein, the Borrower may prepay the Advances in whole at any time or from time to time in part. The Borrower may terminate the Credit Facility or reduce the Maximum Line at any time if it (i) gives the Lender at least 30 days' prior written notice and (ii) pays the Lender termination or Maximum Line reduction fees in accordance with Section 2.9(e2.11(e). Any reduction in the Maximum Line must be in an amount of not less than $500,000.00 100,000 or an integral multiple thereof. If the Borrower reduces the Maximum Line to zero, all Obligations shall be immediately due and payable. Subject to termination of the Credit Facility and payment and performance of all Obligations, the Lender shall, at the Borrower's expense, release or terminate the Security Interest and the Security Documents to which the Borrower is entitled by law.

Appears in 1 contract

Samples: Credit and Security Agreement (Ag Bag International LTD)

Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower. Except as otherwise provided herein, the Borrower may prepay the Revolving Advances in whole at any time or from time to time in part. The Borrower may terminate the Credit Facility or reduce the Maximum Line at any time if it (i) gives the Lender at least 30 days' prior written notice and (ii) pays the Lender termination or and Maximum Line reduction fees in accordance with Section 2.9(eSections 2.5(e). Any reduction in the Maximum Line must be in an amount of not less than $500,000.00 100,000 or an integral multiple thereof. If the Borrower reduces the Maximum Line to zero, all Obligations shall be immediately due and payable. Subject to termination of the Credit Facility and payment and performance of all Obligations, the Lender shall, at the Borrower's expense, release or terminate the Security Interest and the Security Documents to which the Borrower is entitled by law, including Revised Article 9 of the UCC.

Appears in 1 contract

Samples: Credit and Security Agreement (Dynamic Materials Corp)

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Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower. Except as otherwise provided herein, the Borrower may prepay the Revolving Advances in whole at any time or from time to time in part. The Borrower may terminate the Credit Facility or reduce the Maximum Line at any time if it (i) gives the Lender at least 30 days' prior written notice and (ii) pays the Lender the prepayment, termination or Maximum Line line reduction fees in accordance with Section 2.9(e)2.7. Any reduction in the Maximum Line must be in an amount of not less than $500,000.00 500,000 or an integral multiple thereof. If the Borrower reduces the Maximum Line to zero, all Obligations shall be immediately due and payable. Subject to Upon termination of the Credit Facility and payment and performance of all Obligations, the Lender shall, at the Borrower's expense, shall release or terminate the Security Interest and the Security Documents to which the Borrower is entitled by law.

Appears in 1 contract

Samples: Credit and Security Agreement (Meteor Industries Inc)

Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower. Except as otherwise provided herein, the Borrower may prepay the Advances in whole at any time or from time to time in part. The Borrower may terminate the Credit Facility or reduce the Maximum Line at any time if it (i) gives the Lender at least 30 days' prior written notice and (ii) pays the Lender termination or Maximum Line reduction fees in accordance with Section 2.9(e2.11(c). Any reduction in the Maximum Line must be in an amount of not less than $500,000.00 1,000,000.00 or an integral multiple thereof. If the Borrower reduces the Maximum Line to zero, all Obligations shall be immediately due and payable. Subject to termination of the Credit Facility and payment and performance of all Obligations, the Lender shall, at the Borrower's expense, release or terminate the Security Interest and the Security Documents to which the Borrower is entitled by law.

Appears in 1 contract

Samples: Credit and Security Agreement (Zila Inc)

Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower. Except as otherwise provided herein, the Borrower may prepay the Revolving Advances in whole at any time or from time to time in part. The Borrower may terminate the Credit Facility or reduce the Maximum Line at any time if it (i) gives the Lender at least 30 days' prior written notice and (ii) pays the Lender the termination or Maximum Line line reduction fees in accordance with Section 2.9(e)2.7. Any reduction in the Maximum Line must be in an amount of not less than $500,000.00 100,000 or an integral multiple thereof. If the Borrower reduces the Maximum Line to zero, all Obligations shall be immediately due and payable. Subject to Upon termination of the Credit Facility and payment and performance of all Obligations, the Lender shall, at the Borrower's expense, shall release or terminate the Security Interest and the Security Documents to which the Borrower is entitled by law.

Appears in 1 contract

Samples: Intercreditor Agreement (Naco Industries Inc)

Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower. Except as otherwise provided herein, the Borrower may prepay the Revolving Advances in whole at any time or from time to time in part. The Borrower may terminate the Credit Facility or reduce the Maximum Line at any time if it (i) gives the Lender at least 30 days' prior written notice and (ii) pays the Lender the termination or Maximum Line line reduction fees in accordance with Section 2.9(e)2.7. Any reduction in the Maximum Line must be in an amount of not less than $500,000.00 100,000 or an integral multiple thereof. If the Borrower reduces the Maximum Line to zero, all Obligations shall be immediately due and payable. Subject to Upon termination of the Credit Facility and payment and performance of all Obligations, the Lender shall, at the Borrower's expense, shall release or terminate the Security Interest and the Security Documents to which the Borrower is entitled by law.

Appears in 1 contract

Samples: Credit and Security Agreement (Rf Monolithics Inc /De/)

Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit Facility by the Borrower. Except as otherwise provided herein, the Borrower may prepay the Advances in whole at any time or from time to time in part. The Borrower may terminate the Credit Facility or reduce the Maximum Line at any time if it (i) gives the Lender at least 30 days' prior written notice and (ii) pays the Lender termination or termination, prepayment and Maximum Line reduction fees in accordance with Section 2.9(e2.9(f). Any reduction in the Maximum Line must be in an amount of not less than $500,000.00 1,000,000 or an integral multiple thereof. If the Borrower reduces the Maximum Line to zero, all Obligations shall be immediately due and payable. Subject to termination of the Credit Facility and payment and performance of all Obligations, the Lender shall, at the Borrower's expense, release or terminate the Security Interest and the Security Documents to which the Borrower is entitled by law.

Appears in 1 contract

Samples: Credit and Security Agreement (Cost U Less Inc)

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