Common use of Voluntary Reduction or Termination of Commitments Clause in Contracts

Voluntary Reduction or Termination of Commitments. (a) The Commitments shall terminate on the Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 5 Business Days prior written notice to Agent, Borrowers may, at their option, terminate the Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable. On the Termination Date, Borrowers shall make Full Payment of all Obligations.

Appears in 3 contracts

Samples: Loan and Security Agreement (Seneca Foods Corp), Loan and Security Agreement (Seneca Foods Corp), Loan and Security Agreement (Seneca Foods Corp)

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Voluntary Reduction or Termination of Commitments. (a) The Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 5 Business Days 60 days prior written notice to Agent, Borrowers may, at their option, terminate the Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable. On the Termination Datetermination date, Borrowers shall make Full Payment of all Obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Installed Building Products, Inc.)

Voluntary Reduction or Termination of Commitments. (a) The Commitments shall terminate on the Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 5 Business Days 45 days prior written notice to AgentAgent at any time, Borrowers may, at their option, terminate the Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable. On the Termination Datetermination date, Borrowers shall make Full Payment of all Obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Steinway Musical Instruments Inc)

Voluntary Reduction or Termination of Commitments. (a) The Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 5 Business Days 90 days prior written notice to Agent, Borrowers Borrower may, at their its option, terminate the Commitments and this credit facility. Any notice of termination given by Borrowers Borrower shall be irrevocable. On the Termination Datetermination date, Borrowers Borrower shall make Full Payment of all Obligations.

Appears in 1 contract

Samples: Loan, Guaranty and Security Agreement (Trident Microsystems Inc)

Voluntary Reduction or Termination of Commitments. (a) The Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 5 Business Days 90 days prior written notice to AgentAgent at any time after the first Loan Year, Borrowers may, at their option, terminate the Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable. On the Termination Datetermination date, Borrowers shall make Full Payment of all Obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Summer Infant, Inc.)

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Voluntary Reduction or Termination of Commitments. (a) The Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 5 10 Business Days Days’ prior written notice to Agent, Borrowers may, at their option, terminate the Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable. On the Termination Datetermination date, Borrowers shall make Full Payment of all Obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (United Maritime Group, LLC)

Voluntary Reduction or Termination of Commitments. (a) The Commitments shall terminate on the Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 5 Business Days 30 days prior written notice to Agent, Borrowers may, at their option, terminate the Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable. On the Termination Datetermination date, Borrowers shall make Full Payment of all Obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Ameriquest, Inc.)

Voluntary Reduction or Termination of Commitments. (a) The Commitments shall terminate on the Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 5 Business Days 30 days prior written notice to AgentAgent at any time after the first Loan Year, Borrowers may, at their option, terminate the Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable. On the Commitment Termination Date, Borrowers shall make Full Payment of all Obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Agilysys Inc)

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