Common use of Termination by Borrower Clause in Contracts

Termination by Borrower. (a) Borrower may terminate this Agreement, without penalty, upon any anniversary date of the execution hereof by giving Lender no less than sixty (60) days prior written notice. Borrower may rescind a termination notice to Lender at any time prior to the anniversary date referred to in this paragraph. This Agreement shall terminate upon the anniversary date if and only if the Borrower has on the anniversary date paid to the Lender in full all of the Obligations. (b) Notwithstanding the provisions of Subsection (a) hereof, Borrower may terminate this Agreement at any time upon: (i) giving sixty (60) days prior written notice to Lender of its intention to do so; and (ii) paying to Lender, in full all of Borrower's Obligations; and (iii) paying to Lender, as liquidated damages, an amount equal to six (6) times the average monthly interest owed by Borrower to Lender on the Obligations during the Twelve (12) month period immediately preceding the Borrower's notice. The average monthly interest computation shall exclude any month for which no interest is owed by Borrower to Lender. (c) For purposes of Subsection (b) hereof, Lender may, at its option, deem this agreement terminated by Borrower if, (i) within a ninety day period, more than 50% of the average of the preceding six month's balances of Borrower's Obligations to Lender are repaid, without Lender's express written consent, from funds arising from sources other than payments made directly by Account Debtors or other obligors on their respective obligations included in the Collateral; or (ii) there has occurred an Event of Default or an event which, with the giving of notice or the lapse of time, or both, would become an Event of Default hereunder, the occurrence of which would permit Lender to exercise any of its remedies under Section 8 of this Agreement (without regard to whether such remedies have been exercised). (d) Liquidated damages payable under Subsection (c) shall be an amount equal to six (6) times the average monthly interest owed by Borrower to Lender on the Obligations during the Twelve (12) month period, excluding any month for which no interest is owed by Borrower to Lender, immediately preceding the first day of the ninety day period under Subsection (c)(i) or the date of occurrence under Subsection (c)(ii). The average monthly interest calculation shall not exclude any month for which interest would have been owed by Borrower to Lender but for Borrower's acts that caused termination hereunder.

Termination by Borrower. (a) Borrower may terminate this Agreement, without penalty, upon any anniversary date of the execution hereof by giving Lender no less than sixty (60sixty(60) days prior written notice. Borrower may rescind a termination notice to Lender at any time prior to the anniversary date referred to in this paragraph. This Agreement shall terminate upon the anniversary date if and only if the Borrower has on the anniversary date paid to the Lender in full all of the Obligations. (b) Notwithstanding the provisions of Subsection (a) hereof, Borrower may terminate this Agreement at any time upon: (i) giving sixty (60) days prior written notice to Lender of its intention to do so; and (ii) paying to Lender, in full all of Borrower's Obligations; and (iii) paying to Lender, as liquidated damages, an amount equal to six (6) times the average monthly interest owed by Borrower to Lender on the Obligations during the Twelve (12) month period immediately preceding the Borrower's notice. The average monthly interest computation shall exclude any month for which no interest is owed by Borrower to Lender. (c) For purposes of Subsection (b) hereof, Lender may, at its option, deem this agreement terminated by Borrower if, (i) within i)within a ninety day period, more than 50% of the average of the preceding six month's balances of Borrower's Obligations to Lender are repaid, without Lender's express written consent, from funds arising from sources other than payments made directly by Account Debtors or other obligors on their respective obligations included in the Collateral; or (ii) there has occurred an Event of Default or an event which, with the giving of notice or the lapse of time, or both, would become an Event of Default hereunder, the occurrence of which would permit Lender to exercise any of its remedies under Section 8 of this Agreement (without regard to whether such remedies have been exercised). (d) Liquidated damages payable under Subsection (c) shall be an amount equal to six (6) times the average monthly interest owed by Borrower to Lender on the Obligations during the Twelve (12) month period, excluding any month for which no interest is owed by Borrower to Lender, immediately preceding the first day of the ninety day period under Subsection (c)(i) or the date of occurrence under Subsection (c)(ii). The average monthly interest calculation shall not exclude any month for which interest would have been owed by Borrower to Lender but for Borrower's acts that caused termination hereunder.

Termination by Borrower. (a) Borrower may terminate this Agreement, without penalty, upon any anniversary date of the execution hereof by giving Lender no less than sixty (60) days prior written notice. Borrower may rescind a termination notice to Lender at any time prior to the anniversary date referred to in this paragraph. This Agreement shall terminate upon the anniversary date if and only if the Borrower has on the anniversary date paid to the Lender in full all of the Obligations. (b) Notwithstanding the provisions of Subsection (a) hereof, Borrower may terminate this Agreement at any time upon: (i) giving sixty (60) days prior written notice to Lender of its intention to do so; and (ii) paying to Lender, in full all of Borrower's Obligations; and (iii) paying to Lender, as liquidated damages, an amount equal to six (6) times the average monthly interest owed by Borrower to Lender on the Obligations during the Twelve (12) month period immediately preceding the Borrower's notice. The average monthly interest computation shall exclude any month for which no interest is owed by Borrower to Lender. (c) For purposes of Subsection (b) hereof, Lender may, at its option, deem this agreement terminated by Borrower if, (i) within a ninety day period, more than 50% of the average of the preceding six month's balances of Borrower's Obligations Obliga­tions to Lender are repaid, without Lender's express written consent, from funds arising from sources other than payments made directly by Account Debtors or other obligors on their respective obligations included in the Collateral; or (ii) there has occurred an Event of Default or an event which, with the giving of notice or the lapse of time, or both, would become an Event of Default hereunder, the occurrence of which would permit Lender to exercise any of its remedies under Section 8 of this Agreement (without regard to whether such remedies have been exercised). (d) Liquidated damages payable under Subsection (c) shall be an amount equal to six (6) times the average monthly interest owed by Borrower to Lender on the Obligations during the Twelve (12) month period, excluding any month for which no interest is owed by Borrower to Lender, immediately preceding the first day of the ninety day period under Subsection (c)(i) or the date of occurrence under Subsection (c)(ii). The average monthly interest calculation shall not exclude any month for which interest would have been owed by Borrower to Lender but for Borrower's acts that caused termination hereunder.

Termination by Borrower. (a) Borrower may terminate this Agreement, without penalty, shall have the right upon any anniversary date of the execution hereof by giving Lender no less than sixty (60) days prior written notice. Borrower may rescind a termination notice to Lender at any time prior to the anniversary date referred to in this paragraph. This Agreement shall terminate upon the anniversary date if and only if the Borrower has on the anniversary date paid to the Lender in full all of the Obligations. (b) Notwithstanding the provisions of Subsection (a) hereof, Borrower may terminate this Agreement at any time upon: (i) giving sixty (60) days least 30 days’ prior written notice to Lender Administrative Agent, or upon such notice period as mutually agreed to by Administrative Agent and Borrower, to permanently terminate or reduce the Commitments, in whole or in part, so long as, (i) Borrower shall pay the Early Termination Fee, if any, to Administrative Agent for the benefit of its intention to do so; and Lenders concurrently with the delivery of such notice and (ii) paying on the effective date of such termination or reduction, any portion of the outstanding principal amount of all Advances in excess of the Aggregate Commitments after giving effect to Lendersuch termination or reduction, all accrued but unpaid interest therein, and all fees, expenses and any other amounts due hereunder or under any other Facility Document with respect to the terminated or reduced Commitments are paid in full all on the effective date of Borrower's Obligations; and such termination. Notwithstanding the foregoing, Borrower shall not be required to pay an Early Termination Fee with respect to a termination or reduction of the Commitments to the extent that the Facility Limit, after giving effect to such termination or reduction (iiior portion thereof, if applicable) paying is greater than or equal to Lender, as liquidated damages, an amount equal to six (6) times the average monthly interest owed by Borrower to Lender on the Obligations during the Twelve (12) month period immediately preceding the Borrower's notice. The average monthly interest computation shall exclude any month for which no interest is owed by Borrower to Lender. (c) For purposes of Subsection (b) hereof, Lender may, at its option, deem this agreement terminated by Borrower if, (i) within a ninety day period, more than 5085% of the average Facility Limit on the Closing Date. Administrative Agent will promptly notify Lenders of any such notice of termination or reduction of the preceding six month's balances Commitments. Any termination or reduction of Borrower's Obligations to Lender are repaid, without Lender's express written consent, from funds arising from sources other than payments made directly by Account Debtors or other obligors on their respective obligations included in the Collateral; or (ii) there has occurred an Event of Default or an event which, with the giving of notice or the lapse of time, or both, would become an Event of Default hereunder, the occurrence of which would permit Lender to exercise any of its remedies under Section 8 of this Agreement (without regard to whether such remedies have been exercised). (d) Liquidated damages payable under Subsection (c) Commitments shall be an amount equal applied to six (6) times the average monthly interest owed by Borrower Commitment of each Lender according to Lender on the Obligations during the Twelve (12) month period, excluding any month for which no interest is owed by Borrower to Lender, immediately preceding the first day its Ratable Share and shall automatically result in a reduction of the ninety day period under Subsection (c)(i) or Facility Limit. Promptly after the effective date of occurrence under Subsection (c)(ii). The average monthly interest calculation any such termination or reduction, Administrative Agent shall not exclude any month for which interest would have been owed by Borrower amend the Register to reflect the then current Commitments and Ratable Share of each Lender but for Borrower's acts that caused termination hereunderand the Facility Limit.

Termination by Borrower. (a) Borrower may terminate this Agreement, without penalty, upon any anniversary date of the execution hereof by giving Lender no less than sixty (60) days prior written notice. Borrower may rescind a termination notice to Lender at any time prior to the anniversary date referred to in this paragraph. This Agreement shall terminate upon the anniversary date if and only if the Borrower has on the anniversary date paid to the Lender in full all of the Obligations. (b) Notwithstanding the provisions of Subsection (a) hereof, Borrower may terminate this Agreement at any time upon: (i) giving sixty (60) days prior written notice to Lender of its intention to do so; and (ii) paying to Lender, in full all of Borrower's Obligations; and (iii) paying to Lender, as liquidated damages, an amount equal to six (6) times the average monthly interest owed by Borrower to Lender on the Obligations during the Twelve (12) month period immediately preceding the Borrower's notice. The average monthly interest computation shall exclude any month for which no interest is owed by Borrower to Lender. (c) For purposes of Subsection (b) hereof, Lender may, at its option, deem this agreement terminated by Borrower if, (i) within i)within a ninety day period, more than 50% of the average of the preceding six month's balances of Borrower's Borrowees Obligations to Lender are repaid, without Lender's express written consent, from funds arising from sources other than payments made directly by Account Debtors or other obligors on their respective obligations included in the Collateral; or (ii) there has occurred an Event of Default or an event which, with the giving of notice or the lapse of time, or both, would become an Event of Default hereunder, the occurrence of which would permit Lender to exercise any of its remedies under Section 8 of this Agreement (without regard to whether such remedies have been exercised). (d) Liquidated damages payable under Subsection (c) shall be an amount equal to six (6) times the average monthly interest owed by Borrower to Lender on the Obligations during the Twelve (12) month period, excluding any month for which no interest is owed by Borrower to Lender, immediately preceding the first day of the ninety day period under Subsection (c)(ic) (i) or the date of occurrence under Subsection (c)(iic) (ii). The average monthly interest calculation shall not exclude any month for which interest would have been owed by Borrower to Lender but for Borrower's Borrowers acts that caused termination hereunder.

Termination by Borrower. (a) Borrower may terminate this Agreement, without penaltyas to all Loans and only as to all Loans, upon any anniversary date of the execution hereof by giving Lender no not less than sixty (60) 30 days prior written notice. Borrower may rescind a termination notice to Lender at any time prior to of the anniversary date referred to in this paragraph. This Agreement shall upon which it will terminate upon the anniversary date if and only if Agreement, provided that on the Termination Date the Borrower has on the anniversary date paid shall pay to the Lender in full all of the Obligations. (b) Notwithstanding the provisions of Subsection (a) hereof, Borrower may terminate this Agreement at any time uponLender: (i) giving sixty (60) days prior written notice to Lender of its intention to do so; andThe principal and interest due on the Loans; (ii) paying to Lender, in full all of Borrower's ObligationsAll other Obligations under this Agreement and the Relevant Documents; and (iii) paying to Lender, in the event the Loans are repaid as liquidated damages, an amount equal to six (6) times the average monthly interest owed by Borrower to Lender on the Obligations during the Twelve (12) month period immediately preceding the Borrower's notice. The average monthly interest computation shall exclude any month for which no interest is owed by Borrower to Lender. (c) For purposes of Subsection (b) hereof, Lender may, at its option, deem this agreement terminated by Borrower if, (i) within a ninety day period, more than 50% of the average of the preceding six month's balances result of Borrower's Obligations obtaining refinancing from another lender, Borrower shall also pay a prepayment premium calculated as follows: A. If the Termination Date is prior to the first anniversary of the date stated at the beginning of this Loan Agreement, the sum of Two Hundred Fifty Thousand Dollars ($250,000.00); B. If the Termination Date is on or after such first anniversary date but prior the second anniversary of the date stated at the beginning of this Agreement, the sum of Two Hundred Thousand Dollars ($200,000.00); C. If the Termination Date is on or after the second anniversary date but prior to the third anniversary date of the date stated at the beginning of this Agreement, the sum of One Hundred Fifty Thousand Dollars ($150,000.00); D. If the Termination Date is on or after the third anniversary date but prior to the fourth anniversary date of the date set forth at the beginning of this Agreement, the sum of One Hundred Thousand Dollars ($100,000.00); and E. If the Termination Date is on or after the fourth anniversary date but prior to the fifth anniversary date set forth at the beginning of this Agreement, the sum of Fifty Thousand Dollars ($50,000.00); and F. Thereafter, the Borrower may terminate this Loan Agreement on the Termination Date without payment of any Termination Charge. Anything herein to the contrary notwithstanding it is understood and agreed that if, at any time after the second anniversary date of this Loan Agreement, the Borrower obtains financing from another lender in an amount greater than that which Lender are repaidis willing to provide, Borrower may prepay the Loans on its closing of such new financing without Lender's express written consentpaying Lender the prepayment premium. However, from funds arising from sources other than payments made directly by Account Debtors or other obligors on their respective obligations included the prepayment premium shall not be waived if Lender is willing to provide financing in the Collateral; or same amount to be provided by such other lender. Therefore, Lender shall have twenty (ii20) there has occurred an Event of Default or an event whichBanking Days, with the giving after its receipt of notice or the lapse of time, or both, would become an Event of Default hereunder, the occurrence of which would permit Lender to exercise any from Borrower of its remedies under Section 8 of this Agreement (without regard intent to terminate, to notify Borrower whether it is willing to provide such remedies have been exercised)financing. (d) Liquidated damages payable under Subsection (c) shall be an amount equal to six (6) times the average monthly interest owed by Borrower to Lender on the Obligations during the Twelve (12) month period, excluding any month for which no interest is owed by Borrower to Lender, immediately preceding the first day of the ninety day period under Subsection (c)(i) or the date of occurrence under Subsection (c)(ii). The average monthly interest calculation shall not exclude any month for which interest would have been owed by Borrower to Lender but for Borrower's acts that caused termination hereunder.