Termination Effective Date. 19.1 This Agreement will be effective on the date indicated in the introduction to this Agreement, shall continue for the Term, and may be extended for successive Terms upon mutual written agreement by both parties unless Seller issues, at any time, a written notice to terminate prior to 60 days before the Term (an "Early Termination Date"). 19.2 Either Seller or Purchaser may voluntarily terminate the Factoring Facility with sixty (60) days prior written notice. Seller shall pay a break-up fee of 5% of the Facility Amount if the Seller terminates during the first six (6) months after closing. However, Seller may terminate the agreement for cause (if Purchaser does not advance funds to Seller in a timely manner or fails to pay excess from the Reserve Account as detailed in this Agreement) without incurring the break-up fee. 19.3 Purchaser may terminate this Agreement by giving Seller at least sixty day's (60) prior written notice of termination, whereupon this Agreement shall terminate on the earlier date of the date of termination or the end of the then current Term. 19.4 Upon termination, Seller shall pay the Obligations to Purchaser and Purchaser shall thereafter have no duty to purchase any Accounts from Seller. Notwithstanding termination, until Complete Termination, Seller shall remain obligated to tender all Accounts to Purchaser notwithstanding that Purchaser may thereafter determine that no Account qualifies as an Eligible Account.
Appears in 2 contracts
Sources: Factoring and Security Agreement, Factoring and Security Agreement (Sunvalley Solar, Inc.)
Termination Effective Date. 19.1 This Agreement will be effective on the date indicated in the introduction to this Agreement, shall continue for the Term, and may be extended for successive Terms upon mutual written agreement by both parties unless Seller issues, at any time, a written notice to terminate prior to 60 days three (3) months before the Term (an "“Early Termination Date"”).
19.2 Either Seller or Purchaser may voluntarily terminate the Factoring Facility with sixty (60) days prior written notice. Seller shall pay a break-up fee the Early Termination Fee of 50.75% of the Facility Maximum Amount if the Seller terminates during the first six (6) months after closing. However, Seller may terminate the agreement for cause (if Purchaser does not advance funds to Seller in a timely manner or fails to pay excess from the Reserve Account as detailed in date of this Agreement) without incurring the break-up fee.
19.3 Purchaser may terminate this Agreement by giving Seller at least sixty thirty-day's ’s (6030) prior written notice of termination, whereupon this Agreement shall terminate on the earlier date of the date of termination or the end of the then current Term.
19.4 Upon termination, Seller shall pay the Obligations to Purchaser and Purchaser shall thereafter have no duty to purchase any Accounts from Seller. Notwithstanding termination, until Complete Termination, Seller shall remain obligated to tender all Accounts to Purchaser notwithstanding that Purchaser may thereafter determine that no Account qualifies as an Eligible Account. Upon any termination of this Agreement (including upon or following an Event of Default) and the repayment by Seller of all Obligations to Purchaser, Purchaser shall immediately transfer and reassign all Purchased Accounts back to Seller.
Appears in 1 contract
Sources: Factoring and Security Agreement (Wave Systems Corp)