Common use of Termination of Consultant Clause in Contracts

Termination of Consultant. Agent and Lenders consent and agree that Borrowers may terminate the engagement of the third-party business consulting firm, as required by Section 4.02 of the First Amendment entered into by the parties hereto. Borrowers acknowledge that Agent and Lenders reserve their rights to require that Borrowers engage a consultant in the future, upon the occurrence of any Default or Event of Default after the date hereof.

Appears in 1 contract

Sources: Term Loan and Security Agreement (Integrated Drilling Equipment Holdings Corp)

Termination of Consultant. Agent and Lenders consent and agree that Borrowers may terminate the engagement of the third-party business consulting firm, as required by Section 4.02 4.01 of the First Amendment entered into by the parties hereto. Borrowers acknowledge that Agent and Lenders reserve their rights to require that Borrowers engage a consultant in the future, upon the occurrence of any Default or Event of Default after the date hereof.

Appears in 1 contract

Sources: Revolving Credit and Security Agreement (Integrated Drilling Equipment Holdings Corp)