Term Clause Example with 5 Variations from Business Contracts
This page contains Term clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Term. 6.1 Maturity Date. This Agreement shall continue in effect until the maturity date set forth on the Schedule (the "Maturity Date"), subject to Sections 6.2 and 6.3 below. 6.2 Early Termination. This Agreement may be terminated prior to the Maturity Date as follows: (i) by Borrower, effective 20 days after written notice of termination is given to Lender; or (ii) by Lender at any time after the occurrence and during the continuance of an Event of Default, without notice, effective immediately. If... this Agreement is terminated by Borrower or by Lender under this Section 6.2, or if all Obligations are automatically accelerated and become due and payable upon the commencement of any Insolvency Proceeding by Borrower or any Event of Default under Section 7.1(m) (each an "Automatic Acceleration"), then, in any such event, Borrower shall pay to Lender the termination fees with respect to the Loans set forth in Section 3 of the Schedule, all of which shall be due and payable on the effective date of termination or on any Automatic Acceleration (as the case may be), and the same shall thereafter shall bear interest at a rate equal to the highest rate applicable to any of the Obligations. 6.3 Payment of Obligations. On the Maturity Date or on any earlier effective date of termination, Borrower shall pay and perform in full all Obligations, whether evidenced by installment notes or otherwise, and whether or not all or any part of such Obligations are otherwise then due and payable. Notwithstanding any termination of this Agreement, all of Lender's security interests in all of the Collateral and all of the terms and provisions of this Agreement shall continue in full force and effect until all Obligations have been paid and performed in full; provided that Lender may, in its sole discretion, refuse to make any further Loans after termination. No termination shall in any way affect or impair any right or remedy of Lender, nor shall any such termination relieve Borrower of any Obligation to Lender, until all of the Obligations have been paid and performed in full. Lender shall, at Borrower's expense, release or terminate all financing statements and other filings in favor of Lender as may be required to fully terminate Lender's security interests, provided that there are no suits, actions, proceedings or claims pending or threatened against any Person indemnified by Borrower under this Agreement with respect to which indemnity has been or may be sought, upon Lender's receipt of the following, in form and content satisfactory to Lender: (i) cash payment in full of all of the Obligations and performance by Borrower of all non-monetary Obligations under this Agreement, (ii) written confirmation by Borrower that the commitment of Lender to make Loans under this Agreement has terminated, (iii) a general release of all claims against Lender, its officers, directors, agents, attorneys and Affiliates by Borrower relating to Lender's performance and obligations under the Loan Documents, on Lender's standard form, and (iv) an agreement by Borrower, and any new lender to Borrower to indemnify Lender for any payments received by Lender that are applied to the Obligations that may subsequently be returned or otherwise not paid for any reason.View More
Variations of a "Term" Clause from Business Contracts
Term. 6.1 Maturity Date. This Agreement shall continue in effect until the maturity date set forth on the Schedule (the "Maturity Date"), subject to Sections 6.2 and Section 6.3 below. -5- PMC Loan and Security Agreement 6.2 Early Termination. (a) Early Termination. This Agreement may be terminated prior to the Maturity Date as follows: (i) by Borrower, Borrower on or after the twelve month anniversary of the Effective Date, effective 20 sixty days after written notice of termination is given to Lende...r; or (ii) by Lender at any time after the occurrence and during the continuance of an Event of Default, without notice, effective immediately. (b) Revolver. If this Agreement is terminated by Borrower or by Lender under this Section 6.2, or if all Obligations are automatically accelerated and become due and payable upon the commencement of any Insolvency Proceeding by Borrower or any Event of Default under Section 7.1(m) (each an "Automatic Acceleration"), then, in any such event, Borrower shall pay to Lender the a termination fees with respect fee in an amount equal to the Loans set forth in Section 3 following: (i) 1.0% of the Schedule, all Maximum Revolver Amount, if the effective date of which termination occurs during months 1-12 after the Effective Date. The termination fee shall be due and payable on the effective date of termination or on any Automatic Acceleration (as the case may be), and the same shall thereafter shall bear interest at a rate equal to the highest rate applicable to any of the Obligations. No termination fee shall be payable on the Revolver if it is never approved by Lender and activated by Borrower. (c) Capex Line. At any time after the Effective Date, Borrower shall have the option to prepay outstanding debt under the Capex Line (together with all accrued but unpaid interest and the Capex Line Prepayment Fee) in whole, but not in part, upon not less than 60 days prior written notice to Lender. As used herein, the term "Capex Line Prepayment Fee" means, as of any date of determination, (i) 1.0% of the aggregate original principal amount of advances under the Capex Line, if the effective date of termination occurs during months 1-12 after the Effective Date. The Capex Line Prepayment Fee shall be due from Borrower to Lender upon any prepayment of outstanding debt under the Capex Line, including without limitation any prepayment as a result of an Event of Default or the exercise of any rights or remedies by Lender following the same. 6.3 Payment of Obligations. On the Maturity Date or on any earlier effective date of termination, Borrower shall pay and perform in full all Obligations, whether evidenced by installment notes or otherwise, and whether or not all or any part of such Obligations are otherwise then due and payable. Notwithstanding any termination of this Agreement, all of Lender's security interests in all of the Collateral and all of the terms and provisions of this Agreement shall continue in full force and effect until all Obligations have been paid and performed in full; provided that Lender may, in its sole discretion, refuse to make any further Loans after termination. No termination shall in any way affect or impair any right or remedy of Lender, nor shall any such termination relieve Borrower of any Obligation to Lender, until all of the Obligations have been paid and performed in full. Upon payment and performance in full of all the Obligations, termination of this Agreement, and execution and delivery by Borrower to Lender shall, at Borrower's expense, of a general release or on Lender's standard form, Lender shall promptly terminate all its financing statements with respect to the Borrower and deliver to Borrower such other filings in favor of Lender documents as may be required to fully terminate Lender's security interests, provided that there are no suits, actions, proceedings or claims pending or threatened against interests. Notwithstanding any Person indemnified by Borrower under such termination, the indemnity provisions of this Agreement with respect to which indemnity has been or may be sought, upon Lender's receipt of the following, in form and content satisfactory to Lender: (i) cash payment shall continue in full of all of the Obligations force and performance by Borrower of all non-monetary Obligations under this Agreement, (ii) written confirmation by Borrower that the commitment of Lender to make Loans under this Agreement has terminated, (iii) a general release of all claims against Lender, its officers, directors, agents, attorneys and Affiliates by Borrower relating to Lender's performance and obligations under the Loan Documents, on Lender's standard form, and (iv) an agreement by Borrower, and any new lender to Borrower to indemnify Lender for any payments received by Lender that are applied to the Obligations that may subsequently be returned or otherwise not paid for any reason. effect. View More
Term. 6.1 Maturity Date. This Agreement shall continue in effect until the maturity date set forth on the Schedule (the "Maturity Date"), subject to Sections 6.2 and Section 6.3 below. 6.2 Early Termination. (a) Early Termination by Lender. This Agreement may be terminated prior to the Maturity Date as follows: (i) by Borrower, effective 20 Lender, at any time, upon ninety (90) days after prior written notice to Borrower, or by Lender, without notice, effective immediately, if an Event of termination...Default has occurred or is given continuing. (b) No Prepayment Penalties. Borrower shall have the right to Lender; or (ii) by Lender prepay the full amount of any unpaid principal and accrued interest due under this Agreement, at any time after the occurrence and during the continuance of an Event of Default, without notice, effective immediately. If this Agreement is terminated by Borrower or by Lender under this Section 6.2, or if all Obligations are automatically accelerated and become due and payable upon the commencement of any Insolvency Proceeding by Borrower or any Event of Default under Section 7.1(m) (each an "Automatic Acceleration"), then, in any such event, Borrower shall pay to Lender the termination fees with respect to the Loans set forth in Section 3 of the Schedule, all of which shall be due and payable on the effective date of termination or on any Automatic Acceleration (as the case may be), and the same shall thereafter shall bear interest at a rate equal to the highest rate applicable to any of the Obligations. penalty. 6.3 Payment of Obligations. On the Maturity Date or on any earlier effective date of termination, Borrower shall pay and perform in full all Obligations, whether evidenced by installment notes or otherwise, and whether or not all or any part of such Obligations are otherwise then due and payable. Notwithstanding any termination of this Agreement, all of Lender's security interests in all of the Collateral and all of the terms and provisions of this Agreement shall continue in full force and effect until all Obligations have been paid and performed in full; provided that Lender may, in its sole discretion, refuse to make any further Loans after termination. No termination shall in any way affect or impair any right or remedy of Lender, nor shall any such termination relieve Borrower of any Obligation to Lender, until all of the Obligations have been paid and performed in full. Upon payment and performance in full of all the Obligations, termination of this Agreement, and execution and delivery by Borrower to Lender shall, at Borrower's expense, of a general release or on Lender's standard form, attached hereto as Exhibit A, Lender shall promptly terminate all its financing statements with respect to the Borrower and deliver to Borrower such other filings in favor of Lender documents as may be required to fully terminate Lender's security interests, provided that there are no suits, actions, proceedings or claims pending or threatened against interests. Notwithstanding any Person indemnified by Borrower under such termination, the indemnity provisions of this Agreement with respect to which indemnity has been or may be sought, upon Lender's receipt of the following, in form and content satisfactory to Lender: (i) cash payment shall continue in full of all of the Obligations force and performance by Borrower of all non-monetary Obligations under this Agreement, (ii) written confirmation by Borrower that the commitment of Lender to make Loans under this Agreement has terminated, (iii) a general release of all claims against Lender, its officers, directors, agents, attorneys and Affiliates by Borrower relating to Lender's performance and obligations under the Loan Documents, on Lender's standard form, and (iv) an agreement by Borrower, and any new lender to Borrower to indemnify Lender for any payments received by Lender that are applied to the Obligations that may subsequently be returned or otherwise not paid for any reason. effect. View More
Term. 6.1 Maturity Date. This Agreement shall continue in effect until the maturity date set forth on the Schedule (the "Maturity Date"), subject to Sections Section 6.2 and 6.3 below. 6.2 Early Termination. This Agreement may be terminated prior to the Maturity Date as follows: (i) by Borrower, effective 20 days three Business Days after written notice of termination is given to Lender; Agent; or (ii) by Lender Agent at any time after the occurrence and during the continuance of an Event of Default, ...without notice, effective immediately. If this Agreement is terminated by Borrower or by Lender under this Section 6.2, or if all Obligations are automatically accelerated and become due and payable immediately upon the commencement of any Insolvency Proceeding by Borrower or any Event of Default under Section 7.1(m) (each an "Automatic Acceleration"), then, in any such event, Borrower shall pay written notice to Lender the termination fees with respect to the Loans set forth in Section 3 of the Schedule, all of which shall be due and payable on the effective date of termination or on any Automatic Acceleration (as the case may be), and the same shall thereafter shall bear interest at a rate equal to the highest rate applicable to any of the Obligations. Borrower. 6.3 Payment of Obligations. On the Maturity Date or on any earlier effective date of termination, Borrower shall pay and perform in full all Obligations, whether evidenced by installment notes or otherwise, and whether or not all or any part of such Obligations are otherwise then due and payable. Notwithstanding any termination of this Agreement, all of Lender's Agent's and Lenders' security interests in all of the Collateral and all of the terms and provisions of this Agreement shall continue in full force and effect until all Obligations (other than inchoate indemnification obligations) have been paid and performed in full; provided that Lender each of Agent and Lenders may, in its sole discretion, refuse to make any further Loans after termination. No termination shall in any way affect or impair any right or remedy of Lender, Agent or Lenders, nor shall any such termination relieve Borrower of any Obligation to Lender, Agent and Lenders, until all of the Obligations (other than inchoate indemnification 8 Loan and Security Agreement obligations) have been paid and performed in full. Lender Agent shall, at Borrower's expense, release or terminate all financing statements and other filings in favor of Lender Agent as may be required to fully terminate Lender's Agent's and Lenders' security interests, provided that there are no suits, actions, proceedings or claims pending or threatened against any Person indemnified by Borrower under this Agreement with respect to which indemnity has been or may be sought, upon Lender's Agent's receipt of the following, in form and content satisfactory to Lender: Agent: (i) cash payment in full of all of the Obligations and performance by Borrower of all non-monetary Obligations under this Agreement, (ii) written confirmation by Borrower that the commitment of Lender Lenders to make Loans under this Agreement has terminated, and (iii) a general release of all claims against Lender, its officers, directors, agents, attorneys and Affiliates by Borrower relating to Lender's performance and obligations under the Loan Documents, on Lender's standard form, and (iv) an agreement by Borrower, and any new lender to Borrower to indemnify Lender Agent and Lenders for any payments received by Lender Agent and Lenders that are applied to the Obligations that may subsequently be returned or otherwise not paid for any reason. View More
Term. 6.1 Maturity Date. This The financing provided by Lender to Borrower under this Agreement shall continue in effect until the maturity date set forth on the Schedule (the "Maturity Date"), subject to Sections 6.2 and Section 6.3 below. 6.2 Early Termination. This The financing provided by Lender to Borrower under this Agreement may be terminated prior to the Maturity Date as follows: (i) by Borrower, effective 20 days after written notice of termination is given to Lender; or (ii) by Lender at an...y time after the occurrence and during the continuance of an Event of Default, without notice, effective immediately. If this Agreement is terminated by Borrower or by Lender under this Section 6.2, or if all Obligations are automatically accelerated and become due and payable upon the commencement of any Insolvency Proceeding by Borrower or any Event of Default under Section 7.1(m) (each an "Automatic Acceleration"), then, in any such event, Borrower shall pay to Lender the termination fees with respect to the Loans set forth in Section 3 of the Schedule, all of which shall be due and payable on the effective date of termination or on any Automatic Acceleration (as the case may be), and the same shall thereafter shall bear interest at a rate equal to the highest rate applicable to any of the Obligations. 6.3 Payment of Obligations. On the Maturity Date or on any earlier effective date of termination, termination of the financing provided by Lender to Borrower under this Agreement, Borrower shall pay and perform in full all Obligations, Obligations (other than the Surviving Obligations), whether evidenced by installment notes or otherwise, and whether or not all or any part of such Obligations are otherwise then due and payable. Notwithstanding any termination of the financing provided by Lender to Borrower under this Agreement, all of Lender's security interests in all of the Collateral and all of the terms and provisions of this Agreement shall continue in full force and effect until all Obligations (other than the Surviving Obligations) have been paid and performed in full; provided that Lender may, in its sole discretion, refuse to make any further Loans after termination. No termination shall in any way affect or impair any right or remedy of Lender, nor shall any such termination relieve Borrower of any Obligation to Lender, until all of the Obligations (other than the Surviving Obligations) have been paid and performed in full. Upon payment in full of all of the Obligations (other than the Surviving Obligations), Lender shall, at Borrower's expense, release or terminate all financing statements and other filings in favor of Lender as may be required to fully terminate Lender's security interests, provided that there are no suits, actions, proceedings or claims pending or threatened against any Person indemnified by Borrower under this Agreement with respect to which indemnity has been or may be sought, upon Lender's receipt of the following, in form and content satisfactory to Lender: (i) cash payment in full of all of the Obligations (other than contingent, unmatured indemnification Obligations) and performance by Borrower of all non-monetary Obligations (other than the Surviving Obligations) under this Agreement, (ii) written confirmation by Borrower that the commitment of Lender to make Loans under this Agreement has terminated, (iii) a general release of all claims against Lender, its officers, directors, agents, attorneys and Affiliates by Borrower relating to Lender's performance and obligations under the Loan Documents, on Lender's standard form, and (iv) an agreement by Borrower, and any new lender to Borrower to indemnify Lender for any payments received by Lender that are applied to the Obligations that may subsequently be returned or otherwise not paid for any reason. 6.4 Surviving Obligations. Upon termination of the financing provided by Lender to Borrower under this Agreement and payment in full all Obligations (other than the Surviving Obligations), the provisions of this Agreement shall terminate, provided that the following provisions shall continue in effect and be applicable to the Surviving Obligations: Sections 5.6, 7.1(k), 7.1(l), 7.2(b), applicable definitions under Section 8, 9.5 through 9.16, 9.19 through 9.20, and Section 3 of the Schedule relating to the Success Fee. View More
Term. 6.1 Maturity Date. This Agreement shall continue in effect until the maturity date set forth on the Schedule (the "Maturity Date"), subject to Sections 6.2 and Section 6.3 below. 6.2 Early Termination. This Agreement may be terminated prior to the Maturity Date as follows: (i) by Borrower, effective 20 days two Business Days after written notice of termination is given to Lender; or (ii) by Lender at any time after the occurrence and during the continuance of an Event of Default, without notice,... effective immediately. If this Agreement is terminated by Borrower or by Lender under this Section 6.2, or if all Obligations are automatically accelerated and become due and payable immediately upon the commencement of any Insolvency Proceeding by Borrower or any Event of Default under Section 7.1(m) (each an "Automatic Acceleration"), then, in any such event, Borrower shall pay written notice to Lender the termination fees with respect to the Loans set forth in Section 3 of the Schedule, all of which shall be due and payable on the effective date of termination or on any Automatic Acceleration (as the case may be), and the same shall thereafter shall bear interest at a rate equal to the highest rate applicable to any of the Obligations. Borrower. 6.3 Payment of Obligations. On the Maturity Date or on any earlier effective date of termination, Borrower shall pay and perform in full all Obligations, whether evidenced by installment notes or otherwise, and whether or not all or any part of such Obligations are otherwise then due and payable. Without limiting the generality of the foregoing, if on the Maturity Date, or on any earlier effective date of termination, there are any outstanding Letters of Credit issued by Lender or issued by another institution based upon an application, guarantee, indemnity or similar agreement on the part of Lender, then on such date Borrower shall provide to Lender cash collateral in an amount equal to 100% of the face amount of all such Letters of Credit, plus all interest, fees and cost due or to become due in connection therewith (as estimated by Lender in its Good Faith Business Judgment), to secure all of the Obligations relating to said Letters of Credit, pursuant to Lender's then standard form cash pledge agreement. Notwithstanding any termination of this Agreement, all of Lender's security interests in all of the Collateral and all of the terms and provisions of this Agreement shall continue in full force and effect until all Obligations have been paid and performed in full; provided that Lender may, in its sole discretion, refuse to make any further Loans after termination. No termination shall in any way affect or impair any right or remedy of Lender, nor shall any such termination relieve Borrower of any Obligation to Lender, until all of the Obligations have been paid and performed in full. Lender shall, at Borrower's expense, release or terminate all financing statements and other filings in favor of Lender as may be required to fully terminate Lender's security interests, provided that there are no suits, actions, proceedings or claims pending or threatened against any Person indemnified by Borrower under this Agreement with respect to which indemnity has been or may be sought, upon Lender's receipt of the following, in form and content satisfactory to Lender: (i) cash payment in full of all of the Obligations Obligations, and performance by Borrower of all non-monetary Obligations under this Agreement, (ii) written confirmation by Borrower that the commitment of Lender to make Loans under this Agreement has terminated, (iii) a general release of all claims against Lender, its officers, directors, agents, attorneys and Affiliates by Borrower relating to Lender's performance and obligations under the Loan Documents, on Lender's standard form, and (iv) an agreement by Borrower, and any new lender to Borrower to indemnify Lender for any payments received by Lender that are applied to the Obligations that may subsequently be returned or otherwise not paid for any reason. terminated. View More
