Waiver of Notice Period and Breakage Costs Clause Examples for Any Agreement
The Waiver of Notice Period and Breakage Costs clause allows one or both parties to forgo the requirement to provide advance notice before terminating or amending an agreement, and also waives any fees or penalties typically associated with breaking the contract early. In practice, this means that if a party wishes to exit or modify the agreement ahead of schedule, they can do so without having to pay standard breakage costs or adhere to a set notice period. This clause is primarily used to provide flexibility and reduce financial or procedural barriers for parties needing to make changes to their contractual relationship.
Waiver of Notice Period and Breakage Costs. Each Lender that is a party to the Existing Credit Agreement waives (a) the notice period required under the Existing Credit Agreement for the submission of a notice of repayment of the loans outstanding under the Existing Credit Agreement on the Effective Date and (b) its right to receive compensation under Section 3.1(c) of the Existing Credit Agreement in connection with the repayment of the loans outstanding under the Existing Credit Agreement on the Effective Date.
Waiver of Notice Period and Breakage Costs. Each Lender that is a party to the Existing Credit Agreement waives (a) the notice period required under the Existing Credit Agreement for the submission of a notice of repayment of the loans outstanding under the Existing Credit Agreement on the Effective Date and (b) its right to receive compensation under Section 3.11 of the Existing Credit Agreement in connection with the repayment of the loans outstanding under the Existing Credit Agreement on the Effective Date. Each of the parties hereto has caused a counterpart of this Credit Agreement to be duly executed and delivered as of the date first above written. BORROWERS: SPEEDWAY MOTORSPORTS, INC., a Delaware corporation By: /s/ Xxxxxxx X. Xxxxxx Name: Xxxxxxx X. Xxxxxx Title: Vice Chairman, Chief Financial Officer and Treasurer SPEEDWAY FUNDING, LLC, a Delaware limited liability company By: /s/ Xxxxxxx X. Xxxxxx Name: Xxxxxxx X. Xxxxxx Title: President and Chief Financial Officer HOLDINGS: SPEEDWAY HOLDINGS II, LLC, a North Carolina limited liability company By: /s/ Xxxxxxx X. Xxxxxx Name: Xxxxxxx X. Xxxxxx Title: Vice President and Chief Financial Officer GUARANTORS: ATLANTA MOTOR SPEEDWAY, LLC, a Georgia limited liability company BRISTOL MOTOR SPEEDWAY, LLC, a Tennessee limited liability company CHARLOTTE MOTOR SPEEDWAY, LLC, a North Carolina limited liability company INEX CORP., a North Carolina corporation KENTUCKY RACEWAY, LLC a Kentucky limited liability company NEVADA SPEEDWAY, LLC, a Delaware limited liability company NEW HAMPSHIRE MOTOR SPEEDWAY, INC., a New Hampshire corporation SMI SYSTEMS, LLC a Nevada limited liability company SMI TRACKSIDE, LLC, a North Carolina limited liability company SMISC HOLDINGS, LLC, a North Carolina limited liability company SPEEDWAY MEDIA, LLC, a North Carolina limited liability company SPEEDWAY SONOMA, LLC, a Delaware limited liability company TEXAS MOTOR SPEEDWAY, INC., a Texas corporation U.S. LEGEND CARS INTERNATIONAL, INC., a North Carolina corporation By: /s/ Xxxxxxx X. Xxxxxx Name: Xxxxxxx X. Xxxxxx Title: Executive Vice President SPEEDWAY TBA, LLC, a North Carolina limited liability company By: Speedway Motorsports, Inc., its Sole Member By: /s/ Xxxxxxx X. Xxxxxx Name: Xxxxxxx X. Xxxxxx Title: Vice Chairman, Chief Financial Officer and Treasurer SPEEDWAY PROPERTIES COMPANY, LLC, a Delaware limited liability company SPEEDWAY FUNDING II, INC., a Delaware corporation By: /s/ Xxxxxxx X. Xxxxxx Name: Xxxxxxx X. Xxxxxx Title: President and Chief Financial Offic...
Waiver of Notice Period and Breakage Costs. Each Lender that is a party to the Existing Credit Agreement waives (a) the notice period required under the Existing Credit Agreement for the submission of a notice of repayment of the loans outstanding under the Existing Credit Agreement on the Effective Date and (b) its right to receive compensation under Section 3.11 of the Existing Credit Agreement in connection with the repayment of the loans outstanding under the Existing Credit Agreement on the Effective Date. FOR VALUE RECEIVED, SPEEDWAY MOTORSPORTS, INC., a Delaware corporation, and SPEEDWAY FUNDING, LLC, a Delaware limited liability company (each a “Borrower” and collectively the “Borrowers”), hereby jointly and severally promise to pay to and its successors and assigns (the “Lender”), at the Administrative Agent’s Office (or at such other place or places as the holder hereof may designate), pursuant to the Second Amended and Restated Credit Agreement dated as of September 17, 2019 among the Borrowers, the Guarantors, the Lenders and the Administrative Agent (as it may be amended, modified, extended or restated from time to time, the “Credit Agreement”; all capitalized terms not otherwise defined herein shall have the meanings set forth in the Credit Agreement), in Dollars and in immediately available funds, the aggregate unpaid principal amount of the Delayed Draw Term Loan owing to the Lender pursuant to the Credit Agreement. The Borrowers promise to pay interest on the unpaid principal amount of the Delayed Draw Term Loan from the date of such Delayed Draw Term Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Credit Agreement. Further, in the event the payment of all sums due hereunder is accelerated under the terms of the Credit Agreement, this Delayed Draw Term Loan Note (this “Note”), and all other indebtedness of the Borrowers to the Lender shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby waived by the Borrowers. In the event this Note is not paid when due at any stated or accelerated maturity, the Borrowers agree to pay, in addition to the principal and interest, all costs of collection, including reasonable attorneys’ fees. This Note is one of the Delayed Draw Term Loan Notes referred to in the Credit Agreement, and the holder is entitled to the benefits thereof. All borrowings evidenced by this Note and all payments and prepayments of the principal h...