Decreases. Except as provided in Section 1.4, not later than 10:00 a.m. (New York City time) on the date of a proposed reduction of Aggregate Principal (which date shall be a Business Day), Borrower shall provide the Co-Agents with written notice of such proposed reduction in the form of Exhibit II-B hereto (each, a “Reduction Notice”). Such Reduction Notice shall designate (i) the date (the “Proposed Reduction Date”) upon which any such reduction of Aggregate Principal shall occur, and (ii) the amount of Aggregate Principal to be reduced which shall be applied ratably to the Loans of each of the Lenders in accordance with the principal amount (if any) thereof (the “Aggregate Reduction”). Subject to the other terms and conditions hereof, the Borrower may from time to time borrow under Section 1.2, prepay under Section 1.3, and reborrow under Section 1.2.
Appears in 5 contracts
Sources: Credit and Security Agreement (Smithfield Foods Inc), First Amendment to Fifth Amended and Restated Credit and Security Agreement (Smithfield Foods Inc), Credit and Security Agreement (Smithfield Foods Inc)
Decreases. Except as provided in Section 1.4, not later than 10:00 a.m. (New York City time) on the date of a proposed reduction of Aggregate Principal (which date shall be a Business Day), Borrower shall provide the Co-Agents with prior written notice by 2:00 p.m. (New York City time) of such any proposed reduction of Aggregate Principal in the form of Exhibit II-B hereto in conformity with the Required Notice Period (each, a “Reduction Notice”). Such Reduction Notice shall designate (i) the date (the “Proposed Reduction Date”) upon which any such reduction of Aggregate Principal shall occuroccur (which date shall give effect to the applicable Required Notice Period), and (ii) the amount of Aggregate Principal to be reduced which shall be applied ratably to the Loans of each of the Lenders in accordance with the principal amount (if any) thereof (the “Aggregate Reduction”). Subject to the other terms and conditions hereof, the Borrower may from time to time borrow under Section 1.2, prepay under Section 1.3, and reborrow under Section 1.2.
Appears in 3 contracts
Sources: Credit and Security Agreement (Smithfield Foods Inc), Credit and Security Agreement (Smithfield Foods Inc), Credit and Security Agreement (Smithfield Foods Inc)
Decreases. Except as provided in Section 1.4, not later than 10:00 a.m. (New York City time) on the date of a proposed reduction of Aggregate Principal (which date shall be a Business Day), Borrower shall provide the Co-Agents with prior written notice by 2:00 p.m. (New York City time) of such any proposed reduction of Aggregate Principal in the form of Exhibit II-B hereto in conformity with the Required Notice Period (each, a “Reduction Notice”). Such Reduction Notice shall designate (i) the date (the “Proposed Reduction Date”) upon which any such reduction of Aggregate Principal shall occuroccur (which date shall give effect to the applicable Required Notice Period), and (ii) the amount of Aggregate Principal to be reduced which shall be applied ratably to the Loans of each of the Lenders in accordance with the principal amount (if any) thereof (the “Aggregate Reduction”). Subject Only one (1) Reduction Notice with respect to the other terms and conditions hereof, the Borrower may from time to time borrow under Section 1.2, prepay under Section 1.3, and reborrow under Section 1.2any Proposed Reduction Date shall be outstanding at any time.
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