Optional Reductions and Cancellations Clause Samples

Optional Reductions and Cancellations. Borrower may, from time to time upon three Banking Days’ written notice to Administrative Agent (who shall promptly deliver such notice to the Lenders), permanently reduce, by an amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof, or cancel in its entirety, the unused portion of the Total Commitment. Borrower shall pay to Administrative Agent any Commitment Fee then due on such cancelled amount upon any such reduction or cancellation. From the effective date of any such reduction, the Commitment Fee shall be computed on the basis of the unused Total Commitment as so reduced. Once reduced or cancelled, the Total Commitment may not be increased or reinstated, provided that the reduction of the Total Commitments shall not preclude a subsequent increase thereof in accordance with Section 2.3.3. Any reductions pursuant to this Section 2.3.2 shall be applied ratably to each Lender’s respective Commitments in accordance with Section 2.6.1.
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Optional Reductions and Cancellations. Borrower may, from time to time upon three Banking Days’ written notice to Administrative Agent (who shall promptly deliver such notice to the Lenders), permanently reduce, by an amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof, or cancel in its entirety, the Total Commitment. Notwithstanding anything in this Section 2.3.2 to the contrary, Borrower may not reduce or cancel any portion of the Total Commitment if such reduction or cancellation would cause a violation of any provision of this Agreement or the other Credit Facility Documents. Borrower shall pay to Administrative Agent any Commitment Fee then due on such cancelled amount upon any such reduction or cancellation. From the effective date of any such reduction, the Commitment Fee shall be computed on the basis of the unused Total Commitment as so reduced (but subject to the proviso to Section 2.4. 1). Once reduced or cancelled, the Total Commitment may not be increased or reinstated, except as provided in Section 2.3.3. Any reductions pursuant to this Section 2.3.2 shall be applied ratably to each Lender’s respective Commitments in accordance with Section 2.6.1.
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Optional Reductions and Cancellations. Borrower may, from time to time upon five Banking Days written notice to Administrative Agent, permanently reduce, (i) by a minimum amount of $1,000,000 or an integral multiple of $100,000 in excess thereof, or cancel in its entirety, the Total Construction Loan Commitment, or (ii) by a minimum amount of $500,000 or an integral multiple of $50,000 in excess thereof, or cancel in its entirety, the Total Working Capital/Project LC Commitment or the Total DSR LC Commitment; provided, however, that: (i) Borrower may not reduce or cancel the Total Construction Loan Commitment if (A) after giving effect to such reduction or cancellation, either (1) the aggregate principal amount of all Construction Loans then outstanding would exceed the Total Construction Loan Commitment, or (2) the Available Construction Funds for the Approved Projects that have not achieved Completion would not, in the reasonable judgment of Administrative Agent and the Independent Engineer, be equal to or exceed the remaining Project Costs (including the Contingency) for such Approved Projects, or (B) such reduction or cancellation would cause a violation of any other provision of this Agreement or the other Credit Documents; (ii) Borrower may not reduce or cancel the Total Working Capital/Project LC Commitment if (A) after giving effect to such reduction or cancellation, either (1) the Total Working Capital/Project LC Outstandings would exceed the Total Working Capital/Project LC Commitment, or (2) the remaining Total Working Capital/Project LC Commitment would not, in the reasonable judgment of Administrative Agent, the Independent Engineer and the Fuel Consultant, as applicable, be sufficient to fund the ongoing O&M Costs and Major Maintenance expenses of the Approved Projects (after giving effect to Operating Revenues available or expected to be available for such purpose) and secure the Approved Projects' existing or reasonably anticipated obligations under the LC Eligible Project Documents (after giving effect to alternate arrangements, if applicable, made by Borrower or any of its Affiliates), or (B) such reduction or cancellation would cause a violation of any other provision of this Agreement, the other Credit Documents or any applicable LC Eligible Project Document; and (iii) Borrower may not reduce or cancel the Total DSR LC Commitment if after giving effect to such reduction or cancellation, either (A) the Total DSR LC Outstandings would exceed the Total DSR LC Commitment, or (B)...
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Optional Reductions and Cancellations. 8 2.4 Fees............................................................................................8 2.4.1 Commitment Fee.........................................................................8 2.5
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Related to Optional Reductions and Cancellations

  • Optional Reductions The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Revolving Commitments, or from time to time permanently reduce the Aggregate Revolving Commitments to an amount not less than the Outstanding Revolving Amount of Revolving Loans, Swing Line Loans and L/C Obligations; provided that (i) any such notice shall be received by the Administrative Agent not later than 1:00 p.m., five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $2,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not terminate or reduce (A) the Aggregate Revolving Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Aggregate Revolving Commitments, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Revolving Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or (C) the Swing Line Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Revolving Amount of Swing Line Loans would exceed the Swing Line Sublimit.

  • Termination and Cancellation 9. 1. Licences will expire after the period shown in Clause 3 (above). 9. 2. Licensee reserves the right to terminate the Licence in the event that payment is not received in full or if there has been a breach of this agreement by you. Appendix 1 — Acknowledgements: Reprinted by permission from [the Licensor]: [Journal Publisher (e.g. Nature/Springer/Palgrave)] [JOURNAL NAME] [REFERENCE CITATION (Article name, Author(s) Name), [COPYRIGHT] (year of publication) For Advance Online Publication papers: Reprinted by permission from [the Licensor]: [Journal Publisher (e.g. Nature/Springer/Palgrave)] [JOURNAL NAME] [REFERENCE CITATION (Article name, Author(s) Name), [COPYRIGHT] (year of publication), advance online publication, day month year (doi: 10.1038/sj.[JOURNAL ACRONYM].)

  • Prepayment and Cancellation 29 10. Interest........................................................ 31 11. Terms........................................................... 33 12.

  • Suspension and Cancellation Section 5.01. The following is specified as an additional event for suspension of the right of the Recipient to make withdrawals from the Grant Account for the purposes of Section 8.01(k) of the Grant Regulations or cancellation of the Grant pursuant to Section 8.02 of the Grant Regulations: the Recipient shall have failed to perform any of its obligations under the ADB Grant Agreement.

  • TERM AND CANCELLATION 22.1 Notwithstanding the date of signature hereof, the Commencement Date of this Agreement is ………… and the duration shall be for a three [3] year period, expiring on , unless: a) this Agreement is terminated by either Party in accordance with the provisions incorporated herein or in any schedules or annexures appended hereto, or otherwise in accordance with law or equity; or b) this Agreement is extended at Transnet’s option for a further period to be agreed by the Parties. 22.2 Notwithstanding clause 23 [Breach and Consequence of Termination], either Party may cancel this Agreement without cause by giving 30 [thirty] calendar days prior written notice thereof to the other Party, provided that in such instance, this Agreement will nevertheless be applicable in respect of all Purchase Orders which have been placed prior to the date of such cancellation.