Common use of Optional Revolving Credit Terminations Clause in Contracts

Optional Revolving Credit Terminations. The Borrower shall have the right at any time and from time to time, upon 5 Business Days prior written notice to the Administrative Agent, to terminate the Revolving Credit Commitments without premium or penalty and in whole or in part, any partial termination to be (i) in an amount not less than $5,000,000 and (ii) allocated ratably among the Lenders in proportion to their respective Revolver Percentages, provided that the Revolving Credit Commitments may not be reduced to an amount less than the aggregate principal amount of Revolving Loans then outstanding. The Administrative Agent shall give prompt notice to each Lender of any such termination of the Revolving Credit Commitments.

Appears in 2 contracts

Sources: 364 Day Credit Agreement (Hewitt Associates Inc), 364 Day Credit Agreement (Hewitt Associates Inc)

Optional Revolving Credit Terminations. The Borrower shall have the right at any time and from time to time, upon 5 five (5) Business Days prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent), to terminate the Revolving Credit Commitments without premium or penalty and in whole or in part, any partial termination to be (i) in an amount not less than $5,000,000 or any whole multiple thereof, and (ii) allocated ratably among the Lenders in proportion to their respective Revolver Percentages, provided that the aggregate amount of Revolving Credit Commitments may not be reduced to an amount less than the sum of the aggregate principal amount of Revolving Loans then outstanding. The Administrative Agent shall give prompt notice to each Lender of any such termination of the Revolving Credit Commitments.

Appears in 1 contract

Sources: Credit Agreement (BGC Partners, Inc.)