Common use of Optional Termination or Reduction of Commitments Clause in Contracts

Optional Termination or Reduction of Commitments. During the Revolving Credit Period the Borrowers may, upon at least three Domestic Business Days' notice to the Agent, (i) terminate the Revolving Commitments at any time, if no Revolving Loans, no Swing Loans or Letter of Credit Liabilities are outstanding at such time or (ii) ratably reduce from time to time by an aggregate amount of $5,000,000 or a larger multiple of $1,000,000, the aggregate amount of the Revolving Commitments in excess of the aggregate Revolving Exposure at such time.

Appears in 2 contracts

Sources: Credit Agreement (Metro-Goldwyn-Mayer Inc), Credit Agreement (Metro-Goldwyn-Mayer Inc)

Optional Termination or Reduction of Commitments. During the Revolving Credit Period Period, the Borrowers Borrower may, upon at least three Domestic Business Days' notice to the Administrative Agent, (i) terminate the Revolving Commitments at any time, if no Revolving Loans, no Loans or Swing Loans or Letter of Credit Liabilities are outstanding at such time and no Letter of Credit Liabilities exist or (ii) ratably reduce from time to time by an aggregate amount of $5,000,000 10,000,000 or a larger multiple of $1,000,000, the aggregate amount of the Revolving Commitments in excess of the sum of the aggregate outstanding principal amount of the Revolving Exposure at such timeLoans and the Swing Loans, plus the aggregate amount of Letter of Credit Liabilities.

Appears in 1 contract

Sources: Credit Agreement (Exide Electronics Group Inc)

Optional Termination or Reduction of Commitments. During the Revolving Credit Period Period, the Borrowers Borrower may, upon at least three Domestic Business Days' notice to the Agent, (i) terminate the Revolving Commitments at any time, if no Revolving Loans, no Swing Loans or Letter of Credit Liabilities are outstanding at such time or (ii) ratably reduce from time to time by an aggregate amount of $5,000,000 or a larger multiple of $1,000,000, the aggregate amount of the Revolving Commitments in excess of the aggregate Revolving Exposure at such timeoutstanding principal amount of the Loans and Letter of Credit Liabilities.

Appears in 1 contract

Sources: Credit Agreement (Universal Health Services Inc)

Optional Termination or Reduction of Commitments. During the Revolving Credit Period the Borrowers Borrower may, upon at least three Domestic Business Days' ’ notice to the Agent, (i) terminate the Revolving Commitments at any time, if no Revolving Loans, no Swing Loans or Letter of Credit Liabilities are outstanding at such time or (ii) ratably reduce from time to time by an aggregate amount of $5,000,000 or a larger multiple of $1,000,000, the aggregate amount of the Revolving Commitments in excess of the aggregate Revolving Exposure at such time.

Appears in 1 contract

Sources: Credit Agreement (Metro-Goldwyn-Mayer Inc)

Optional Termination or Reduction of Commitments. During the Revolving Credit Period the Borrowers may, upon at least three Domestic Business Days' notice to the Agent, (i) terminate the Revolving Commitments at any time, if no Revolving Loans, no Swing Loans or Letter of Credit Liabilities are outstanding at such time or (ii) ii ratably reduce from time to time by an aggregate amount of $5,000,000 or a larger multiple of $1,000,000, the aggregate amount of the Revolving Commitments in excess of the aggregate Revolving Exposure at such time.

Appears in 1 contract

Sources: Credit Agreement (Metro-Goldwyn-Mayer Inc)

Optional Termination or Reduction of Commitments. During the Revolving Credit Period Period, the Borrowers Borrower may, upon at least three Domestic Business Days' ’ notice to the Administrative Agent, (i) terminate the Revolving Commitments at any time, if there is no Revolving Loans, no Swing Loans or Letter of Credit Liabilities are outstanding Exposure at such time or (ii) ratably reduce from time to time by an aggregate amount of $5,000,000 or a larger in an integral multiple of $1,000,0001,000,000 in excess thereof, the aggregate amount of the Revolving Commitments in excess of the aggregate Revolving Exposure at such timeCredit Exposure.

Appears in 1 contract

Sources: Five Year Credit Agreement (Meadwestvaco Corp)

Optional Termination or Reduction of Commitments. During the Revolving Credit Period Period, the Borrowers Borrower may, upon at least three Domestic Business Days' notice to the Agent, (i) terminate the Revolving Commitments at any time, if no Revolving Loans, no Swing Loans or Letter of Credit Liabilities are outstanding at such time or (ii) ratably reduce from time to time by an aggregate amount of $5,000,000 10000,000 or a larger multiple of $1,000,000, the aggregate amount of the Revolving Commitments in excess of the aggregate Revolving Exposure at such timeoutstanding principal amount of the Loans and Letter of Credit Liabilities.

Appears in 1 contract

Sources: Credit Agreement (Galileo International Inc)