Common use of Reduction and Termination of the Commitments Clause in Contracts

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 or an integral multiple of $500,000 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) of the largest Total Commitment ever existing under this Agreement) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.3, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee under §2.2 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 3 contracts

Sources: Credit Agreement (Mid-America Apartments, L.P.), Credit Agreement (Mid-America Apartments, L.P.), Credit Agreement (Mid-America Apartments, L.P.)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five fifty percent (2550.0%) of the largest highest Total Commitment ever at any time existing under this Agreement) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.84.7; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans and available Letters of Credit. Upon Within five (5) days of the effective date of any such reduction or termination, upon receipt of an invoice from Agent, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee facility fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 3 contracts

Sources: Credit Agreement (Jernigan Capital, Inc.), Credit Agreement (Jernigan Capital, Inc.), Credit Agreement (Jernigan Capital, Inc.)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five fifty percent (2550.0%) of the largest highest Total Commitment ever at any time existing under this AgreementAgreement after such time as the Total Commitment is increased to an amount greater than $30,000,000.00) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. The Total Commitment shall also be reduced as provided in §5.4 and §7.7. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee facility fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 2 contracts

Sources: Credit Agreement (Carter Validus Mission Critical REIT, Inc.), Credit Agreement (Carter Validus Mission Critical REIT, Inc.)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five fifty percent (2550.0%) of the largest highest Total Commitment ever at any time existing under this Agreement) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.84.7; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee facility fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 2 contracts

Sources: Credit Agreement (MedEquities Realty Trust, Inc.), Credit Agreement (MedEquities Realty Trust, Inc.)

Reduction and Termination of the Commitments. The Borrower Borrowers shall have the right right, at any time and from time to time time, upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 25,000,000 or an integral multiple of $500,000 5,000,000 in excess thereof (provided that that, in no event shall the Total Commitment thereafter be reduced in such manner to an amount less than twenty-five percent (25%) of $50,000,000 unless the largest Total Commitment ever existing under this AgreementCommitments are terminated entirely concurrently therewith) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.84.7; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower Borrowers delivered pursuant to this §2.32.5, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower Borrowers shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee unused facility unused fee under §2.2 2.4 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 2 contracts

Sources: Credit Agreement (Bluerock Residential Growth REIT, Inc.), Credit Agreement (Bluerock Residential Growth REIT, Inc.)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments Commitment by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five fifty percent (2550%) of the largest highest Total Commitment ever existing in effect under this Agreement) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.84.7; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 2 contracts

Sources: Credit Agreement (Four Springs Capital Trust), Credit Agreement (Four Springs Capital Trust)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) of the largest Total Commitment ever existing under this Agreement$120,000,000) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee facility fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Tier Reit Inc)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 or an integral multiple of $500,000 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) of the largest Total Commitment ever existing under this Agreement$50,000,000.00) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Unused Fee or Facility Fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Mid America Apartment Communities Inc)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 or an integral multiple of $500,000 1,000,000 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) of the largest Total Commitment ever existing under this Agreement$40,000,000.00) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee facility fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Dupont Fabros Technology, Inc.)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five three (53) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 or an integral multiple of $500,000 1,000,000 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) $37,500,000.00, other than in the case of a termination of the largest Total Commitment ever existing under this Agreementfacility by the Borrower) or to terminate entirely the Commitmentsunborrowed portion of the Commitments (provided that such termination would not result in the Total Commitment being reduced to an amount less than $37,500,000.00), whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.3, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee facility fee under §2.2 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated. §2.4 [Intentionally omitted.]

Appears in 1 contract

Sources: Senior Secured Revolving Credit Agreement (Gladstone Commercial Corp)

Reduction and Termination of the Commitments. (a) The Borrower shall have the right may, upon at any time and from time to time upon least five (5) Business Days' prior written notice to the Agent to Administrative Agent, terminate in whole or reduce in part ratably the Total Commitments by unused portions of the Commitments; provided, however, that each partial reduction shall be in the aggregate amount of not less than $5,000,000 or an integral multiple of $500,000 1,000,000 in excess thereof and the requirements of Section 2.9(d) shall have been satisfied. (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%b) of the largest Total Commitment ever existing under this Agreement) or to terminate entirely the Commitments, whereupon the The then current Commitments of the Lenders shall be reduced pro rata on each date on which a prepayment of Loans (or cash collateralization in accordance with their respective Commitment Percentages respect of Letters of Credits) is (i) made pursuant to Section 2.9(a) (or would be required to be made had the outstanding Revolving Loans and Swing Loans equaled the Commitments then in effect), in each case in the amount of such prepayment (or deemed prepayment) or (ii) made pursuant to Section 2.9(b)(i) (in which case such reduction shall take effect on the Reinvestment Prepayment Date to the extent of the amount specified Reinvestment Prepayment Amount), and, in each case, the Commitment of each Lender shall be reduced by its Ratable Portion of such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8amount); provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Swing Loans and the Letter of Credit Liabilities would exceed (x) during any Fiscal Year the Commitments shall not be reduced by the first $5,000,000 in Net Cash Proceeds received in connection with any Asset Sale, (y) the aggregate amount of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.3, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment shall also such Net Cash Proceeds that do not result in a proportionate Commitment reduction (rounded pursuant to the next lowest integral multiple of foregoing subclause (x) shall not exceed $100,00015,000,000, and (z) Net Cash Proceeds that would otherwise result in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any a Commitment reduction under this clause (b) shall not cause such Commitment reduction to take effect until such Net Cash Proceeds aggregate $1,000,000 or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee under §2.2 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstatedmore.

Appears in 1 contract

Sources: Senior Secured Revolving Credit Agreement (Warnaco Group Inc /De/)

Reduction and Termination of the Commitments. (a) The Borrower shall have the right may, upon at any time and from time to time upon least five (5) Business Days' prior written notice to the Agent to Administrative Agent, terminate in whole or reduce in part ratably the Total unused portions of the Tranche A Commitments by or Tranche B Commitments of the Lenders; provided, however, that each partial reduction shall be in the aggregate amount of not less than $5,000,000 or an integral multiple of $500,000 1,000,000 in excess thereof thereof. (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%b) of the largest Total Commitment ever existing under this Agreement) or to terminate entirely the Commitments, whereupon the The aggregate Tranche B Commitments of the Lenders shall be reduced pro rata by $50,000,000 on June 30, 2002 and by $25,000,000 on the last day of each Fiscal Quarter thereafter (the "Tranche B Commitment Reduction Dates"), subject to any prior permanent reductions pursuant to clause (c) below (and the Tranche B Commitment of each Lender shall be reduced by its Ratable Portion of such amount): (c) The then current Tranche B Commitments shall be reduced on each date on which a prepayment of Tranche B Loans is made pursuant to Section 2.9(a) or would be required to be made had the outstanding Tranche B Loans equaled the Tranche B Commitments then in accordance with their respective Commitment Percentages of effect, in each case in the amount specified in of such notice or, as prepayment (or deemed prepayment) (and the case may be, terminated, any Tranche B Commitment of each Lender shall be reduced by its Ratable Portion of such termination or reduction to be without penalty except as otherwise set forth in §4.8amount); provided, however, that no 50% of such termination or reduction reductions shall be permitted if, after giving effect thereto, credited against the sum of Outstanding Revolving Credit Loans and Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.3, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) reductions in the maximum amount Tranche B Commitments provided for in clause (b) above in the direct order of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or terminationscheduled reductions; provided further, however, that the Borrower Tranche B Commitments shall pay not be reduced by the first $15,000,000 of repayments required to be applied to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee under §2.2 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstatedObligations pursuant to Section 2.9(a).

Appears in 1 contract

Sources: Revolving Credit Agreement (Warnaco Group Inc /De/)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) of the largest Total Commitment ever existing under this Agreement) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.84.7; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. The Commitments shall also be reduced as provided in §3.2(cd) and (e). Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Condor Hospitality Trust, Inc.)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five three (53) Business Days’ prior written notice to the Agent to permanently reduce the Total Commitments by $5,000,000 or an integral multiple of $500,000 1,000,000 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) of the largest Total Commitment ever existing under this Agreement) or to permanently terminate entirely the Revolving Credit Commitments, whereupon the Revolving Credit Commitments of the Revolving Credit Lenders shall be reduced pro rata in accordance with their respective Revolving Credit Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.84.7; provided, however, that (a) no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Swing Loans and the Letter of Credit Liabilities Exposure would exceed the Revolving Credit Commitments of the Revolving Credit Lenders as so terminated or reducedreduced and (b) in no event shall the Total Revolving Credit Commitment be reduced or terminated in such manner as to cause the Total Revolving Credit Commitment to be less than $10,000,000 except in connection with a cancellation of the entire Revolving Credit Commitments and repayment in full of all Revolving Credit Loans outstanding hereunder. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.3, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee unused facility unused fee under §2.2 2.10 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Highlands REIT, Inc.)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 or an integral multiple of $500,000 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) of the largest Total Commitment ever existing under this Agreement$125,000,000.00) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Mid America Apartment Communities Inc)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five three (53) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) $25,000,000.00, other than in the case of a termination of the largest Total Commitment ever existing under this Agreementfacility by the Borrower) or to terminate entirely the Commitmentsunborrowed portion of the Commitments (provided that such termination would not result in the Total Commitment being reduced to an amount less than $25,000,000.00), whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.3, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments to an amount less than $50,000,000.00 shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee facility fee under §2.2 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated. §2.4 [Intentionally omitted.]

Appears in 1 contract

Sources: Credit Agreement (Gladstone Commercial Corp)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) of the largest Total Commitment ever existing under this Agreement$20,000,000.00) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that each time that Proceeds are received on and after January 1, 2010, the Total Commitment shall be reduced by the amount of such Proceeds; provided, further however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.3, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments pursuant to this §2.3 or §3.5 shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee facility fee under §2.2 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Pacific Office Properties Trust, Inc.)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to (a) reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) of the largest Total Commitment ever existing under this Agreement$30,000,000.00) or to (b) terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans and available Letters of CreditCredit and the Swing Loan Commitment shall automatically decrease by an amount equal to ten percent (10%) of the applicable reduction of the Total Commitment. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee facility fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Senior Secured Revolving Credit Agreement (American Realty Capital Healthcare Trust Inc)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five fifty percent (2550.0%) of the largest highest Total Commitment ever at any time existing under this Agreement) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.84.7; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans Loan Commitment and available Letters Letter of CreditCredit Commitment. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee facility fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Credit Agreement (NorthStar Healthcare Income, Inc.)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five fifty percent (2550%) of the largest highest Total Commitment ever existing in effect under this Agreement) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.84.7; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of the Swing Loans Loan Commitment and available Letters the Letter of CreditCredit Commitment. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Credit Agreement (New Senior Investment Group Inc.)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) of the largest Total Commitment ever existing under this Agreement$25,000,000.00) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.84.7; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Credit Agreement (GTJ REIT, Inc.)

Reduction and Termination of the Commitments. The Borrower shall have the right right, at any time and from time to time time, upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 or an integral multiple of $500,000 1,000,000 in excess thereof (provided that that, in no event shall the Total Commitment thereafter be reduced in such manner to an amount less than twenty-five percent (25%) of $25,000,000 unless the largest Total Commitment ever existing under this AgreementCommitments are terminated entirely concurrently therewith) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.84.7; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.5, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee unused facility unused fee under §2.2 2.4 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Hertz Group Realty Trust, Inc.)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to (a) reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five an amount equal to fifty percent (2550%) of the largest highest Total Commitment ever at any time existing under this Agreement) or to (b) terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.84.7; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans and available Letters of CreditCredit and the Swing Loan Commitment shall automatically decrease by an amount equal to ten percent (10%) of the applicable reduction of the Total Commitment. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee facility fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Senior Secured Revolving Credit Agreement (American Realty Capital Healthcare Trust II, Inc.)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 or an integral multiple of $500,000 1,000,000 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) of the largest Total Commitment ever existing under this Agreement$97,500,000.00) or to terminate entirely the Commitmentsunborrowed portion of the Commitments (provided that such termination would not result in the Total Commitment being reduced to an amount less than $97,500,000.00), whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.3, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee facility fee under §2.2 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Senior Secured Revolving Credit Agreement (Republic Property Trust)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five fifty percent (2550%) of the largest highest Total Commitment ever existing in effect under this Agreement) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.84.7; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Condor Hospitality Trust, Inc.)

Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 5,000,000.00 or an integral multiple of $500,000 1,000,000.00 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five fifty percent (2550.0%) of the largest highest Total Commitment ever at any time existing under this Agreement) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.84.7; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.32.4, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment Commitments shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000100,000.00) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee fee under §2.2 2.3 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Monogram Residential Trust, Inc.)