Common use of Reduction of the Commitment Clause in Contracts

Reduction of the Commitment. The Borrower may, upon at least two (2) Business Days’ notice to the Deal Agent, terminate in whole or reduce in part the portion of the Commitment that exceeds the Aggregate Loan Amount; provided, however, that each partial reduction of the Commitment shall be in an aggregate amount equal to $1,000,000 or an integral multiple thereof. Each notice of reduction or termination pursuant to this Section 2.5 shall be irrevocable.

Appears in 5 contracts

Sources: Loan and Security Agreement (Credit Acceptance Corp), Loan and Security Agreement (Credit Acceptance Corp), Loan and Security Agreement (Credit Acceptance Corp)

Reduction of the Commitment. The Borrower mayshall have the right, upon at least two thirty (230) Business Days' notice to the Deal Agent, to terminate in whole or reduce in part the portion Aggregate Commitment by an amount not exceeding the Unused Commitment, each such reduction to be allocated among the unused portions of the Advance Commitment that exceeds and the Aggregate Loan AmountLetter of Credit Commitment, as the Borrower shall specify, in accordance with each Lender's Pro Rata Share thereof; provided, however, that each partial reduction of the Commitment shall be in an aggregate the amount equal to of $1,000,000 or an and in integral multiple thereof. Each notice multiples of reduction or termination pursuant to this Section 2.5 shall be irrevocable$1,000,000 in excess of that amount.

Appears in 3 contracts

Sources: Credit Agreement (Vicorp Restaurants Inc), Credit Agreement (Vicorp Restaurants Inc), Credit Agreement (Vicorp Restaurants Inc)

Reduction of the Commitment. The Borrower mayshall have the right, upon at least two (2) Business Days' written notice to the Deal AgentBank, to terminate in whole or reduce in part the unused portion of the Commitment that exceeds the Aggregate Loan AmountCommitment; provided, however, provided that each partial reduction of the Commitment shall be in an the aggregate amount equal to of not less than $1,000,000 100,000 or an integral multiple thereof. Each notice of reduction or termination pursuant to this in excess thereof After each such reduction, the commitment fee provided for in Section 2.5 2.05 shall be irrevocablecalculated with respect to the Commitment as so reduced.

Appears in 1 contract

Sources: Revolving Credit Loan Agreement (Cogen Technologies Inc)

Reduction of the Commitment. The Borrower may, upon at least two (2) Business Days’ notice to the Deal Agent, terminate in whole or reduce in part the portion of the Commitment that exceeds the Aggregate Loan Amount; provided, however, that each partial reduction of the Commitment shall be in an aggregate amount equal to $1,000,000 or an integral multiple thereof. Each notice of reduction or termination pursuant to this Section 2.5 2.5(a) shall be irrevocable.

Appears in 1 contract

Sources: Loan and Security Agreement (Credit Acceptance Corp)