Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Date. (b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment. (c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. (d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 6 contracts
Sources: Credit Agreement (Countrywide Financial Corp), 364 Day Credit Agreement (Countrywide Financial Corp), 364 Day Credit Agreement (Countrywide Financial Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Aggregate Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower WPZ may at any time terminate, or from time to time reduce, the CommitmentsAggregate Commitments or the Letter of Credit Commitments and NWP and TGPL may at any time terminate, or from time to time reduce, the Borrower Sublimit applicable to such Borrower; provided that (i) each reduction of the Aggregate Commitments, the Letter of Credit Commitments or any Borrower Sublimit shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and 5,000,000, (ii) the Borrower WPZ shall not terminate or reduce the Aggregate Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Aggregate Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (iiii) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower WPZ shall not terminate or reduce the Swingline Letter of Credit Commitments if the LC Exposure would exceed the Letter of Credit Commitments, as so reduced, (iv) the amount of the Letter of Credit Commitment of any Swingline Lender ifIssuing Bank shall not be reduced to an amount which is less than the aggregate amount of LC Exposure in respect of all Letters of Credit issued or deemed issued by such Issuing Bank; (v) the Borrower Sublimit for any Borrower may not be reduced to an amount which is less than the greatest, after giving effect to for such termination or reductionBorrower, of the sum of (A) the aggregate outstanding Swingline principal amount of Loans owed by such Borrower plus (B) the aggregate amount of LC Exposure in respect of Letters of Credit issued at the request of such Swingline Lender would exceed its Swingline CommitmentBorrower; and (vi) the Aggregate Commitments shall not be reduced to an amount which is less than the aggregate amount of the Letter of Credit Commitments, unless the Letter of Credit Commitments are correspondingly reduced at the same time. When NWP or TGPL ceases to be a Borrower, the Borrower Sublimit applicable to such Borrower shall be terminated, such Borrower shall repay all obligations under the Loan Documents owing by it and all Letters of Credit issued at the request of such Borrower shall be terminated or such Borrower shall provide cash collateral to the Agent in an amount equal to the undrawn face amount of such Letters of Credit.
(c) The applicable Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Aggregate Commitments, the Letter of Credit Commitments or a Borrower Sublimit under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the a Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Aggregate Commitments or the Letter of Credit Commitments delivered by the any Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or another event, in which case such notice may be revoked by the such Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Aggregate Commitments, the Letter of Credit Commitments or a Borrower Sublimit shall be permanent; provided that nothing in this provision shall affect a Borrower’s ability to increase the Letter of Credit Commitments pursuant to Section 2.01(c)(iii). Each reduction of the Aggregate Commitments and a Borrower Sublimit shall be made ratably among the Lenders in accordance with their respective Commitments, except as provided in clause (d) below. Each reduction of the Letter of Credit Commitments being made in conjunction with a reduction of the Aggregate Commitments pursuant to Section 2.09(b)(vi) above shall be made ratably among the Issuing Banks in accordance with their respective Letter of Credit Commitments.
(d) Upon WPZ may terminate the occurrence unused amount of the Commitment and Letter of Credit Commitment of a Change Defaulting Lender upon one Business Day’s prior notice to the Administrative Agent (which will promptly notify the Lenders thereof), provided that such termination will not be deemed to be a waiver or release of Control with respect to CFCany claim the Borrowers, the Managing Administrative Agent, the Issuing Banks or any Lender may have against such Defaulting Lender.
(e) Notwithstanding any other provision of this Section 2.09, if at any time, WPZ ceases to have Control over, and/or ceases to maintain NWP or TGPL as its Subsidiary, then the Borrower Sublimit applicable to such Borrower shall automatically terminate, such Borrower shall repay all obligations owing by it under the Loan Documents and all Letters of Credit issued at the request of the Required Lenders, may, by notice such Borrower shall be terminated or such Borrower shall provide cash collateral to the BorrowerAgent in an amount equal to the undrawn face amount of such Letters of Credit or make other arrangements satisfactory to the relevant Issuing Bank(s) with respect to such Letters of Credit, terminate it being understood that the Commitments, such termination to be effective as of a Borrower Sublimit for either NWP or TGPL shall not result in a reduction of the date set forth in such notice for Aggregate Commitments.
(f) Notwithstanding the foregoing, all of the provisions of the Loan Documents which by their terms survive termination of the Commitments of a Borrower, including, without limitation, those provisions set forth in Section 9.06, shall survive and not be deemed terminated, but shall remain in no event earlier than one Business Day following the date such notice was delivered to the Borrowerfull force and effect.
Appears in 5 contracts
Sources: Credit Agreement (Williams Partners L.P.), Credit Agreement (Transcontinental Gas Pipe Line Company, LLC), Credit Agreement (Northwest Pipeline Gp)
Termination and Reduction of Commitments. (a) Unless previously terminatedUpon at least three Business Days’ prior irrevocable written or telecopy notice to the Administrative Agent, the Commitments shall terminate on the Commitment Termination Date.
(b) The Borrower CBS may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Commitments; provided provided, however, that (i) each partial reduction of the Commitments shall be in an a minimum principal amount that is an integral multiple of $25,000,000 10,000,000 and not less than in integral multiples of $25,000,000 1,000,000 in excess thereof and (ii) the Borrower no such termination or reduction shall not terminate or reduce the Commitments be made if, after giving effect thereto and to any concurrent prepayment prepayments of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and made on the effective date thereof. Promptly following receipt , (x) the Outstanding Revolving Extensions of Credit of any notice, Lender would exceed such Lender’s Commitment then in effect or (y) the Managing Total Facility Exposure would exceed the Total Commitment then in effect. The Administrative Agent shall promptly advise the Lenders of the contents thereof. Each any notice delivered by the Borrower given pursuant to this Section shall be irrevocable; 2.13(a).
(b) Except as otherwise provided that a notice of termination of in Section 2.21, each reduction in the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments hereunder shall be made ratably among the Lenders in accordance with their respective Commitments. CBS agrees to pay to the Administrative Agent for the account of the Lenders, on the date of termination or reduction of the Commitments, the Commitment Fees on the amount of the Commitments so terminated or reduced accrued through the date of such termination or reduction.
(dc) Upon a decrease, pursuant to Section 2.13(a) or (b), in the occurrence of a Change of Control Commitments, CBS may decrease the Total Multi-Currency Sublimit and/or the Multi-Currency Sublimit with respect to CFCany or all Multi-Currencies, the Managing Administrative Agentin each case in a minimum principal amount of $10,000,000 and in integral multiples of $1,000,000 in excess thereof. No such termination or reduction shall be made if, at the request after giving effect thereto and to any prepayments of the Required LendersLoans made on the effective date thereof, may, by notice (i) the Multi-Currency Sublimit with respect to each applicable Multi-Currency would be less than the Borrower, terminate the Commitments, such termination to be effective as of the date set forth Multi-Currency Revolving Loans outstanding in such notice for Multi-Currency at such time or (ii) the termination Total Multi-Currency Sublimit would be less than the outstanding principal amount of the Commitments but in no event earlier than one Business Day following the date Multi-Currency Revolving Loans at such notice was delivered to the Borrowertime.
Appears in 5 contracts
Sources: Credit Agreement (CBS Corp), Credit Agreement (CBS Corp), Credit Agreement (CBS Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that unless the Borrower and the Administrative Agent otherwise agree: (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 5,000,000 and not less than $25,000,000 and 5,000,000; (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Outstanding Credit Exposures plus would exceed the aggregate principal amount total Commitments; and (iii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent termination or reduction of outstanding Competitive Loans the commitment of the Swingline Lender to make Swingline Loans, such commitment of the Swingline Lender would equal or exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination commitment of the CommitmentsSwingline Lender to make Swingline Loans; provided that (i) each reduction of any Swingline Commitment such commitment shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 1,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender such commitment if, after giving effect to such termination or reductionany concurrent prepayment of the Swingline Loans, the sum of the outstanding aggregate Swingline Loans of such Swingline Lender Exposure would exceed its Swingline Commitment.
(c) the such commitment. The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments or the commitment of the Swingline Lender under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments and the commitment of the Swingline Lender delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments and the commitment of the Swingline Lender shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon Applicable Percentages; provided that if no Loans and no LC Disbursements are at the occurrence of a Change of Control with respect to CFCtime outstanding, the Managing Administrative Agent, at Borrower shall have the request right to allocate the amount of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as reduction of the date set forth Commitments to one or more Lenders as it shall determine in such notice for the its discretion. Any termination of the Commitments but in no event earlier than one Business Day following (under the date such notice was delivered terms of this Section or pursuant to Article VI) shall automatically terminate the Borrowercommitment of the Swingline Lender to make Swingline Loans.
Appears in 5 contracts
Sources: Credit Agreement (Leggett & Platt Inc), Credit Agreement (Leggett & Platt Inc), Credit Agreement (Leggett & Platt Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments The Swingline Commitment shall terminate on the Swingline Termination Date. The Commitment of each Lender shall terminate automatically on the Commitment Termination Date of such Lender. The obligation of each Fronting Bank to issue, amend and extend Letters of Credit shall terminate on such Fronting Bank’s Fronting Bank Termination Date.
(b) The Upon at least two Business Days’ prior written notice to the Agent, the Borrower may may, without premium or penalty, at any time in whole permanently terminate, or from time to time in part permanently reduce, the Commitments; provided provided, however, that (i) each partial reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 5,000,000 and not less than in a minimum principal amount of $25,000,000 10,000,000 and (ii) the Borrower no such termination or reduction shall not terminate or be made that would reduce the Commitments if, to an amount less than (1) the aggregate amount of Outstanding Credits on the date of such termination or reduction (after giving effect to any concurrent prepayment of made pursuant to Section 2.09) or (2) $50,000,000, unless the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date result of such termination or reduction, specifying such election and reduction referred to in this clause (2) is to reduce the effective date thereofCommitments to $0. Promptly following receipt of any notice, the Managing Administrative The Agent shall advise the Lenders of any notice given pursuant to this subsection (b) and of each Lender’s portion of any such termination or reduction of the contents thereofCommitments. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that that, without limiting Section 8.05(b), a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. .
(c) Each reduction of in the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon . The Borrower shall pay to the occurrence of a Change of Control with respect to CFC, Agent for the Managing Administrative Agent, at the request account of the Required Lenders, may, by notice to on the Borrower, terminate date of each termination or reduction of the Commitments, the Commitment Fee on the amount of the Available Commitments so terminated or reduced, in each case accrued through the date of such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borroweror reduction.
Appears in 5 contracts
Sources: Revolving Credit Agreement (Oncor Electric Delivery Co LLC), Revolving Credit Agreement (Oncor Electric Delivery Co LLC), Revolving Credit Agreement (Oncor Electric Delivery Co LLC)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Aggregate Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Aggregate Commitments or the Letter of Credit Commitments; provided that (i) each reduction of the Aggregate Commitments or the Letter of Credit Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and 5,000,000, (ii) the Borrower shall not terminate or reduce the Aggregate Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Aggregate Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the Borrower shall not terminate or reduce the Swingline Letter of Credit Commitments if the LC Exposure would exceed the Letter of Credit Commitments, as so reduced, (iv) the amount of the Letter of Credit Commitment of any Swingline Lender if, after giving effect Issuing Bank shall not be reduced to an amount which is less than the aggregate amount of LC Exposure in respect of all Letters of Credit issued or deemed issued by such termination or reduction, Issuing Bank; and (v) the sum Aggregate Commitments shall not be reduced to an amount which is less than the aggregate amount of the outstanding Swingline Loans Letter of such Swingline Lender would exceed its Swingline CommitmentCredit Commitments, unless the Letter of Credit Commitments are correspondingly reduced at the same time.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Aggregate Commitments or the Letter of Credit Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Aggregate Commitments or the Letter of Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or another event, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Aggregate Commitments or the Letter of Credit Commitments shall be permanent; provided that nothing in this provision shall affect the Borrower’s ability to increase the Letter of Credit Commitments pursuant to Section 2.01(c)(iii). Each reduction of the Aggregate Commitments shall be made ratably among the Lenders in accordance with their respective Commitments, except as provided in clause (d) below. Each reduction of the Letter of Credit Commitments being made in conjunction with a reduction of the Aggregate Commitments pursuant to Section 2.09(b)(v) above shall be made ratably among the Issuing Banks in accordance with their respective Letter of Credit Commitments.
(d) Upon The Borrower may terminate the occurrence unused amount of the Commitment and Letter of Credit Commitment of a Change Defaulting Lender upon one Business Day’s prior notice to the Administrative Agent (which will promptly notify the Lenders thereof), provided that such termination will not be deemed to be a waiver or release of Control with respect to CFCany claim the Borrower, the Managing Administrative Agent, at the request Issuing Banks or any Lender may have against such Defaulting Lender.
(e) Notwithstanding the foregoing, all of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as provisions of the date set forth in such notice for the Loan Documents which by their terms survive termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to of the Borrower, including, without limitation, those provisions set forth in Section 9.06, shall survive and not be deemed terminated, but shall remain in full force and effect.
Appears in 4 contracts
Sources: Credit Agreement (WPX Energy, Inc.), Credit Agreement (Williams Companies Inc), Credit Agreement (Williams Companies Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments Lux Term Loan Commitment of each Term Lender shall automatically and permanently terminate at 5:00 PM, New York City time, on the Commitment Termination DateClosing Date (after giving effect to the incurrence of Lux Term Loans on such date).
(b) The Unless previously terminated, the U.S. Term Loan Commitment of each Term Lender shall automatically and permanently terminate at 5:00 PM, New York City time, on the Closing Date (after giving effect to the incurrence of U.S. Term Loans on such date).
(c) Unless previously terminated, the Revolving Commitment of each Revolving Lender shall automatically and permanently termination on the relevant Maturity Date.
(d) Any Revolving Borrower (on behalf of all of the Revolving Borrowers) may at any time terminate, or from time to time reduce, the CommitmentsRevolving Commitments of any Class; provided that (i) each reduction of the such Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 5,000,000 and not less than $25,000,000 10,000,000 and (ii) the Borrower Revolving Borrowers shall not terminate or reduce the any Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans of such Class in accordance with Section 2.102.11, the Dollar Amount of the sum of the total Revolving Credit Exposures plus the aggregate principal amount in respect of outstanding Competitive Loans such Class would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline aggregate Revolving Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentClass.
(ce) The Any applicable Revolving Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Commitments of any Class under paragraph (bSection 2.09(d) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the any Revolving Borrower pursuant to this Section 2.09 shall be irrevocable; provided that a notice of termination of the Revolving Commitments of any Class delivered by the any Revolving Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or one or more other events specified therein, in which case such notice may be revoked by the such Revolving Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments of any Class shall be made ratably among the applicable Lenders in accordance with their respective CommitmentsRevolving Commitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 4 contracts
Sources: Credit Agreement (Icon PLC), Credit Agreement (Icon PLC), Credit Agreement (PRA Health Sciences, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Tranche A Term Commitments and the Tranche B Term Commitments shall automatically terminate at 5:00 p.m., New York City time, on the Effective Date and (ii) the Revolving Commitments shall automatically terminate on the Commitment Termination Revolving Maturity Date.
(b) The Borrower may at any time terminate, or from time to time permanently reduce, the CommitmentsCommitments of any Class; provided that (i) each partial reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and 5,000,000, (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Aggregate Revolving Exposure would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Aggregate Revolving Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender LC Sublimit if, after giving effect to such termination or reductionthereto, the sum of the outstanding Swingline Loans of such Swingline Lender LC Exposure not fully cash collateralized hereunder would exceed its Swingline Commitmentthe LC Sublimit.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least not later than 11:00 a.m., New York City time, three Business Days Days, or such shorter period as may be agreed by the Administrative Agent, prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Revolving Commitments delivered by the Borrower under this paragraph may state that such notice is conditioned upon the effectiveness occurrence of other credit facilitiesone or more events specified therein, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class. All fees in respect of the Revolving Commitments accrued until the effective date of any termination of the Revolving Commitments shall be paid on the effective date of such termination.
(d) Upon the occurrence If after giving effect to any reduction or termination of a Change of Control with respect to CFCRevolving Commitments under this Section 2.07, the Managing Administrative AgentLC Sublimit exceeds the Revolving Commitments at such time, at the request LC Sublimit shall be automatically reduced by the amount of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrowerexcess.
Appears in 4 contracts
Sources: Credit Agreement (YETI Holdings, Inc.), Credit Agreement (YETI Holdings, Inc.), Credit Agreement (YETI Holdings, Inc.)
Termination and Reduction of Commitments. Upon the prior written notice to the Administrative Agent (a) Unless previously terminated, which notice the Commitments Administrative Agent shall terminate on the Commitment Termination Date.
(b) The Borrower may at any time terminate, or from time promptly transmit to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) Lenders), the Borrower shall not have the right, without premium or penalty, on any day, permanently to terminate or reduce the Commitments of any Class, as determined by the Borrower, in whole or in part; provided that:
(i) any such termination or reduction shall apply proportionately and permanently to reduce the Commitments of each of the Lenders of such Class, except that, notwithstanding the foregoing, the Borrower may allocate any termination or reduction of Commitments among Classes of Commitments at its direction,
(ii) any partial reduction pursuant to this Section 2.06 shall be in an aggregate amount of at least $1,000,000 or any whole multiple of $1,000,000 in excess thereof,
(iii) after giving effect to such termination or reduction and to any prepayments of Loans or cancellation or cash collateralization of Letters of Credit made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders’ Revolving Credit Exposure for such Class shall not exceed the Total Revolving Commitments for such Class, and
(iv) if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; , the LC Sublimit or the Swingline Sublimit with respect to the Facility exceeds the amount of Total Revolving Commitments thereunder, such sublimit shall be automatically reduced by the amount of such excess. Except as provided that (i) each reduction above, the amount of any such Revolving Commitment reduction shall not be applied to the LC Sublimit or the Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) Sublimit unless otherwise specified by the Borrower. Notwithstanding the foregoing, the Borrower shall not terminate may rescind or reduce the Swingline Commitment of postpone any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition termination would have resulted from a refinancing of all of the Facility, which refinancing is not satisfied. Any termination consummated or reduction of the Commitments is otherwise shall be permanentdelayed. Each reduction of the Unless previously terminated, all Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect Class shall terminate on the Maturity Date applicable to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the BorrowerClass.
Appears in 4 contracts
Sources: Amendment No. 3 (Chewy, Inc.), Abl Credit Agreement (Chewy, Inc.), Abl Credit Agreement (Chewy, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Revolving Credit Termination Date.
(b) The Borrower may may, upon notice to the Administrative Agent pursuant to Section 2.06(c), at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and 10,000,000, (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.08, the sum of the aggregate Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans all Lenders would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline aggregate Commitments of one or more Swingline all Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be then in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 effect, and (iiiii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reductionany reduction of the aggregate Commitments, the sum Swing Line Sublimit exceeds the amount of the outstanding Swingline Loans aggregate Commitments, such Sublimit shall be automatically reduced by the amount of such Swingline Lender would exceed its Swingline Commitmentexcess.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon Applicable Percentage. All fees accrued until the occurrence effective date of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the any termination of the Commitments but in no event earlier than one Business Day following shall be paid on the effective date of such notice was delivered to the Borrowertermination.
Appears in 4 contracts
Sources: Credit Agreement (Waddell & Reed Financial Inc), Credit Agreement (Waddell & Reed Financial Inc), Credit Agreement
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments Revolving Credit Commitment of each Revolving Credit Lender shall terminate on the Commitment Termination Revolving Credit Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 1,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10Sections 2.11 and 2.12, the sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Revolving Credit Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments of any Class under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or other debt or equity issuances, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders of such Class in accordance with their respective Commitments.
(d) Upon Commitments of such Class. The Borrower shall pay to the occurrence of a Change of Control with respect to CFC, Administrative Agent for the Managing Administrative Agent, at the request account of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as Lenders of the applicable Class, on the date set forth in such notice for of each termination or reduction under paragraph (b) of this Section, any applicable commitment fees on the termination amount of the Commitments of such Class so terminated or reduced accrued to but in no event earlier than one Business Day following excluding the date of such notice was delivered to the Borrowertermination or reduction.
Appears in 4 contracts
Sources: Credit Agreement (Huntington Ingalls Industries, Inc.), Revolving Credit Agreement (Huntington Ingalls Industries, Inc.), Credit Agreement (Huntington Ingalls Industries, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the all Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower may at any time terminateterminate the Commitments upon (i) the payment in full of all outstanding Loans, together with accrued and unpaid interest thereon and on any Letters of Credit, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Administrative Agent of a cash deposit (or at the discretion of the Administrative Agent a back up standby letter of credit satisfactory to the Administrative Agent) equal to 105% of the aggregate undrawn amount of all outstanding Letters of Credit as of such date), (iii) the payment in full of the accrued and unpaid fees, and (iv) the payment in full of all reimbursable expenses and other Obligations (other than Unliquidated Obligations) together with accrued and unpaid interest thereon.
(c) The Borrower may from time to time reduce, reduce the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 1,000,000, and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10, the sum of the Credit Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total aggregate Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(cd) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) or (c) of this Section at least three two Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or other refinancing, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Credit Agreement (Potbelly Corp), Credit Agreement (Potbelly Corp), Credit Agreement (Potbelly Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Term B-1 Loan Commitments and Additional Term B-1 Commitments shall terminate at 11:59 p.m., New York City time, on the Commitment Termination Effective Date. The Revolving Commitments shall terminate at 11:59 p.m., New York City time, on the Revolving Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the CommitmentsCommitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 500,000 and not less than $25,000,000 1,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.11, the sum of the Credit aggregate Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total aggregate Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, terminate the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of Defaulting Lender on a non-pro rata basis upon notice to the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentAdministrative Agent.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three one Business Days Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective datedate of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Credit Agreement (Amc Entertainment Holdings, Inc.), Credit Agreement (Amc Entertainment Holdings, Inc.), Credit Agreement (Amc Entertainment Holdings, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the The unused Tranche A Commitments shall automatically terminate on at the Commitment Termination Dateend of the Tranche A Availability Period and the unused Tranche B Commitments shall automatically terminate at the end of the Tranche B Availability Period.
(b) The Borrower may at any time terminate, or from time to time reduce, the Tranche A Commitments and/or the Tranche B Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 10,000,000 and (ii) the Borrower shall not terminate or reduce the any Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.09, the sum of the total Credit Exposures plus under the aggregate principal amount of outstanding Competitive Loans relevant Tranche would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, Commitments under the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitmentrelevant Tranche.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments under either Tranche shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments under such Tranche.”
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request Section 2.08(a) of the Required Lenders, may, Bridge Loan Agreement is hereby amended by notice deleting such section and replacing it with the following:
(a) The Borrower hereby unconditionally promises to pay to the Borrower, terminate Administrative Agent for the Commitments, such termination to be effective as account of each Lender (i) the then unpaid principal amount of each Tranche A Loan on the Tranche A Maturity Date and (ii) the then unpaid principal amount of each Tranche B Loan on the Tranche B Maturity Date.”
(e) Section 2.08(c) of the date set forth Bridge Loan Agreement is hereby amended by adding the words “Tranche and” before the word “Type” in clause (i) of such notice for the termination Section.
(f) Section 2.08(e) of the Commitments but in no event earlier than one Business Day following Bridge Loan Agreement is hereby amended by deleting such section and replacing it with the date such notice was delivered to the Borrower.following:
Appears in 3 contracts
Sources: 364 Day Senior Bridge Loan Agreement (Covidien Ltd.), 364 Day Senior Bridge Loan Agreement (Tyco International LTD /Ber/), 364 Day Senior Bridge Loan Agreement (Tyco International LTD /Ber/)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the CommitmentsCommitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and 5,000,000 or if less, the entire remaining amount, (ii) the Borrower shall not terminate or reduce either Class of the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans of such Class in accordance with Section 2.102.09, the sum aggregate Revolving Exposures of such Class (excluding, in the case of any termination of the Revolving A Commitments or the Revolving B Commitments, the portion of the Revolving A Exposures or Revolving B Exposures attributable to outstanding Tranche A Letters of Credit Exposures plus or Tranche B Letters of Credit, as applicable, if and to the extent that the Borrower has made arrangements satisfactory to the Administrative Agent and each applicable Issuing Bank with respect to such Tranche A Letters of Credit or Tranche B Letters of Credit, as applicable, and each applicable Issuing Bank has released the Revolving Lenders of such Class from their participation obligations with respect to such Tranche A Letters of Credit or Tranche B Letters of Credit, as applicable) would exceed the aggregate Revolving Commitments of such Class or (iii) except in the case of a disproportionate reduction of the Revolving A Commitments at any time that the aggregate Revolving B Commitments are $200,000,000 or less, each reduction of the Revolving Commitments under any Facility shall be accompanied by a pro rata reduction in the Revolving Commitments under the other Facility (based on the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time Revolving Commitments under each Facility immediately prior to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment).
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.06 at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.06 shall be irrevocable; provided that a notice of termination of the Commitments of any Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the receipt of proceeds from the issuance of other Indebtedness, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Credit Agreement (Nasdaq, Inc.), Credit Agreement (Nasdaq, Inc.), Credit Agreement (Nasdaq, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.11, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Exposure would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce; provided that for purposes of this paragraph, the Swingline Commitments LC Exposure shall be deemed to be zero if there exists either cash collateral equal to 105% of the LC Exposure or one or more Swingline back-up letters of credit for the benefit of the Issuing Bank in form and substance and issued by issuer(s) satisfactory to the Issuing Bank in its sole discretion. Upon the provision of such cash collateral or back-up letters of credit and the payment in full of all Obligations, then the Lenders without any reduction or shall be released from their obligations under Section 2.06(d), and all letter of credit fees accruing after the termination of the Commitments; provided that (i) each reduction of any Swingline Commitment Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) for the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum account of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentIssuing Bank.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Revolving Credit Agreement, Revolving Credit Agreement (Service Corporation International), Revolving Credit Agreement (Service Corporation International)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 10,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.09, the sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon The Borrower may terminate the occurrence unused amount of the Commitment of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by Defaulting Lender upon not less than three (3) Business Days’ prior notice to the Administrative Agent (which will promptly notify the Lenders thereof), and in such event the provisions of Section 2.13(b) will apply to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts), provided that such termination will not be deemed to be a waiver or release of any claim the Borrower, terminate the Commitments, Administrative Agent or any Lender may have against such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the BorrowerDefaulting Lender.
Appears in 3 contracts
Sources: Senior Credit Agreement (Covidien PLC), Five Year Senior Credit Agreement (Covidien Ltd.), Five Year Senior Credit Agreement (Covidien Ltd.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall for a Class of Loans will terminate on the Commitment Termination DateMaturity Date for such Class of Loans.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10Revolving Loans, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans total Revolving Exposure would exceed the total Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the any Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and by delivering a Commitment Termination Notice to the effective date thereofAdministrative Agent. Promptly and in no event later than one Business Day following receipt of any noticeCommitment Termination Notice, the Managing Administrative Agent shall advise the Revolving Lenders and each Issuing Bank of the contents thereof. Each notice Commitment Termination Notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments Commitment Termination Notice delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice Commitment Termination Notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders of such Class in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Credit Agreement (Healthsouth Corp), Credit Agreement (Healthsouth Corp), Credit Agreement (Healthsouth Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Date.
(b) The Borrower Upon at least three Business Days’ prior irrevocable written or telecopy notice to the Administrative Agent, the Company (on behalf of all the Borrowers) may at any time in whole permanently terminate, or from time to time in part permanently reduce, the CommitmentsTotal Commitment; provided provided, however, that (i) each partial reduction of the Commitments Total Commitment shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than in a minimum principal amount of $25,000,000 5,000,000 and (ii) the Borrower no such termination or reduction shall not terminate or be made which would reduce the Commitments ifTotal Commitment to an amount less than the aggregate outstanding principal amount (or Assigned Dollar Value, after giving effect to any concurrent prepayment in the case of Loans denominated in Alternative Currencies) of the Competitive Loans in accordance with Section 2.10and Standby Loans. Notwithstanding the foregoing, as long as no Default or Event of Default is continuing, the sum Company may terminate the unused amount of the Credit Exposures plus the aggregate principal amount Commitment of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and a Defaulting Lender upon not less than $25,000,000 and 10 Business Days’ prior notice to the Administrative Agent (ii) which will promptly notify the Borrower shall Lenders thereof), it being understood that such termination will not terminate be deemed to be a waiver or reduce the Swingline Commitment release of any Swingline Lender if, after giving effect to such termination or reduction, the sum claim any of the outstanding Swingline Loans of Borrowers or the Administrative Agent may have against such Swingline Lender would exceed its Swingline CommitmentDefaulting Lender.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior Subject to the effective date last sentence of such termination or reductionSection 2.11(b), specifying such election and reduction in the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments Total Commitment hereunder shall be made ratably among the Lenders in accordance with their respective Commitments. Subject to the last sentence of Section 2.06(a), the Company shall pay to the Administrative Agent for the account of the Lenders, on the date of each termination or reduction, the Commitment Fees on the amount of the Commitments so terminated or reduced accrued to but not including the date of such termination or reduction.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to A Commitment terminated or reduced under this Section 2.11 may not be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrowerreinstated.
Appears in 3 contracts
Sources: Credit Agreement (Harsco Corp), Credit Agreement (Harsco Corp), Credit Agreement (Harsco Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination date that is the earlier of (x) to the extent the Closing Date has not yet occurred on or prior to such date, the Outside Date and (y) the Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided provided, that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 250,000 and not less than $25,000,000 500,000 (or, if less, the remaining amount of the Revolving Commitments) and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the sum Revolving Facility Credit Exposure (excluding any Cash Collateralized Letter of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Credit) would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentMaximum Availability.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph clause (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided provided, that a notice of termination or reduction of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon on the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Asset Based Revolving Credit Agreement (Sun Country Airlines Holdings, Inc.), Asset Based Revolving Credit Agreement (Sun Country Airlines Holdings, Inc.), Asset Based Revolving Credit Agreement (Sun Country Airlines Holdings, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminatedThe Borrowers may, upon notice to the Administrative Agent, terminate the Aggregate Revolver Commitments, the Commitments shall terminate on Aggregate WC Interim Commitment or the Commitment Termination Date.
(b) The Borrower Aggregate WC Commitments, as the case may at any time terminatebe, or from time to time reducepermanently reduce the Aggregate Revolver Commitments, the Aggregate WC Interim Commitment or the Aggregate WC Commitments, as the case may be; provided that (i) each any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction of the Commitments shall be in an aggregate amount that is an integral of $10,000,000 or any whole multiple of $25,000,000 and not less than $25,000,000 and 1,000,000 in excess thereof, (iiiii) the Borrower Borrowers shall not terminate or reduce the Aggregate Revolver Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolver Outstandings (other than Revolver L/C Obligations which are Cash Collateralized pursuant to Section 2.14 hereof) would exceed the Aggregate Revolver Commitments, (iv) the Borrowers shall not terminate or reduce the Aggregate WC Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total WC Outstandings (other than WC L/C Obligations which are Cash Collateralized pursuant to Section 2.14 hereof) would exceed the Aggregate WC Commitments, (v) the Borrowers shall not terminate or reduce the Aggregate WC Interim Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total WC Interim Outstandings (other than WC Interim L/C Obligations which are Cash Collateralized pursuant to Section 2.14 hereof) would exceed the Aggregate WC Interim Commitments and (vi) if, after giving effect to any concurrent prepayment reduction of the Loans in accordance with Section 2.10Aggregate Revolver Commitments, the sum Aggregate WC Interim Commitments or the Aggregate WC Commitments, as applicable, the Alternative Currency Sublimit, the Revolver Letter of Credit Sublimit, or the Swing Line Sublimit exceeds the amount of the Credit Exposures plus Aggregate Revolver Commitments, the aggregate principal Aggregate WC Interim Commitment or the Aggregate WC Commitments, as applicable, such Sublimit shall be automatically reduced by the amount of outstanding Competitive Loans would exceed the total Commitmentssuch excess. The Borrower may at Administrative Agent will promptly notify the Lenders of any time terminate, such notice of termination or from time to time reducereduction of the Aggregate Revolver Commitments, the Swingline Aggregate WC Interim Commitment or Aggregate WC Commitments, as the case may be. The amount of any such Aggregate Revolver Commitment, Aggregate WC Interim Commitment or Aggregate WC Commitment, as the case may be, reduction shall not be applied to the Alternative Currency Sublimit or the Revolver Letter of Credit Sublimit unless otherwise specified by the Borrowers. Any reduction of the Aggregate Revolver Commitments, the Aggregate WC Interim Commitments or the Aggregate WC Commitments, as applicable, shall be applied to the WC Commitment, WC Interim Commitment or Revolver Commitment of one or more Swingline Lenders without each Lender, as applicable, according to its Applicable Percentage. All fees accrued until the effective date of any reduction or termination of the Aggregate Revolver Commitments; provided that (i) each reduction of any Swingline , Aggregate WC Interim Commitment or Aggregate WC Commitments, as the case may be, shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to paid on the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitmentstermination.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Credit Agreement (Global Partners Lp), Credit Agreement (Global Partners Lp), Credit Agreement (Global Partners Lp)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Delayed Draw Term Loan Commitments shall terminate in full on the Delayed Draw Commitment Termination Date and (ii) the Revolving Commitments shall terminate in full on the Revolving Credit Maturity Date.
(bi) The Borrower Company may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i1) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii2) the Borrower Company shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the Dollar Amount of the sum of the Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total aggregate Revolving Commitments. .
(ii) The Borrower Company may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Delayed Draw Term Loan Commitments; provided that (i) each reduction of any Swingline Commitment such Delayed Draw Term Loan Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000. Unless previously terminated, the Delayed Draw Term Loan Commitments shall (x) upon the funding of any Delayed Draw Term Loan, be reduced to $0 after the funding of such Delayed Draw Term Loan and (iiy) automatically terminate with respect to the Borrower shall not terminate or reduce remainder (if any) on the Swingline Delayed Draw Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentTermination Date.
(c) The Borrower Company shall notify the Managing Administrative Agent of any election to terminate or reduce the any Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the relevant Lenders of the contents thereof. Each notice delivered by the Borrower Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the any Commitments delivered by the Borrower Company may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or any other transaction, in which case such notice may be revoked by the Borrower Company (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the any Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Commitments. Each reduction of the Delayed Draw Term Loan Commitments shall be made ratably among the Delayed Draw Term Lenders in accordance with their respective Delayed Draw Term Loan Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Credit Agreement (Tapestry, Inc.), Credit Agreement (Tapestry, Inc.), Credit Agreement (Tapestry, Inc.)
Termination and Reduction of Commitments. (ai) Unless previously terminated, the Aggregate Revolving Commitments shall terminate on the Commitment Termination Maturity Date.
(bii) The Borrower Borrowers may at any time terminate, or terminate the Aggregate Revolving Commitments upon the Payment in Full of the Secured Obligations.
(iii) The Borrowers may from time to time reduce, reduce the Aggregate Revolving Commitments; provided that (iA) each reduction of the Aggregate Revolving Commitments shall be in an amount a Dollar Equivalent that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (iiB) the Borrower Borrowers shall not terminate or reduce the Aggregate Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.11, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Aggregate Revolving Exposure would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination lesser of the Commitments; provided that (i) each reduction of any Swingline Aggregate Revolving Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentRevolving Borrowing Base.
(civ) The Borrower Representative shall notify the Managing Administrative Agent of any election to terminate or reduce the Aggregate Revolving Commitments under paragraph (ba)(ii) or (a)(iii) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower Representative pursuant to this Section shall be irrevocable; provided that a notice of termination of the Aggregate Revolving Commitments delivered by the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or other transactions specified therein, in which case such notice may be revoked by the Borrower Representative (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Aggregate Revolving Commitments shall be permanent. Each reduction of the Aggregate Revolving Commitments shall be made ratably among the Lenders in accordance with their respective Revolving Commitments.
(dv) Upon The Initial FILO Term Loan Commitments terminated upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request making of the Required Lenders, may, by notice to Initial FILO Term Loan on the Borrower, First Amendment Funding Date. The 2023 FILO Term Loan Commitments shall terminate upon the Commitments, such termination to be effective as making of the date set forth in such notice for 2023 FILO Term Loan on the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the BorrowerSecond Amendment Effective Date.
Appears in 3 contracts
Sources: Credit Agreement (Bed Bath & Beyond Inc), Credit Agreement (Bed Bath & Beyond Inc), Credit Agreement (Bed Bath & Beyond Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 10,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon If, as of any first quarter end occurring after the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request last day of the Required Lenderssecond Loan Year, mayor any quarter end thereafter, by notice Consolidated Tangible Net Worth on any such date of determination shall be less than $175,000,000, then the Commitments shall be automatically reduced (and each Lender’s Commitment shall be reduced on a pro rata basis) such that following such reduction the ratio of the Consolidated Tangible Net Worth to $175,000,000 is the same as the ratio of the reduced total Commitments to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination amount of the Commitments but prior to such reduction. If such reduction causes the sum of the Revolving Credit Exposures to exceed the total Commitments, then the Borrower shall within five (5) days after the reduction of the Commitments based on the delivery of the financial statement, prepay Loans and/or cash collateralize the LC Exposure in no event earlier than one Business Day following the date an aggregate amount equal to such notice was delivered to the Borrowerexcess.
Appears in 3 contracts
Sources: Credit Agreement (Industrial Property Trust Inc.), Credit Agreement (Industrial Property Trust Inc.), Credit Agreement (Industrial Property Trust Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Tranche B Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date and (ii) the Revolving Commitments shall terminate on the Commitment Termination Revolving Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; Commitments of any Class, provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.11, the sum aggregate Revolving Exposures (excluding, in the case of any termination of the Revolving Commitments, the portion of the Revolving Exposures attributable to outstanding Letters of Credit Exposures plus if and to the aggregate principal amount extent that the Borrower has made arrangements satisfactory to the Administrative Agent and the Issuing Bank with respect to such Letters of outstanding Competitive Loans Credit and the Issuing Bank has released the Revolving Lenders from their participation obligations with respect to such Letters of Credit) would exceed the total aggregate Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the Commitments of any Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the receipt of proceeds from the issuance of other Indebtedness, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Credit Agreement (Nasdaq Stock Market Inc), Credit Agreement (Nasdaq Stock Market Inc), Credit Agreement (Nasdaq Stock Market Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Aggregate Commitments shall terminate on the Commitment Termination earlier of (i) November 30, 2011 if the Effective Date has not occurred on or before such date and (ii) the Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Aggregate Commitments or the Letter of Credit Commitments; provided that (i) each reduction of the Aggregate Commitments or the Letter of Credit Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and 5,000,000, (ii) the Borrower shall not terminate or reduce the Aggregate Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Aggregate Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the Borrower shall not terminate or reduce the Swingline Letter of Credit Commitments if the LC Exposure would exceed the Letter of Credit Commitments, as so reduced, (iv) the amount of the Letter of Credit Commitment of any Swingline Lender if, after giving effect Issuing Bank shall not be reduced to an amount which is less than the aggregate amount of LC Exposure in respect of all Letters of Credit issued or deemed issued by such termination or reduction, Issuing Bank; and (v) the sum Aggregate Commitments shall not be reduced to an amount which is less than the aggregate amount of the outstanding Swingline Loans Letter of such Swingline Lender would exceed its Swingline CommitmentCredit Commitments, unless the Letter of Credit Commitments are correspondingly reduced at the same time.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Aggregate Commitments or the Letter of Credit Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Aggregate Commitments or the Letter of Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or another event, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Aggregate Commitments or the Letter of Credit Commitments shall be permanent; provided that nothing in this provision shall effect the Borrower’s ability to increase the Letter of Credit Commitments pursuant to Section 2.01(c)(iii). Each reduction of the Aggregate Commitments shall be made ratably among the Lenders in accordance with their respective Commitments, except as provided in clause (d) below. Each reduction of the Letter of Credit Commitments being made in conjunction with a reduction of the Aggregate Commitments pursuant to Section 2.09(b)(v) above shall be made ratably among the Issuing Banks in accordance with their respective Letter of Credit Commitments.
(d) Upon The Borrower may terminate the occurrence unused amount of the Commitment and Letter of Credit Commitment of a Change Defaulting Lender upon one Business Day’s prior notice to the Administrative Agent (which will promptly notify the Lenders thereof), provided that such termination will not be deemed to be a waiver or release of Control with respect to CFCany claim the Borrower, the Managing Administrative Agent, at the request Issuing Banks or any Lender may have against such Defaulting Lender.
(e) Notwithstanding the foregoing, all of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as provisions of the date set forth in such notice for the Loan Documents which by their terms survive termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to of the Borrower, including, without limitation, those provisions set forth in Section 9.06, shall survive and not be deemed terminated, but shall remain in full force and effect.
Appears in 3 contracts
Sources: Credit Agreement (Williams Companies Inc), Credit Agreement (WPX Energy, Inc.), Credit Agreement (Williams Companies Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Maturity Date.
(ba) The Borrower may at any time terminate, or from time to time reduce, the CommitmentsCommitments without penalty; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 10,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.08, (x) the sum of the Dollar Tranche Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, Dollar Tranche Commitments or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (iy) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender Multi-Currency Tranche Revolving Credit Exposures would exceed its Swingline Commitmentthe total Multi-Currency Tranche Commitments.
(cb) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (ba) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Dollar Tranche Commitments shall be made ratably among the Dollar Tranche Lenders in accordance with their respective Dollar Tranche Commitments and each reduction of the Multi-Currency Tranche Commitments shall be made ratably among the Multi-Currency Tranche Lenders in accordance with their respective Multi-Currency Tranche Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Credit Agreement (Claiborne Liz Inc), 364 Day Credit Agreement (Claiborne Liz Inc), Credit Agreement (Claiborne Liz Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall automatically terminate on the Commitment Termination Maturity Date.
(b) The Borrower may at any time terminate, or from time to time permanently reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and 5,000,000, (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10Loans, (A) the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Aggregate Exposure would exceed the total Commitments. The Aggregate Commitment or (B) the Exposure of any Lender would exceed its Commitment and (iii) the Aggregate Commitments shall not be reduced to an amount less than $5,000,000 unless the Commitments are terminated in full.
(c) If the Maximum Available Amount shall exceed the Revenue Test Limit as of the end of each of any two consecutive fiscal quarters of the Borrower may at any time terminatebeginning with the fiscal quarter ending on or about March 31, or from time to time reduce2017, on the date following the delivery of the Compliance Certificate in respect of the most recently ended fiscal quarter included in such two consecutive fiscal quarter period (or, if earlier, the Swingline date such Compliance Certificate is required to be delivered), the Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be permanently reduced in an amount such that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender ifMaximum Available Amount, after giving effect to such termination or reduction, shall not exceed the sum Revenue Test Limit as of the outstanding Swingline Loans end of the most recently completed fiscal quarter of the Borrower. The Agent is hereby authorized to take any actions necessary to implement any such Swingline Lender would exceed its Swingline Commitmentreduction without any action by, or consent of, the Borrower.
(cd) If any Expansion Projections delivered to the Agent pursuant to Section 5.20 reflect that the Maximum Available Amount on the date of such delivery exceeds the projected Revenue Test Limit reflected in such Expansion Projections as of the end of the then current fiscal year of the Borrower (after taking into account any Local Pledged Revenue Receipts that the Borrower expects in good faith to be deposited in the Collection Account during the remainder of such fiscal year to the extent that the Borrower has entered into an irrevocable payment direction agreement with the applicable Obligor in form and substance reasonably satisfactory to the Agent), the Commitments shall be permanently reduced effective as of the date such Expansion Projections are delivered in an amount such that the Maximum Available Amount, after giving effect to such reduction, shall not exceed the projected Revenue Test Limit reflected in such Expansion Projections as of the end of the then current fiscal year of the Borrower. The Agent is hereby authorized to take any actions necessary to implement any such reduction without any action by, or consent of, the Borrower.
(e) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three two Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Commitments delivered by the Borrower under paragraph (b) of this Section may state that such notice is conditioned upon the effectiveness occurrence of other credit facilitiesone or more events specified therein, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Credit Agreement, Credit Agreement (Madison Square Garden Sports Corp.), Credit Agreement (Madison Square Garden Co)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Initial Term Commitments shall terminate at 11:59 p.m., New York City time, on the Effective Date and (ii) the Initial Revolving Commitments shall terminate on the Commitment Termination Initial Revolving Maturity Date.
(b) The Borrower Finance (in the case of the Term Loans) and the Co-Borrowers (in the case of the Revolving Loans) may at any time terminate, or from time to time reduce, the CommitmentsCommitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 500,000 and not less than $25,000,000 1,000,000 unless such amount represents all of the remaining Commitments of such Class and (ii) the Borrower Co-Borrowers shall not terminate or reduce the Revolving Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans of any Class in accordance with Section 2.102.11, the sum aggregate Revolving Exposures attributable to the Revolving Commitments of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans such Class would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline aggregate Revolving Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentClass.
(c) The Borrower Finance or the Co-Borrowers, as the case may be, shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.08 at least three one Business Days Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by Finance or the Borrower Co-Borrowers, as the case may be, pursuant to this Section 2.08 shall be irrevocable; provided that a notice of termination of the Revolving Commitments of any Class delivered by the any Co-Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Co-Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective datedate of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Second Amendment (Graftech International LTD), Credit Agreement (Graftech International LTD), Credit Agreement (Graftech International LTD)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Tranche A Commitments and Tranche B Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date and (ii) the Revolving Commitments shall terminate on the Commitment Termination Revolving Maturity Date.
(b) The Parent Borrower may at any time terminate, or from time to time reduce, the Commitments; Commitments of any Class, provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Parent Borrower shall not terminate or reduce (A) the Domestic Revolving Commitments if, after giving effect to any concurrent prepayment of the Domestic Revolving Loans in accordance with Section 2.102.11, the sum of the Credit Domestic Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, Domestic Revolving Commitments or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiB) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender Multicurrency Revolving Commitments if, after giving effect to such termination or reductionany concurrent prepayment of the Multicurrency Revolving Loans in accordance with Section 2.11, the sum of the outstanding Swingline Loans of such Swingline Lender Multicurrency Revolving Exposures would exceed its Swingline Commitmentthe total Multicurrency Revolving Commitments.
(c) The Parent Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Parent Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by the Parent Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Parent Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any 51 45 Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Credit Agreement (Knowles Electronics LLC), Credit Agreement (Knowles Electronics LLC), Credit Agreement (Knowles Electronics LLC)
Termination and Reduction of Commitments. (a) Unless previously terminated, the all Commitments shall terminate on the Commitment Termination Date.
(b) The Borrower Company, on behalf of the Borrowers, may at any time terminate, without premium or penalty (other than, with respect to Eurocurrency Borrowings, payments that may become due under Section 2.16), the Commitments upon (i) the payment in full of all outstanding Loans, together with accrued and unpaid interest thereon, (ii) the payment in full of the accrued and unpaid fees and (iii) the payment in full of all reimbursable expenses and other Obligations together with accrued and unpaid interest thereon. The Company, on behalf of the Borrowers, may from time to time reduce, without premium or penalty (other than, with respect to Eurocurrency Borrowings, payments that may become due under Section 2.16), the Commitments; , provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 10,000,000 and not less than $25,000,000 and (ii) the Borrower Company shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.11, the sum of the aggregate Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Total Commitment. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower Company shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under this paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower Company pursuant to this Section paragraph shall be irrevocable; , provided that a notice of termination or reduction of the Commitments delivered by the Borrower Company may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the receipt of the proceeds from the issuance of other Indebtedness or any other event, in which case such notice may be revoked by the Borrower Company (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Credit Agreement (Tyson Foods Inc), Credit Agreement (Tyson Foods Inc), Credit Agreement (Tyson Foods Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York time, on the Term Commitment Termination Date and (ii) the Revolving Commitments shall terminate on the Commitment Termination Revolving Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the CommitmentsCommitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10, the sum of the Credit Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) If any prepayment of Term Borrowings is required pursuant to Section 2.10 but cannot be made because there are no Term Borrowings outstanding, or because the amount of the required prepayment exceeds the outstanding amount of Term Borrowings, then, on the date that such prepayment is required, the Revolving Commitments shall be reduced by an aggregate amount equal to the amount of the required prepayment, or the excess of such amount over the outstanding amount of Term Borrowings, as the case may be.
(d) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section Section, or any required reduction of the Revolving Commitments under paragraph (c) of this Section, at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Credit Agreement (Alamosa Properties Lp), Credit Agreement (Alamosa Holdings Inc), Credit Agreement (Alamosa Properties Lp)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Loan Commitments shall terminate on the Commitment Termination DateClosing Date upon the funding of the Term Loans and (iii) the Revolving Commitments shall terminate on the Revolving Credit Maturity Date (subject to Section 2.23).
(b) The Opco Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 500,000 and not less than $25,000,000 1,000,000 and (ii) the Opco Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum Dollar Amount of the Total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Exposure would exceed the total aggregate Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Notwithstanding the foregoing, upon the acquisition of one Lender by another Lender, or the merger, consolidation or other combination of any two or more Lenders (any such acquisition, merger, consolidation or other combination being referred to hereinafter as a “Combination” and each Lender which is a party to such Combination being hereinafter referred to as a “Combined Lender”), the Opco Borrower may notify the Administrative Agent that it desires to reduce the Commitment of the Lender surviving such Combination (the “Surviving Lender”) to an amount equal to the Commitment of that Combined Lender which had the largest Commitment of each of the Combined Lenders party to such Combination (such largest Commitment being the “Surviving Commitment” and the Commitments of the other Combined Lenders being hereinafter referred to, collectively, as the “Retired Commitments”). If the Required Lenders (determined as set forth below) and the Administrative Agent agree to such reduction in the Surviving Lender’s Commitment, then (i) the aggregate amount of the Commitments shall be reduced by the Retired Commitments effective upon the effective date of the Combination (or such later date as the Opco Borrower may specify in its request); provided that, on or before such date the Borrowers have paid in full the outstanding principal amount of the Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder of each of the Combined Lenders other than the Combined Lender whose Commitment is the Surviving Commitment, (ii) from and after the effective date of such reduction, the Surviving Lender shall have no obligation with respect to the Retired Commitments, and (iii) the Opco Borrower shall notify the Managing Administrative Agent whether it wants such reduction to be a permanent reduction or a temporary reduction. If such reduction is to be a temporary reduction, then the Opco Borrower shall be responsible for finding one or more financial institutions (which for the avoidance of doubt may be an existing Lender) (each, a “Replacement Lender”), acceptable to the Administrative Agent (such acceptance not to be unreasonably withheld, conditioned or delayed), willing to assume the obligations of a Lender hereunder with aggregate Commitments up to the amount of the Retired Commitments. The Administrative Agent may require the Replacement Lenders to execute such documents, instruments or agreements as the Administrative Agent reasonably deems necessary or desirable to evidence such Replacement Lenders’ agreement to become parties hereunder. For purposes of this paragraph (c), Required Lenders shall be determined as if the reduction in the aggregate amount of the Commitments requested by the Opco Borrower had occurred (i.e., the Combined Lenders shall be deemed to have a single Commitment equal to the Surviving Commitment and the aggregate amount of the Commitments shall be deemed to have been reduced by the Retired Commitments).
(d) The Opco Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Opco Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of to terminate or reduce the Commitments delivered by the Opco Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or other transactions specified therein, in which case such notice may be revoked by the Opco Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(de) Upon Notwithstanding anything to the contrary herein or in any other Loan Document, the Term Loan Commitments and the Revolving Commitments shall terminate on the date, if any, that is the earliest of (i) March 30, 2023 if the Closing Date shall not have occurred on or prior to such date, (ii) a public announcement by the Company that the board of directors of the Company has determined not to proceed with the Spin-Off (excluding, for the avoidance of doubt, any such announcement regarding a delay of the Spin-Off) and (iii) the occurrence of a Change of Control with respect the Spin-Off if the Closing Date shall not have occurred on or prior to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrowerdate.
Appears in 3 contracts
Sources: Credit Agreement (Atmus Filtration Technologies Inc.), Credit Agreement (Atmus Filtration Technologies Inc.), Credit Agreement (Cummins Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) each of the Construction Commitments and the Vista Expansion Commitments shall terminate at 5:00 p.m., New York City time, on the Commitment Termination Construction Maturity Date, (ii) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the earlier to occur of (A) the Term Conversion Date Certain and (B) the Term Conversion Date (after giving effect to any Term Loans required to be made on such date) and (iii) the Revolving Commitments and DSR Commitments shall terminate at 5:00 p.m., New York City time, on the Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the CommitmentsCommitments under any Facility; provided that (i) each reduction of the Commitments under any Facility shall be in an amount that is an integral multiple of $25,000,000 500,000 and not less than $25,000,000 100,000 (or, if less, the remaining amount of the applicable Commitments) and (ii) (A) the Borrower shall not voluntarily terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.11, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Revolving Facility Exposure would exceed the total Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiB) the Borrower shall not voluntarily terminate or reduce the Swingline Commitment of DSR Commitments with respect to any Swingline Lender Tranche if, after giving effect to any concurrent prepayment of DSR L/C Loans in respect of such Tranche in accordance with Section 2.11, the DSR Facility Exposure for such Tranche would exceed the total DSR Commitments for such Tranche, (C) the Borrower shall not voluntarily terminate or reduce the Construction Commitments if the remaining Available Unused Commitments in respect of the Construction Commitments, together with the funds available under the Equity Commitment and funds on deposit in the Construction Account and the Local Accounts (other than for payment of O&M Costs), could not reasonably be expected to be sufficient to fund all remaining Project Costs through the Term Conversion Date, as set forth in a certificate of a Responsible Officer of the Borrower and confirmed by the Independent Engineer and (D) the Borrower shall not voluntarily terminate or reduce the Term Commitments unless, after giving effect to any such termination or reduction, the aggregate outstanding principal amount of the Construction Loans and the Vista Expansion Loans and any remaining Available Unused Commitments in respect of the Construction Commitments and Vista Expansion Commitments shall not exceed the Term Commitments remaining after giving effect to such termination or reduction; provided that, notwithstanding anything in this Agreement to the contrary, prior to the Term Conversion Date, the sum Borrower may reduce or terminate the Expansion Tranche Commitments from time to time in its sole discretion (a) if the Expansion Option under and as defined in the Diablo Base EPC Contract has not been exercised and can no longer be exercised and the EPC Option has not been exercised and can no longer be exercised or (b) if the Borrower certifies in writing to the Administrative Agent that the Loan Parties have sufficient funds (taking into account the available Equity Commitment, amounts on deposit in the Construction Account and the Local Accounts (other than for payment of O&M Costs), and remaining availability under the outstanding Swingline Loans Construction Facility) to achieve Term Conversion notwithstanding such reduction or termination; provided, further that notwithstanding anything in this Agreement to the contrary, prior to the Term Conversion Date, the Borrower may reduce or terminate the Vista Expansion Commitments from time to time in its sole discretion if the Borrower certifies in writing to the Administrative Agent that the Loan Parties have sufficient funds (taking into account amounts on deposit in the Construction Account and the Local Accounts (other than for payment of O&M Costs), and remaining availability under the Construction Facility but excluding the Revolving Facility and Project Revenues) to achieve Term Conversion notwithstanding such Swingline Lender would exceed its Swingline Commitmentreduction or termination.
(c) The Borrower shall reduce or terminate the Construction Commitments and Vista Expansion Commitments (and related Term Commitments) in connection with any mandatory prepayment pursuant to Section 2.11(b)(iv) in an amount equal to the lesser of (i) the applicable amount for such Project or such Guarantor as set forth on Schedule 2.11(b)(iv) (the “Target Disposition Commitment Reduction Amount”) and (ii) an amount such that the Loan Parties shall have available funds (taking into account the available Equity Commitment, amounts on deposit in the Construction Account and the Local Accounts (other than for payment of O&M Costs) and remaining availability under the Construction Facility) the aggregate amount of which is equal to the Final Completion Amount (including contingency) as of the date of such reduction or termination, provided that such calculation (A) shall be certified to in a certificate of a Responsible Officer of the Borrower delivered to the Administrative Agent and (B) shall be reasonably acceptable to the Administrative Agent.
(d) The Borrower shall notify the Managing Administrative Agent in writing of any election to terminate or reduce the Commitments under paragraph (b) of this Section above at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section clause (c) shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. .
(e) Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments under any Facility shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments under such Facility and Tranche, as applicable.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 3 contracts
Sources: Credit Agreement (REV Renewables, Inc.), Credit Agreement (REV Renewables, Inc.), Credit Agreement (REV Renewables, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Aggregate Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower WPZ may at any time terminate, or from time to time reduce, the Aggregate Commitments; provided that (i) each reduction of the Aggregate Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower WPZ shall not terminate or reduce the Aggregate Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Aggregate Outstanding Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Exposure would exceed the total Aggregate Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Aggregate Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Aggregate Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or another event, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Aggregate Commitments shall be permanent. Each reduction of the Aggregate Commitments shall be made ratably among the Lenders in accordance with their respective Commitments, except as provided in clause (d) below.
(d) Upon WPZ may terminate the occurrence unused amount of the Commitment of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by Defaulting Lender upon one Business Day’s prior notice to the Administrative Agent (which will promptly notify the Lenders thereof), provided that such termination will not be deemed to be a waiver or release of any claim the Borrower, terminate the Administrative Agent or any Lender may have against such Defaulting Lender.
(e) In the event that (i) a Prepayment Event occurs, the Commitments shall reduce on the fifth Business Day following receipt of the Net Cash Proceeds attributable to such Prepayment Event in an amount equal such Net Cash Proceeds (whether or not any prepayment is required to be made in accordance with Section 2.11(b) of this Agreement) and (ii) the “Aggregate Commitments” (as defined in the Existing Credit Agreement) exceeds $3,500,000,000 (with such increase effectuated in accordance with the terms of the Existing Credit Agreement), the Commitments shall reduce in an amount equal to such incremental “Commitments” (as defined in the Existing Credit Agreement).
(f) Notwithstanding the foregoing, all of the provisions of the Loan Documents which by their terms survive termination of the Commitments, such termination to be effective as of the date including, without limitation, those provisions set forth in such notice for the termination of the Commitments Section 9.06, shall survive and not be deemed terminated, but shall remain in no event earlier than one Business Day following the date such notice was delivered to the Borrowerfull force and effect.
Appears in 2 contracts
Sources: Credit Agreement (Williams Partners L.P.), Credit Agreement (Williams Partners L.P.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the CommitmentsCommitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and 5,000,000 or if less, the entire remaining amount, (ii) the Borrower shall not terminate or reduce either Class of the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans of such Class in accordance with Section 2.102.09, the sum aggregate Revolving Exposures of such Class (excluding, in the case of any termination of the Revolving A Commitments or the Revolving B Commitments, the portion of the Revolving A Exposures or Revolving B Exposures attributable to outstanding Tranche A Letters of Credit Exposures plus or Tranche B Letters of Credit, as applicable, if and to the extent that the Borrower has made arrangements satisfactory to the Administrative Agent and each applicable Issuing Bank with respect to such Tranche A Letters of Credit or Tranche B Letters of Credit, as applicable, and each applicable Issuing Bank has released the Revolving Lenders of such Class from their participation obligations with respect to such Tranche A Letters of Credit or Tranche B Letters of Credit, as applicable) would exceed the aggregate Revolving Commitments of such Class or (iii) except in the case of a disproportionate reduction of the Revolving A Commitments at any time that the aggregate Revolving B Commitments are $200,000,000 or less, each reduction of the Revolving Commitments under any Facility shall be accompanied by a pro rata reduction in the Revolving Commitments under the other Facility (based on the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time Revolving Commitments under each Facility immediately prior to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment).
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments of any Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the receipt of proceeds from the issuance of other Indebtedness, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Nasdaq, Inc.), Credit Agreement (Nasdaq, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminatedterminated in accordance with the terms of this Agreement, (i) the Revolving Commitments shall terminate on the Revolving Maturity Date (applicable to such Class of Revolving Commitments), (ii) the FILO Commitments shall terminate on the Closing Date upon the making of the FILO Loans by the FILO Lenders and (iii) each Incremental Term Commitment, Loan Modification Term Commitment Termination Dateand each Refinancing Term Commitment shall terminate upon the funding of the related Incremental Refinancing Term Loan, Loan Modification Term Loan or Refinancing Term Loan, as applicable, or otherwise in accordance with the applicable Incremental Facility Amendment, Loan Modification Offer and/or Refinancing Amendment.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitmentsunused Revolving Commitments of any Class; provided that (i) each such reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.11, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Total Revolving Exposure would exceed the total Commitments. The Borrower may at any time terminate, Total Revolving Commitments or from time to time reduce, the Swingline Commitments of one Sublimit or more Swingline Lenders without any reduction or termination of the LC Sublimit shall exceed the Total Revolving Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the unused Revolving Commitments under paragraph (b) of this Section at least three one Business Days Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of voluntary termination or reduction of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or other financings, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsApplicable Revolving Percentage of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Rite Aid Corp), Credit Agreement (Rite Aid Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the The Commitments shall terminate at 5:00 p.m. (New York time) on the Commitment Termination DateFinal Bridge Maturity Date if no Loans have been made by such time and the Borrower has not requested the Lenders to make the Loans. In addition, any unused Commitments remaining after giving effect to the Borrowings on the Borrowing Date shall be terminated.
(b) The Prior to the Borrowing Date, the Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 100,000,000. If as a result of such reduction the Commitments available hereunder are reduced to zero, this Agreement shall be terminated.
(c) On or after the Effective Date, at any time and not less than $25,000,000 from time to time that the Bridge Facility Reduction Amount is increased prior to the Bridge Facility Borrowing Date as a result of any commitment reductions required to be or voluntarily made by the Borrower under the Bridge Facility Credit Agreement, the Commitments available hereunder shall immediately be reduced by an amount equal to fifty percent (50%) of such increase in the Bridge Facility Reduction Amount. If as a result of such reduction the Commitments available hereunder are reduced to zero, this Agreement shall be terminated.
(d) On (i) the date of any increase in the commitments available under the Revolving Credit Agreement prior to the Borrowing Date and (ii) the Borrower shall not terminate or reduce Borrowing Date (prior to the Borrowing), the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment available hereunder shall be reduced, in an each case, by the amount that is an integral multiple of by which Revolver Availability on such date exceeds $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans 2,000,000,000. If as a result of such Swingline Lender would exceed its Swingline Commitmentreduction the Commitments hereunder are reduced to zero, this Agreement shall be terminated.
(ce) On the Borrowing Date (immediately prior to the Borrowing), the Commitments available hereunder shall immediately be reduced by an amount equal to the Immediate Prepayment Amount.
(f) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three one Business Days Day prior to the effective date of such termination or reduction, reduction specifying such election and the effective date thereof. The Borrower shall also notify the Administrative Agent promptly upon any event or circumstance resulting in a requirement to terminate or reduce the Commitments under paragraph (c) and shall provide the Administrative Agent a calculation, together with supporting evidence in reasonable detail, of the amount of any such reduction of the Commitment. In the case of the paragraph (d) above, the Borrower shall provide the Administrative Agent prior to the Borrowing a calculation, together with supporting evidence in reasonable detail, of the amount of any such reduction of the Commitment and the current Revolver Availability. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to paragraph (b) of this Section shall be irrevocable; provided that a any such notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments effected under this Section 2.08 shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Time Warner Inc.), Credit Agreement (Time Warner Cable Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate on the Commitment Termination Revolving Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 100,000 and not less than $25,000,000 1,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10, the sum of the Credit Revolving Exposures plus would exceed the total Revolving Commitments.
(c) In the event that, on the date on which any prepayment would be required pursuant to Section 2.10(c), no Consolidated Term Borrowings remain outstanding or the amount of the prepayment required by Section 2.10(c), exceeds the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminateConsolidated Term Borrowings then outstanding, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender ifRevolving Commitments, after giving effect ratably according to such termination or reductionthe Applicable Percentages, by an amount equal to the sum excess of the outstanding Swingline Loans required prepayment over the principal amount, if any, of such Swingline Lender would exceed its Swingline CommitmentConsolidated Term Borrowings actually prepaid.
(cd) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section Section, or any required reduction of the Revolving Commitments under paragraph (c) of this Section, at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Lenders in accordance with their respective CommitmentsApplicable Percentage.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Argo Tech Corp), Credit Agreement (Argo Tech Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Date.
(b) The Borrower Borrowers may at any time terminate, or from time to time reduce, the Revolving Facility Commitments; provided provided, that (i) each reduction of the Revolving Facility Commitments shall be in an amount that is an integral multiple of $25,000,000 250,000 and not less than $25,000,000 1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments) and (ii) the Borrower Borrowers shall not terminate or reduce the Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.102.11, the sum of the Revolving Facility Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Exposure would exceed the total Revolving Facility Commitments. The Borrower may .
(b) If at any time terminatetime, or and from time to time reducetime, the Swingline Existing Midcap Facility Commitments of one or more Swingline Lenders without any reduction or termination of are increased to an amount greater than the Commitments; provided that (i) each reduction of any Swingline Commitment Specified Existing Midcap Facility Committed Amount, the Revolving Facility Commitments shall be in an automatically reduced by on a dollar-for-dollar basis by the amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) by which the Borrower shall not terminate or reduce actual Existing Midcap Facility Commitments exceed the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentSpecified Existing Midcap Facility Committed Amount.
(c) The Primary Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments under paragraph (ba) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reductionreduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Primary Borrower pursuant to this Section 2.08 shall be irrevocable; provided provided, that a notice of termination or reduction of the Revolving Facility Commitments delivered by the Primary Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Primary Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Chicken Soup for the Soul Entertainment, Inc.), Credit Agreement (Chicken Soup for the Soul Entertainment, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Scheduled Commitment Termination Date.
(b) The Borrower may at any time terminatemay, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time reduce, permanently reduce the Aggregate Commitments; provided that (i) each any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction of the Commitments shall be in an aggregate amount that is an integral of $5,000,000 or any whole multiple of $25,000,000 and not less than $25,000,000 1,000,000 in excess thereof, and (iiiii) the Borrower shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayment of the Loans in accordance with Section 2.10prepayments hereunder, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Loan Balance would exceed the total Aggregate Commitments. The Borrower may at Administrative Agent will promptly notify the Lenders of any time terminate, such notice of termination or from time reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to time reduce, the Swingline Commitments Commitment of one or more Swingline Lenders without each Lender according to its Applicable Percentage. All fees accrued until the effective date of any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment Aggregate Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) paid on the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans effective date of such Swingline Lender would exceed its Swingline Commitmenttermination.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Aggregate Commitments shall be permanent. Each reduction automatically and permanently reduced on each date on which the prepayment of the Commitments shall Loans outstanding hereunder is required to be made ratably among pursuant to Section 2.5(d) by an amount equal to the Lenders in accordance with their respective Commitmentsapplicable amount of Net Cash Proceeds required to be prepaid pursuant to Section 2.5(d).
(d) Upon The Aggregate Commitments shall be automatically and permanently reduced on each date on which the occurrence prepayment of a Change of Control with respect Loans outstanding hereunder is required to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, be made pursuant to Section 2.5(e) by notice an amount equal to the Borrower, terminate the Commitments, such termination applicable amount of Net Cash Proceeds required to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered prepaid pursuant to the BorrowerSection 2.5(e).
Appears in 2 contracts
Sources: Assignment, Acceptance and Amendment No. 5 to Amended and Restated Credit Agreement (Abrdn Asia-Pacific Income Fund, Inc.), Credit Agreement (Abrdn Asia-Pacific Income Fund, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate at 11:59 p.m., New York City time, on the Commitment Termination Revolving Maturity Date.
(b) The Each Borrower may at any time terminate, or from time to time reduce, the CommitmentsCommitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 500,000 and not less than $25,000,000 1,000,000 and (ii) the each Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.102.11, the sum of the Credit aggregate Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total aggregate Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Each Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three one Business Days Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the such Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the such Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective datedate of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class; provided that Holdings may terminate the Commitments of any Defaulting Lender on a non-pro rata basis upon notice to the Administrative Agent.
(d) Upon In the occurrence event that the Co-Borrower shall cease to be a Restricted Subsidiary of On Location as a result of a Change of Control with respect to CFCtransaction permitted hereunder, the Managing Administrative Agent, at the request status of the Required LendersCo-Borrower as a Borrower hereunder, mayand the commitments of any Lender hereunder to make any Loan to the Co-Borrower, by shall in each case be automatically terminated (it being understood and agreed that On Location shall remain liable for the principal of and interest on any Loan to the Co-Borrower). On Location shall deliver written notice to the Borrower, terminate Administrative Agent promptly after the Commitments, such termination Co-Borrower ceases to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrowera Restricted Subsidiary.
Appears in 2 contracts
Sources: Credit Agreement (Endeavor Group Holdings, Inc.), Revolving Credit Agreement (Endeavor Group Holdings, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminatedThe Term Loan Commitments (other than any Incremental Term Loan Commitments, which shall terminate as provided in the related Incremental Assumption Agreement) shall automatically terminate upon the making of the Term Loans on the Closing Date. The Revolving Credit Commitments (other than any Incremental Revolving Credit Commitments of a different Class than the Revolving Facility, which shall terminate as provided in the related Incremental Assumption Agreement) shall automatically terminate on the Revolving Credit Maturity Date. The L/C Commitment Termination shall automatically terminate on the earlier to occur of (i) the termination of all Initial Revolving Credit Commitments and (ii) the L/C Commitment Maturity Date.
(b) The Upon at least three Business Days’ prior irrevocable written or fax notice to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Term Loan Commitments or the Revolving Credit Commitments; provided provided, however, that (i) each partial reduction of the Term Loan Commitments or the Revolving Credit Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than in a minimum amount of $25,000,000 5,000,000 and (ii) the Borrower Total Revolving Credit Commitment shall not terminate or reduce the Commitments if, after giving effect be reduced to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce Aggregate Revolving Credit Exposure at the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereoftime. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a A notice of termination of the Commitments delivered by the Borrower or reduction may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. .
(c) Each reduction of in the Term Loan Commitments or the Revolving Credit Commitments hereunder shall be made ratably among the Lenders in accordance with their respective applicable Commitments.
(d) Upon . The Borrower shall pay to the occurrence Administrative Agent for the account of a Change the applicable Lenders, on the date of Control with respect to CFCeach termination or reduction, the Managing Administrative Agent, at Commitment Fees on the request amount of the Required Lenders, may, by notice Revolving Credit Commitments so terminated or reduced accrued to but excluding the Borrower, terminate the Commitments, date of such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borroweror reduction.
Appears in 2 contracts
Sources: Credit Agreement (AssetMark Financial Holdings, Inc.), Credit Agreement (AssetMark Financial Holdings, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, both the US Revolving Loan Commitments and the Global Revolving Loan Commitments shall terminate on the Commitment Termination Revolving Loan Maturity Date.
(b) The Borrower Borrowers may at any time terminate, without payment of any premium or penalty, or from time to time reduce, the CommitmentsCommitments of any Tranche; provided that (i) each reduction of the Commitments of any Tranche shall be in an amount that is an integral multiple of $25,000,000 500,000 and not less than $25,000,000 and 1,000,000, (ii) the Borrower Borrowers shall not terminate or reduce the US Revolving Loan Commitments if, after giving effect to any concurrent prepayment of the US Revolving Loans in accordance with Section 2.102.12, the sum of the total US Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline US Total Revolving Loan Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the Borrower Borrowers shall not terminate or reduce the Swingline Commitment of any Swingline Lender Global Revolving Loan Commitments if, after giving effect to such termination or reductionany concurrent prepayment of the Global Revolving Loans in accordance with Section 2.12, the sum of the outstanding Swingline Loans of such Swingline Lender total Global Revolving Credit Exposures would exceed its Swingline Commitmentthe Global Total Revolving Loan Commitments.
(c) The applicable Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three two Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the a Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the US Revolving Loan Commitments or the Global Revolving Loan Commitments delivered by the a Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the such Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Tranche shall be permanent. Each reduction of the Commitments of any Tranche shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments under such Tranche.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Compass Minerals International Inc), Credit Agreement (Compass Minerals International Inc)
Termination and Reduction of Commitments. The Term Loan Commitments and the Euro Term Loan Commitments shall terminate at the 5:00 p.m., New York City time, on the Closing Date.
(a) Unless previously terminated, the Revolving Loan Commitments and the Euro Revolving Loan Commitments shall terminate on the Commitment Revolving Credit Termination Date.
(b) The US Borrower may at any time terminate, terminate or from time to time reduce, reduce the Revolving Loan Commitments; provided that (iA) each reduction of the Revolving Loan Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (iiB) the US Borrower shall not terminate or reduce the Revolving Loan Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Revolving Loan Commitments.
(c) The US Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Loan Commitments under paragraph (b) of this Section at least three New York Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Credit Lenders of the contents thereof. Each notice delivered by the US Borrower pursuant to this Section shall be irrevocable. Any termination or reduction of the Revolving Loan Commitments shall be permanent. Each reduction of the Revolving Loan Commitments shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Loan Commitments.
(d) The Euro Borrower may at any time terminate, terminate or from time to time reduce, reduce the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Euro Revolving Loan Commitments; provided that (iA) each reduction of any Swingline Commitment the Euro Revolving Loan Commitments shall be in an amount that is an integral multiple of $25,000,000 €1,000,000 and not less than $25,000,000 €2,000,000 and (iiB) the Euro Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender Euro Loan Commitments if, after giving effect to such termination or reductionany concurrent prepayment of the Loans in accordance with Section 2.11, the sum of the outstanding Swingline Loans of such Swingline Lender Euro Revolving Credit Exposures would exceed its Swingline Commitmentthe total Euro Revolving Loan Commitments.
(ce) The Euro Borrower shall notify the Managing Euro Administrative Agent of any election to terminate or reduce the Euro Revolving Loan Commitments under paragraph (bd) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Euro Administrative Agent shall advise the Euro Revolving Lenders of the contents thereof. Each notice delivered by the Euro Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Euro Revolving Loan Commitments shall be permanent. Each reduction of the Euro Revolving Loan Commitments shall be made ratably among the Euro Revolving Credit Lenders in accordance with their respective Euro Revolving Loan Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Dynamic Materials Corp), Credit Agreement (Dynamic Materials Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Aggregate Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower ▇▇▇▇▇▇▇▇ may at any time terminate, or from time to time reduce, the CommitmentsAggregate Commitments or the Letter of Credit Commitments and NWP and TGPL may at any time terminate, or from time to time reduce, the Borrower Sublimit applicable to such Borrower in each case on a pro rata basis; provided that (i) each reduction of the Aggregate Commitments, the Letter of Credit Commitments or any Borrower Sublimit shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and 5,000,000, (ii) the Borrower ▇▇▇▇▇▇▇▇ shall not terminate or reduce the Aggregate Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Aggregate Outstanding Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Exposure would exceed the total Aggregate Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (iiii) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower ▇▇▇▇▇▇▇▇ shall not terminate or reduce the Swingline Letter of Credit Commitments if the LC Exposure would exceed the Letter of Credit Commitments, as so reduced, (iv) the amount of the Letter of Credit Commitment of any Swingline Lender ifIssuing Bank shall not be reduced to an amount which is less than the aggregate amount of LC Exposure in respect of all Letters of Credit issued or deemed issued by such Issuing Bank; (v) the Borrower Sublimit for any Borrower may not be reduced to an amount which is less than the greatest, after giving effect to for such termination or reductionBorrower, of the sum of (A) the aggregate outstanding Swingline principal amount of Loans owed by such Borrower plus (B) the aggregate amount of LC Exposure in respect of Letters of Credit issued at the request of such Swingline Lender would exceed its Swingline CommitmentBorrower; and (vi) the Aggregate Commitments shall not be reduced to an amount which is less than the aggregate amount of the Letter of Credit Commitments, unless the Letter of Credit Commitments are correspondingly reduced at the same time. When NWP or TGPL ceases to be a Borrower, the Borrower Sublimit applicable to such Borrower shall be terminated, such Borrower shall repay all obligations under the Loan Documents owing by it and all Letters of Credit issued at the request of such Borrower shall be terminated or such Borrower shall provide cash collateral to the Agent in an amount equal to the undrawn face amount of such Letters of Credit.
(c) The applicable Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Aggregate Commitments, the Letter of Credit Commitments or a Borrower Sublimit under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the a Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Aggregate Commitments or the Letter of Credit Commitments delivered by the any Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or another event, in which case such notice may be revoked by the such Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Aggregate Commitments, the Letter of Credit Commitments or a Borrower Sublimit shall be permanent; provided that nothing in this provision shall affect a Borrower’s ability to increase the Letter of Credit Commitments pursuant to Section 2.01(c)(iii). Each reduction of the Aggregate Commitments and a Borrower Sublimit shall be made ratably among the Lenders in accordance with their respective Commitments, except as provided in clause (d) below. Each reduction of the Letter of Credit Commitments being made in conjunction with a reduction of the Aggregate Commitments pursuant to Section 2.09(b)(vi) above shall be made ratably among the Issuing Banks in accordance with their respective Letter of Credit Commitments.
(d) Upon ▇▇▇▇▇▇▇▇ may terminate the occurrence unused amount of the Commitment and Letter of Credit Commitment of a Change Defaulting Lender upon one Business Day’s prior notice to the Administrative Agent (which will promptly notify the Lenders thereof), provided that such termination will not be deemed to be a waiver or release of Control with respect to CFCany claim the Borrowers, the Managing Administrative Agent, the Issuing Banks or any Lender may have against such Defaulting Lender.
(e) Notwithstanding any other provision of this Section 2.09, if at any time, ▇▇▇▇▇▇▇▇ ceases to have Control over, and/or ceases to maintain NWP or TGPL as its Subsidiary, then the Borrower Sublimit applicable to such Borrower shall automatically terminate, such Borrower shall repay all obligations owing by it under the Loan Documents and all Letters of Credit issued at the request of the Required Lenders, may, by notice such Borrower shall be terminated or such Borrower shall provide cash collateral to the BorrowerAgent in an amount equal to the undrawn face amount of such Letters of Credit or make other arrangements satisfactory to the relevant Issuing Bank(s) with respect to such Letters of Credit, terminate it being understood that the Commitments, such termination to be effective as of a Borrower Sublimit for either NWP or TGPL shall not result in a reduction of the date set forth in such notice for Aggregate Commitments.
(f) Notwithstanding the foregoing, all of the provisions of the Loan Documents which by their terms survive termination of the Commitments of a Borrower, including, without limitation, those provisions set forth in Section 9.06, shall survive and not be deemed terminated, but shall remain in no event earlier than one Business Day following the date such notice was delivered to the Borrowerfull force and effect.
Appears in 2 contracts
Sources: Credit Agreement (Williams Companies, Inc.), Credit Agreement (Williams Companies Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall automatically and permanently terminate on the Commitment Termination Dateapplicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the requested amount of Initial Term Loans by the Initial Term Lenders), the Initial Term Loan Commitments of the Initial Term Lenders will automatically and permanently terminate.
(b) The Borrower BGI may at any time terminate, or from time to time reduce, the CommitmentsRevolving Facility Commitments of any Class; provided provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 10,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower BGI shall not terminate or reduce the Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.102.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(o), as applicable, the sum Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit, to the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans extent so Cash Collateralized) would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Revolving Facility Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentClass.
(c) The Borrower BGI shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph clause (b) of this Section 2.08 at least three (3) Business Days prior to the effective date of such termination or reductionreduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower BGI pursuant to this Section 2.08 shall be irrevocable; provided provided, that a notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower BGI may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower BGI (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied or waived by BGI. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Amendment No. 2 (Barnes Group Inc), Credit Agreement (Barnes Group Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 10,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.09, the sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Aggregate Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction amount of any Swingline such Aggregate Commitment reduction shall not be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) applied to the Alternative Currency Sublimit unless otherwise specified by the Borrower shall not terminate or reduce if the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender Alternative Currency Sublimit would exceed its Swingline Commitmentthe Aggregate Commitments, in which case the Alternative Currency Sublimit will only be reduced to the extent such that it would not exceed the Aggregate Commitments.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Promptly following receipt of any notice pursuant to this Section 2.07(c), the Administrative Agent shall advise the Lenders of the contents thereof. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Senior Credit Agreement (TE Connectivity Ltd.), Credit Agreement (TE Connectivity Ltd.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate on the Commitment Termination Datelast day of the Availability Period.
(b) The Borrower Borrowers may at any time terminate, or from time to time reduce, the Revolving Commitments; , provided that (i) the Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment or repayment of the Revolving Loans and the Swingline Loans in accordance with Section 2.7, the sum of the Revolving Exposures of all Revolving Lenders would exceed the aggregate Revolving Commitments, (ii) each such reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000, and (iiiii) any reduction of the Borrower Revolving Commitments to an amount below the L/C Sublimit or the Swingline Sublimit shall not terminate or automatically reduce the Commitments ifL/C Sublimit or the Swingline Sublimit, after giving effect to as applicable, on a Dollar for Dollar basis. If at any concurrent prepayment time, as a result of the Loans such a partial reduction or termination as provided in accordance with Section 2.102.5(a), the sum Revolving Exposure of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans all Lenders would exceed the total aggregate Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, then the Swingline Commitments Borrowers shall on the date of one or more Swingline Lenders without any such reduction or termination of the Revolving Commitments; provided that , repay or prepay Revolving Borrowings or Swingline Loans (ior a combination thereof) each reduction and/or Cash Collateralize Letters of any Swingline Commitment shall be Credit in an aggregate amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect equal to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitmentexcess.
(c) The Lead Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the Lead Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination or reduction of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or other events or transactions, in which case such notice may be revoked by the Lead Borrower (by written notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied, subject to the Borrowers’ obligation to indemnify the Lenders pursuant to Section 3.5. Any termination or Each reduction, and any termination, of the Revolving Commitments shall be permanent and each reduction of the Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Steven Madden, Ltd.), Credit Agreement (Steven Madden, Ltd.)
Termination and Reduction of Commitments. (a) Unless previously terminatedThe Term Loan Commitments shall automatically terminate at 5:00 p.m., New York City time, on the Third Amendment Effectiveness Date. The Revolving Commitments, the Commitments Swingline Commitment and the LC Commitment shall automatically terminate on the Commitment Termination Revolving Maturity Date.
(b) The At its option, the applicable Borrower may at any time terminate, or from time to time permanently reduce, the CommitmentsCommitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 1.0 million and not less than $25,000,000 5.0 million and (ii) the Borrower Revolving Commitments shall not terminate be terminated or reduce the Commitments reduced if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Revolving Exposures would exceed the total aggregate amount of Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The applicable Borrower shall notify the Managing Administrative Agent in writing of any election to terminate or reduce the Commitments under paragraph (bSection 2.07(b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the a Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the a Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the a Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon The LC Commitment shall automatically be reduced on a dollar for dollar basis by the occurrence face amount of a Change letters of Control credit terminated in connection with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than any Permitted Sale and Leaseback Transaction one Business Day following after the date receipt of such notice was delivered proceeds; provided that the LC Commitment shall not be reduced below $20.0 million pursuant to the Borrowerthis Section 2.07(d).
Appears in 2 contracts
Sources: Credit Agreement (Ply Gem Holdings Inc), Credit Agreement (Ply Gem Holdings Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Parent Borrower may at any time terminate, or from time to time reduce, the CommitmentsRevolving Commitments under any Revolving Facility; provided that (i) each reduction of the Revolving Commitments under any Revolving Facility shall be in an amount that is an integral multiple of $25,000,000 100,000, in the case of USD Revolving Commitments or the Dollar Equivalent of €100,000, in the case of Euro Revolving Commitments, as applicable, and not less than $25,000,000 1,000,000, in the case of USD Revolving Commitments or the Dollar Equivalent of €1,000,000, in the case of Euro Revolving Commitments, as applicable, and (ii) the Parent Borrower shall not terminate or reduce the Revolving Commitments under a Revolving Facility if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.13, the sum of the Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total USD Revolving Commitments or the Euro Revolving Loans would exceeds the Euro Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Parent Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any written notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Parent Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Parent Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Parent Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Lenders in accordance with their respective Revolving Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Charles River Laboratories International Inc), Credit Agreement (Charles River Laboratories International Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate on the Revolving Maturity Date. The Initial Term Loan Commitments shall terminate on the Effective Date upon funding of the Initial Term Loans. The Additional Term Loan Commitments shall terminate upon the funding of the Additional Term Loans in an amount equal to the Additional Term Loans so funded. Unless previously terminated, the Unfunded Additional Term Loan Commitments shall terminate on the Additional Term Loan Commitment Termination Expiry Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Unfunded Additional Term Loan Commitments; provided that (i) each reduction of any Swingline Commitment the Unfunded Additional Term Loan Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment5,000,000.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesone or more events specified in such notice, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments or Additional Term Loan Commitments shall be permanent. Each reduction of the Revolving Commitments or Additional Term Loan Commitments shall be made ratably among the applicable Lenders in accordance with their respective applicable Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Revolving Credit and Term Loan Agreement (Xenia Hotels & Resorts, Inc.), Revolving Credit and Term Loan Agreement (Xenia Hotels & Resorts, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Commitments Refinancing Term Commitment of each Refinancing Term Lender shall automatically terminate at 5:00 p.m., New York City time, on the Effective Date, (ii) the Delayed Draw Term Commitment of each Delayed Draw Term Lender shall automatically terminate on the earlier of (A) immediately after the making of the Delayed Draw Term Loan by such Delayed Draw Term Lender on the Delayed Draw Term Funding Date and (B) the Delayed Draw Term Commitment Termination Date and (iii) the Revolving Commitments shall automatically terminate on the Revolving Maturity Date.
(b) The Borrower Company may at any time terminate, or from time to time permanently reduce, the CommitmentsCommitments of any Class; provided that (i) each reduction of the Commitments of a Class shall be in an amount that is an integral multiple of $25,000,000 US$1,000,000 and not less than $25,000,000 US$5,000,000 (or, if less, the remaining Commitments of such Class) and (ii) the Borrower Company shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.102.08, (A) the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Aggregate Revolving Exposure would exceed the total Commitments. The Borrower may at any time terminate, Aggregate Revolving Commitment or from time to time reduce, (B) the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction Revolving Exposure of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Revolving Lender would exceed its Swingline Revolving Commitment.
(c) The Borrower Company shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by the Borrower Company pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Commitments delivered by the Borrower of any Class under paragraph (b) of this Section may state that such notice is conditioned upon the effectiveness occurrence of other credit facilitiesone or more events specified therein, in which case such notice may be revoked by the Borrower Company (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Westinghouse Air Brake Technologies Corp), Credit Agreement (Westinghouse Air Brake Technologies Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Aggregate Commitments shall terminate on the Commitment Termination earlier of (i) April 15, 2010 if the Effective Date has not occurred on or before such date and (ii) the Maturity Date.
(b) The Borrower WPZ may at any time terminate, or from time to time reduce, the CommitmentsAggregate Commitments or the Letter of Credit Commitments and NWP and TGPL may at any time terminate, or from time to time reduce, the Borrower Sublimit applicable to such Borrower; provided that (i) each reduction of the Aggregate Commitments, the Letter of Credit Commitments or any Borrower Sublimit shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and 5,000,000, (ii) the Borrower WPZ shall not terminate or reduce the Aggregate Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Aggregate Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (iiii) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower WPZ shall not terminate or reduce the Swingline Letter of Credit Commitments if the LC Exposure would exceed the Letter of Credit Commitments, as so reduced, (iv) the amount of the Letter of Credit Commitment of any Swingline Lender ifIssuing Bank shall not be reduced to an amount which is less than the aggregate amount of LC Exposure in respect of all Letters of Credit issued or deemed issued by such Issuing Bank; (v) the Borrower Sublimit for any Borrower may not be reduced to an amount which is less than the greatest, after giving effect to for such termination or reductionBorrower, of the sum of (A) the aggregate outstanding Swingline principal amount of Loans owed by such Borrower plus (B) the aggregate amount of LC Exposure in respect of Letters of Credit issued at the request of such Swingline Lender would exceed its Swingline CommitmentBorrower; and (vi) the Aggregate Commitments shall not be reduced to an amount which is less than the aggregate amount of the Letter of Credit Commitments, unless the Letter of Credit Commitments are correspondingly reduced at the same time. When NWP or TGPL ceases to be a Borrower, the Borrower Sublimit applicable to such Borrower shall be terminated, such Borrower shall repay all obligations under the Loan Documents owing by it and all Letters of Credit issued at the request of such Borrower shall be terminated or such Borrower shall provide cash collateral to the Agent in an amount equal to the undrawn face amount of such Letters of Credit.
(c) The applicable Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Aggregate Commitments, the Letter of Credit Commitments or a Borrower Sublimit under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the a Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Aggregate Commitments or the Letter of Credit Commitments delivered by the any Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or another event, in which case such notice may be revoked by the such Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Aggregate Commitments, the Letter of Credit Commitments or a Borrower Sublimit shall be permanent. Each reduction of the Aggregate Commitments, the Letter of Credit Commitments and a Borrower Sublimit shall be made ratably among the Lenders in accordance with their respective Commitments, except as provided in clause (d) below.
(d) Upon WPZ may terminate the occurrence unused amount of the Commitment of a Change Defaulting Lender upon one Business Day’s prior notice to the Administrative Agent (which will promptly notify the Lenders thereof), provided that such termination will not be deemed to be a waiver or release of Control with respect to CFCany claim the Borrowers, the Managing Administrative Agent, the Issuing Banks or any Lender may have against such Defaulting Lender.
(e) Notwithstanding any other provision of this Section 2.09, if at any time, WPZ ceases to have Control over, and/or ceases to maintain NWP or TGPL as its Subsidiary, then the Borrower Sublimit applicable to such Borrower shall automatically terminate, such Borrower shall repay all obligations owing by it under the Loan Documents and all Letters of Credit issued at the request of the Required Lenders, may, by notice such Borrower shall be terminated or such Borrower shall provide cash collateral to the BorrowerAgent in an amount equal to the undrawn face amount of such Letters of Credit or make other arrangements satisfactory to the relevant Issuing Bank(s) with respect to such Letters of Credit, terminate it being understood that the Commitments, such termination to be effective as of a Borrower Sublimit for either NWP or TGPL shall not result in a reduction of the date set forth in such notice for Aggregate Commitments.
(f) Notwithstanding the foregoing, all of the provisions of the Loan Documents which by their terms survive termination of the Commitments of a Borrower, including, without limitation, those provisions set forth in Section 9.06, shall survive and not be deemed terminated, but shall remain in no event earlier than one Business Day following the date such notice was delivered to the Borrowerfull force and effect.
Appears in 2 contracts
Sources: Credit Agreement (Williams Pipeline Partners L.P.), Credit Agreement (Williams Partners L.P.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower Borrowers may at any time terminate, or from time to time reduce, the Dollar Tranche Commitments; provided that (i) each reduction of the Dollar Tranche Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower Borrowers shall not terminate or reduce the Dollar Tranche Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of (A) the Dollar Tranche Revolving Credit Exposures plus would exceed the aggregate principal amount of outstanding Competitive Loans total Dollar Tranche Commitments or (B) the Revolving Credit Exposures would exceed the total Commitments. .
(c) The Borrower Borrowers may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Multicurrency Tranche Commitments; provided that (i) each reduction of any Swingline Commitment the Multicurrency Tranche Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower Borrowers shall not terminate or reduce the Swingline Commitment of any Swingline Lender Multicurrency Tranche Commitments if, after giving effect to such termination or reductionany concurrent prepayment of the Loans in accordance with Section 2.11, the sum of (A) the outstanding Swingline Loans of such Swingline Lender Multicurrency Tranche Revolving Credit Exposures would exceed its Swingline Commitmentthe total Multicurrency Tranche Commitments or (B) the Revolving Credit Exposures would exceed the total Commitments.
(cd) The Borrower Representative shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) or (c) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Representative pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Representative (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of (i) the Dollar Tranche Commitments shall be made ratably among the Dollar Tranche Lenders and (ii) the Multicurrency Tranche Commitments shall be made ratably among the Multicurrency Tranche Lenders, in each case accordance with their respective Commitments.
. Notwithstanding anything to the contrary in Section 2.09(b), (c) or (d) Upon the occurrence of a Change of Control with respect to CFC), the Managing Administrative Agent, at the request of the Required Lenders, may, by notice Borrowers shall not be permitted to the Borrower, (i) voluntarily reduce or terminate the Dollar Tranche Commitments unless they contemporaneously reduce by a like percentage or terminate, as applicable, the Multicurrency Tranche Commitments or (ii) voluntarily reduce or terminate the Multicurrency Tranche Commitments unless they contemporaneously reduce by a like percentage or terminate, as applicable, the Dollar Tranche Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Argo Group International Holdings, Ltd.), Credit Agreement (Argo Group International Holdings, Ltd.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the all Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower Borrowers may at any time terminateterminate the Commitments upon (i) the payment in full of all outstanding Loans together with accrued and unpaid interest thereon and on any Letters of Credit, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Administrative Agent of a cash deposit (or a back up standby letter of credit reasonably satisfactory to the Administrative Agent) equal to 103% of the LC Exposure as of such date), (iii) the furnishing to the Administrative Agent of a cash deposit (or a standby letter of credit reasonably satisfactory to the Administrative Agent) equal to 100% of the Floorplan Advances as of such date, (iv) the payment in full of the accrued and unpaid fees, and (v) the payment in full of all reimbursable expenses and other Obligations (including Floorplan Obligations) together with accrued and unpaid interest thereon. The Borrowers may from time to time reduce, reduce the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 1,000,000 and (ii) the Borrower Borrowers shall not terminate or reduce the Revolving Commitments if, if (A) after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.04(b), the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans total Revolving Exposure would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination lesser of the Commitments; provided that total Revolving Commitments and the Borrowing Base or (iB) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum aggregate amount of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentLenders’ Revolving Commitments is less than $25,000,000.
(c) The Lead Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) or (c) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Lead Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Lead Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Borrowers (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Revolving Loan Credit Agreement (ConvergeOne Holdings, Inc.), Revolving Loan Credit Agreement (Forum Merger Corp)
Termination and Reduction of Commitments. (a) (i) Unless previously terminated, the Delayed Draw Term Loan Commitments shall terminate on the Delayed Draw Term Loan Commitment Termination Expiration Date and (ii) the Initial Term Loan Commitments shall terminate following disbursement of the Initial Term Loans on the Effective Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Aggregate Delayed Draw Term Loan Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment5,000,000.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.09 at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Aggregate Delayed Draw Term Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Aggregate Delayed Draw Term Loan Commitments shall be permanent. Each reduction of the Aggregate Delayed Draw Term Loan Commitments shall be made ratably among the Lenders in accordance with their respective Delayed Draw Term Loan Commitments.
(d) Upon . All fees accrued until the occurrence effective date of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the any termination of the Aggregate Delayed Draw Term Loan Commitments but in no event earlier than one Business Day following shall be paid on the effective date of such notice was delivered to the Borrowertermination.
Appears in 2 contracts
Sources: Term Loan Agreement (Invitation Homes Inc.), Term Loan Agreement (Invitation Homes Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) on the Effective Date, the Term Commitments in effect on such date shall terminate upon the making of the relevant Term Loans and (ii) the Revolving Commitments shall terminate on the Commitment Termination Revolving Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; Commitments of any Class, provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 500,000 and not less than $25,000,000 1,000,000 unless such amount represents all of the remaining Commitments of such Class and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.11, the sum of the Credit aggregate Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total aggregate Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.08 at least three one (1) Business Days Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective datedate of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (E2open Parent Holdings, Inc.), Credit Agreement (Tenable Holdings, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the The Commitments shall terminate automatically on the Commitment Termination Date.
(b) The Upon at least two Business Days’ prior irrevocable written notice to the Agent, the Borrower may may, without premium or penalty, at any time in whole permanently terminate, or from time to time in part permanently reduce, the Commitments; provided provided, however, that (i) each partial reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 10,000,000 and not less than in a minimum principal amount of $25,000,000 10,000,000 and (ii) the Borrower no such termination or reduction shall not terminate or be made that would reduce the Commitments if, to an amount less than (1) the aggregate amount of Outstanding Credits on the date of such termination or reduction (after giving effect to any concurrent prepayment made pursuant to Section 2.09) or (2) $50,000,000, unless the result of such termination or reduction referred to in this clause (2) is to reduce the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total CommitmentsCommitments to $0. The Borrower may at Agent shall advise the Lenders of any time terminate, notice given pursuant to this subsection (b) and of each Lender’s portion of any such termination or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Commitments shall, on each date on which the Borrower shall notify the Managing Administrative Agent of prepays or redeems all or any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders portion of the contents thereof. Each notice delivered Incremental Notes, automatically and permanently reduce by a principal amount that is the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination same percentage of the Commitments delivered by Total Commitment on the Borrower may state that date hereof as the principal amount of the Incremental Notes prepaid or redeemed on such notice date is conditioned upon of the effectiveness original principal amount of other credit facilitiesIncremental Notes, in which case such notice may be revoked by determined on a cumulative basis, until the Borrower Total Commitment has been reduced to $500,000,000.
(by notice to the Managing Administrative Agent on or prior to the specified effective dated) if such condition is not satisfied. Any termination or Upon any reduction of the Commitments “Commitments” (as such term is defined in the Existing Facility), the Total Commitment shall be permanent. automatically and permanently reduce by an amount that is the same percentage of the Total Commitment as of the date hereof that the amount of such reduction of the “Commitments” under the Existing Facility is of the aggregate amount of the “Commitments” under the Existing Facility as of the date hereof.
(e) Each reduction of in the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon . The Borrower shall pay to the occurrence of a Change of Control with respect to CFC, Agent for the Managing Administrative Agent, at the request account of the Required Lenders, may, by notice to on the Borrower, terminate date of each termination or reduction of the Commitments, such termination to be effective as of the date set forth in such notice for Commitment Fee on the termination amount of the Commitments but so terminated or reduced, in no event earlier than one Business Day following each case accrued through the date of such notice was delivered to the Borrowertermination or reduction.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Txu Corp /Tx/), Revolving Credit Agreement (Txu Energy Co LLC)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Datelast day of the Availability Period.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; , provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment or repayment of the Revolving Loans and the Swingline Loans in accordance with Section 2.102.7, the sum of the Credit Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans all Revolving Lenders would exceed the total aggregate Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any (ii) each such reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment Commitments shall be in an amount that is an integral multiple of $25,000,000 2,500,000 and not less than $25,000,000 5,000,000, and (iiiii) any reduction of the Commitments to an amount below the Swingline Sublimit shall automatically reduce the Swingline Sublimit on a Dollar for Dollar basis. If at any time, as a result of such a partial reduction or termination as provided in Section 2.5(a), the Revolving Exposure of all Lenders would exceed the aggregate Commitments, then the Borrower shall not terminate on the date of such reduction or reduce the termination of Commitments, repay or prepay Revolving Borrowings or Swingline Commitment of any Swingline Lender if, after giving effect Loans (or a combination thereof) in an aggregate amount equal to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitmentexcess.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) or (c) of this Section at least three (3) Business Days (or such shorter period as the Administrative Agent may agree) prior to the effective date of such repayment, termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or transactions, in which case such notice may be revoked by the Borrower (by written notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied subject to the Borrower’s obligation to indemnify the Lenders pursuant to Section 3.5. Any termination or reduction Each reduction, and any termination, of the Commitments shall be permanent. Each permanent and each reduction of the Commitments shall be made ratably among the Revolving Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (TechTarget, Inc.), Credit Agreement (TechTarget Holdings Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Tranche A Term Commitments shall automatically terminate at 5:00 p.m., New York City time, on the Second Amendment Effective Date and (ii) the Revolving Commitments shall automatically terminate on the Commitment Termination Revolving Maturity Date.
(b) The Borrower may at any time terminate, or from time to time permanently reduce, the CommitmentsCommitments of any Class; provided that (i) each partial reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and 5,000,000, (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Aggregate Revolving Exposure would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Aggregate Revolving Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender LC Sublimit if, after giving effect to such termination or reductionthereto, the sum of the outstanding Swingline Loans of such Swingline Lender LC Exposure not fully cash collateralized hereunder would exceed its Swingline Commitmentthe LC Sublimit.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least not later than 11:00 a.m., New York City time, three Business Days Days, or such shorter period as may be agreed by the Administrative Agent, prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Revolving Commitments delivered by the Borrower under this paragraph may state that such notice is conditioned upon the effectiveness occurrence of other credit facilitiesone or more events specified therein, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class. All fees in respect of the Revolving Commitments accrued until the effective date of any termination of the Revolving Commitments shall be paid on the effective date of such termination.
(d) Upon the occurrence If after giving effect to any reduction or termination of a Change of Control with respect to CFCRevolving Commitments under this Section 2.07, the Managing Administrative AgentLC Sublimit exceeds the Revolving Commitments at such time, at the request LC Sublimit shall be automatically reduced by the amount of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrowerexcess.
Appears in 2 contracts
Sources: Credit Agreement (YETI Holdings, Inc.), Credit Agreement (YETI Holdings, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate at 5:00 p.m., New York City time, on the Commitment Termination Revolving Maturity Date. The Term Loan Commitments shall terminate upon the making of the Term Loans on the Effective Date.
(b) The Borrower may at any time time, without premium or penalty, terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 20,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.11, any Lender’s Revolving Credit Exposure would exceed its Revolving Commitment or the sum of the Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Revolving Commitments. The Borrower Term Loans may at continue to remain outstanding after any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Revolving Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any noticenotice (but in no event later than the effective date thereof), the Managing Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent Agent, which notice may be provided by e-mail, on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Revolving Credit and Term Loan Agreement (Taubman Centers Inc), Revolving Credit and Term Loan Agreement (Taubman Centers Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Initial Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date and (ii) the Revolving Commitments shall terminate on the Commitment Revolving Maturity Date. On the 2019 Incremental Effective Date (after giving effect to the funding of the 2019 Incremental Effective Date Term Loans to be made on such date), the 2019 Incremental Effective Date Term Loan Commitments of each Lender as of the 2019 Incremental Effective Date will terminate. The 2019 Delayed Draw Incremental Term Loan Commitments of each Lender shall terminate upon the Borrowing of 2019 Delayed Draw Incremental Term Loans in an amount equal to the principal amount of such 2019 Delayed Draw Incremental Term Loans that are borrowed on such date. On the 2019 Delayed Draw Termination Date, all then outstanding 2019 Delayed Draw Incremental Term Loan Commitments of each Lender on the 2019 Delayed Draw Termination Date will terminate. On the 2020 Incremental Effective Date (after giving effect to the funding of the 2020 Incremental Effective Date Term Loans to be made on such date), the 2020 Incremental Effective Date Term Loan Commitments of each Lender as of the 2020 Incremental Effective Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the CommitmentsCommitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments.
(c) The Borrower may at any time prior to the funding thereunder terminate, or from time to time reduce, the 2019 Delayed Draw Incremental Term Loan Commitments; provided, that each reduction of the 2019 Delayed Draw Incremental Term Loan Commitments shall be in an amount that is an integral multiple of $25,000,000 500,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment1,000,000.
(cd) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section or any election to terminate or reduce the 2019 Delayed Draw Term Loan Commitments under paragraph (c) of this Section 2.08 at least three one Business Days Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments or 2019 Delayed Draw Term Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective datedate of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (European Wax Center, Inc.), Incremental Assumption and Amendment (European Wax Center, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the US Tranche Term Loan Commitments shall terminate at 3:00 p.m., New York City time, on the Effective Date and (ii) the Revolving Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower Company may at any time terminate, or from time to time reduce, the CommitmentsRevolving Commitments of any Tranche; provided that (i) each reduction of the Revolving Commitments of any Tranche shall be in an amount that is an integral multiple of $25,000,000 the Borrowing Multiple for a Eurocurrency Revolving Borrowing denominated in US Dollars and not less than $25,000,000 and the Borrowing Minimum for a Eurocurrency Revolving Borrowing denominated in US Dollars, (ii) the Borrower Company shall not terminate or reduce the US Tranche Revolving Commitments if, after giving effect to any concurrent prepayment of the US Tranche Revolving Loans in accordance with Section 2.102.12, the sum of the Credit aggregate US Tranche Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total aggregate US Tranche Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the Borrower Company shall not terminate or reduce the Swingline Commitment of any Swingline Lender Canadian Tranche Commitments if, after giving effect to such termination or reductionany concurrent prepayment of the Canadian Tranche Revolving Loans in accordance with Section 2.12, the sum aggregate Canadian Tranche Exposures would exceed the aggregate Canadian Tranche Commitments, and (iv) the Company shall not terminate or reduce the UK Tranche Commitments if, after giving effect to any concurrent prepayment of the outstanding Swingline UK Tranche Revolving Loans of such Swingline Lender in accordance with Section 2.12, the aggregate UK Tranche Exposures would exceed its Swingline Commitmentthe aggregate UK Tranche Commitments.
(c) The Borrower Company shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Commitments of any Class under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereofsuch election. Each notice delivered by the Borrower Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower Company may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Company (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the applicable Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Yrc Worldwide Inc), Credit Agreement (Yrc Worldwide Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; , provided that (i) any such termination and each such reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with this Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments2.5(b). The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.5(b) at least three ten Business Days prior to the proposed effective date of such termination or at least five Business Days prior to the proposed effective date of such reduction, specifying such election and the such proposed effective date thereofdate. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders Lenders, the Depositary and the Placement Agent of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; . On the proposed effective date of any termination of, and each reduction of, the Commitments, the Commitments shall be so terminated or reduced provided that a notice (1) the Borrower shall have paid to the Administrative Agent, for the account of the applicable Credit Parties hereunder, all accrued and unpaid fees under Section 3.3, (2) no termination of the Commitments delivered by pursuant to this Section 2.5(b) shall be effective if, immediately after giving effect thereto, there would be any Outstanding Eligible CP Notes, (3) no reduction of the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may Commitments pursuant to this Section 2.5(b) shall be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any reduction would reduce the then Available Commitment to an amount less than the aggregate Face Amount of all Outstanding Eligible CP Notes that shall mature within the 44 consecutive day period immediately following the date of such reduction, (4) no such termination or reduction shall be effective if, after giving effect to any concurrent prepayment of the Loans, the sum of the Credit Exposures would exceed the total Commitments and (5) each such reduction of the Commitments shall be permanent. in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000, provided further that the foregoing clauses (2) and (3) shall not apply in connection with the termination of the Commitments effective concurrently with the effectiveness of a replacement credit facility having an aggregate commitment amount greater than or equal to the aggregate Commitments immediately prior to such termination.
(c) Each reduction, and any termination, of the Commitments pursuant to this Agreement shall be permanent and each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (DNP Select Income Fund Inc), Credit Agreement (Duff & Phelps Utility & Corporate Bond Trust Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate on the Revolving Maturity Date and the Term Loan Commitments (other than New Term Loan Commitments) shall terminate on the Term Loan Commitment Termination DateExpiry Date and the Effective Date Term Loan Commitment Expiry Date in each case as provided in Section 2.01(b).
(b) The Borrower may at any time terminateterminate in full, or from time to time reduce, the CommitmentsCommitments under a particular Facility; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three one (1) Business Days Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof; provided that if any Revolving Loan is to be terminated or reduced, the Borrower shall comply with Section 2.10(c). Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that if such a notice of termination of the Revolving Commitments delivered by the Borrower may state expressly states that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the closing of a specified transaction, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments under a particular Facility shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments under such Facility.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Revolving Credit and Term Loan Agreement (Four Corners Property Trust, Inc.), Revolving Credit and Term Loan Agreement (Four Corners Property Trust, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the all Revolving Commitments shall terminate on the Commitment Termination Revolving Maturity Date. The FILO Term Loan Commitments shall terminate upon the making of the FILO Term Loans on the Third Restatement Date.
(b) The Borrower Borrowers may at any time terminateterminate in full the Revolving Commitments upon (i) the payment in full in cash of all outstanding Revolving Loans, together with accrued and unpaid interest thereon and on any Letters of Credit, as applicable, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each applicable Letter of Credit, the furnishing to the Administrative Agent of a cash deposit (or at the discretion of the Administrative Agent a back up standby letter of credit satisfactory to the Administrative Agent) equal to 103% of the LC Exposure as of such date), (iii) the payment in full in cash of the accrued and unpaid fees and (iv) the payment in full in cash of all reimbursable expenses and other Obligations together with accrued and unpaid interest thereon.
(c) The Borrowers may from time to time reduce, reduce the Facility A Commitments and/or the Facility B Commitments; provided that (i) each such reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10, (A) the sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Exposure would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, lesser of (x) the Swingline Commitments of one or more Swingline Lenders without any reduction or termination aggregate amount of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 Revolving Commitments and (iiy) the Borrower shall not terminate or reduce Aggregate Borrowing Base, (B) the Swingline Commitment total Facility A Credit Exposure would exceed the lesser of any Swingline Lender if, after giving effect to such termination or reduction, (x) the sum aggregate amount of the outstanding Swingline Loans of such Swingline Lender Facility A Commitments and (y) the Aggregate Facility A Borrowing Base or (C) the total Facility B Credit Exposure would exceed its Swingline Commitmentthe lesser of (x) the aggregate amount of the Facility B Commitments and (y) the Aggregate Borrowing Base minus the Facility A Credit Exposure.
(cd) The Borrower Representative shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) or (c) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the Borrower Representative pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Representative (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Second Amendment (ODP Corp), Credit Agreement (Office Depot Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the US Tranche Revolving Commitments and the European Tranche Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower Company may at any time terminate, or from time to time reduce, the CommitmentsCommitments of the US Tranche or the European Tranche; provided that (i) each reduction of the Commitments of the applicable Tranche shall be in an amount that is an integral multiple of $25,000,000 the Borrowing Multiple for a Borrowing denominated in US Dollars and not less than $25,000,000 and the Borrowing Minimum for a Borrowing denominated in US Dollars, (ii) the Borrower Company shall not terminate or reduce the US Tranche Revolving Commitments if, after giving effect to any concurrent prepayment of the US Tranche Revolving Loans in accordance with Section 2.102.11, the sum of the Credit aggregate US Tranche Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total aggregate US Tranche Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the Borrower Company shall not terminate or reduce the Swingline Commitment of any Swingline Lender European Tranche Commitments if, after giving effect to such termination or reductionany concurrent prepayment of the European Tranche Revolving Loans in accordance with Section 2.11, the sum of the outstanding Swingline Loans of such Swingline Lender aggregate European Tranche Exposures would exceed its Swingline Commitmentthe aggregate European Tranche Commitments.
(c) The Borrower Company shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments of any Class under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereofsuch election. Each notice delivered by the Borrower Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower Company may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or any other transaction, in which case such notice may be revoked by the Borrower Company (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the applicable Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Insight Enterprises Inc), Credit Agreement (Insight Enterprises Inc)
Termination and Reduction of Commitments. (a) Unless previously terminatedterminated in accordance with the terms hereof, (i) the Term Loan Commitments shall automatically terminate at 5:00 p.m., New York City time, on the Closing Date, (ii) the Revolving Commitments shall automatically terminate on the Revolving Maturity Date, (iii) the Revolving LC Commitment Termination Dateshall automatically terminate on the last day of the Revolving LC Availability Period and (iv) the LC Facility LC Commitment shall automatically terminate on the last day of the LC Facility Availability Period.
(b) The In the event and on such occasion that any Net Cash Proceeds are received by or on behalf of Parent, any Borrower may at or any time terminate, or from time to time reduceSubsidiary in respect of any Reduction Event, the Commitments; provided that Term Loans shall be prepaid no later than the fifth Business Day following the occurrence of such Reduction Event (or in the case of a Reduction Event described in clause (a) of the definition of the term “Reduction Event”, on or before the fifth Business Day of the month following the month in which such sale occurs) by an amount equal to (i) each reduction if such Reduction Event is an event described in clause (a), (b), (c) or (e) of the Commitments shall be in an amount that is an integral multiple definition of $25,000,000 and not less than $25,000,000 the term “Reduction Event”, 100% of the Net Cash Proceeds received with respect to such Reduction Event and (ii) the Borrower shall not terminate if such Reduction Event is an event described in clause (d) or reduce the Commitments if, after giving effect to any concurrent prepayment (f) of the definition of the term “Reduction Event”, 50% of the Net Cash Proceeds received with respect to such Reduction Event, and, to the extent the amount of any prepayment required pursuant to clause (i) or (ii) above exceeds the aggregate amount of (A) Term Loans then outstanding, the Revolving Loans shall be prepaid (but no reduction in the Revolving Commitments shall be required) and unreimbursed LC Disbursements shall be reimbursed and (B) Term Loans, Revolving Loans and unreimbursed LC Disbursements then outstanding, the Letters of Credit shall be cash collateralized in accordance with Section 2.10the terms of Sections 2.04(g) and 2.19(j), the sum of the Credit Exposures plus with such cash collateral being applied on a pro rata basis among the aggregate principal undrawn Letters of Credit, in each case, on or before the date that the Term Loan is required to be prepaid under this Section 2.07(b) by an amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminateequal to such excess, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in Net Cash Proceeds from an amount Asset Sale that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower a Reduction Event shall not terminate or reduce the Swingline Commitment be applied to prepay Term Loans and, if applicable, to prepay Revolving Loans, reimburse unreimbursed LC Disbursements and cash collateralize Letters of any Swingline Lender ifCredit, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(dthis Section 2.07(b) Upon until the occurrence aggregate amount of a Change of Control Net Cash Proceeds not yet applied in accordance with respect to CFC, the Managing Administrative Agentthis Section 2.07(b) exceeds $1,000,000, at which time all such Net Cash Proceeds shall be so applied. Notwithstanding the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.foregoing,
Appears in 2 contracts
Sources: Credit Agreement (Dennys Corp), Credit Agreement (Dennys Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Initial Term Commitments shall terminate at 11:59 p.m., New York City time on the Initial Term Commitment Expiration Date (provided that in connection with each drawing of Initial Term Loans in accordance with Section 2.01(a), the Initial Term Commitment of each Lender shall be reduced on a dollar for dollar basis by the amount of Initial Term Loans made by such Lender on the date of such drawing; provided further, that, to the extent that Bidco elects prior to the Target Debt Refinancing Outside Date that any portion of the Potential Rollover Instruments shall remain outstanding in accordance with the definition of “Target Debt Refinancing Indebtedness”, the Initial Term Commitments shall be reduced on a dollar for dollar basis by an aggregate amount equal to the Rolled Over Amounts (with the Initial Term Commitments being reduced among the Lenders on a ratable basis)), (ii) the Term Commitments in respect of the Amendment No. 1 Refinancing Term Loans shall terminate on the Amendment No. 1 Effective Date and (iii) the Revolving Commitments shall terminate on the Commitment Termination Revolving Maturity Date.
(b) The Borrower Borrowers may at any time terminate, or from time to time reduce, the CommitmentsCommitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 500,000 and not less than $25,000,000 1,000,000 unless such amount represents all of the remaining Commitments of such Class and (ii) the Borrower Borrowers shall not terminate or reduce the Revolving Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans of any Class in accordance with Section 2.10, the sum aggregate Revolving Exposures of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans such Class would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline aggregate Revolving Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentClass.
(c) The Borrower Borrowers shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.07 at least three one (1) Business Days Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower Borrowers pursuant to this Section 2.07 shall be irrevocable; provided that a notice of termination of the Revolving Commitments of any Class delivered by the Borrower Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked or extended by the Borrower Borrowers (by notice to the Managing Administrative Agent on or prior to the specified effective datedate of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Viasat Inc), Credit Agreement (Viasat Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments The Commitment of each Lender shall automatically terminate on the Commitment Termination Date applicable to such Lender as provided in Section 2.09. If any Letter of Credit remains outstanding on the Termination Date, the Borrower will deposit with the Administrative Agent an amount in Cash Collateral equal to 105% of the aggregate undrawn amount of such Letter of Credit to secure the Borrower’s reimbursement obligations with respect to any drawings that may occur thereunder.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower shall not terminate or reduce the any Commitments if, after giving effect to such termination or reduction and any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans total Aggregate Exposure would exceed the total Aggregate Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. .
(d) Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Tucson Electric Power Co), Credit Agreement (Tucson Electric Power Co)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 1,000,000, and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment repayment of the Loans Advances in accordance with Section 2.102.06, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three five (5) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence If an Event of Default or a Change of Control with respect to CFCFinal Determination has occurred, the Managing Commitment shall be automatically and immediately reduced to zero and the Availability Period shall thereupon be terminated. The Administrative Agent, at the request of the Required Lenders, may, by Agent shall give notice to the BorrowerBorrower of such reduction and termination; however, terminate failure to give such notice shall in no way affect the Commitments, such termination to be effective as reduction of the date set forth in such notice for Commitment and the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the BorrowerAvailability Period.
Appears in 2 contracts
Sources: Credit Agreement, Credit Agreement
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments shall terminate on the Commitment Termination Revolving Facility Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments; provided that (i) each reduction of the Revolving Facility Commitments shall be in an amount that is an integral multiple of U.S. $25,000,000 1,000,000 and not less than U.S. $25,000,000 5,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments), and (ii) the Borrower shall not terminate or reduce the Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Facility Loans by the Borrower in accordance with Section 2.102.11, the sum of (x) the Revolving Facility Credit Exposures Exposure plus (y) the aggregate principal amount of outstanding Competitive Loans Swingline Facility Credit Exposure would exceed the total Revolving Facility Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Facility Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Facility Commitments shall be permanent; provided that a notice of termination of Revolving Facility Commitments may state that such notice is conditioned upon the effectiveness of another credit facility or facilities as specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Each reduction of the Revolving Facility Commitments shall be made ratably among the Lenders in accordance with their respective Revolving Facility Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Frank's International N.V.), Revolving Credit Agreement (Frank's International N.V.)
Termination and Reduction of Commitments. (a) Unless previously terminated, otherwise terminated under Article VIII or clause (b) of this Section:
(i) the Commitments Revolving Commitment shall terminate on upon the expiration of the Revolving Loan Availability Period; and
(ii) the Acquisition Loan Commitment Termination Dateshall terminate upon the expiration of the Acquisition Loan Availability Period.
(b) The Borrower Representative may at any time terminateterminate the Commitments upon (i) the payment in full of all outstanding Loans, together with accrued and unpaid interest thereon and on any Letters of Credit, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Administrative Agent of a cash deposit, or at the discretion of the Administrative Agent a back up standby letter of credit satisfactory to the Administrative Agent, equal to 105% of the LC Exposure as of such date), (iii) the payment in full of the accrued and unpaid fees, including any applicable Prepayment Fee (and/or Yield Maintenance Fee), and (iv) the payment in full of all reimbursable expenses and other Obligations together with accrued and unpaid interest thereon.
(c) The Borrower Representative may from time to time reducereduce the Acquisition Loan Commitment, the Commitments; provided that (ix) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Acquisition Loan Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and 100,000.00, (iiy) the Borrower Representative shall not terminate or reduce the Swingline Acquisition Loan Commitment of any Swingline Lender if, after giving effect to such termination or reductionany concurrent prepayment of the Acquisition Loans in accordance with Section 2.17, the sum of the outstanding Swingline Acquisition Loans of such Swingline Lender would exceed its Swingline Commitmentthe Acquisition Loan Commitment and (z) the Borrowers shall pay the applicable Prepayment Fee under Section 3.03(c).
(cd) The Borrower Representative shall notify the Managing Administrative Agent of any election to terminate the Commitments or reduce the Commitments Acquisition Loan Commitment under paragraph (b) or (c) of this Section at least three five (5) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower Representative pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Representative (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments Commitment shall be permanent. Each reduction of the Commitments .
(e) The Administrative Agent shall be made ratably among the Lenders maintain in accordance with their respective Commitmentsits usual practice an account or accounts evidencing the indebtedness of the Borrowers to the Administrative Agent and the Lenders resulting from each Loan made by the Lenders, including the amounts of principal and interest payable and paid to the Lender from time to time hereunder.
(df) Upon The Administrative Agent shall maintain accounts in which it shall record (i) the occurrence amount of a Change of Control with respect to CFCeach Loan made hereunder, the Managing Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to the Administrative Agent and the Lenders hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder.
(g) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrowers to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(h) The entries made in the accounts maintained pursuant to paragraph (e), (f) or (g) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of the Administrative Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement.
(i) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrowers shall prepare, execute and deliver to the Administrative Agent a promissory note payable to the order of such Lenders (or, if requested by the Administrative Agent, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.06) be represented by one or more promissory notes in such form payable to the request order of the Required Lenderspayee named therein (or, mayif such promissory note is a registered note, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrowerpayee and its registered assigns).
Appears in 2 contracts
Sources: Credit Agreement (Smith & Wesson Holding Corp), Credit Agreement (Smith & Wesson Holding Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Euro Tranche B Term Commitments shall automatically terminate and be reduced to €0 on the Commitment Termination Effective Date upon the making of the Euro Tranche B Term Loans, (ii) the Dollar Tranche B Term Commitments shall automatically terminate and be reduced to $0 on the Effective Date upon the making of the Dollar Tranche B Term Loans, (iii) the Tranche A Term Commitments shall automatically terminate and be reduced to €0 on the Effective Date upon the making of the Tranche A Term Loans and (iv) the Revolving Commitments shall automatically terminate and be reduced to €0 on the Revolving Maturity Date.
(b) The Each applicable Borrower may at any time terminate, or from time to time permanently reduce, the CommitmentsCommitments of any Class; provided that (i) each partial reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 €500,000 and not less than $25,000,000 €1,000,000 and (ii) the Swiss Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.11, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Aggregate Revolving Exposure would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Aggregate Revolving Commitment.
(c) The applicable Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by the applicable Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Revolving Commitments delivered by the Borrower under this paragraph may state that such notice is conditioned upon the effectiveness occurrence of other credit facilitiesone or more events specified therein, in which case such notice may be revoked by the applicable Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Garrett Motion Inc.), Credit Agreement (Garrett Motion Inc.)
Termination and Reduction of Commitments. (a) The Term Loan Commitments (other than any Incremental Term Loan Commitments) shall automatically terminate at 5:00 p.m., New York City time, on the last day of the Term Loan Availability Period. Unless previously terminatedterminated earlier pursuant to the applicable Incremental Term Loan Assumption Agreement, the Incremental Term Loan Commitments shall automatically terminate at 5:00 p.m., New York City time, on the Incremental Facility Cutoff Date. The Revolving Credit Commitments and the L/C Commitments shall automatically terminate on the Maturity Date. Notwithstanding the foregoing, all the Commitments shall automatically terminate at 5:00 p.m., New York City time, on February 29, 2000, if the Commitment Termination Dateinitial Credit Event shall not have occurred by such time.
(b) The Upon at least three Business Days' prior irrevocable written or fax notice to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Term Loan Commitments or the Revolving Credit Commitments; provided provided, however, that (i) each partial reduction of the Term Loan Commitments or the Revolving Credit Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than in a minimum amount of $25,000,000 10,000,000 and (ii) the Borrower Total Revolving Credit Commitment shall not terminate or reduce the Commitments if, after giving effect be reduced to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce Aggregate Revolving Credit Exposure at the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitmenttime.
(c) The Borrower shall notify If any prepayment of Term Loans would be required pursuant to Section 2.13 but cannot be made because there are no Term Loans outstanding, or because the Managing Administrative Agent amount of any election to terminate or reduce the Commitments under paragraph (b) required prepayment exceeds the outstanding amount of this Section at least three Business Days prior to Term Loans, then, on the effective date of that such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any noticeprepayment is required, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanent. reduced by an aggregate amount equal to the amount of the required prepayment or the excess of such amount over the outstanding amount of Term Loans, as the case may be, on the day any such prepayment of Term Loans is, or would be, required by Section 2.13.
(d) Each reduction of in the Term Loan Commitments or the Revolving Credit Commitments hereunder shall be made ratably among the Lenders in accordance with their respective applicable Commitments.
(d) Upon . The Borrower shall pay to the occurrence Administrative Agent for the account of a Change the applicable Lenders, on the date of Control with respect to CFCeach termination or reduction, the Managing Administrative Agent, at Commitment Fees on the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination amount of the Commitments so terminated or reduced accrued to but in no event earlier than one Business Day following excluding the date of such notice was delivered to the Borrowertermination or reduction.
Appears in 2 contracts
Sources: Credit Agreement (Citadel Communications Corp), Credit Agreement (Citadel Communications Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the The Commitments shall be reduced to zero and automatically terminate on the Commitment Termination Date.
(b) The Borrower may at any time prior to the Commitment Termination Date terminate, or from time to time during such period reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 and (ii) 10,000,000. Notwithstanding the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10foregoing, the sum of Borrower, at its sole discretion, shall have the Credit Exposures plus right, but not the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may obligation, at any time terminateso long as no Event of Default has occurred and is continuing, or from time to time reduceterminate in whole (but not in part), any Affected Lender’s Commitment; provided, however, that the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline such Affected Lender’s Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect affect such Lender’s rights hereunder as to matters occurring prior to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitmentdate.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or upon the closing of any acquisition or disposition, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. .
(d) The Aggregate Commitment shall be reduced to zero and terminated in full and expire after each Lender makes its Loans on the Closing Date.
(e) Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
, except in the event of an Affected Lender whose Commitment is terminated pursuant to the last sentence of paragraph (db) Upon of this Section, in which case the occurrence Commitment of a Change of Control with respect to CFC, such Affected Lender may be terminated without reducing the Managing Administrative Agent, at the request Commitments of the Required other Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Applied Materials Inc /De), Term Loan Credit Agreement (Applied Materials Inc /De)
Termination and Reduction of Commitments. (a) Unless previously terminated, The Commitments and the L/C Commitments shall terminate be automatically terminated on the Commitment Termination Maturity Date.
(b) The Upon at least five Business Days' prior irrevocable written or telex notice to the Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the CommitmentsTotal Commitment; provided provided, however, that (i) each partial reduction of the Commitments Total Commitment shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than in a minimum principal amount of $25,000,000 10,000,000 and (ii) the Borrower no such termination or reduction shall not terminate or be made which would reduce the Commitments if, after giving effect Total Commitment to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus an amount less than the aggregate outstanding principal amount of outstanding the Competitive Loans would exceed Loans. If, following any partial reduction of the total Commitments. The Borrower may at any time terminate, or from time to time reduceTotal Commitment, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that Total Commitment (ias so reduced) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reductionEurocurrency Sublimit, the sum of Eurocurrency Sublimit shall be automatically reduced so as to equal the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Total Commitment.
(c) The Borrower In the event that the aggregate Proceeds from all Asset Sales after the date of this Agreement shall notify exceed 30% of Consolidated Total Assets as of the Managing Administrative Agent end of any election to terminate or reduce the preceding fiscal year, then at the time of each Asset Sale (including the Asset Sale that results in the aggregate Proceeds from Asset Sales exceeding 30% of Consolidated Total Assets as of the end of the preceding fiscal year) the Commitments under paragraph (b) shall be automatically and permanently reduced by an amount equal to 50% of this Section at least three Business Days prior to the effective date Proceeds of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt Asset Sale in excess of any notice, the Managing Administrative Agent shall advise the Lenders 30% of Consolidated Total Assets as of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination end of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedpreceding fiscal year aggregate amount. Any termination or If any reduction of the Commitments required by this paragraph would result in the Total Commitment being less than the aggregate principal amount of the outstanding Competitive Loans, such reduction shall be permanent. deferred for the minimum period necessary to avoid such result.
(d) Each reduction of in the Commitments Total Commitment hereunder shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon . The Borrower shall pay to the occurrence Agent for the accounts of a Change the Lenders, on the date of Control with respect to CFCeach termination or reduction, the Managing Administrative Agent, at Facility Fees on the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination amount of the Commitments but in no event earlier than one Business Day following so terminated or reduced accrued through the date of such notice was delivered to the Borrowertermination or reduction.
Appears in 2 contracts
Sources: Revolving Credit Facility Agreement (Choice Hotels Holdings Inc), Revolving Credit Facility Agreement (Choice Hotels Holdings Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Aggregate Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon In the occurrence of a Change of Control with respect to CFCevent the Borrower terminates the credit facilities evidenced hereby, including, without limitation, repaying all outstanding Obligations and terminating all Commitments hereunder, the Managing Borrower may cash collateralize then outstanding Letters of Credit in order to fully effect such termination and repayments; provided, that such cash collateral shall be provided on terms and conditions acceptable to the Issuing Bank and the Administrative Agent, Agent (and with the amount of unencumbered and unrestricted cash so posted equaling at the request least 105% of the Required Lenders, may, by notice face amount of such Letter of Credit) prior to the Borrower, terminate the Commitments, effectiveness of such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrowerand repayment.
Appears in 2 contracts
Sources: Credit Agreement (Layne Christensen Co), Credit Agreement (Layne Christensen Co)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination DateMaturity Date (subject to Section 2.25).
(b) The Borrower Company may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 500,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower Company shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum Dollar Amount of the Total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Exposure would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Aggregate Commitment.
(c) The Borrower Notwithstanding the foregoing, upon the acquisition of one Lender by another Lender, or the merger, consolidation or other combination of any two or more Lenders (any such acquisition, merger, consolidation or other combination being referred to hereinafter as a “Combination” and each Lender which is a party to such Combination being hereinafter referred to as a “Combined Lender”), the Company may notify the Administrative Agent that it desires to reduce the Commitment of the Lender surviving such Combination (the “Surviving Lender”) to an amount equal to the Commitment of that Combined Lender which had the largest Commitment of each of the Combined Lenders party to such Combination (such largest Commitment being the “Surviving Commitment” and the Commitments of the other Combined Lenders being hereinafter referred to, collectively, as the “Retired Commitments”). If the Required Lenders (determined as set forth below) and the Administrative Agent agree to such reduction in the Surviving Lender’s Commitment, then (i) the aggregate amount of the Commitments shall be reduced by the Retired Commitments effective upon the effective date of the Combination, provided, that, on or before such date the Borrowers have paid in full the outstanding principal amount of the Loans of each of the Combined Lenders other than the Combined Lender whose Commitment is the Surviving Commitment, (ii) from and after the effective date of such reduction, the Surviving Lender shall have no obligation with respect to the Retired Commitments, and (iii) the Company shall notify the Managing Administrative Agent whether it wants such reduction to be a permanent reduction or a temporary reduction. If such reduction is to be a temporary reduction, then the Company shall be responsible for finding one or more financial institutions (each, a “Replacement Lender”), acceptable to the Administrative Agent (such acceptance not to be unreasonably withheld, conditioned or delayed), willing to assume the obligations of a Lender hereunder with aggregate Commitments up to the amount of the Retired Commitments. The Administrative Agent may require the Replacement Lenders to execute such documents, instruments or agreements as the Administrative Agent reasonably deems necessary or desirable to evidence such Replacement Lenders’ agreement to become parties hereunder. For purposes of this Section 2.09(c), Required Lenders shall be determined as if the reduction in the aggregate amount of the Commitments requested by the Company had occurred (i.e., the Combined Lenders shall be deemed to have a single Commitment equal to the Surviving Commitment and the aggregate amount of the Commitments shall be deemed to have been reduced by the Retired Commitments).
(d) The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower Company may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or other transactions specified therein, in which case such notice may be revoked by the Borrower Company (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Fiserv Inc), Credit Agreement (Fiserv Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, The Term Loan Commitments for the Initial Term Loans in effect on the Closing Date shall automatically terminate upon the making of the Initial Term Loans on the Closing Date. The 2018 Incremental Term Loan Commitments for the 2018 Incremental Term Loans in effect on the First Incremental Amendment Date shall automatically terminate upon the making of the 2018 Incremental Term Loans on the First Incremental Amendment Date. The 2020 Incremental Term Loan Commitments for the 2020 Incremental Term Loans in effect on the Third Incremental Amendment Date shall automatically terminate upon the making of the 2020 Incremental Term Loans on the Third Incremental Amendment Date. The 2021 Incremental Term Loan Commitments for the 2021 Incremental Term Loans in effect on the Sixth Amendment Effective Date shall automatically terminate upon the making of the 2021 Incremental Term Loans on the Sixth Amendment Effective Date. The Revolving Commitments and the LC Commitment shall automatically terminate on the Commitment Termination Revolving Maturity Date.
(b) The Borrower may at any time in whole permanently terminate, or from time to time reduce, in part permanently reduce any Class of Commitments selected by the CommitmentsBorrower; provided that (i) each partial reduction of the any Class of Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than in a minimum amount of $25,000,000 2,000,000 and (ii) the Borrower Revolving Commitments shall not terminate be terminated or reduce the Commitments reduced if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.12, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Revolving Exposures would exceed the total aggregate amount of Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent in writing of any election to terminate or reduce the Commitments under paragraph (bSection 2.09(b) of this Section at least three Business Days prior to the effective date of such termination or reductionreduction (which effective date shall be a Business Day), specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.09 shall be irrevocable; provided that a the Borrower may rescind or postpone any notice of termination or reduction of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is termination or reduction would have resulted from a refinancing, which refinancing shall not satisfiedbe consummated or otherwise shall be delayed. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Surgery Partners, Inc.), Credit Agreement (Surgery Partners, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate on the Commitment Termination Revolving Maturity Date. The Term Loan Commitments shall automatically terminate on the Term Loan Availability End Date.
(ba) The Borrower may at any time terminate, or from time to time reduce, the CommitmentsCommitments under a particular Facility; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 10,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10, (A) any Lender’s Revolving Credit Exposure would exceed its Revolving Commitment or (B) the sum of the Total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Exposure would exceed the total Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(cb) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination . Each reduction of the Commitments but under a particular Facility shall be made ratably among the Lenders in no event earlier than one Business Day following the date such notice was delivered to the BorrowerFacility in accordance with their respective Commitments under such Facility.
Appears in 2 contracts
Sources: Revolving Credit and Term Loan Agreement (Veris Residential, L.P.), Revolving Credit and Term Loan Agreement (Veris Residential, L.P.)
Termination and Reduction of Commitments. (a) Unless previously terminatedThe Revolving Commitments, the Commitments Swingline Commitment, and the LC Commitment shall automatically terminate on the Commitment Termination Revolving Maturity Date.
(b) The Borrower Borrowers may at any time terminate, or from time to time reduce, the CommitmentsCommitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 1.0 million and not less than $25,000,000 and 5.0 million, (ii) the Borrower Revolving Commitments shall not terminate be terminated or reduce the Commitments reduced if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.09, the sum of the Credit Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline aggregate amount of Revolving Commitments of one or more Swingline Lenders without and (iii) any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment Revolving Commitments occurring during the first two years following the Closing Date shall be accompanied by the payment to the Administrative Agent of a prepayment fee, for the ratable benefit of the Lenders, in an amount that is an integral multiple equal to (A) 1.50% of $25,000,000 and not less than $25,000,000 the amount of any such reduction or termination occurring during the first year following the Closing Date and (iiB) 0.50% of the Borrower shall not terminate or reduce the Swingline Commitment amount of any Swingline Lender ifsuch reduction or termination occurring during the second year following the Closing Date; provided, after giving effect to such however, that, no prepayment fee shall be payable in the event of a termination or reduction, the sum of the outstanding Swingline Loans Revolving Commitments in connection with a refinancing arranged by the Administrative Agent or any of such Swingline Lender would exceed its Swingline CommitmentAffiliates.
(c) The Borrower Borrowers shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.07 at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower Borrowers pursuant to this Section 2.07 shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Bearingpoint Inc), Credit Agreement (Bearingpoint Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Date.
(b) The Borrower Borrowers may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower Borrowers shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower Borrowers may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower Borrowers shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower Borrowers shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Borrowers (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the BorrowerBorrowers, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the BorrowerBorrowers.
Appears in 2 contracts
Sources: Credit Agreement (Countrywide Financial Corp), 364 Day Credit Agreement (Countrywide Financial Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Loan Commitments (other than any Incremental Term Loan Commitments) shall automatically terminate upon the making of the Term Loans on the Closing Date, and (ii) the Revolving Commitments shall terminate on the last day of the Availability Period. Any Incremental Term Loan Commitment Termination Dateshall terminate as provided in the applicable Incremental Assumption Agreement.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; , provided that (i) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment or repayment of the Revolving Loans and the Swingline Loans in accordance with Section 2.7, the sum of the Revolving Exposures of all Revolving Lenders would exceed the aggregate Revolving Commitments, (ii) each such reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000, and (iiiii) any reduction of the Revolving Commitments to an amount below the L/C Sublimit or the Swingline Sublimit shall automatically reduce the L/C Sublimit or the Swingline Sublimit, as applicable, on a Dollar for Dollar basis. If at any time, as a result of such a partial reduction or termination as provided in Section 2.5(a), the Revolving Exposure of all Lenders would exceed the aggregate Revolving Commitments, then the Borrower shall not terminate or reduce on the Commitments if, after giving effect to any concurrent prepayment date of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any such reduction or termination of the Revolving Commitments; provided that , repay or prepay Revolving Borrowings or Swingline Loans (ior a combination thereof) each reduction and/or Cash Collateralize Letters of any Swingline Commitment shall be Credit in an aggregate amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect equal to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitmentexcess.
(c) In addition to any termination or reduction of the Revolving Commitments under paragraphs (a) and (b) of this Section, the Revolving Commitments shall be reduced as required under Section 2.7(b).
(d) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by written notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied subject to the Borrower’s obligation to indemnify the Lenders pursuant to Section 3.5. Any termination or Each reduction, and any termination, of the Revolving Commitments shall be permanent and each reduction of the Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Harvard Bioscience Inc), Credit Agreement (Harvard Bioscience Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the US Tranche Revolving Commitments and the European Tranche Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower Company may at any time terminate, or from time to time reduce, the CommitmentsCommitments of the US Tranche or the European Tranche; provided that (i) each reduction of the Commitments of the applicable Tranche shall be in an amount that is an integral multiple of $25,000,000 the Borrowing Multiple for a Borrowing denominated in US Dollars and not less than $25,000,000 and the Borrowing Minimum for a Borrowing denominated in US Dollars, (ii) the Borrower Company shall not terminate or reduce the US Tranche Revolving Commitments if, after giving effect to any concurrent prepayment of the US Tranche Revolving Loans in accordance with Section 2.102.11, the sum of the Credit aggregate US Tranche Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total aggregate US Tranche Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the Borrower Company shall not terminate or reduce the Swingline Commitment of any Swingline Lender European Tranche Commitments if, after giving effect to such termination or reductionany concurrent prepayment of the European Tranche Revolving Loans in accordance with Section 2.11, the sum of the outstanding Swingline Loans of such Swingline Lender aggregate European Tranche Exposures would exceed its Swingline Commitmentthe aggregate European Tranche Commitments.
(c) The Borrower Company shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments of any Class under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereofsuch election. Each notice delivered by the Borrower Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower Company may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Company (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the applicable Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Insight Enterprises Inc), Credit Agreement (Insight Enterprises Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Maturity Date.
(b) The Borrower Company may at any time terminate, or from time to time reduce, the CommitmentsCommitments of any Tranche; provided that (i) each reduction of the Commitments of any Tranche shall be in an amount that is an integral multiple of $25,000,000 the Borrowing Multiple for a Eurocurrency Revolving Borrowing denominated in US Dollars and not less than $25,000,000 and the Borrowing Minimum for a Eurocurrency Revolving Borrowing denominated in US Dollars, (ii) the Borrower Company shall not terminate or reduce the US Tranche Commitments if, after giving effect to any concurrent prepayment of the US Tranche Revolving Loans in accordance with Section 2.102.12, the sum of the Credit aggregate US Tranche Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total aggregate US Tranche Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the Borrower Company shall not terminate or reduce the Swingline Commitment of any Swingline Lender Canadian Tranche Commitments if, after giving effect to such termination or reductionany concurrent prepayment of the Canadian Tranche Revolving Loans in accordance with Section 2.12, the sum aggregate Canadian Tranche Exposures would exceed the aggregate Canadian Tranche Commitments, and (iv) the Company shall not terminate or reduce the UK Tranche Commitments if, after giving effect to any concurrent prepayment of the outstanding Swingline UK Tranche Revolving Loans of such Swingline Lender in accordance with Section 2.12, the aggregate UK Tranche Exposures would exceed its Swingline Commitmentthe aggregate UK Tranche Commitments.
(c) The Borrower Company shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments of any Class under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereofsuch election. Each notice delivered by the Borrower Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower Company may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Company (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the applicable Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Yellow Roadway Corp), Credit Agreement (Yellow Roadway Corp)
Termination and Reduction of Commitments. (a) The Tranche A Commitments and Tranche B Commitments terminated on the Original Effective Date. Unless previously terminatedterminated in accordance with the terms hereof, the Revolving Commitments shall terminate on the Commitment Termination Revolving Maturity Date.
(b) The In the event the aggregate amount of the Revolving Commitments shall exceed at any time the aggregate principal amount of the Revolving Loans outstanding at such time, the Revolving Commitments shall automatically and permanently reduce by the amount of such excess.
(c) Subject to compliance with the provisions of paragraph (d) of this Section, the Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.12, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive the Revolving Loans would shall exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination aggregate amount of the Revolving Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(cd) The Borrower shall notify the Managing Administrative Agent in writing of any election to terminate or reduce the Commitments Revolving Commitment under paragraph (bc) of this Section at least three Business Days prior to not later than 11:00 a.m., New York City time, on the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 1 contract
Sources: Credit Agreement (Blockbuster Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the The Tranche A Term Commitments shall terminate on the Commitment Termination Restatement Effective Date upon the borrowing of the Tranche A Term Loans. The Tranche B Term Commitments shall terminate on the Restatement Effective Date upon the borrowing of the Tranche B Term Loans. Unless previously terminated, all Revolving Commitments shall terminate on the Revolving Credit Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 10,000,000 (or, if less, the remaining amount of such Commitments) and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans the total Revolving Credit Exposures would exceed the total Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or instruments of Indebtedness, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall shall, except as provided in Section 2.20, be made ratably among the Lenders in accordance with their respective Revolving Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date and (ii) the Revolving Commitments shall terminate on the Commitment Termination Revolving Maturity Date.
(b) The US Borrower may at any time terminate, or from time to time reduce, the Commitments; Commitments of any Class, provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 US$5,000,000 and not less than $25,000,000 and US$5,000,000, (ii) the US Borrower shall not terminate or reduce the Limited Currency Revolving Commitments if, after giving effect to any concurrent prepayment of the Limited Currency Revolving Loans in accordance with Section 2.102.11, (A) the sum of the Credit Limited Currency Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, Limited Currency Revolving Commitments or from time to time reduce, (B) the Swingline Commitments of one or more Swingline Lenders without any reduction or termination sum of the Commitments; provided that Foreign Currency Revolving Exposures would exceed the Foreign Currency Sublimit, (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the US Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender Multicurrency Revolving Commitments if, after giving effect to such termination any concurrent prepayment of the Multicurrency Revolving Loans in accordance with Section 2.11, (A) the sum of the Multicurrency Revolving Exposures would exceed the total Multicurrency Revolving Commitments or reduction(B) the sum of the Foreign Currency Revolving Exposures would exceed the Foreign Currency Sublimit and (iv) the US Borrower shall not terminate or reduce the US Dollar Revolving Commitments if, after giving effect to any concurrent prepayment of the US Dollar Revolving Loans in accordance with Section 2.11, the sum of the outstanding Swingline Loans of such Swingline Lender US Dollar Revolving Exposures would exceed its Swingline Commitmentthe total US Dollar Revolving Commitments,.
(c) The US Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the US Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the any Revolving Commitments delivered by the US Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the US Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 1 contract
Sources: Credit Agreement (CCE Spinco, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) on the Effective Date, the Term Commitments in effect on such date shall terminate upon the making of the relevant Term Loans, (ii) the USD Tranche Revolving Commitments shall terminate on the Commitment Termination USD Tranche Revolving Maturity Date and (iii) the Multicurrency Tranche Revolving Commitments shall terminate on the Multicurrency Tranche Revolving Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; Commitments of any Class, provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 500,000 and not less than $25,000,000 and 1,000,000 unless such amount represents all of the remaining Commitments of such Class, (ii) the Borrower shall not terminate or reduce the USD Tranche Revolving Commitments if, after giving effect to any concurrent prepayment of the USD Tranche Revolving Loans in accordance with Section 2.102.11, the sum of the Credit aggregate USD Tranche Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline aggregate USD Tranche Revolving Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender Multicurrency Tranche Revolving Commitments if, after giving effect to such termination or reductionany concurrent prepayment of the AMERICAS 107903477 Multicurrency Tranche Revolving Loans in accordance with Section 2.11, the sum of the outstanding Swingline Loans of such Swingline Lender aggregate Multicurrency Tranche Revolving Exposures would exceed its Swingline Commitmentthe aggregate Multicurrency Tranche Revolving Commitments.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.08 at least three one (1) Business Days Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided that a notice of termination of the USD Tranche Revolving Commitments or the Multicurrency Tranche Revolving Commitments, as applicable, delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective datedate of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, the Initial2023 Replacement Facility Commitments shall terminate on the Commitment Termination Initial2023 Replacement Facility Maturity Date.
(b) The Lead Borrower may at any time terminate, or from time to time reduce, the CommitmentsCommitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an a principal amount (as applicable) that is an integral multiple of $25,000,000 1,000,000 or €800,000 and not less than a principal amount of $25,000,000 and 1,000,000 or €800,000 (or in any other amount that the Administrative Agent agrees in its discretion), (ii) the Lead Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Credit total Aggregate Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Aggregate Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reductionany reduction of Commitments, the sum LC Sublimit exceeds the amount of aggregate Commitments, then the outstanding Swingline Loans LC Sublimit shall be automatically reduced by the amount of such Swingline Lender would exceed its Swingline Commitmentexcess.
(c) The Lead Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph clause (b) of this Section 2.08 (as selected by the Lead Borrower) at least three one Business Days Day prior to the effective date of such termination or reductionthereof, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Lead Borrower pursuant to this Section 2.08 shall be irrevocable; provided that a notice of termination or reduction of the any Commitments delivered by the Lead Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of any other identifiable event or condition, in which case such notice may be revoked by the Lead Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective datedate of termination or reduction) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the US Tranche Term Loan Commitments shall terminate at 3:00 p.m., New York City time, on the Effective Date and (ii) the Revolving Commitments shall terminate on the Commitment Termination Maturity Date. The Revolving Commitments shall be permanently reduced in accordance with the terms and conditions of Section 2.12.
(b) The Borrower Company may at any time terminate, or from time to time reduce, the CommitmentsRevolving Commitments of any Tranche; provided that (i) each reduction of the Revolving Commitments of any Tranche shall be in an amount that is an integral multiple of $25,000,000 the Borrowing Multiple for a Eurocurrency Revolving Borrowing denominated in US Dollars and not less than $25,000,000 and the Borrowing Minimum for a Eurocurrency Revolving Borrowing denominated in US Dollars, (ii) the Borrower Company shall not terminate or reduce the US Tranche Revolving Commitments if, after giving effect to any concurrent prepayment of the US Tranche Revolving Loans in accordance with Section 2.102.12, the sum of the Credit aggregate US Tranche Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total aggregate US Tranche Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the Borrower Company shall not terminate or reduce the Swingline Commitment of any Swingline Lender Canadian Tranche Commitments if, after giving effect to such termination or reductionany concurrent prepayment of the Canadian Tranche Revolving Loans in accordance with Section 2.12, the sum aggregate Canadian Tranche Exposures would exceed the aggregate Canadian Tranche Commitments, and (iv) the Company shall not terminate or reduce the UK Tranche Commitments if, after giving effect to any concurrent prepayment of the outstanding Swingline UK Tranche Revolving Loans of such Swingline Lender in accordance with Section 2.12, the aggregate UK Tranche Exposures would exceed its Swingline Commitmentthe aggregate UK Tranche Commitments.
(c) The Borrower Company shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Commitments of any Class under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereofsuch election. Each notice delivered by the Borrower Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower Company may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Company (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the applicable Lenders in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 1 contract
Sources: Credit Agreement (Yrc Worldwide Inc)
Termination and Reduction of Commitments. (a) Unless previously terminatedterminated in accordance with the terms of this Agreement, the Revolving Credit Commitments shall terminate on the Commitment Termination applicable Revolving Facility Maturity Date, and the Initial Term B Loan Commitments and Interim Term Loan Commitments shall terminate upon the funding of the Initial Term B Loans and Interim Term Loans, respectively.
(b) The Borrower may at any time terminate, terminate or from time to time reduce, reduce the Revolving Credit Commitments; provided that (i) each partial reduction of the Revolving Credit Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.08, the sum Revolving Loans of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans all Lenders would exceed the total aggregate Revolving Credit Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a A notice of termination of the Revolving Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or consummation of any other transaction, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanent. Each reduction of the Revolving Credit Commitments shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Credit Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 1 contract
Sources: Credit Agreement (Cavium, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the The Commitments shall terminate on the Commitment Termination Date.
(b) The Prior to the Borrowing Date, the Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii100,000,000. Amounts to be applied pursuant to this Section 2.08(b) shall be applied as directed by the Borrower and each reduction of the Commitments shall not be made ratably among the Lenders of the applicable Tranche in accordance with their respective Commitments.
(c) On or after the Commitment Date and on or prior to the Borrowing Date, the following amounts shall terminate or reduce the Commitments ifas provided below:
(i) 100% of the Net Cash Proceeds from any issuance or incurrence of any Indebtedness by the Borrower or any Restricted Subsidiary after the Commitment Date (other than Indebtedness incurred under the Revolving Credit Agreement and the Borrower’s commercial paper program and Other Excepted Indebtedness);
(ii) 100% of the Net Cash Proceeds from any public offering or private placement of Capital Stock of the Borrower after the Commitment Date (other than any such public offering or private placement in connection with employee stock option plans); and
(iii) 100% of the Net Cash Proceeds received from any Qualifying Asset Sale by the Borrower or any of its Restricted Subsidiaries to the extent that the aggregate of all such Net Cash Proceeds from all Qualifying Asset Sales after the Commitment Date shall exceed $250,000,000, after unless a Reinvestment Notice has been delivered in respect of such Qualifying Asset Sale; provided that on each Reinvestment Prepayment Date an amount equal to the Reinvestment Prepayment Amount with respect to the applicable Qualifying Asset Sale shall be applied toward the reduction of the Commitments pursuant to this Section 2.08(c) or to the prepayment of the Loans pursuant to Section 2.10(b)(iii) (without giving effect to any concurrent prepayment further reinvestment right). So long as no Event of Default shall have occurred and be continuing, the Loans Borrower may defer any commitment reduction that would otherwise be required under this clause (iii) until the first date on which the aggregate amount of Net Cash Proceeds required to be used for such a commitment reduction (excluding amounts subject to any Reinvestment Notice in respect of which the Reinvestment Prepayment Date has not occurred) exceeds $100,000,000. Amounts to be applied pursuant to this Section 2.08(c) shall be applied, first, to reduce the Tranche II Term Commitments on a pro rata basis among the Tranche II Term Lenders and, second, to reduce the Tranche I Term Commitments on a pro rata basis among the Tranche I Term Lenders. Any such amount received on or after the Commitment Date and prior to the Effective Date shall reduce the Commitments in accordance with Section 2.10the above, effective immediately following the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentEffective Date.
(cd) The Borrower shall notify the Managing Administrative Agent of any election or requirement to terminate or reduce the Commitments under paragraph paragraphs (b) or (c) of this Section at least three one Business Days Day prior to the effective date of such termination or reductionreduction (in the case of a reduction under paragraph (c) of this Section, to the extent such advance notice is practicable) specifying such election and or requirement and, the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to paragraph (b) of this Section shall be irrevocable; provided that a any such notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Tranche B Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date1, (ii) the Tranche B-1 Extension Requests shall terminate at 5:00 p.m., New York City time, on the Amendment No. 3 Effective Date2, (iii) the Revolving Commitments shall terminate on the Commitment Termination Revolving Maturity Date and (iv) the Extended Revolving Commitments shall terminate on the Extended Revolving Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; Commitments of any Class, provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 500,000 and not less than $25,000,000 and 2,000,000, (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.102.11, the sum of the Credit aggregate Revolving Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline aggregate Revolving Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (iiiii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender Extended Revolving Commitments if, after giving effect to such termination or reductionany concurrent prepayment of the Extended Revolving Loans in accordance with Section 2.11, the sum of the outstanding Swingline Loans of such Swingline Lender aggregate Extended Revolving Exposures would exceed its Swingline Commitmentthe aggregate Extended Revolving Commitments.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; , provided that a notice of termination of the Revolving Commitments or Extended Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective CommitmentsCommitments of such Class.” 1 Relates to Tranche B Term Loans incurred on February 24, 2005. 2 Relates to Tranche B-1 Term Loans incurred on August 5, 2009.
(do) Upon Section 2.09(a) of the occurrence Credit Agreement is hereby deleted in its entirety and replaced with the following:
(a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan of such Lender on the Revolving Maturity Date, (ii) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Extended Revolving Loan of such Lender on the Extended Revolving Maturity Date, (iii) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Tranche B Term Loan of such Lender as provided in Section 2.10, (iv) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Tranche B-1 Term Loan of such Lender as provided in Section 2.10, and (v) the then unpaid principal amount of each Swingline Loan on the earlier of the Extended Revolving Maturity Date and the first date after such Swingline Loan is made that is the 15th or last day of a Change of Control with respect to CFCcalendar month and is at least two Business Days after such Swingline Loan is made; provided that on each date that an Extended Revolving Borrowing is made, the Managing Administrative Agent, at the request Borrower shall repay all Swingline Loans then outstanding.”
(p) Section 2.11(a) of the Required LendersCredit Agreement is hereby deleted in its entirety and replaced with the following:
(a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, may, by notice subject to the requirements of this Section 2.11. Any such prepayment (other than a prepayment of a Revolving Borrowing, Extended Revolving Borrowing or a Swingline Borrowing) made when any Tranche B Term Loan is outstanding shall be applied either (i) on a pro rata basis to Tranche B Term Loan Borrowings and Tranche B-1 Term Loan Borrowings or (ii) entirely to Tranche B Term Loan Borrowings. Until the Revolving Maturity Date, any prepayment of a Revolving Borrowing or Extended Revolving Borrowing shall be allocated ratably among the combined amount of outstanding Revolving Loans and Extended Revolving Loans, taken as a whole; provided, that, in connection with the Borrower, terminate the ’s termination of all outstanding Revolving Commitments, the Borrower may apply such termination prepayment to be effective as Revolving Borrowings only.”
(q) Section 2.11(b) of the date set forth Credit Agreement is hereby deleted in such notice for its entirety and replaced with the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.following:
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate on the Revolving Credit Maturity Date and the Initial Term Loan Commitments shall terminate upon the Initial Term Loan Commitment Termination Expiration Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 10,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum of the Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Revolving Commitments. The ; provided, however, the Borrower may at any time terminate, or from time to time reduce, not reduce the Swingline Commitments of one or more Swingline Lenders without any reduction or termination aggregate amount of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of Revolving Commitments below $25,000,000 and not less than $25,000,000 and (ii) pursuant to this Section unless the Borrower shall not terminate or reduce is terminating the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentRevolving Commitments in full.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 1 contract
Sources: Credit Agreement (ARES INDUSTRIAL REAL ESTATE INCOME TRUST Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate on the Commitment Termination Maturity Date.
(b) 28. The Borrower may at any time terminate, or from time to time reduce, the CommitmentsCommitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.102.11, the sum Dollar Amount of the Total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans Exposure would exceed the total CommitmentsAggregate Revolving Commitment. The Borrower may at any time terminate, or from time to time reduceWithout duplication, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Aggregate Revolving Commitment shall be in an amount permanently reduced by the Specified Asset Sale Proceeds Amount; provided, that is an integral multiple of $25,000,000 and not less no more than $25,000,000 and (ii) 50,000,000 of reductions in the aggregate shall be required as a result of Specified Asset Sales. The Aggregate Revolving Commitment shall be permanently reduced to $250,000,000 no later than September 30, 2021; provided, that if the Aggregate Revolving Commitment shall be been reduced to $250,000,000 prior to such date as a result of Specified Asset Sales, no further commitment reduction shall be required. Without duplication, the Aggregate Revolving Commitment shall be permanently reduced by the amount of General Asset Sale Proceeds received by the Borrower or any Restricted Subsidiary thereof; provided, that no more than $50,000,000 of reductions in the aggregate shall not terminate or reduce the Swingline Commitment be required as a result of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline CommitmentGeneral Asset Sales.
(c) 29. The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or other transactions specified therein, in which case such notice may be revoked or delayed by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders holding such Commitments in accordance with their respective CommitmentsCommitments of such Class.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminatedThe commitment of the Issuing Bank to issue Letters of Credit under Section 2.19, the Commitment of the Swingline Lender under Section 2.20 to make Swingline Loans and the Commitments of the Lenders shall terminate automatically be terminated on the Commitment Termination Maturity Date. Such commitments may also terminate as provided in Section 2.10(c) and Article 6.
(b) The Upon at least three Business Days' prior irrevocable written notice to the Administrative Agent, the Borrower may may, at any time time, in whole permanently terminate, or or, from time to time time, in part permanently reduce, the CommitmentsTotal Commitment; provided provided, however, that (i) each partial reduction of the Commitments Total Commitment shall be in an amount that is an integral multiple of $25,000,000 5,000,000 and not less than in a minimum principal amount of $25,000,000 5,000,000 and (ii) the Borrower no such termination or reduction shall not terminate or be made which would reduce the Commitments if, after giving effect Total Commitment to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) 50,000,000, unless the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date result of such termination or reduction, specifying such election and reduction is to reduce the effective date thereofTotal Commitment to $0. Promptly following receipt of any notice, the Managing The Administrative Agent shall advise the Lenders of the contents thereof. Each any notice delivered by the Borrower given pursuant to this Section shall be irrevocable; provided that a notice 2.09(b) and of termination each Lender's portion of the Commitments delivered by the Borrower may state that any such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanentTotal Commitment. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Total Commitment, the commitment of the Issuing Bank to issue Letters of Credit under Section 2.19 and the commitment of the Swingline Lender under Section 2.20 shall also terminate.
(c) Immediately after giving effect to a Transfer authorized under Section 5.11(c) that is a Material Transfer, 60% of the net, after tax proceeds of such Transfer shall be used to reduce the commitments under the revolving Senior Secured Credit Facilities and/or the principal amounts outstanding under any other Senior Secured Credit Facilities. The Borrower shall have the option of determining which Senior Secured Credit Facility or Facilities to which to apply such proceeds. If any of such proceeds are applied to this Agreement, the amount the Borrower has determined to apply to this Agreement shall be used to reduce the Total Commitments but in no event earlier than one Business and make any repayments of the Loans or Swingline Loans required by such reduction. The term “Senior Secured Credit Facilities” means this Agreement, the 364 Day following Facility, the date such notice was delivered Senior Note Purchase Agreements and any other facility providing Indebtedness which refinances any of the foregoing or is otherwise entitled under the Intercreditor Agreement to the Borrowerbenefits of the Liens granted under the Pledge Agreement.
Appears in 1 contract
Sources: Revolving Credit Facility Agreement (Lennox International Inc)
Termination and Reduction of Commitments. (a) Unless previously terminatedThe Revolving Commitments, the Swingline Commitments and the L/C Commitment shall automatically terminate on the Commitment Termination Revolving Maturity Date.
(b) The Borrower Upon at least three Business Days' prior irrevocable written or telecopy notice to the Administrative Agent, the Company may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Revolving Commitments; provided provided, however, that (i) each partial reduction of either of the Revolving Commitments shall be in an amount that is an integral multiple of $25,000,000 1,000,000 and not less than in a minimum amount of $25,000,000 5,000,000 and (ii) the Borrower Revolving Commitments shall not terminate or reduce the Commitments if, after giving effect be reduced to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum aggregate of the outstanding Swingline Loans Revolving Exposure of such Swingline Lender would exceed its Swingline Commitmentall Lenders.
(c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of in the Revolving Commitments hereunder shall be made ratably among the Lenders in accordance with their respective applicable Commitments. The Borrowers jointly and severally agree to pay to the Administrative Agent for the account of the applicable Lenders, on the date of each termination or reduction, the Commitment Fees on the amount of any Revolving Commitments so terminated or reduced accrued to but excluding the date of such termination or reduction.
(d) Upon at least three Business Days' prior irrevocable written or telecopy notice to the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, the Company may at any time reduce the request Alternative Currency Commitment, the Subsidiary Commitment, the Swingline Dollar Commitment and/or the L/C Commitment; provided, however, that each partial reduction of any thereof shall be in an integral multiple of $1,000,000 and in a minimum amount of $5,000,000 and neither the Required LendersAlternative Currency Commitment nor the Swingline Dollar Commitment nor the L/C Commitment nor the Subsidiary Commitment shall be reduced to an amount that is then less than the Alternative Currency Credit Exposure, may, by notice the Swingline Exposure (to the Borrowerextent relating to Swingline Dollar Loans), terminate the CommitmentsL/C Exposure, such termination or the Revolving Exposure to be effective Borrower Subsidiaries, as the case may be, of all Lenders or the date set forth Swingline Lender in such notice for the termination case of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the BorrowerSwingline Exposure.
Appears in 1 contract