Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate. (b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class. (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 7 contracts
Sources: First Lien Credit Agreement (AP Gaming Holdco, Inc.), First Lien Credit Agreement (AP Gaming Holdco, Inc.), First Lien Credit Agreement (Hospitality Distribution Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Closing Date Term Commitments shall automatically terminate upon the making of the Closing Date Term Loans on the Closing Date and (ii) the Revolving Facility Credit Commitments of each Class shall terminate on the applicable Revolving Facility Credit Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Upon delivering the notice required by Section 2.08(d), the Borrower Representative may at any time terminateterminate the Revolving Credit Commitments upon (i) the payment by the Borrowers in full in Cash of all outstanding Revolving Loans and Swingline Loans, together with accrued and unpaid interest thereon, (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 if reasonably satisfactory to the Administrative Agent and the applicable Issuing Bank, a backup standby letter of credit) equal to 103% of the LC Exposure as of such date) and (iii) the payment in full of all accrued and unpaid fees and all reimbursable expenses and other non-contingent Obligations with respect to the Revolving Facility then due, together with accrued and unpaid interest (if any) thereon.
(c) Upon delivering the notice required by Section 2.08(d), the Borrower Representative may from time to time reduce, reduce the Revolving Facility Commitments of any ClassCredit Commitments; provided, provided that (i) each reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower Representative shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility Loans or repayment of Swingline Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with 2.09 or Section 2.05(j) or (k)2.10, the Aggregate Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Total Revolving Facility Commitments of such ClassCredit Commitment.
(cd) The Borrower Representative shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) or (c) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Revolving Lenders of the contents thereof. Each notice delivered by the Borrower Representative pursuant to this Section 2.08 shall be irrevocable; provided, provided that a notice of termination or reduction of the Revolving Facility Credit Commitments of any Class delivered by the Borrower Representative 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 Representative (by notice to the 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 pursuant to this Section 2.08 shall be permanent. Each Upon any reduction of the Commitments Revolving Credit Commitments, the Revolving Credit Commitment of any Class each Revolving Lender shall be made ratably among the Lenders in accordance with their respective Commitments reduced by such Revolving Lender’s Applicable Percentage of such Classreduction amount.
Appears in 4 contracts
Sources: Credit Agreement (Osmotica Pharmaceuticals PLC), Credit Agreement (Osmotica Pharmaceuticals PLC), Credit Agreement (Osmotica Pharmaceuticals LTD)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each any Class shall terminate on the applicable Revolving Facility Maturity Date for with respect to such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the such Class of Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)under such Revolving Facility, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the 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 Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 a Class shall be made ratably among the applicable Lenders in accordance with their respective Commitments of such Class.
Appears in 4 contracts
Sources: Credit Agreement (Playtika Holding Corp.), Credit Agreement (CAESARS ENTERTAINMENT Corp), Credit Agreement (Caesars Acquisition Co)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Initial Term Loan Commitments shall automatically terminate upon the making of the Initial Term Loans on the Closing Date and (ii) the Revolving Facility Credit Commitments of each Class shall automatically terminate on the applicable Revolving Facility Credit Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Upon delivery of the notice required by Section 2.09(d), the Borrower Representative may at any time terminateterminate the Revolving Credit Commitments upon (i) the payment in full in Cash of all outstanding Revolving Loans, together with accrued and unpaid interest thereon, (ii) the cancellation and return of all outstanding applicable Letters of Credit (or alternatively, with respect to each outstanding applicable Letter of Credit, the furnishing to the Administrative Agent of a Cash deposit (or, if reasonably satisfactory to the applicable Issuing Bank, a backup standby letter of credit) equal to 100% of the applicable LC Exposure (minus the amount then on deposit in the applicable LC Collateral Account) as of such date) and (iii) the payment in full of all accrued and unpaid fees and all reimbursable expenses and other non-contingent Obligations with respect to the Revolving Facility then due, together with accrued and unpaid interest (if any) thereon.
(c) Upon delivery of the notice required by Section 2.09(d), the Borrower Representative may from time to time reduce, reduce the Revolving Facility Commitments of any ClassCredit Commitments; provided, that (i) each reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 US$100,000 and not less than $1,000,000 US$300,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Classbalance thereof) and (ii) the Borrower Representative shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with 2.10 or Section 2.05(j) or (k)2.11, the aggregate amount of Revolving Facility Credit Exposure attributable to the Revolving Credit Commitments of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total aggregate amount of the Revolving Facility Credit Commitments of such Class; provided, that, after the establishment of any Additional Revolving Credit Commitments, any termination or reduction of the Revolving Credit Commitments of any Class shall be subject to the provisions set forth in Section 2.22, 2.23 and/or 9.02, as applicable.
(cd) The Borrower Representative shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Credit Commitments of any Class under paragraph Section 2.09(b) or (bc) of this Section 2.08 in writing at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable later date to which the Administrative AgentAgent may agree), specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Revolving Lenders of the contents thereof. Each notice delivered by the Borrower Representative pursuant to this Section 2.08 2.09(d) shall be irrevocable; provided, that a notice of termination or reduction of the Revolving Facility Commitments of any Class Revolving Credit Commitments delivered by the Borrower Representative 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 or its effectiveness deferred by the Borrower Representative (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the any Revolving Credit Commitments pursuant to this Section 2.09 shall be permanent. Each Upon any reduction of any Revolving Credit Commitments, the Commitments Revolving Credit Commitment of any each Revolving Lender of the relevant Class shall be made ratably among the Lenders in accordance with their reduced by such Revolving Lender’s respective Commitments Applicable Percentage of such Classreduction amount.
Appears in 4 contracts
Sources: Incremental Amendment to Credit Agreement (Knowlton Development Corp Inc), Credit Agreement (Knowlton Development Corp Inc), Incremental Amendment to Credit Agreement (Knowlton Development Parent, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall automatically and permanently terminate on the applicable Revolving Facility Maturity Date for such Class. On , including for the Closing avoidance of doubt, on the Revolving Facility Outside Date (after giving effect to the funding extent that the Spinoff Date has not occurred on or prior to 11:59 p.m. (New York City time) on the Revolving Facility Outside Date. All outstanding Initial Term A Loan Commitments shall (x) be reduced immediately and without further action upon each Borrowing of Initial Term A Loans on a dollar-for-dollar basis by the amount of such Borrowing and (y) automatically terminate at the earlier of 11:59 p.m. (New York City time) on the Initial Term A Facility Outside Date and the consummation of the Spinoff on the Spinoff Date, whether or not the full amount of available Initial Term B Loans to be made on such date), the Term B A Loan Commitments of each Lender as of the Closing Date will terminatehave been funded.
(b) The Borrower Representative may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 5,000,000 and not less than $1,000,000 10,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower Representative 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), as applicable, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit, to the extent so Cash Collateralized) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower Representative shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three (3) Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Representative pursuant to this Section 2.08 shall be irrevocable; provided, that a notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower Representative 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 Representative (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 3 contracts
Sources: Credit Agreement (Adient PLC), Credit Agreement (Johnson Controls Inc), Credit Agreement (Adient LTD)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each any Class shall terminate on the applicable Revolving Facility Maturity Date for with respect to such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of under any ClassRevolving Facility; provided, that (i) each such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 10.0 million and not less than $1,000,000 10.0 million (or, if less, the remaining amount of the such Class of Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower shall not terminate or reduce the Revolving Facility Commitments of under any Class Revolving Facility if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)under such Revolving Facility, the Revolving Facility Credit Exposure of under such Class (excluding any Cash Collateralized Letter of Credit) Revolving Facility would exceed the total Revolving Facility Commitments of such Classunder any Revolving Facility.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of under any Class Revolving Facility under paragraph clause (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 a Class shall be made ratably among the applicable Lenders in accordance with their respective Commitments of such Class.
Appears in 3 contracts
Sources: Amendment Agreement (Caesars Entertainment Operating Company, Inc.), Amendment Agreement (CAESARS ENTERTAINMENT Corp), Amendment Agreement (CAESARS ENTERTAINMENT Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments; provided that any such reduction of Revolving Facility Commitments shall be allocated at the Borrower’s option to the Revolving Facility Lenders ratably between the Classes of any ClassRevolving Facility Commitments; provided, provided further that (i) each such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such ClassCommitments.
(c) The Borrower shall notify the Administrative Agent in writing of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactionsconditional, 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. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Revolving Facility Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassRevolving Facility Commitments.
Appears in 3 contracts
Sources: Revolving Credit Agreement (Nuance Communications, Inc.), Revolving Credit Agreement (Nuance Communications, Inc.), Revolving Credit Agreement (Nuance Communications, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminatedterminated in accordance with the terms hereof, the Revolving Facility Credit Commitments of each Class shall terminate at the close of business on the applicable Revolving Facility Credit Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Borrower may at any time terminate, or from time to time reduce, reduce the Revolving Facility Credit Commitments of any Classor the Swing Loan Commitment; provided, provided that (i) each reduction of the Revolving Facility Credit Commitments of any Class or the Swing Loan Commitment shall be in an amount that is an integral at least equal to $500,000 or any greater multiple of $500,000 and not less than $1,000,000 (or100,000, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower shall not terminate or reduce (A) the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent repayment in accordance with Section 2.10 or prepayment in accordance with Section 2.11 of the Loans, the total Revolving Facility Credit Exposure would exceed the total Revolving Credit Commitments or (B) the Swing Loan Commitment if, after giving effect to any concurrent repayment of the Swing Loans in accordance with Section 2.11 and any Cash Collateralization 2.10 or prepayment of Letters of Credit the Loans in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure aggregate principal amount of such Class (excluding any Cash Collateralized Letter of Credit) outstanding Swing Loans would exceed the total Revolving Facility Commitments of Swing Loan Commitment, after giving effect to such Classtermination or reduction.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Credit Commitments of any Class or the Swing Loan Commitment under paragraph (b) of this Section 2.08 2.7 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 2.7 shall be irrevocable; provided, provided that a notice of termination or reduction of the Revolving Facility Commitments of any Class Commitments delivered by the 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 Borrower (by notice to the 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 and/or Swing Loan Commitment shall be permanent. Each reduction of the Revolving Credit Commitments of any Class shall be made ratably among the Revolving Credit Lenders in accordance with their respective Commitments of such ClassRevolving Credit Commitments.
Appears in 3 contracts
Sources: Credit Agreement (Lbi Media Holdings Inc), Credit Agreement (Lbi Media Holdings Inc), Credit Agreement (Lbi Media Holdings Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such ClassDate. On The parties hereto acknowledge that the Term Loan Commitments will terminate at 5:00 p.m., Local Time, on the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Classunder either Facility; provided, provided that (i) each reduction of the Revolving Commitments under either Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1 million and not less than $1,000,000 5 million (or, if less, the remaining amount of the Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such ClassCommitments.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 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 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 under either Facility shall be made ratably among the Lenders in accordance with their respective Commitments of under such ClassFacility.
Appears in 3 contracts
Sources: Credit Agreement (Secure Computing Corp), Credit Agreement (Nuance Communications, Inc.), Credit Agreement (Nuance Communications, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing June 2017 Effective Date (after giving effect to the exchange of the Existing Term B Loans (as defined in the June 2017 Incremental Assumption and Amendment Agreement) by the 2017 Refinancing Term B Cashless Settlement Option Lenders (as defined in the June 2017 Incremental Assumption and Amendment Agreement) for June 2017 Refinancing Term B Loans and the funding of the Additional 2017 Refinancing Term B Loans (as defined in the June 2017 Incremental Assumption and Amendment Agreement) and the June Incremental Term B Loans, in each case to be made on such date), the 2017 Refinancing Term B Loan Commitments and the Incremental Term B Loan Commitments (each, as defined in the June 2017 Incremental Assumption and Amendment Agreement) of each Lender as of the June 2017 Effective Date will terminate. On the November 2017 Effective Date (after giving effect to the funding of the November 2017 Term B Loans to be made on such dateLoans), the November 2017 Term B Loan Commitments Commitment of each November 2017 Term B Lender as of the Closing November 2017 Effective Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 3 contracts
Sources: Incremental Assumption Agreement (Rackspace Technology, Inc.), Incremental Assumption Agreement (Rackspace Technology, Inc.), Incremental Assumption Agreement (Rackspace Technology, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Loan Maturity Date for such Class. On the Closing Date (after giving effect to the funding of and the Term B Loans to be made Commitment shall terminate on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateFILO Cut-off Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any ClassCommitments; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Classor the Borrowing Base.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Revolving Facility 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 or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower may state that such notice is conditioned upon on a refinancing of all or any portion of the effectiveness of other credit facilities, indentures or similar agreements or other transactionsRevolving Facility, 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. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments of any Class under a given Revolving Facility shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.
Appears in 3 contracts
Sources: Credit Agreement, Credit Agreement (Quality Distribution Inc), Credit Agreement (Quality Distribution Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Borrower Borrowers may at any time terminate, or from time to time permanently reduce, the Revolving Facility Commitments of any Classand/or the Incremental Revolving Facility Commitments; provided, provided that (i) each reduction of the Revolving Facility Commitments of any Class and/or the Incremental Revolving Facility Commitments shall be in an amount that is an integral multiple of $500,000 5,000,000 and not less than $1,000,000 10,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Classand/or the Incremental Revolving Facility Commitments) and (ii) the Borrower Borrowers shall not terminate or reduce the Revolving Facility Commitments of any Class and/or the Incremental Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such ClassMaximum Credit.
(c) The Borrower Borrowers shall notify the Administrative Agent of any election to terminate or permanently reduce the Revolving Facility Commitments of any Class and/or the Incremental Revolving Facility Commitments under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Borrowers 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 and/or the Incremental Revolving Facility Commitments delivered by the Borrower Borrowers may state that such notice is conditioned upon one or more events, including, without limitation, the effectiveness of other credit facilities, indentures receivables financing facilities or similar agreements or other transactionsthe consummation of a Change in Control, in which case such notice may be revoked by the Borrower Borrowers (by notice to the 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 in accordance with their respective Commitments of such ClassCommitments.
Appears in 3 contracts
Sources: Credit Agreement (Constellium SE), Credit Agreement (Constellium N.V.), Credit Agreement (Constellium N.V.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 3 contracts
Sources: Amendment Agreement No. 8 (ADT Inc.), Incremental Assumption and Amendment Agreement (ADT Inc.), First Lien Credit Agreement (ADT, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Loan Commitments shall terminate at 5:00 p.m., New York City time, on the Restatement Date and (ii) the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Credit Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of under any Class; providedFacility, provided that (i) each reduction of the Revolving Commitments under any Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Total Revolving Facility Commitments of such ClassCommitment.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 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 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 under any Class Facility shall be made ratably among the Lenders in accordance with their respective Commitments of under such ClassFacility.
Appears in 3 contracts
Sources: Credit Agreement (Universal City Travel Partners), Credit Agreement (Universal City Travel Partners), Credit Agreement (Universal City Development Partners LTD)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Credit Commitments of each Class shall terminate on the applicable Revolving Facility Credit Maturity Date for such ClassDate. On The (1) Term Loan A Commitments shall automatically terminate upon the making of the Term A Loans on the Closing Date and, in any event, not later than 5:00 p.m., New York City time, on the Closing Date and (after giving effect to 2) Term Loan B Commitments shall automatically terminate upon the funding making of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateand, in any event, not later than 5:00 p.m., New York City time, on the Closing Date. The commitments of each Issuing Bank to issue, amend, renew or extend any Letters of Credit shall automatically terminate on the earliest to occur of (i) the termination of the Revolving Credit Commitments, (ii) the date that is five (5) Business Days prior to the latest Revolving Credit Maturity Date and (iii) such Issuing Bank ceasing to be a Revolving Credit Lender hereunder.
(b) The Borrower Revolver Borrowers may at any time terminate, without premium or penalty, or from time to time reduce, the Revolving Credit Commitments under any Revolving Credit Facility Commitments (or under any tranche of any Classthe Revolving Credit Commitments); provided, provided that (i) each reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) in any event, the Borrower Revolver Borrowers shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.12, the Total Revolving Facility Credit Exposure of such Class (excluding under any Cash Collateralized Letter of Credit) tranche would exceed the total Revolving Facility Credit Commitments of under such Classtranche.
(c) The Borrower Revolver Borrowers shall notify the Revolver Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under any Revolving Credit Facility Commitments of (or any Class under tranche thereof) pursuant to paragraph (b) of this Section 2.08 at least three (3) Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Revolver Administrative Agent shall advise the applicable Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrower Revolver Borrowers pursuant to this Section 2.08 shall be irrevocable; provided, provided that a notice of termination or reduction of the Revolving Facility Credit Commitments of any Class delivered by the Borrower Revolver Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or any other financing, indentures or similar agreements sale or other transactions, 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 satisfiedtransaction. Any termination or reduction of the Revolving Credit Commitments shall be permanentpermanent (but subject to any increase pursuant to Section 2.23). Each reduction of the Revolving Credit Commitments under any Revolving Credit Facility (other than any such reduction resulting from the termination of the Revolving Credit Commitment of any Class Lender as provided in Section 2.21) shall be made ratably among the Revolving Credit Lenders in accordance with their respective holding Revolving Credit Commitments of under such ClassRevolving Credit Facility.
Appears in 3 contracts
Sources: Credit Agreement (Herbalife Ltd.), Credit Agreement (Herbalife Ltd.), Credit Agreement (Herbalife Nutrition Ltd.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the 2024 Refinancing Revolving Facility Credit Commitments of each Class shall automatically terminate on the applicable 2024 Refinancing Revolving Facility Credit Maturity Date for such Class. On and (ii) the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Additional Revolving Credit Commitments of each Lender any Class shall automatically terminate on the Maturity Date specified therefor in the applicable Refinancing Amendment, Extension Amendment or Incremental Facility Amendment, as of the Closing Date will terminateapplicable.
(b) The Upon delivery of the notice required by Section 2.09(c), the Borrower may at any time terminate, terminate or from time to time reduce, the Revolving Facility Credit Commitments of any Class; provided, provided that (i) each reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of Revolving Loans, the aggregate amount of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), Exposure attributable to the Revolving Facility Credit Exposure Commitments of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total aggregate amount of the Revolving Facility Credit Commitments of such Class; provided that after the establishment of any Additional Revolving Credit Commitment, any such termination or reduction of the Revolving Credit Commitments of any Class shall be subject to the provisions set forth in Section 2.22, 2.23 and/or 9.02, as applicable.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the any Revolving Facility Commitments of any Class Credit Commitment under paragraph (b) of this Section 2.08 in writing at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable later date to which the Administrative AgentAgent may agree), specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Revolving Lenders of each applicable Lenders Class of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided, provided that a any such notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower may state that such notice it 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 Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments any Revolving Credit Commitment pursuant to this Section 2.09 shall be permanent. Each Upon any reduction of any Revolving Credit Commitment, the Commitments Revolving Credit Commitment of any each Revolving Lender of the relevant Class shall be made ratably among reduced by such Revolving Lender’s Applicable Percentage of the Lenders in accordance with their respective Commitments amount of such Classreduction.
Appears in 2 contracts
Sources: Second Amended and Restated First Lien Credit Agreement (Shift4 Payments, Inc.), First Lien Credit Agreement (Shift4 Payments, Inc.)
Termination and Reduction of Commitments. On the Repricing Effective Date (aafter giving effect to the exchange of the Existing Term Loans) (as defined in the First Amendment) by the Cashless Settlement Repricing Lenders (as defined in the First Amendment) for 2018 Repriced Term Loans (as defined in the First Amendment) and the funding of the Additional Term Loans (as defined in the First Amendment) to be made on such date), the 2018 Repricing Commitments (as defined in the First Amendment) and the Increase Commitments (as defined in the First Amendment) of each 2018 Term Lender as of the Repricing Effective Date will terminate. Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing 2019 Effective Date (after giving effect to the funding of the 2019 Term B Loans to be made on such dateLoans), the Term B Loan Commitments 2019 Increase Commitment (as defined in the Second Amendment) of each 2019 Term Lender as of the Closing 2019 Effective Date will terminate.
(ba) The Borrower may at any time terminate, or from time to time reduce, the Revolving 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 $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower shall not terminate or reduce the Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment or reduction of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.22, the total Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter Letters of Credit) would exceed the total Revolving Facility Commitments of such Class; provided, further, that, the Borrower may terminate the unused Revolving Facility Commitments of any Defaulting Lender at any time, or from time to time, in any amounts and without a pro rata reduction of the Revolving Facility Commitments of the other Lenders.
(cb) The Borrower shall notify the 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 Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, transactions 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. Any termination or reduction of the Commitments of any Class pursuant to this Section 2.08 shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: First Lien Credit Agreement and Security Agreement (Exela Technologies, Inc.), First Lien Credit Agreement (Exela Technologies, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such ClassDate. On The parties hereto acknowledge that the Term Loan Commitments will terminate at 5 p.m., Local Time, on the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Classunder either Facility; provided, provided that (i) each reduction of the Revolving Commitments under either Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such ClassCommitments.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 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 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 under either Facility shall be made ratably among the Lenders in accordance with their respective Commitments of under such ClassFacility.
Appears in 2 contracts
Sources: Credit Agreement (Goodman Holding CO), Credit Agreement (PQ Systems INC)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Revolving Facility Credit Commitments of each Class shall terminate on the applicable Revolving Credit Facility Maturity Date; provided that, if both the Initial Funding Date for such Class. On and the Transaction Closing Date have not occurred prior to the Early Commitment Termination Date, then the Revolving Credit Commitments shall terminate on the Early Commitment Termination Date and (ii) the Term Loan Commitments shall terminate on the Initial Funding Date immediately after giving effect to the funding all Borrowings of the Term B Loans to be which are made on such date); provided that, if the Initial Funding Date does not occur prior to the Early Commitment Termination Date, then the Term B Loan Commitments of each Lender as of shall terminate on the Closing Date will terminateEarly Commitment Termination Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any ClassCredit Commitments; provided, provided that (i) each reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) 10,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.10, the sum of the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) Exposures would exceed the total Revolving Facility Commitments of such ClassCredit Commitments.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Credit Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided, provided that a notice of termination or reduction of the Revolving Facility Credit Commitments of any Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness occurrence of other credit facilities, indentures or similar agreements or other transactionsan event, 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. Any termination or reduction of the Revolving Credit Commitments shall be permanent. Each reduction of the Revolving Credit Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassRevolving Credit Commitments.
Appears in 2 contracts
Sources: Credit Agreement (Dr Pepper Snapple Group, Inc.), Credit Agreement (Dr Pepper Snapple Group, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: First Lien Credit Agreement (Rackspace Technology, Inc.), First Lien Credit Agreement (Hostess Brands, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each any Class shall terminate on the applicable Revolving Facility Maturity Date for with respect to such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Any Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the such Class of Revolving Facility Commitments of such ClassCommitments) and (ii) the no Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)under such Revolving Facility, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The applicable Borrower shall notify the 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 Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the applicable Borrower pursuant to this Section 2.08 shall be irrevocable; provided, that a notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the applicable 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 applicable Borrower (by notice to the 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 a Class shall be made ratably among the applicable Lenders in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: First Lien Credit Agreement (CAESARS ENTERTAINMENT Corp), First Lien Credit Agreement (CAESARS ENTERTAINMENT Corp)
Termination and Reduction of Commitments. (a) If the Funding Date does not occur on or prior to June 30, 2011, the Commitment of each Lender shall terminate at the close of business on June 30, 2011. Unless previously terminated, the Revolving Facility Commitments Credit Commitment of each Class Revolving Credit Lender shall terminate on the applicable Revolving Facility Credit Maturity Date for such ClassDate. On Unless previously terminated, the Closing Date (after giving effect to Term Loan Commitment of each Term Lender shall automatically terminate upon the funding of the Term B Loans to be made by it on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateFunding Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any ClassCommitments; 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 $500,000 1,000,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section Sections 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.12, the total Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) Exposures would exceed the total Revolving Facility Commitments of such ClassCredit Commitments.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the applicable Lenders Class of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided, provided that a notice of termination or reduction of the Revolving Facility Credit Commitments of any Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements facilities or other transactionsdebt or equity issuances, 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. 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 of such Class. The Borrower shall pay to the Administrative Agent for the account of the Lenders of the applicable Class, on the date of each termination or reduction under paragraph (b) of this Section, any applicable commitment fees on the amount of the Commitments of such Class so terminated or reduced accrued to but excluding the date of such termination or reduction.
Appears in 2 contracts
Sources: Credit Agreement (Huntington Ingalls Industries, Inc.), Credit Agreement (Huntington Ingalls Industries, Inc.)
Termination and Reduction of Commitments. On the Repricing Effective Date (aafter giving effect to the exchange of the Existing Term Loans) (as defined in the First Amendment) by the Cashless Settlement Repricing Lenders (as defined in the First Amendment) for 2018 Repriced Term Loans (as defined in the First Amendment) and the funding of the Additional Term Loans (as defined in the First Amendment) to be made on such date), the 2018 Repricing Commitments (as defined in the First Amendment) and the Increase Commitments (as defined in the First Amendment) of each 2018 Term Lender as of the Repricing Effective Date will terminate. Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(ba) The Borrower may at any time terminate, or from time to time reduce, the Revolving 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 $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower shall not terminate or reduce the Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment or reduction of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.22, the total Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter Letters of Credit) would exceed the total Revolving Facility Commitments of such Class; provided, further, that, the Borrower may terminate the unused Revolving Facility Commitments of any Defaulting Lender at any time, or from time to time, in any amounts and without a pro rata reduction of the Revolving Facility Commitments of the other Lenders.
(cb) The Borrower shall notify the 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 Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, transactions 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. Any termination or reduction of the Commitments of any Class pursuant to this Section 2.08 shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: First Lien Credit Agreement, First Amendment to First Lien Credit Agreement (Exela Technologies, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower Borrowers may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower Borrowers 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower Representative shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Representative pursuant to this Section 2.08 shall be irrevocable; provided, that a notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower Representative 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 Representative (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: Credit Agreement (Presidio, Inc.), Credit Agreement (Presidio, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the 2021 Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing 2021 Revolving Facility and (ii) the 2023 Revolving Commitments shall terminate on the Maturity Date (after giving effect to for the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate2023 Revolving Facility.
(b) Unless previously terminated, the unused Term Loan Commitments (if any) shall terminate in full on the earlier of (i) the borrowing of the Term Loans on the Term Loan Borrowing Date and (ii) at 11:59 p.m. (New York Time) on the last day of the Term Loan Availability Period.
(c) The Borrower Company may at any time terminate, or from time to time reduce, the Commitments under the 2021 Revolving Facility, 2023 Revolving Facility, Tranche A-1 Term Loan Facility Commitments of any Classor Tranche A-2 Term Loan Facility, as the case may be; 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 $500,000 1,000,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) 5,000,000 and (ii) the Borrower Company shall not terminate or reduce (a) the 2021 Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment of the 2021 Revolving Facility Loans in accordance with Section 2.11 and 2.11, the Dollar Amount of the sum of the 2021 Revolving Credit Exposures would exceed the 2021 Aggregate Revolving Commitment or (b) the 2023 Revolving Commitments if, after giving effect to any Cash Collateralization concurrent prepayment of Letters of Credit the 2023 Revolving Loans in accordance with Section 2.05(j) or (k)2.11, the Dollar Amount of the sum of the 2023 Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) Exposures would exceed the total 2023 Aggregate Revolving Facility Commitments of such ClassCommitment.
(cd) The Borrower Company shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (bc) of this Section 2.08 at least three (3) Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election election, whether the 2021 Revolving Facility, 2023 Revolving Facility, Tranche A-1 Term Loan Facility or Tranche A-2 Term Loan Facility is being reduced or terminated, and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders under the 2021 Revolving Facility, 2023 Revolving Facility, Tranche A-1 Term Loan Facility or Tranche A-2 Term Loan Facility, as the case may be, of the contents thereof. Each notice delivered by the Borrower Company 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 Company 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 Company (by notice to the 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 under the 2021 Revolving Facility, 2023 Revolving Facility, Tranche A-1 Term Loan Facility or Tranche A-2 Term Loan Facility, as the case may be, in accordance with their respective Commitments under the 2021 Revolving Facility, 2023 Revolving Facility, Tranche A-1 Term Loan Facility or Tranche A-2 Term Loan Facility, as the case may be.
(e) The Rolled Tranche A-2 Term Loan Commitments shall automatically terminate upon the making, conversion or continuance, as applicable, of such Classthe Rolled Tranche A-2 Term Loans on the First Amendment Effective Date.
Appears in 2 contracts
Sources: Credit Agreement (Capri Holdings LTD), Credit Agreement (Capri Holdings LTD)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall automatically and permanently terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 5,000,000 and not less than $1,000,000 10,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), as applicable, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit, to the extent so Cash Collateralized) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the 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 not later than 11:00 a.m., Local Time, at least three (3) Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: Restatement Agreement (EDGEWELL PERSONAL CARE Co), Credit Agreement (EDGEWELL PERSONAL CARE Co)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Initial Revolving Facility Credit Commitments of each Class shall automatically terminate on the applicable Initial Revolving Facility Credit Maturity Date, and (ii) the Additional Revolving Credit Commitments of any Class shall automatically terminate on the Maturity Date for such Class. On specified therefor in the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date)applicable Refinancing Amendment, the Term B Loan Commitments of each Lender Extension Amendment or Incremental Facility Amendment, as of the Closing Date will terminateapplicable.
(b) The Upon delivery of the notice required by Section 2.09(c), the Borrower may at any time terminate, terminate or from time to time reduce, reduce the Revolving Facility Credit Commitments of any Class; provided, provided that (i) each reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 100,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) 500,000 and (ii) the Borrower shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of Revolving Loans, Swingline Loans and/or the provision of Letter of Credit Support with respect to any outstanding Letter of Credit, the aggregate amount of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), Exposure attributable to the Revolving Facility Credit Exposure Commitments of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total aggregate amount of the Revolving Facility Credit Commitments of such Class; provided that, after the establishment of any Class of Additional Revolving Credit Commitments, any such termination or reduction of the Revolving Credit Commitments of any Class shall be subject to the provisions set forth in Section 2.22, 2.23 and/or 9.02, as applicable.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the any Revolving Facility Commitments of any Class Credit Commitment under paragraph (b) of this Section 2.08 in writing at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable later date to which the Administrative AgentAgent may agree), specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Revolving Lenders of each applicable Lenders Class of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided, provided that a any such notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower may state that such notice it is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements transactions or other transactionsevents, in which case such notice may be revoked by the Borrower (by written notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments any Revolving Credit Commitment pursuant to this Section 2.09 shall be permanent. Each Upon any reduction of any Revolving Credit Commitment, the Commitments Revolving Credit Commitment of any each Revolving Lender of the relevant Class shall be made ratably among reduced by such Revolving Lender’s Applicable Percentage of the Lenders in accordance with their respective Commitments amount of such Classreduction.
Appears in 2 contracts
Sources: Credit Agreement (Cava Group, Inc.), Credit Agreement (Cava Group, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminatedterminated pursuant to the terms of this Agreement, the Revolving Facility Commitments Commitment of each Class Lender shall terminate on the applicable Revolving Facility Maturity Date for such Class. On earlier of (i) immediately after the Closing Date (after giving effect to the funding making of the Term B Loans to be made Loan by such Lender on such date), the Term B Loan Commitments of each Lender as of Funding Date and (ii) the Closing Date will terminateCommitment Termination Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any ClassCommitments; 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 $500,000 5,000,000 and not less than $1,000,000 20,000,000.
(orc) In the event and on each occasion that, after the Closing Date and prior to the termination of all the Commitments, the Borrower enters into a definitive credit or similar agreement for any term loan facility and such facility constitutes a Qualifying Term Facility, the Commitments then outstanding shall automatically and permanently reduce by an amount equal to 100% of the committed amount under such Qualifying Term Facility (or if less, by an amount equal to the remaining amount Aggregate Commitments then outstanding), with such reduction to be effective upon the later of (i) the effectiveness of the Revolving Facility Commitments of definitive credit or similar agreement for such Class) term loan facility and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Classterm loan facility becoming a Qualifying Term Facility.
(cd) In the event and on each occasion that, after the Closing Date and prior to the termination of all the Commitments, the Borrower or any Subsidiary actually receives Net Cash Proceeds in respect of a Reduction/Prepayment Event, the Commitments then outstanding shall automatically and permanently reduce by an amount equal to 100% of such Net Cash Proceeds (or if less, by an amount equal to the Aggregate Commitments then outstanding), with such reduction to be effective on the date of the actual receipt of such Net Cash Proceeds by the Borrower or any Subsidiary.
(e) The Borrower shall notify the Administrative Agent by telephone, fax or electronic mail (and, in the case of telephonic notice, promptly confirmed by hand delivery, fax or electronic mail) of (i) any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction and (ii) any automatic reduction of the Commitments under paragraph (c) or (d) of this Section no later than the effective date of such shorter period acceptable to the Administrative Agent)reduction, in each case, specifying such election or reduction and the effective date thereof and, in the case of any such reduction, providing a reasonably detailed calculation of the amount thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided, provided that a any such notice of termination or reduction of the Revolving Facility Commitments under paragraph (b) of any Class delivered by the Borrower this Section may state that such notice is conditioned upon the effectiveness occurrence of other credit facilities, indentures one or similar agreements or other transactionsmore events 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. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the applicable Lenders in accordance with their respective Commitments of such ClassCommitments.
Appears in 2 contracts
Sources: Term Loan Agreement (Marathon Petroleum Corp), Term Loan Agreement (MPLX Lp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Credit Commitments of each Class shall terminate on the applicable Revolving Facility Credit Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Borrower may at any time terminate, without premium or penalty, or from time to time reduce, the Revolving Facility Credit Commitments (or any tranche of any Classthe Revolving Credit Commitments); provided, provided that (i) each reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) 2,500,000 and (ii) the Borrower shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.13, the Total Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Total Revolving Facility Commitments of such ClassCredit Commitments.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Credit Commitments of (or any Class under tranche thereof) pursuant to paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided, provided that a notice of termination or reduction of the Revolving Facility Credit Commitments of any Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures facilities or similar agreements any other financing or other transactionsa sale transaction, 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. Any termination or reduction of the Revolving Credit Commitments shall be permanentpermanent (but subject to any increase pursuant to Section 2.24). Each reduction of the Revolving Credit Commitments of any Class shall be made ratably among the Revolving Credit Lenders holding Revolving Credit Commitments under the relevant tranche of Revolving Credit Commitments in accordance with their respective Commitments of such ClassRevolving Credit Commitments.
Appears in 2 contracts
Sources: Credit Agreement (GNC Holdings, Inc.), Credit Agreement (GNC Acquisition Holdings Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (Fourteenth Incremental Assumption and Amendment Agreement Effective Date, after giving effect to the funding of the 2024 Refinancing Term B Loans to be made on such date)B-1 Loans, the 2024 Refinancing Term B B-1 Loan Commitments Commitment of each 2024 Refinancing Term B-1 Lender as terminated. On the Sixteenth Incremental Assumption and Amendment Agreement Effective Date, after giving effect to the funding of the Closing Date will May 2024 Incremental Term B-1 Loans, the May 2024 Incremental Term B-1 Loan Commitment of each May 2024 Incremental Term B-1 Lender shall terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: Incremental Assumption and Amendment Agreement (ADT Inc.), Incremental Assumption and Amendment Agreement (ADT Inc.)
Termination and Reduction of Commitments. (ai) Unless previously terminated, the Revolving Facility The Other Term Loan Commitments of each any Class or Series shall automatically terminate upon the making of such Other Term Loans on the applicable Refinancing Effective Date provided in the relevant Refinancing Amendment.
(ii) On the Revolving Facility Credit Maturity Date for of any Class of US Revolving Credit Commitments, such ClassClass of US Revolving Credit Commitments will terminate and the US Revolving Credit Lenders with US Revolving Credit Commitments of such Class will have no further obligation to make US Revolving Loans, fund its portion of US L/C Disbursements pursuant to Section 2.24(d) or purchase or fund participations in US Swingline Loans pursuant to Section 2.23(e), in each case, solely in respect of such Class of US Revolving Credit Commitments; provided that (x) the foregoing will not release any such US Revolving Credit Lender from any such obligation to fund US Revolving Loans, its portion of US L/C Disbursements or participations in US Swingline Loans that was required to be performed on or prior to the Revolving Credit Maturity Date of such Class of US Revolving Credit Commitments and (y) the foregoing will not release any such US Revolving Credit Lender from any such obligation to fund its portion of US L/C Disbursements or participations in US Swingline Loans if on such Revolving Credit Maturity Date any Specified Default, or event, act or condition which with notice or lapse of time or both would constitute a Specified Default, exists until such Specified Default or event, act or condition ceases to exist. On Unless clause (y) to the Closing proviso to the immediately preceding sentence is applicable, upon the relevant Revolving Credit Maturity Date of such Class or Series, all outstanding US Swingline Loans and US L/C Exposure shall be deemed to be outstanding with respect to the remaining US Revolving Credit Commitments (so long as after giving effect to such reallocation, the funding US Revolving Credit Exposure of each remaining US Revolving Credit Lender does not exceed such Lender’s remaining US Revolving Credit Commitment). On and after the Revolving Credit Maturity Date of any Class of US Revolving Credit Commitments, the remaining US Revolving Credit Lenders (and so long as clause (y) to the proviso to the second immediately preceding sentence is applicable, the US Revolving Credit Lenders in the maturing Class) will be required, in accordance with their Pro Rata Percentages, to fund US L/C Disbursements pursuant to Section 2.24(d) arising on or after such date and fund participations in US Swingline Loans at the request of the Term B Loans US Swingline Lender on and after such date, regardless of whether any Default existed on the Revolving Credit Maturity Date of the then-terminating US Revolving Credit Commitments; provided that the US Revolving Credit Exposure of each remaining US Revolving Credit Lender does not exceed such Lender’s US Revolving Credit Commitment. In the event that a Specified Default, or event, act or condition which with notice or lapse of time or both would constitute a Specified Default, exists on a Revolving Credit Maturity Date of a Class of US Revolving Credit Commitments, until such Specified Default or event, act or condition ceases to exist, for purposes of determining a US Revolving Credit Lenders’ Pro Rata Percentage for purposes of its funding and/or purchase obligations under Section 2.23(e) or Section 2.24(d), such Lender’s US Revolving Credit Commitment of the relevant Class shall be deemed to be made the US Revolving Credit Commitment of such Lender immediately prior to the termination thereof on such dateRevolving Credit Maturity Date.
(iii) On the Revolving Credit Maturity Date of any Class of Multicurrency Revolving Credit Commitments, such Class of Multicurrency Revolving Credit Commitments will terminate and the Multicurrency Revolving Credit Lenders with Multicurrency Revolving Credit Commitments of such Class will have no further obligation to make Multicurrency Revolving Loans, fund its portion of Multicurrency L/C Disbursements pursuant to Section 2.25(d) or purchase or fund participations in Multicurrency Swingline Loans pursuant to Section 2.23(f), in each case, solely in respect of such Class of Multicurrency Revolving Credit Commitments; provided that (x) the Term B Loan foregoing will not release any such Multicurrency Revolving Credit Lender from any such obligation to fund Multicurrency Revolving Loans, its portion of Multicurrency L/C Disbursements or participations in Multicurrency Swingline Loans that was required to be performed on or prior to the Revolving Credit Maturity Date of such Class of Multicurrency Revolving Credit Commitments and (y) the foregoing will not release any such Multicurrency Revolving Credit Lender from any such obligation to fund its portion of Multicurrency L/C Disbursements or participations in Multicurrency Swingline Loans if on such Revolving Credit Maturity Date any Specified Default, or event, act or condition which with notice or lapse of time or both would constitute a Specified Default, exists until such Specified Default or event, act or condition ceases to exist. Unless clause (y) to the proviso to the immediately preceding sentence is applicable, upon the relevant Revolving Credit Maturity Date of such Class or Series, all outstanding Multicurrency Swingline Loans and Multicurrency L/C Exposure shall be deemed to be outstanding with respect to the remaining Multicurrency Revolving Credit Commitments (so long as after giving effect to such reallocation, the Multicurrency Revolving Credit Exposure of each remaining Multicurrency Revolving Credit Lender does not exceed such Lender’s remaining Multicurrency Revolving Credit Commitment). On and after the Revolving Credit Maturity Date of any Class of Multicurrency Revolving Credit Commitments, the remaining Multicurrency Revolving Credit Lenders (and so long as clause (y) to the proviso to the second immediately preceding sentence is applicable, the Multicurrency Revolving Credit Lenders in the maturing Class) will be required, in accordance with their Pro Rata Percentages, to fund Multicurrency L/C Disbursements pursuant to Section 2.25(d) arising on or after such date and fund participations in Multicurrency Swingline Loans at the request of the Closing Multicurrency Swingline Lender on and after such date, regardless of whether any Default existed on the Revolving Credit Maturity Date will terminateof the then-terminating Multicurrency Revolving Credit Commitments; provided that the Multicurrency Revolving Credit Exposure of each remaining Multicurrency Revolving Credit Lender does not exceed such Lender’s Multicurrency Revolving Credit Commitment. In the event that a Specified Default, or event, act or condition which with notice or lapse of time or both would constitute a Specified Default, exists on a Revolving Credit Maturity Date of a Class of Multicurrency Revolving Credit Commitments, until such Specified Default or event, act or condition ceases to exist, for purposes of determining a Multicurrency Revolving Credit Lenders’ Pro Rata Percentage for purposes of its funding and/or purchase obligations under Section 2.23(f) or Section 2.25(d), such Lender’s Multicurrency Revolving Credit Commitment of the relevant Class shall be deemed to be the Multicurrency Revolving Credit Commitment of such Lender immediately prior to the termination thereof on such Revolving Credit Maturity Date.
(iv) The US L/C Commitment of any US Issuing Bank shall automatically terminate on the earlier to occur of (x) the date set forth in the definition of US L/C Commitment for such US Issuing Bank and (y) the date five days prior to the latest Revolving Credit Maturity Date, unless otherwise agreed by such US Issuing Bank and the Borrower.
(v) The Multicurrency L/C Commitment of any Multicurrency Issuing Bank shall automatically terminate on the earlier to occur of (x) the date set forth in the definition of Multicurrency L/C Commitment for such Multicurrency Issuing Bank and (y) the date five days prior to the latest Revolving Credit Maturity Date, unless otherwise agreed by such Multicurrency Issuing Bank and the Borrower.
(b) The Upon at least three Business Days’ prior written or fax notice to the Administrative Agent (or such later notice to which the Administrative Agent may agree), the Borrower may at any time (subject to Sections 2.09(c) and (d)) in whole permanently terminate, or from time to time in part permanently reduce, any Class of the US Revolving Facility Commitments of any ClassCredit Commitments, the Multicurrency Revolving Credit Commitments, the US Swingline Commitment or the Multicurrency Swingline Commitment; provided, however, that (i) each partial reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than in a minimum amount of $1,000,000 (orand $250,000 in the case of a Swingline Commitment), if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower Total US Revolving Credit Commitment shall not terminate or reduce be reduced to an amount that is less than the Aggregate US Revolving Facility Commitments of any Class if, Credit Exposure then in effect (after giving effect to any concurrent repayment or prepayment of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (keffected simultaneously therewith), and (iii) the Total Multicurrency Revolving Facility Credit Commitment shall not be reduced to an amount that is less than the Aggregate Multicurrency Revolving Credit Exposure of such Class then in effect (excluding after giving effect to any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate repayment or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agentprepayment effected simultaneously therewith), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each Any notice delivered given by the Borrower pursuant to this Section 2.08 2.09(b) shall be irrevocable; provided, provided that a any such notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements financing arrangements or other transactions, 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. Any termination or reduction of the Commitments shall be permanent. .
(c) Each reduction of the US Revolving Credit Commitments of any Class pursuant to Section 2.09(b) shall be made ratably among the Lenders all Classes of US Revolving Credit Commitments in accordance with their respective the US Revolving Credit Commitments of all US Revolving Credit Lenders; provided, however, that (i) US Revolving Credit Commitments of a given Class selected by the Borrower may be reduced in connection with an exchange or conversion of such US Revolving Credit Commitments with or into a new Class of Other US Revolving Credit Commitments pursuant to a Refinancing Amendment as contemplated by Section 2.28, (ii) this Section 2.09(c) may be modified in connection with a Refinancing Amendment or an Incremental Amendment to provide less than ratable treatment with respect to any new Class of Other US Revolving Credit Commitments or Incremental US Revolving Credit Commitments as provided in Section 2.28 or Section 2.26, as the case may be, (iii) the Borrower may elect to reduce any newly created Class of Other US Revolving Credit Commitments provided pursuant to a Refinancing Amendment substantially concurrently with the implementation of such Class of Other US Revolving Credit Commitments pursuant to Section 2.28 (without any requirement to ratably reduce each other Class of US Revolving Credit Commitments at such time), and (iv) the Borrower may elect to terminate any individual Class of US Revolving Credit Commitments within six months of the Revolving Credit Maturity Date of such Class of US Revolving Credit Commitments, so long as any Class of US Revolving Credit Commitments with an identical Revolving Credit Maturity Date is terminated concurrently therewith. In the case of any reduction to the US Revolving Credit Commitments under this Agreement, the US Swingline Commitment shall not be reduced unless the Total US Revolving Credit Commitments are reduced to an amount less than the US Swingline Commitment then in effect (and then only to the extent of such deficit). The Borrower shall pay to the Administrative Agent for the account of the applicable affected US Revolving Credit Lenders, on the date of each termination or reduction of US Revolving Credit Commitments of a given Class, the applicable Commitment Fees on the amount of such US Revolving Credit Commitments so terminated or reduced accrued to but excluding the date of such termination or reduction.
(d) Each reduction of Multicurrency Revolving Credit Commitments pursuant to Section 2.09(b) shall be made ratably among all Classes of Multicurrency Revolving Credit Commitments in accordance with the Multicurrency Revolving Credit Commitments of all Multicurrency Revolving Credit Lenders; provided, however, that (i) Multicurrency Revolving Credit Commitments of a given Class selected by the Borrower may be reduced in connection with an exchange or conversion of such Multicurrency Revolving Credit Commitments with or into a new Class of Other Multicurrency Revolving Credit Commitments pursuant to a Refinancing Amendment as contemplated by Section 2.28, (ii) this Section 2.09(d) may be modified in connection with a Refinancing Amendment or an Incremental Amendment to provide less than ratable treatment with respect to any new Class of Other Multicurrency Revolving Credit Commitments or Incremental Multicurrency Revolving Credit Commitments as provided in Section 2.28 or Section 2.26, as the case may be, (iii) the Borrower may elect to reduce any newly created Class of Other Multicurrency Revolving Credit Commitments provided pursuant to a Refinancing Amendment substantially concurrently with the implementation of such Class of Other Multicurrency Revolving Credit Commitments pursuant to Section 2.28 (without any requirement to ratably reduce each other Class of Multicurrency Revolving Credit Commitments at such time), and (iv) the Borrower may elect to terminate any individual Class of Multicurrency Revolving Credit Commitments within six months of the Revolving Credit Maturity Date of such Class of Multicurrency Revolving Credit Commitments, so long as any Class of Multicurrency Revolving Credit Commitments with an identical Revolving Credit Maturity Date is terminated concurrently therewith. In the case of any reduction to the Multicurrency Revolving Credit Commitments under this Agreement, the Multicurrency Swingline Commitment shall not be reduced unless the Total Multicurrency Revolving Credit Commitments are reduced to an amount less than the Multicurrency Swingline Commitment then in effect (and then only to the extent of such deficit). The Borrower shall pay to the Administrative Agent for the account of the applicable affected Multicurrency Revolving Credit Lenders, on the date of each termination or reduction of Multicurrency Revolving Credit Commitment of a given Class, the applicable Commitment Fees on the amount of such Multicurrency Revolving Credit Commitments so terminated or reduced accrued to but excluding the date of such termination or reduction.
Appears in 2 contracts
Sources: Credit Agreement (Ceridian HCM Holding Inc.), Credit Agreement (Ceridian HCM Holding Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Initial Term B Loans to be made on such date), the Initial Term B Loan Commitments of each Lender as of the Closing Date terminated. On the Effective Date (after giving effect to the funding of the Incremental Term B Loans to be made on such date), the Incremental Term B Loan Commitments of each Lender as of the Effective Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: Incremental Assumption Agreement (PlayAGS, Inc.), Incremental Assumption Agreement (AP Gaming Holdco, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Revolving Facility Credit Commitments shall terminate at the close of each Class business on the Revolving Credit Maturity Date and (ii) (x) the Term B1 Loan Commitments shall automatically reduce to $30,000,000 immediately after the initial Term B1 Borrowing made by the Borrower on the Effective Date, and (y) the remaining $30,000,000 of the Term B1 Loan Commitments shall automatically terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding last day of the Term B Loans Loan Availability Period. In addition to be made the foregoing, if on any date (the "Test Date") the maturity date for any then-outstanding Holding Company Notes is scheduled to occur within six months after the Test Date then the Revolving Credit Commitments shall automatically terminate on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Classor the Swing Loan Sublimit; provided, provided that (i) each reduction of the Revolving Facility Commitments of any Class or the Swing Loan Sublimit shall be in an amount that is an integral at least equal to $1,000,000 or any greater multiple of $500,000 and not less than $1,000,000 (or500,000, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent repayment in accordance with Section 2.9 or prepayment in accordance with Section 2.10 of the Loans, the total Revolving Facility Credit Exposures would exceed the total Revolving Credit Commitments or (y) the Swing Loan Sublimit if, after giving effect to any concurrent repayment of the Swing Loans in accordance with Section 2.11 and any Cash Collateralization 2.9 or prepayment of Letters of Credit the Loans in accordance with Section 2.05(j) or (k)2.10, the Revolving Facility Credit Exposure aggregate principal amount of such Class (excluding any Cash Collateralized Letter of Credit) outstanding Swing Loans would exceed the total Revolving Facility Commitments of Swing Loan Sublimit, after giving effect to such Classtermination or reduction.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce Commitments or the Revolving Facility Commitments of any Class Swing Loan Sublimit under paragraph (b) of this Section 2.08 2.7 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 2.7 shall be irrevocable; provided, provided that a notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. .
(d) Any termination or reduction of the Commitments and/or Swing Loan Sublimit shall be permanent. Each reduction of the Commitments of any a given Class shall be made ratably among the Lenders with Commitments in such Class in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: Credit Agreement (Affinity Group Inc), Credit Agreement (Affinity Group Holding, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: First Lien Credit Agreement (Hostess Brands, Inc.), First Lien Credit Agreement (Hostess Brands, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing 2021 Effective Date (after giving effect to the funding of the 2021 Refinancing Term B Loans (as defined in the 2021 Incremental Assumption and Amendment Agreement) to be made on such date), the 2021 Refinancing Term B Loan Commitments (as defined in the 2021 Incremental Assumption and Amendment Agreement) of each Lender as of the Closing 2021 Effective Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: Successor Agent Appointment and Agency Transfer Agreement (Rackspace Technology, Inc.), Incremental Assumption and Amendment Agreement (Rackspace Technology, Inc.)
Termination and Reduction of Commitments. (a) .
(a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B A Loans to be made on such date), the Term B A Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied (or waived by the Borrower in its sole discretion) and/or rescinded at any time by the Borrower if the Borrower determines in its sole discretion that any or all of such conditions will not be satisfied (or waived). 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 Commitments of such Class.
Appears in 2 contracts
Sources: Credit Agreement (Cerence Inc.), Credit Agreement (Cerence Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Credit Commitments of any Classor the Multiple Advance Term Loan Commitments; provided, provided that (i) each reduction of the Revolving Facility Credit Commitments of any Class or the Multiple Advance Term Loan Commitments shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) 5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Facility Credit Commitments of any Class or the Multiple Advance Term Loan Commitments if, after giving effect to any concurrent prepayment of the Revolving Facility Loans or the Multiple Advance Term Loans, as applicable, in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.10, the sum of the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) Exposures would exceed the total Revolving Facility Credit Commitments or the Outstanding Amount of such Classthe Multiple Advance Term Loans would exceed the total Multiple Advance Term Loan Commitments, as applicable.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Credit Commitments of any Class or the Multiple Advance Term Loan Commitments under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocableirrevocable and signed by a Responsible Officer of the Borrower; provided, provided that a notice of termination or reduction of the all Revolving Facility Credit Commitments of any Class and all Multiple Advance Term Loan Commitments delivered by the 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 Borrower (by notice to the 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 and the Multiple Advance Term Loan Commitments shall be permanent. Each reduction of the Revolving Credit Commitments of any Class and the Multiple Advance Term Loan Commitments shall be made ratably among the applicable Lenders in accordance with their respective Revolving Credit Commitments of such Classand Multiple Advance Term Loan Commitments, as applicable.
Appears in 2 contracts
Sources: Credit Agreement (Harris Interactive Inc), Credit Agreement (Harris Interactive Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each any Class shall terminate on the applicable Revolving Facility Maturity Date for with respect to such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate. On the Second Amendment Effective Date (after giving effect to the funding of the Term B-1 Loans to be made on such date), the Term B-1 Loan Commitments of each Lender as of the Second Amendment Effective Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the such Class of Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)under such Revolving Facility, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the 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 Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 a Class shall be made ratably among the applicable Lenders in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: Credit Agreement (Playtika Holding Corp.), Incremental Assumption Agreement and Second Amendment to Credit Agreement (Playtika Holding Corp.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On and the Closing Date (after giving effect to the funding of Credit-Linked Commitments shall terminate on the Term B Loans to be made on such date), the Loan Maturity Date. The Term B Loan Commitments of each Lender as of shall terminate at 5:00 p.m. New York Time on the Closing Date will terminateEffective Date.
(b) The Borrower Company (on behalf of itself and all other Revolving Borrowers) may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any ClassCommitments; provided, provided that (i) each such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower Company 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such ClassCommitments.
(c) The Borrower Company shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class and/or Credit-Linked Commitments under paragraph (b) or (d) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Company 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 and/or Credit-Linked Commitments delivered by the Borrower Company 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 Company (by notice to the 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 under any Class Facility shall be made ratably among the Lenders in accordance with their respective Commitments under such Facility.
(d) The Company (on behalf of itself and CAC) shall have the right, at any time or from time to time, without premium or penalty to terminate the Total Unutilized Credit-Linked Commitment in whole, or reduce it in part, in an integral multiple of $1.0 million and not less than $5.0 million (or if less the remaining amount of the Credit-Linked Commitments) in the case of partial reductions to the Total Unutilized Credit-Linked Commitment, provided that each such reduction shall apply proportionately to permanently reduce the Credit-Linked Commitment of each CL Lender. At the time of any termination or reduction of the Total Credit-Linked Commitment pursuant to this Section 2.08(d) or on the Term Loan Maturity Date, the Administrative Agent shall request the Deposit Bank to withdraw from the Credit-Linked Deposit Account and to pay same over to it, and shall return to the CL Lenders (ratably in accordance with their respective CL Percentages) the CL Lenders’ Credit-Linked Deposits in an aggregate amount equal to such reduction or the amount of such ClassCommitment being terminated, as the case may be. Notwithstanding the foregoing or anything else in this Agreement to the contrary, following the reimbursement or repayment by a Borrower for any drawing or CL Loan under the CL Facility, in no event shall the Deposit Bank be required to return to any CL Lender any proceeds of such CL Lender’s Credit-Linked Deposit prior to the 90th day following such reimbursement or repayment unless the respective CL Lender shall have sufficiently indemnified the Deposit Bank (in the sole discretion of the Deposit Bank) for any losses the Deposit Bank may incur as a result of preference claims brought by any creditor of a Borrower with respect to the proceeds of such reimbursement or repayment.
Appears in 2 contracts
Sources: Credit Agreement (Celanese CORP), Credit Agreement (Celanese CORP)
Termination and Reduction of Commitments. (a) Unless previously terminated(i) All Commitments shall terminate on December 31, 2015 unless the Funding Date has occurred by such date; and (ii) if not terminated pursuant to the foregoing clause (a)(i), (A) the Domestic Revolving Facility Commitments of each Class shall terminate on the applicable Domestic Revolving Facility Maturity Date, (B) the Global Revolving Commitments shall terminate on the Global Revolving Maturity Date, (C) the Bilateral FCI Issuing Commitments, the Participation FCI Issuing Commitments and the Participation FCI Commitments shall terminate on the Foreign Trade Maturity Date for such Class. On the Closing Date and (after giving effect to the funding of D) the Term B Loans to be made Loan A Commitments shall terminate on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateFunding Date.
(b) The Parent Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, provided that (i) each reduction of the Revolving Facility Commitments (other than Bilateral FCI Issuing Commitments or Participation FCI Issuing Commitments) of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 (or10,000,000, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Parent Borrower shall not terminate or reduce (A) the Domestic Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment of the Domestic Revolving Facility Loans in accordance with Section 2.11 and 2.12, the Domestic Revolving Exposure would exceed the total Domestic Revolving Commitments, (B) the Global Revolving Commitments if, after giving effect to any Cash Collateralization concurrent prepayment of Letters of Credit the Global Revolving Loans in accordance with Section 2.05(j) or (k)2.12, the Global Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Global Revolving Facility Commitments, (C) the Participation FCI Issuing Commitments or the Participation FCI Commitments if the Total Foreign Trade Exposure with respect to the Participation FCIs would exceed (1) the total Participation FCI Issuing Commitments or (2) the total Participation FCI Commitments or (D) the Bilateral FCI Issuing Commitments if the Total Foreign Trade Exposure with respect to the Bilateral FCIs would exceed the total Bilateral FCI Issuing Commitments and (iii) each reduction of such ClassParticipation FCI Issuing Commitments, Participation FCI Commitments or Bilateral FCI Issuing Commitments shall be made in accordance with Section 2.6(q).
(c) The Parent Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 Section, at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Parent Borrower 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 Parent Borrower may state that such notice is conditioned upon the effectiveness or closing of other credit facilities, indentures debt financings or similar agreements or other transactionsDispositions, in which case such notice may be revoked or the date specified therein extended by the Parent Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: Credit Agreement (SPX Corp), Credit Agreement (SPX Corp)
Termination and Reduction of Commitments. (a) On the Closing Date (after the funding of the Initial Term B Loans to be made on such date), the Initial Term B Loan Commitments of each Lender as of the Closing Date will terminate. On the 2025 Refinancing Amendment Effective Date (after giving effect to the funding, continuation and/or conversion of the 2025 Refinancing Term B Loans to be made on such date), the 2025 Refinancing Term B Facility Commitments of each 2025 Refinancing Term B Facility Lender as of the 2025 Refinancing Amendment Effective Date will terminate. On the 2025-2 Refinancing Amendment Effective Date (after giving effect to the funding, continuation and/or conversion of the 2025-2 Refinancing Term B Loans to be made on such date), the 2025-2 Refinancing Term B Facility Commitments of each 2025-2 Refinancing Term B Facility Lender as of the 2025-2 Refinancing Amendment Effective Date will terminate.Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility unused 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 $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility unused Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), ) the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent by delivery of a Prepayment Notice 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 one Business Days Day prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any noticePrepayment Notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice Prepayment Notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided, irrevocable (except that a notice of termination or reduction of any Prepayment Notice may be conditioned on the Revolving Facility Commitments consummation of any Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness Permitted Business Acquisition, any Investment, any incurrence of Indebtedness or any other credit facilities, indentures event or similar agreements or other transactions, 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 satisfiedoccurrence). 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 Commitments of such Class.
Appears in 2 contracts
Sources: Revolving Facility Repricing Amendment (Alliance Laundry Holdings Inc.), Revolving Facility Repricing Amendment (Alliance Laundry Holdings Inc.)
Termination and Reduction of Commitments. (ai) Unless previously terminated, the Revolving Facility The Term Loan Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Effective Date for such Class. On the Closing Date (after giving effect to the funding of the Initial Term B Loans to be made on such date)the Effective Date, (ii) the Term B Loan Domestic Revolving Commitments of each Lender as of shall terminate on the Closing Domestic Revolving Maturity Date, (iii) the Global Revolving Commitments shall terminate on the Global Revolving Maturity Date will terminateand (iv) the Foreign Credit Instrument Issuing Commitments and the Foreign Credit Commitments shall terminate on the Foreign Trade Maturity Date.
(b) The Parent Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, provided that (i) each reduction of the Revolving Facility Commitments (other than Foreign Credit Instrument Issuing Commitments) of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 (or10,000,000, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Parent Borrower shall not terminate or reduce (A) the Domestic Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment of the Domestic Revolving Facility Loans in accordance with Section 2.11 and 2.12, the Domestic Revolving Exposure would exceed the total Domestic Revolving Commitments, (B) the Global Revolving Commitments if, after giving effect to any Cash Collateralization concurrent prepayment of Letters of Credit the Global Revolving Loans in accordance with Section 2.05(j) or (k)2.12, the Global Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Global Revolving Facility Commitments, or (C) the Foreign Credit Instrument Issuing Commitments or the Foreign Credit Commitments if the Total Foreign Trade Exposure would exceed (1) the total Foreign Credit Instrument Issuing Commitments or (2) the total Foreign Credit Commitments and (iii) each reduction of such ClassForeign Credit Instrument Issuing Commitments and the Foreign Credit Commitments shall be made in accordance with Section 2.6(q).
(c) The Parent Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 Section, at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Parent Borrower 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 Parent Borrower may state that such notice is conditioned upon the effectiveness or closing of other credit facilities, indentures debt financings or similar agreements or other transactionsDispositions, in which case such notice may be revoked or the date specified therein extended by the Parent Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 2 contracts
Sources: Credit Agreement (SPX Corp), Credit Agreement (SPX Corp)
Termination and Reduction of Commitments. (a1) Unless previously terminated, the Revolving Facility Commitments of each Class shall will terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b2) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any ClassCommitments; provided, provided that (i) each reduction of the Revolving Facility Commitments of any Class shall will be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the applicable Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower shall will 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the lesser of the total Revolving Facility Commitments of such Classand the Borrowing Base.
(c3) The Borrower shall will notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b2) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall will advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall will be irrevocable; provided, provided that a notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower may state that such notice is revocable or conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked or extended by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedClosing Date). Any termination or reduction of the Commitments shall will be permanent. Each permanent termination or reduction of the Commitments of any Class shall will be made ratably among the Lenders under each tranche in accordance with their respective Commitments. under such tranche being terminated or reduced; provided that, for the avoidance of doubt, the permanent termination or reduction in Commitments of such Classamong the 2021 Revolving Commitments and the First Amendment Extended Revolving Commitments need not be on a ratable basis as between them.
Appears in 2 contracts
Sources: Revolving Credit Agreement (PET Acquisition LLC), Revolving Credit Agreement (PET Acquisition LLC)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments and the commitment of each Class the Swingline Lender to make Swingline Loans shall terminate on the applicable Revolving Facility Maturity Date for such ClassDate. On The Term Loan Commitments (other than any Incremental Term Loan Commitments) shall automatically terminate simultaneously with the Closing Date (after giving effect to the funding making of the Term B Loans to be made on such date), the Effective Date. The Incremental Term B Loan Commitments of each Lender as shall automatically terminate simultaneously with the making of the Closing Date will terminateIncremental Term Loans on the applicable Increase Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any ClassCommitments; 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 $500,000 1,000,000 and not less than $1,000,000 (or10,000,000, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the sum of the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) Exposures would exceed the total Revolving Facility Commitments Commitments, and (iii) if, after giving effect to any reduction of the Revolving Commitments, the Swingline Sublimit exceeds the total Revolving Commitments, then the Swingline Sublimit shall be automatically reduced by the amount of such Classexcess.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (bSection 2.9(b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 2.9 shall be irrevocable; provided, provided that a notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures facilities or similar agreements or consummation of other transactionsfinancing arrangements, 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. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments of any Class shall be made ratably among applied to the applicable Lenders in accordance with their respective Commitments of such ClassApplicable Percentages.
Appears in 1 contract
Sources: Credit Agreement (Symantec Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments (including, for the avoidance of each Class doubt, with respect to any Swingline Lender, its Swingline Commitments) shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.Date
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments under either Facility Commitments of any Class; provided, provided that (i) each reduction of the Revolving Commitments under either Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such ClassCommitments.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 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 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 under either Facility shall be made ratably among the Lenders in accordance with their respective Commitments of under such ClassFacility.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (Eighteenth Incremental Assumption and Amendment Agreement Effective Date, after giving effect to the funding of the 2024-1 Refinancing Term B Loans to be made on such date)B-1 Loans, the 2024-1 Refinancing Term B B-1 Loan Commitments Commitment of each 2024-1 Refinancing Term B-1 Lender as terminated. On the Nineteenth Incremental Assumption and Amendment Agreement Effective Date, after giving effect to the funding of the Closing Date will 2025 Incremental Term B-2 Loans, the 2025 Incremental Term B-2 Loan Commitment of each 2025 Incremental Term B-2 Lender shall terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: Incremental Assumption and Amendment Agreement (ADT Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall automatically and permanently terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Amendment No. 1 Effective Date (after giving effect to the funding of the Term B B-1 Loans by the Additional Term B-1 Lender in an amount equal to be made on such datethe full amount of the Additional Term B-1 Commitments), the Additional Term B Loan Commitments of each Lender as B-1 Commitment of the Closing Date Additional Term B-1 Lender will automatically and permanently terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 5,000,000 and not less than $1,000,000 10,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), as applicable, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit, to the extent so Cash Collateralized) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the 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 reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Initial Revolving Facility Credit Commitments of each Class shall automatically terminate on the applicable Initial Revolving Facility Credit Maturity Date for such Class. On and (ii) the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Additional Revolving Credit Commitments of each Lender any Class shall automatically terminate on the Maturity Date specified therefor in the applicable Incremental Facility Agreement, Extension Amendment or Refinancing Amendment, as of the Closing Date will terminateapplicable.
(b) The Borrower Upon delivery of the notice required by Section 2.09(c), the Borrowers may at any time terminate, terminate or from time to time reduce, without premium or penalty reduce the Revolving Facility Credit Commitments of any Class; provided, provided that (i) each partial reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower Borrowers shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of Revolving Loans and Swingline Loans, the aggregate amount of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), Exposure attributable to the Revolving Facility Credit Exposure Commitments of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total aggregate amount Revolving Facility Credit Commitments of such Class; provided that, after the establishment of any Additional Revolving Credit Commitments, any such termination or reduction of the Revolving Credit Commitments of any Class shall be subject to the provisions set forth in Sections 2.22, 2.23 and/or 9.02, as applicable.
(c) The Borrower Borrowers shall notify the Administrative Agent of any election to terminate or reduce the any Revolving Facility Commitments of any Class Credit Commitment under paragraph (b) of this Section 2.08 in writing at least three (3) Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable later date to which the Administrative AgentAgent may agree in its reasonable discretion), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Lenders of each applicable Lenders Class of the contents thereof. Each notice delivered by the Borrower Borrowers pursuant to this Section 2.08 shall be irrevocable; provided, provided that a any such notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower may state that such notice it is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked or postponed by the Borrower Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments any Revolving Credit Commitment pursuant to this Section 2.09 shall be permanent. Each Upon any reduction of any Revolving Credit Commitment, the Commitments Revolving Credit Commitment of any each Revolving Lender of the relevant Class shall be made ratably among the Lenders in accordance with their respective Commitments reduced by such Revolving Lender’s Applicable Revolving Percentage of such Classreduction amount.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate. On the First Amendment Effective Date (after giving effect to the funding of the 2023 Refinancing Term B Loans to be made on such date), the 2023 Refinancing Term B Commitments of each New 2023 Refinancing Term B Lender as of the First Amendment Effective Date will terminate. On the First Amendment Effective Date (after giving effect to the funding of the 2023 Additional Term B Loans to be made on such date), the 2023 Additional Term B Commitments of each 2023 Additional Term B Lender as of the First Amendment Effective Date will terminate. On the Second Amendment Effective Date (after giving effect to the funding of the 2024 Refinancing Term B Loans to be made on such date), the 2024 Refinancing Term B Commitments of each New 2024 Refinancing Term B Lender as of the Second Amendment Effective Date will terminate.
(b) The Borrower Agent may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower Agent 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower Agent shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period reasonably acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Agent pursuant to this Section 2.08 shall be irrevocable; provided, that a notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower Agent 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 delayed until such time as such condition is satisfied or revoked by the Borrower Agent (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied (or waived by the Borrower Agent in its sole discretion) and/or rescinded at any time by the Borrower Agent if the Borrower Agent determines in its sole discretion that any or all of such conditions will not be satisfied (or waived). 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 Commitments of such Class.
(d) The Term Commitment of the Term B Lenders shall be automatically and permanently reduced to $0 upon the funding of the Term B Loans to be made by it on the Closing Date.
Appears in 1 contract
Sources: Credit Agreement (Dave & Buster's Entertainment, Inc.)
Termination and Reduction of Commitments. (a%3) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Closing Date Term B Loans to be made on such datein accordance with Section 2.01(a)), the Term B Loan Commitments of each Lender as of in effect on the Closing Date will terminate.
(ba) The Borrower Revolving Facility Borrowers may at any time terminate, or from time to time reduce, the Revolving 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 $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower Revolving Facility Borrowers 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 2.11 and provision of any Cash Collateralization of Letters Letter of Credit Support in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of CreditCredit for which Letter of Credit Support has been provided) would exceed the total Revolving Facility Commitments of such Class.
(cb) The Borrower Revolving Facility Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Revolving Facility Borrowers 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 Revolving Facility Borrowers 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 Revolving Facility Borrowers (by notice to the 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 Revolving Facility Lenders in accordance with their respective Commitments of such Class.
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 first to occur of the Initial Funding Date and the date of termination of the Certain Funds Period and (ii) the Revolving Facility Commitments of each Class shall terminate at 5:00 p.m., New York City time, on the applicable Maturity Date; provided that the Revolving Facility Maturity Date for Commitments shall terminate at 5:00 p.m., New York City time, on the date of termination of the Certain Funds Period if such Class. On period terminates under clause (a) or (b) of the Closing Date (after giving effect definition of Certain Funds Period prior to the funding occurrence of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateInitial Funding Date.
(b) The Administrative Borrower may at any time terminate, or from time to time reduce, the Revolving 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 $500,000 the Borrowing Multiple and not less than $1,000,000 (orthe Borrowing Minimum, if less, the remaining amount of the Revolving Facility Commitments of such Class) in each case for Borrowings denominated in US Dollars and (ii) the Administrative Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.10, the aggregate Revolving Facility Credit Exposure Exposures of such Class (excluding any Cash Collateralized Letter of Credit) all Lenders would exceed the total Revolving Facility Commitments of such ClassCommitments.
(c) The Administrative Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the other Agents and the Lenders of the applicable Lenders Class of the contents thereof. Each notice delivered by the Administrative Borrower 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 a Responsible Officer of the Administrative 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 Administrative Borrower (by notice to the 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 permanentpermanent but shall not affect the right of the Administrative Borrower to increase the Commitment in accordance with Section 2.22. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.
Appears in 1 contract
Termination and Reduction of Commitments. (a1) Unless previously terminated, the Revolving Facility Commitments of each Class shall will terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b2) The Borrower Borrowers may at any time terminate, or from time to time reduce, any Class of the Revolving Facility Commitments of any ClassCommitments; provided, provided that (i) each reduction of the Revolving Facility Commitments of any Class shall will be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the applicable Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower shall Borrowers will 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.effect
(c3) The Borrower shall Borrowers will notify the Administrative Agent of any election to terminate or reduce any Class of the Revolving Facility Commitments of any Class under paragraph (b2) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall will advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Borrowers pursuant to this Section 2.08 shall will be irrevocable; provided, provided that a notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower Borrowers may state that such notice is revocable or conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked or extended by the Borrower Borrowers (by notice to the Administrative Agent on or prior to the specified effective closing date) if such condition is not satisfied). Any termination or reduction of the Revolving Facility Commitments shall will be permanent. Each reduction of the Commitments of any Class shall of the Revolving Facility Commitments will be made ratably among the Lenders in accordance with their respective Revolving Facility Commitments of such Class.
Appears in 1 contract
Sources: Loan Agreement (Ulta Beauty, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On Class and (ii) on the Closing Date (after giving effect to the funding of the Initial Term B Loans to be made on such date), the Initial Term B Loan Commitments of each Term Lender as of the Closing Date will Date, shall terminate.
(b) The Dutch Borrower may at any time time, without penalty or premium, terminate, or from time to time reduce, reduce the Revolving Facility Commitments of any Class; provided, provided that (i) each such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Dutch Borrower shall not terminate or reduce the Revolving Facility Commitments of any such Class if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.12, the total Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Dutch Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any such 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 reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Dutch Borrower pursuant to this Section 2.08 shall be irrevocable; provided, provided that a notice of termination or reduction of all of the Revolving Facility Commitments of any Class delivered by the Dutch Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactionstransactions refinancing all or any portion of such Revolving Facility Commitments, in which case such notice may be revoked by the Dutch Borrower (by notice to the 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 Commitments of such Class.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminatedterminated in accordance with the terms of this Agreement, (a) the Initial Revolving Facility Credit Commitments of each Class shall terminate on the Initial Revolving Maturity Date, (b) the other Revolving Credit Commitments shall terminate on the applicable Revolving Facility Maturity Date for such Class. On Date, and (c) the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Initial Term B Loan Commitments of each Lender as of shall terminate on the Closing Date will terminateInitial Term B Termination Date.
(b) The Borrower may at any time terminate, terminate or from time to time reduce, reduce the Revolving Facility Credit Commitments of any Class; provided, and/or the Initial Term B Loan Commitments; provided that (i) each partial reduction of the Revolving Facility such Commitments of any Class shall be in an aggregate minimum amount that is an and integral multiple multiples of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) 5,000,000 and (ii) the Borrower shall not only terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)Section 2.08, the Revolving Facility Credit Commitments would be equal to or exceed the Total Revolving Credit Exposure at the time of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Classproposed termination or reduction.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b(b) of this Section 2.08 Section 2.06 at least three (3) Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided, that a A notice of termination or reduction of the Revolving Facility Credit Commitments of any Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures facilities or similar agreements or consummation of any other transactionstransaction, 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. Any termination or reduction of the such Commitments shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the applicable Lenders in accordance with their respective Commitments Commitments.
(d) If, after giving effect to any reduction of the Revolving Credit Commitments, the Letter of Credit Sublimit exceeds the amount of the Revolving Credit Commitments, such sublimit shall be automatically reduced by the amount of such Classexcess (including a corresponding reduction to each Issuing Bank’s Letter of Credit Issuer Sublimit (ratably) unless otherwise agreed by the Borrower and each applicable Issuing Bank).
Appears in 1 contract
Sources: Credit Agreement (LendingTree, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(ba) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(cb) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period reasonably acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 delayed until such time as such condition is satisfied or revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied (or waived by the Borrower in its sole discretion) and/or rescinded at any time by the Borrower if the Borrower determines in its sole discretion that any or all of such conditions will not be satisfied (or waived). 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 Commitments of such Class.
(c) The Borrower shall repay to the Administrative Agent for the ratable account of each Term B-5 Lender with Non-Converted Term B-5 Loans the full amount of Non-Converted Term B-5 Loans substantially concurrently with the receipt of the proceeds of the Term B Loans on the Closing Date.
(d) The Term Commitment of the Additional Term Lender shall be automatically and permanently reduced to $0 upon the funding of the Term B Loans to be made by it on the Closing Date.
Appears in 1 contract
Termination and Reduction of Commitments. Return of Tranche A Credit-Linked Deposits.
(a) Unless previously terminated, (i) the Term Loan Commitments shall terminate at 5:00 p.m., New York City time, (x) on the Second Amendment Effective Date, in the case of Tranche B Term Loan Commitments and the Tranche C Term Loan Commitments and (y) on the Tranche D Effective Date, in the case of Tranche D Term Loan Commitments, and (ii) the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date. If any Tranche A Letter of Credit remains outstanding on the Tranche A Maturity Date, the Borrower will deposit with the Administrative Agent an amount in cash equal to 100% 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. Subject only to the Borrower's compliance with its obligations under the preceding sentence, any amount of the Tranche A Credit-Linked Deposits held in the Tranche A Credit-Linked Deposit Account will be returned to the Tranche A Lenders on the Tranche A Maturity Date for such Class. On the Closing Date (after giving effect pursuant to the funding of the Term B Loans to be made on such dateSection 2.10(d), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any ClassRevolving, Swingline or Term Loan Commitments; provided, provided that (i) each reduction of the Revolving Facility Revolving, Swingline or Term Loan Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) 5,000,000 and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the sum of the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) Exposures would exceed the total Revolving Facility Commitments Commitments. The Borrower may at any time or from time to time direct the Administrative Agent to reduce the Total Tranche A Credit-Linked Deposits; provided that (i) each reduction of the Tranche A Credit-Linked Deposits shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not direct the Administrative Agent to reduce the Tranche A Credit-Linked Deposits if, after giving effect to such Classreduction (and to the provisions of Section 2.05(a)), the aggregate Tranche A LC Exposure would exceed the Total Tranche A Credit-Linked Deposit or the Revolving Exposure would exceed the total Revolving Commitments. In the event the Tranche A Credit-Linked Deposits shall be reduced as provided in the preceding sentence, the Administrative Agent will return all amounts in the Tranche A Credit-Linked Deposit Account in excess of the reduced Total Tranche A Credit-Linked Deposit to the Tranche A Lenders, ratably in accordance with their Applicable Percentages of the Total Tranche A Credit-Linked Deposit (as determined immediately prior to such reduction).
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Revolving, Swingline or Term Loan Commitments of any Class or the Total Tranche A Credit-Linked Deposit under paragraph (b) of this Section 2.08 Section, or any required reduction of the Revolving Commitments under paragraph (b) of this Section, at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 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 Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination of the Revolving, Swingline or Term Loan Commitments or reduction of the Commitments Total Tranche A Credit-Linked Deposit shall be permanent. Each termination of the Revolving, Swingline or Term Loan Commitments or reduction of the Commitments of any Class Total Tranche A Credit-Linked Deposit shall be made ratably among the applicable Lenders in accordance with their respective Commitments of such ClassApplicable Percentages.
Appears in 1 contract
Termination and Reduction of Commitments. (a) The Term B Loan Commitment of each Lender shall be automatically and permanently reduced to $0 upon the making of such Lender’s Term B Loans on the Closing Date pursuant to Section 2.01. Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving 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 $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower shall not terminate or reduce the Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment or reduction of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.22, the total Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter Letters of Credit) would exceed the total Revolving Facility Commitments of such Class; provided, further, that, the Borrower may terminate the unused Revolving Facility Commitments of any Defaulting Lender at any time, or from time to time, in any amounts and without a pro rata reduction of the Revolving Facility Commitments of the other Lenders.
(c) The Borrower shall notify the 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 Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, transactions 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. Any termination or reduction of the Commitments of any Class pursuant to this Section 2.08 shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: First Lien Credit Agreement (Exela Technologies, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B A Loans to be made on such date), the Term B A Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied (or waived by the Borrower in its sole discretion) and/or rescinded at any time by the Borrower if the Borrower determines in its sole discretion that any or all of such conditions will not be satisfied (or waived). 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 Commitments of such Class.
Appears in 1 contract
Sources: Credit Agreement (Cerence Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate. On the First Amendment Effective Date (after giving effect to the funding of the 2023 Refinancing Term B Loans to be made on such date), the 2023 Refinancing Term B Commitments of each New 2023 Refinancing Term B Lender as of the First Amendment Effective Date will terminate. On the First Amendment Effective Date (after giving effect to the funding of the 2023 Additional Term B Loans to be made on such date), the 2023 Additional Term B Commitments of each 2023 Additional Term B Lender as of the First Amendment Effective Date will terminate. On the Second Amendment Effective Date (after giving effect to the funding of the 2024 Refinancing Term B Loans to be made on such date), the 2024 Refinancing Term B Commitments of each New 2024 Refinancing Term B Lender as of the Second Amendment Effective Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period reasonably acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 delayed until such time as such condition is satisfied or revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied (or waived by the Borrower in its sole discretion) and/or rescinded at any time by the Borrower if the Borrower determines in its sole discretion that any or all of such conditions will not be satisfied (or waived). 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 Commitments of such Class.
(d) The Term Commitment of the Term B Lenders shall be automatically and permanently reduced to $0 upon the funding of the Term B Loans to be made by it on the Closing Date.
Appears in 1 contract
Sources: Credit Agreement (Dave & Buster's Entertainment, Inc.)
Termination and Reduction of Commitments. (a) The Term Loan Commitments in respect of the Initial Term Loans shall automatically terminate upon the making of the Initial Term Loans on the Closing Date and, in any event, not later than 11:59 p.m., New York City time, on the Closing Date.
(b) Unless previously terminated, the Revolving Facility Credit Commitments of each Class shall terminate on the applicable Revolving Facility Credit Maturity Date. The commitments of each Issuing Bank to issue, amend, renew or extend any Letters of Credit shall automatically terminate on the earliest to occur of (i) the termination of the Revolving Credit Commitments, (ii) the date that is five (5) Business days prior to the latest Revolving Credit Maturity Date for and (iii) such Class. On the Closing Date (after giving effect to the funding of the Term B Loans Issuing Bank ceasing to be made on such date), the Term B Loan Commitments of each a Revolving Credit Lender as of the Closing Date will terminatehereunder.
(bc) The Borrower may at any time terminate, without premium or penalty, or from time to time reduce, the Revolving Credit Commitments under any Revolving Credit Facility Commitments (or under any tranche of any Classthe Revolving Credit Commitments); provided, provided that (i) each reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 10.0 million and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) 50.0 million and (ii) in any event, the Borrower shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.12, the Total Revolving Facility Credit Exposure of such Class (excluding under any Cash Collateralized Letter of Credit) tranche would exceed the total Revolving Facility Credit Commitments of under such Classtranche.
(cd) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under any Revolving Credit Facility Commitments of (or any Class under tranche thereof) pursuant to paragraph (b) of this Section 2.08 2.10 at least three two (2) Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided, provided that a notice of termination or reduction of the Revolving Facility Credit Commitments of any Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures one or similar agreements or other transactionsmore conditions precedent, in which case such notice of termination may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) automatically terminated if such condition is conditions precedent are not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanentpermanent (but subject to any increase pursuant to Section 2.23). Each reduction of the Revolving Credit Commitments under any Revolving Credit Facility (other than any such reduction resulting from the termination of the Revolving Credit Commitment of any Class Lender as provided in Section 2.21) shall be made ratably among the Revolving Credit Lenders in accordance with their respective holding Revolving Credit Commitments of under such Class.Revolving Credit Facility
Appears in 1 contract
Sources: Credit Agreement (T-Mobile US, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(ba) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(cb) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period reasonably acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 delayed until such time as such condition is satisfied or revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied (or waived by the Borrower in its sole discretion) and/or rescinded at any time by the Borrower if the Borrower determines in its sole discretion that any or all of such conditions will not be satisfied (or waived). 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 Commitments of such Class.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Credit Commitments of each Class shall terminate on the applicable Maturity Date. The commitments of the Issuing Banks to issue, amend, renew or extend any Letters of Credit shall automatically terminate on the earlier to occur of (i) the termination of the Revolving Facility Maturity Date for such Class. On Credit Commitments and (ii) the Closing Date (after giving effect date that is five Business Days prior to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateapplicable Maturity Date.
(b) The applicable Borrower may at any time terminate, without premium or penalty, or from time to time reduce, the Revolving Credit Commitments under any Revolving Credit Facility Commitments (or under any tranche of any Classthe Revolving Credit Commitments); provided, that (i) each reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 1.0 million (or, if less, or the remaining amount of the Revolving Facility Commitments remainder of such ClassRevolving Credit Commitments) and (ii) in any event, the applicable Borrower shall not terminate or reduce (A) the US Tranche Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11 and 2.12, (x) the Total US Tranche Revolving Credit Exposure would exceed the sum of the total US Tranche Revolving Credit Commitments at such time or (y) the Total Revolving Credit Exposure would exceed the Line Cap at such time or (B) the Multicurrency Tranche Revolving Credit Commitments if, after giving effect to any Cash Collateralization concurrent prepayment of Letters of Credit the Loans in accordance with Section 2.05(j2.12, (x) or (k), the Total Multicurrency Tranche Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the sum of the total Multicurrency Tranche Revolving Facility Credit Commitments of under at such Classtime or (y) the Total Revolving Credit Exposure would exceed the Line Cap at such time.
(c) The applicable Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under any Revolving Credit Facility Commitments of (or any Class under tranche thereof) pursuant to paragraph (b) of this Section 2.08 2.10 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Revolving Credit Lenders of the contents thereof. Each notice delivered by the applicable Borrower pursuant to this Section 2.08 2.10 shall be irrevocable; provided, that a notice of termination or reduction of the Revolving Facility Credit Commitments of any Class delivered by the applicable Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or any other financing, indentures or similar agreements sale or other transactions, 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 satisfiedtransaction. Any termination or reduction of the Revolving Credit Commitments shall be permanentpermanent (but subject to any increase pursuant to Section 2.23). Each reduction of the Revolving Credit Commitments under any Revolving Credit Facility (other than any such reduction resulting from the termination of the Revolving Credit Commitment of any Class Lender as provided in Section 2.21) shall be made ratably among the Revolving Credit Lenders in accordance with their respective holding Revolving Credit Commitments of under such ClassRevolving Credit Facility.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (Eighteenth Incremental Assumption and Amendment Agreement Effective Date, after giving effect to the funding of the 2024-1 Refinancing Term B Loans to be made on such date)B-1 Loans, the 2024-1 Refinancing Term B B-1 Loan Commitments Commitment of each 2024-1 Refinancing Term B-1 Lender as of the Closing Date will shall terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: Incremental Assumption and Amendment Agreement (ADT 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 Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such ClassDate. On the Closing 2019 Incremental Effective Date (after giving effect to the funding of the 2019 Incremental Effective Date Term B Loans to be made on such date), the 2019 Incremental Effective Date Term B Loan Commitments of each Lender as of the Closing 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.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving 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 $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 or Swingline Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the aggregate Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) Exposures would exceed the total aggregate Revolving Facility Commitments of such ClassCommitments.
(c) The Borrower shall notify the Administrative Agent of may at any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days time prior to the effective date of such termination funding thereunder terminate, or reduction (or such shorter period acceptable from time to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any noticetime reduce, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable2019 Delayed Draw Incremental Term Loan Commitments; provided, that a notice of termination or each reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the 2019 Delayed Draw Incremental Term Loan Commitments shall be permanent. Each reduction in an amount that is an integral multiple of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class$500,000 and not less than $1,000,000.
Appears in 1 contract
Sources: Incremental Assumption and Amendment (European Wax Center, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (Tenth Incremental Assumption and Amendment Agreement Effective Date, after giving effect to the funding of the 2021 Refinancing Term B Loans to be made on such date)B-1 Loans, the 2021 Refinancing Term B B-1 Loan Commitments Commitment (as defined in the Tenth Amended and Restated Credit Agreement) of each Lender as of the Closing Date will terminateterminated.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: Incremental Assumption and Amendment Agreement (ADT Inc.)
Termination and Reduction of Commitments. (a) .
(a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B A Loans to be made on such date), the Term B A Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class; provided, further, that, unless an Event of Default has occurred or is continuing, the Borrower may terminate the unused Revolving Facility Commitments of any Defaulting Lender in any amounts and without a pro rata reduction of the Revolving Facility Commitments of the other Lenders (such termination shall not be deemed to be a waiver or release of any claim that the Borrower, the Administrative Agent, any Issuing Bank or any Lender may have against such Defaulting Lender).
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied (or waived by the Borrower in its sole discretion) and/or rescinded at any time by the Borrower if the Borrower determines in its sole discretion that any or all of such conditions will not be satisfied (or waived). 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 Commitments of such Class.
Appears in 1 contract
Sources: Credit Agreement (Open Lending Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Incremental Revolving Facility Commitments of each Class shall terminate on the applicable Incremental Revolving Facility Maturity Date for such Class. On the Closing Date and (after giving effect to the funding of the Term B Loans to be made on such date), ii) the Term B Loan Commitments of each Lender as of shall terminate at 2:00 p.m., Local Time, on the Closing Date will terminateDate.
(b) The Borrower Borrowers may at any time terminate, or from time to time reduce, the Incremental Revolving Facility Commitments of any ClassCommitments; provided, that (i) each such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the Incremental Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower Borrowers shall not terminate or reduce the Incremental Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment of the Incremental Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Incremental Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Incremental Revolving Facility Commitments of such ClassCommitments.
(c) The Borrower Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Incremental Revolving Facility Commitments of any Class under paragraph (bSection 2.08(b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Borrowers pursuant to this Section 2.08 2.08(c) shall be irrevocable; provided, that a notice of termination or reduction of the Incremental Revolving Facility Commitments of any Class delivered by the Borrower Borrowers 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 Borrowers (by notice to the 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 applicable Lenders in accordance with their respective Commitments of such ClassCommitments.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall automatically and permanently terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Initial Euro Term B Loans to be made on such date), the Initial Euro Term B Loan Commitments of each Term Lender with an Initial Euro Term Loan Commitment as of the Closing Date will automatically and permanently terminate. On the Amendment No. 2 Effective Date (after giving effect to the funding of the Tranche B-2 Dollar Term Loans by the Additional Tranche B-2 Dollar Term Lender representing the full amount of the Additional Tranche B-2 Dollar Term Commitment to be made on such date), the Additional Tranche B-2 Dollar Term Commitment of the Additional Tranche B-2 Dollar Term Lender will automatically and permanently terminate.
(b) The Borrower Parent may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of the Dollar Equivalent of $500,000 1,000,000 and not less than the Dollar Equivalent of $1,000,000 5,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower Parent 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), as applicable, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit, to the extent so Cash Collateralized) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower Parent shall notify the 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 reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Parent pursuant to this Section 2.08 shall be irrevocable; provided, that a notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower Parent 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 Parent (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On and (ii) the Closing Date (after giving effect Term A Loan Commitments shall be automatically and permanently reduced to $0 upon the funding of the Term B A Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Borrower may at any time terminate, or from time to time reduce, reduce the Revolving Facility Commitments of any ClassCommitments; provided, that (i) each such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and Commitments), (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j2.12, (w) or (k), the total Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments Commitments, (x) the aggregate amount of such ClassAlternative Currency Loans under the Revolving Facility outstanding would exceed the Alternative Currency Sublimit, (y) the aggregate principal amount of Swingline Loans would exceed the Swingline Sublimit or (z) the Outstanding Amount of all L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit and (iii) each reduction shall be applied ratably among all Classes of Revolving Facility Commitments.
(c) The Borrower shall notify the 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 Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures facilities or similar agreements or other transactionsthe occurrence of any transaction anticipated to occur in connection with such termination, 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. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the applicable Lenders in accordance with their respective Commitments of such ClassCommitments.
Appears in 1 contract
Sources: Credit Agreement (EVERTEC, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Tranche 1 Term Commitments will terminate at 5:00 p.m., New York City time, on the earliest of March 17, 2003, the PTMI Put Date and the indefeasible payment in full of the PTMI Principal Obligations, (ii) the Tranche A Revolving Facility Commitments of each Class shall will terminate on the applicable Tranche A Revolving Facility Maturity Commitment Termination Date for such Class. On and (iii) the Closing Date (after giving effect to Tranche B Revolving Commitments will terminate on the funding of the Term Tranche B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateRevolving Commitment Termination Date.
(b) On the Tranche B Commitment Reduction Date, the Tranche B Revolving Commitments will be permanently reduced by the amount, if any, by which the aggregate Tranche B Revolving Commitments exceed $150,000,000.
(c) The Borrower Revolving Commitments will be permanently reduced, on a pro rata basis based on the respective amounts of the Tranche A Revolving Commitments and Tranche B Revolving Commitments at the time of such reduction, in such amounts and at such times required by the provisions of Section 2.10(c) and (d). The Tranche 1 Term Loan Commitment of each Tranche 1 Lender will be automatically and permanently reduced upon the payment to such Lender, pursuant to the Existing PTMI Agreement, of any PTMI Principal Obligations held by such Lender, in an amount equal to the amount of such payment.
(d) The Borrowers may at any time terminate, or from time to time reduce, the Revolving 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 $500,000 1,000,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and 5,000,000; (ii) the Borrower Borrowers shall not terminate or reduce the Tranche A Revolving Facility Commitments of any Class or the Tranche B Revolving Commitments if, after giving effect to any concurrent prepayment of the Tranche A Revolving Facility Loans or Tranche B Revolving Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.10, the aggregate Tranche A Exposures or Tranche B Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) Exposures would exceed the total Tranche A Revolving Facility Commitments or Tranche B Revolving Commitments, respectively; and (iii) the Borrowers will not in any event terminate or reduce the Tranche 1 Term Loan Commitments of any Tranche 1 Lender without the prior written consent of such ClassTranche 1 Lender if, after giving effect thereto, the Tranche 1 Term Loan Commitment of such Tranche 1 Lender would be less than the then-current PTMI Principal Obligations held by such Tranche 1 Lender minus such Lender's Applicable Percentage of Collateralized PTMI Advances, if any.
(ce) The Borrower shall Borrowers will notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (bd) of this Section 2.08 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 (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election or reduction and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Borrowers pursuant to this Section 2.08 shall be irrevocable; provided, provided that a notice of voluntary termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower Borrowers pursuant to paragraph (d) of this Section may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactionsfinancings, in which case such notice may be revoked by the Borrower Borrowers (by notice to the 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 (except as contemplated by clause (iii) of paragraph (d) of this Section) be made ratably among the Lenders in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: Credit Agreement (Freeport McMoran Copper & Gold Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall automatically and permanently terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the requested amount of Initial Term A Loans by the Initial Term A Lenders), the Initial Term A Loan Commitments of the Initial Term A Lenders will automatically and permanently terminate. On the Closing Date (after giving effect to the funding of the requested amount of Initial Term B Loans to be made on such dateby the Initial Term B Lenders), the Initial Term B Loan Commitments of each Lender as of the Closing Date Initial Term B Lenders will automatically and permanently terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 5,000,000 and not less than $1,000,000 10,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), as applicable, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit, to the extent so Cash Collateralized) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the PR 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 reduction (or such shorter period acceptable to the PR Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the PR Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the PR Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied or waived by the Borrower. 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 Commitments of such Class.
Appears in 1 contract
Sources: Credit Agreement (Herman Miller Inc)
Termination and Reduction of Commitments. (a) The Term Commitments shall permanently terminate upon the funding of the initial Term Borrowing or if the Borrowing Request for such initial Term Borrowing has not been made by the close of business on , 2005, upon such close of business.
(b) Unless previously terminated, the Revolving Facility Credit Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(bc) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any ClassCredit Commitments; provided, provided that (i) each reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) 5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility Credit Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the total Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) Exposures would exceed the total Revolving Facility Commitments of such ClassCredit Commitments.
(cd) The Borrower shall notify the Administrative Paying Agent of any election to terminate or reduce the Revolving Facility Credit Commitments of any Class under paragraph (bc) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Paying Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided, provided that a notice of termination or reduction of the Revolving Facility Credit Commitments of any Class delivered by the 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 Borrower (by notice to the Administrative Paying 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 Revolving Credit Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Revolving Credit Commitments.
(e) Any termination of the Commitments of such Classpursuant to this Section 2.09 or ARTICLE VII shall be permanent.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, terminated the Tranche 3 Revolving Facility Commitments of each Class shall terminate on the applicable Tranche 3 Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments; provided that any such reduction of Revolving Facility Commitments shall be allocated at the Borrower’s option to the Revolving Lenders ratably between the Classes of any ClassRevolving Facility Commitments; provided, provided further that (i) each such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such ClassCommitments.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 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 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 under either Facility shall be made ratably among the Lenders in accordance with their respective Commitments under such Facility.
(d) At any time there is any outstanding Tranche 3 Revolving Facility Credit Exposure (not including any Letters of Credit which have been Cash Collateralized by the Borrower) and the Consolidated Senior Secured Leverage Ratio on the last day of any fiscal quarter for the four quarter period ended as of such Classdate exceeds 3.50 to 1.00, Tranche 3 Revolving Lenders having greater than 50% of the Tranche 3 Revolving Facility Credit Exposure (the “Required Tranche 3 Revolving Lenders”) shall have the right to terminate all or portion of the Tranche 3 Revolving Facility Commitments upon 1 Business Days’ notice to the Borrower (a “Tranche 3 Revolving Lender Termination Event”). In connection with a Tranche 3 Revolving Lender Termination Event, the Borrower shall repay all outstanding Tranche 3 Revolving Facility Loans and shall terminate or Cash Collateralize all outstanding Letters of Credit.
(e) The Borrower shall repay all outstanding Tranche 2 Revolving Facility Loans and accrued interest with respect thereto and outstanding Swingline Loans and accrued interest with respect thereto on the 2013 Amendment Effective Date.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Repricing Effective Date (after giving effect to the exchange of the Existing Term B Loans (as defined in the 2018 Incremental Assumption and Amendment Agreement) by the 2018 Refinancing Term B Cashless Settlement Option Lenders (as defined in the 2018 Incremental Assumption and Amendment Agreement) for 2018 Refinancing Term B Loans and the funding of the Additional 2018 Refinancing Term B Loans (as defined in the 2018 Incremental Assumption and Amendment Agreement) to be made on such date), the 2018 Refinancing Term B Loan Commitments (as defined in the 2018 Incremental Assumption and Amendment Agreement) of each Lender as of the Closing Repricing Effective Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: Incremental Assumption and Amendment Agreement (PlayAGS, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, each of the Revolving Facility Commitments of each Class and the Revenue Bond Commitments shall terminate on the applicable Revolving Facility Final Maturity Date for such ClassDate. On If any Letter of Credit remains outstanding on the Closing Date (after giving effect Final Maturity Date, the Borrower will deposit with the Administrative Agent an amount in Cash Collateral equal to the funding 105% of the Term B Loans aggregate undrawn amount of such Letter of Credit to be made on such date), secure the Term B Loan Commitments of each Lender as of the Closing Date will terminateBorrower’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 Revolving Facility Commitments of any ClassCommitments; 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 $500,000 1,000,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) 5,000,000 and (ii) the Borrower shall not terminate or reduce the any Revolving Facility Commitments of any Class if, after giving effect to such termination or reduction and any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11 2.09, the aggregate Revolving Credit Exposures would exceed the aggregate Revolving Commitments. The Borrower may at any time terminate, or from time to time reduce, the Revenue Bond Commitments; provided that (i) each reduction of the Revenue Bond Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not terminate or reduce any Revenue Bond Commitments if, after giving effect to such termination or reduction and any Cash Collateralization concurrent prepayment of Letters of Credit the Revenue Bond Loans in accordance with Section 2.05(j) or (k)2.09, the Revolving Facility aggregate Revenue Bond Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Classaggregate Revenue Bond Commitments.
(c) The Borrower shall notify the Administrative Agent of any election or requirement to terminate or reduce the Revolving Facility Commitments of any Class or the Revenue Bond Commitments under paragraph (b) of this Section 2.08 at least three (3) Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 or the Revenue Bond Commitments delivered by the 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 Borrower (by notice to the 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 the Revenue Bond Commitments shall be permanent. Each reduction of the Revolving Commitments of any Class or the Revenue Bond Commitments shall be made ratably among the Revolving Lenders or Revenue Bond Lenders, as the case may be, ratably in accordance with their respective Commitments of such ClassApplicable Percentages.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, terminated (x) the Tranche 1 Revolving Facility Commitments of each Class shall terminate on the applicable Tranche 1 Revolving Facility Maturity Date for such Class. On and (y) the Closing Date (after giving effect to Tranche 2 Revolving Facility Commitments shall terminate on the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateTranche 2 Revolving Facility Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments; provided that any such reduction of Revolving Facility Commitments shall be allocated at the Borrower’s option (x) to the Revolving Lenders ratably between the Classes of Revolving Facility Commitments, (y) to the Tranche 1 Revolving Lenders or (z) any combination of the foregoing described in clauses (x) and (y), in each case ratably within each applicable Class; provided, provided further that (i) each such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the Revolving Facility Commitments of such Classor Tranche 1 Revolving Facility Commitments, as applicable) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such ClassCommitments.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 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 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 under either Facility shall be made ratably among the Lenders in accordance with their respective Commitments under such Facility.
(d) At any time there is any outstanding Tranche 2 Revolving Facility Credit Exposure (not including any Letters of Credit which have been Cash Collateralized by the Borrower) and the Consolidated Senior Secured Leverage Ratio on the last day of any fiscal quarter for the four quarter pe- riod ended as of such Classdate exceeds 3.50 to 1.00, Tranche 2 Revolving Lenders having greater than 50% of the Tranche 2 Revolving Facility Credit Exposure (the “Required Tranche 2 Revolving Lenders”) shall have the right to terminate all or portion of the Tranche 2 Revolving Facility Commitments upon 1 Business Days’ notice to the Borrower (a “Tranche 2 Revolving Lender Termination Event”). In connection with a Tranche 2 Revolving Lender Termination Event, the Borrower shall repay all outstanding Tranche 2 Revolving Facility Loans and shall terminate or Cash Collateralize all outstanding Letters of Credit.
(e) The Borrower shall permanently reduce the amount of Tranche 1 Revolving Commitments by the amount of any New Tranche 2 Revolving Facility Commitments as set forth in Section 2.22(d).
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower Borrowers may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower Borrowers 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Borrowers pursuant to this Section 2.08 shall be irrevocable; provided, that a notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower Borrowers 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 Borrowers (by notice to the 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 in accordance with their respective Commitments of such ClassCommitments.
Appears in 1 contract
Sources: Credit Agreement (RBS Global Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Cash Flow Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Cash Flow Revolving Facility Commitments of any ClassCommitments; provided, provided that (i) each reduction of the Cash Flow Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the Cash Flow Revolving Facility Commitments of such ClassCommitments) and (ii) the Borrower shall not terminate or reduce the Cash Flow Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment of the Cash Flow Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Cash Flow Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Cash Flow Revolving Facility Commitments of such ClassCommitments.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Revolving Facility Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided, provided that a notice of termination or reduction of the Cash Flow Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such ClassCommitments.
Appears in 1 contract
Sources: Credit Agreement (Verso Paper Corp.)
Termination and Reduction of Commitments. (ai) Unless previously terminated, the The Domestic Revolving Facility Commitments of each Class shall terminate on the applicable Domestic Revolving Facility Maturity Date, (ii) the Global Revolving Commitments shall terminate on the Global Revolving Maturity Date, (iii) the Bilateral FCI Issuing Commitments, the Participation FCI Issuing Commitments and the Participation FCI Commitments shall terminate on the Foreign Trade Maturity Date for such Class. On the Closing Date and (after giving effect to the funding of iv) the Term B Loans to be made Loan A Commitments shall terminate on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateThird Amendment Effective Date.
(b) The Parent Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, provided that (i) each reduction of the Revolving Facility Commitments (other than Bilateral FCI Issuing Commitments or Participation FCI Issuing Commitments) of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 (or10,000,000, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Parent Borrower shall not terminate or reduce (A) the Domestic Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment of the Domestic Revolving Facility Loans in accordance with Section 2.11 and 2.12, the Domestic Revolving Exposure would exceed the total Domestic Revolving Commitments, (B) the Global Revolving Commitments if, after giving effect to any Cash Collateralization concurrent prepayment of Letters of Credit the Global Revolving Loans in accordance with Section 2.05(j) or (k)2.12, the Global Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Global Revolving Facility Commitments, (C) the Participation FCI Issuing Commitments or the Participation FCI Commitments if the Total Foreign Trade Exposure with respect to the Participation FCIs would exceed (1) the total Participation FCI Issuing Commitments or (2) the total Participation FCI Commitments or (D) the Bilateral FCI Issuing Commitments if the Total Foreign Trade Exposure with respect to the Bilateral FCIs would exceed the total Bilateral FCI Issuing Commitments and (iii) each termination or reduction of such ClassParticipation FCI Issuing Commitments, Participation FCI Commitments or Bilateral FCI Issuing Commitments shall be made in accordance with Section 2.6(q).
(c) The Parent Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 Section, at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Parent Borrower 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 Parent Borrower may state that such notice is conditioned upon the effectiveness or closing of other credit facilities, indentures debt financings or similar agreements or other transactionsDispositions, in which case such notice may be revoked or the date specified therein extended by the Parent Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: Credit Agreement (SPX Corp)
Termination and Reduction of Commitments. (a) 3. Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(ba) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(cb) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Termination and Reduction of Commitments. (a) The Tranche A Term Commitment shall terminate on the Restatement Effective Date upon the borrowing of the Tranche A Term Loans. Unless previously terminated, the all Revolving Facility Commitments of each Class shall terminate on the Revolving Credit Maturity Date. The Extended Revolving Commitments shall terminate on the respective maturity dates applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminatethereto.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving 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 $500,000 1,000,000 and not less than $1,000,000 10,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) Commitments), and (ii) the Borrower shall not terminate or reduce either Class of the Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility Loans of such Class in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.10, the aggregate Revolving Facility Credit Exposure Exposures of such Class (excluding excluding, in the case of any Cash Collateralized Letter termination of the Global Revolving Commitments or U.S. Revolving Commitments, the portion of the Global Revolving Exposures or U.S. Revolving Exposures attributable to outstanding Global Letters of Credit or U.S. Letters of Credit, applicable, if and to the extent that the Borrower has made arrangements satisfactory to the Administrative Agent and the applicable Issuing Bank with respect to such Global Letters of Credit or U.S. Letters of Credit, applicable, and such Issuing Bank has released the Applicable Participants from their participation obligations with respect to such Global Letters of Credit or U.S. Letters of Credit, applicable) would exceed the total aggregate Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three (3) Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures facilities or similar agreements or other transactionsinstruments of Indebtedness, 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. Any termination or reduction of the Revolving Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments of any Class shall shall, except as provided in Section 2.20, be made ratably among the Lenders in accordance with their respective Revolving Commitments of such Class.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Tranche A Commitments of each Class shall terminate on the applicable Revolving Facility Maturity last day of the Tranche A Availability Period; the Tranche B Commitments shall terminate on the Tranche B Effective Date for such Class. On the Closing Date (after giving effect to simultaneous with the funding of the Term Loans made under the Tranche B Loans to be made Commitments on such date), the Term Tranche B Loan Effective Date; and the Revolving Commitments of each Lender as shall terminate on the last day of the Closing Date will terminateRevolving Credit Availability Period.
(bi) The Borrower Parent may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Classclass; provided, PROVIDED that (iA) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (iiB) the Borrower Parent 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.10, the total Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) Exposures would exceed the total Revolving Facility Commitments.
(ii) The Tranche A Commitments shall be reduced by (A) $180,000,000 if the First Alert Acquisition is not consummated on or prior to the last day of such Classthe Tranche A Availability Period and (B) $275,000,000 if the Signature Acquisition is not consummated on or prior to the last day of the Tranche A Availability Period.
(c) The Borrower Parent shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders having Commitments of the affected Class of the contents thereof. Each notice delivered by the Borrower Parent 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 Parent 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 Parent (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: Credit Agreement (Sunbeam Corp/Fl/)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such ClassDate. On The Term B Loan Commitments (but not the Closing Date (after giving effect to Additional Term Loan Commitments) shall terminate upon the funding making of the Term B Loans pursuant to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateSection 2.01.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of under any ClassFacility; provided, provided that (i) each reduction of the Revolving Commitments under any Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1 million and not less than $1,000,000 5 million (or, if less, the remaining amount of the any Revolving Facility Commitments of such Class) and Commitments), (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments, and (iii) the Extended Maturity Revolving Facility Commitments of each Extended Maturity Revolving Facility Lender that indicated its acceptance of a reduction of its Extended Maturity Revolving Facility Commitments on its signature page to the Amendment Agreement (including any subsequent assignees pursuant to Section 9.04) by 25% of the total amount of such ClassExtended Maturity Revolving Facility Commitments then outstanding shall automatically be reduced by such amount on the Fifth Amendment Effective Date; provided that, if as a result of any reduction, the Extended Maturity Revolving Facility Exposure exceeds the total Extended Maturity Revolving Facility Commitments, the Borrower shall prepay the Extended Maturity Revolving Facility Commitments in accordance with Section 2.11 such that the Extended Maturity Revolving Facility Exposure would not exceed the total Extended Maturity Revolving Facility Commitments.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower 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 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 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 under any Class Facility shall be made ratably among the Lenders in accordance with their respective Commitments of under such ClassFacility, except as provided in Section 2.22.
Appears in 1 contract
Sources: Amendment Agreement (Alpha Natural Resources, Inc.)
Termination and Reduction of Commitments. (a) 6.%2.%3. Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(ba) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(cb) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied (or waived by the Borrower in its sole discretion) and/or rescinded at any time by the Borrower if the Borrower determines in its sole discretion that any or all of such conditions will not be satisfied (or waived). 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 Commitments of such Class.
Appears in 1 contract
Sources: First Lien Credit Agreement (Cec Entertainment Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period reasonably acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 delayed until such time as such condition is satisfied or revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied (or waived by the Borrower in its sole discretion) and/or rescinded at any time by the Borrower if the Borrower determines in its sole discretion that any or all of such conditions will not be satisfied (or waived). 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 Commitments of such Class.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (Ninth Incremental Assumption and Amendment Agreement Effective Date, after giving effect to the funding of the 2019 Refinancing Term B Loans to be made on such date)B-1 Loans, the 2019 Refinancing Term B B-1 Loan Commitments Commitment of each 2019 Refinancing Term B-1 Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: Incremental Assumption and Amendment Agreement (ADT Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (Eighteenth Incremental Assumption and Amendment Agreement Effective Date, after giving effect to the funding of the 2024-1 Refinancing Term B Loans to be made on such date)B-1 Loans, the 2024-1 Refinancing Term B B-1 Loan Commitments Commitment of each 2024-1 Refinancing Term B-1 Lender as terminated. On the Nineteenth Incremental Assumption and Amendment Agreement Effective Date, after giving effect to the funding of the Closing Date will 2025 Incremental Term B-2 Loans, the 2025 Incremental Term B-2 Loan Commitment of each 2025 Incremental Term B-2 Lender terminated. On the Twentieth Incremental Assumption and Amendment Agreement Effective Date, after giving effect to the funding of the June 2025 Incremental Term B-2 Loans, the June 2025 Incremental Term B-2 Loan Commitment of each June 2025 Incremental Term B-2 Lender terminated. On the Twenty-First Incremental Assumption and Amendment Agreement Effective Date, after giving effect to the funding of the September 2025 Incremental Term B-2 Loans, the September 2025 Incremental Term B-2 Loan Commitment of each September 2025 Incremental Term B-2 Lender shall terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: Incremental Assumption and Amendment Agreement (ADT Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Credit Commitments of each Class shall terminate on the applicable Revolving Facility Credit Maturity Date for such ClassDate. On The
(1) Term Loan A Commitments shall automatically terminate upon the making of the Term A Loans on the Closing Date and, in any event, not later than 5:00 p.m., New York City time, on the Closing Date and[Reserved] and (after giving effect to 2) Term Loan B Commitments shall automatically terminate upon the funding making of the Term B Loans on the ClosingEighth Amendment Effective Date and, in any event, not later than 5:00 p.m., New York City time, on the ClosingEighth Amendment Effective Date. The commitments of each Issuing Bank to issue, amend, renew or extend any Letters of Credit shall automatically terminate on the earliest to occur of (i) the termination of the Revolving Credit Commitments, (ii) the date that is five (5) Business Days prior to the latest Revolving Credit Maturity Date and (iii) such Issuing Bank ceasing to be made on such date), the Term B Loan Commitments of each a Revolving Credit Lender as of the Closing Date will terminatehereunder.
(b) The Borrower Revolver Borrowers may at any time terminate, without premium or penalty, or from time to time reduce, the Revolving Credit Commitments under any Revolving Credit Facility Commitments (or under any tranche of any Classthe Revolving Credit Commitments); provided, provided that (i) each reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) in any event, the Borrower Revolver Borrowers shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.12, the Total Revolving Facility Credit Exposure of such Class (excluding under any Cash Collateralized Letter of Credit) tranche would exceed the total Revolving Facility Credit Commitments of under such Classtranche.
(c) The Borrower Revolver Borrowers shall notify the Revolver Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under any Revolving Credit Facility Commitments of (or any Class under tranche thereof) pursuant to paragraph (b) of this Section 2.08 at least three (3) Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Revolver Administrative Agent shall advise the applicable Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrower Revolver Borrowers pursuant to this Section 2.08 shall be irrevocable; provided, provided that a notice of termination or reduction of the Revolving Facility Credit Commitments of any Class delivered by the Borrower Revolver Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or any other financing, indentures or similar agreements sale or other transactions, 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 satisfiedtransaction. Any termination or reduction of the Revolving Credit Commitments shall be permanentpermanent (but subject to any increase pursuant to Section 2.23). Each reduction of the Revolving Credit Commitments under any Revolving Credit Facility (other than any such reduction resulting from the termination of the Revolving Credit Commitment of any Class Lender as provided in Section 2.21) shall be made ratably among the Revolving Credit Lenders in accordance with their respective holding Revolving Credit Commitments of under such ClassRevolving Credit Facility.
Appears in 1 contract
Sources: Credit Agreement (Herbalife Ltd.)
Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Initial Revolving Facility Credit Commitments of each Class shall automatically terminate on the applicable Initial Revolving Facility Credit Maturity Date for such Class. On and (ii) the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Additional Revolving Credit Commitments of each Lender as of any Class shall automatically terminate on the Closing Maturity Date will terminatespecified therefor in the applicable Refinancing Amendment.
(b) The Upon delivering the notice required by Section 2.09(c), the Borrower may at any time terminate, terminate or from time to time reduce, reduce the Revolving Facility Credit Commitments of any Class; provided, provided that (i) each reduction of the Revolving Facility Credit Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower shall not terminate or reduce the Revolving Facility Credit Commitments of any Class if, after giving effect to such termination or reduction, as applicable, and any concurrent prepayment of Revolving Loans, the aggregate amount of the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), Exposure attributable to the Revolving Facility Credit Exposure Commitments of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total aggregate amount of the Revolving Facility Credit Commitments of such Class; provided that, after the establishment of any Additional Revolving Credit Commitment, any such termination or reduction of the Revolving Credit Commitments of any Class shall be subject to the provisions set forth in Section 9.02, as applicable.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class or Classes of Revolving Credit Commitments under paragraph (b) of this Section 2.08 (as selected by the Borrower) not later than 11:00 a.m. on or prior to the effective date of such termination or reduction (or at least least, not later than 11:00 a.m., three Business Days prior to the effective date of such termination or reduction in the case of a termination or reduction involving a prepayment of LIBO Rate Borrowings (or such shorter period acceptable later date to which the Administrative AgentAgent may agree)), specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Revolving Lenders of each applicable Lenders Class or Classes of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided, provided that a any such notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments any Revolving Credit Commitment pursuant to this Section 2.09 shall be permanent. Each Upon any reduction of any Revolving Credit Commitment, the Commitments Revolving Credit Commitment of any each Revolving Lender of the relevant Class shall be made ratably among the Lenders in accordance with their respective Commitments reduced by such Revolving Lender’s Applicable Percentage of such Classreduction amount.
Appears in 1 contract
Sources: First Lien Credit Agreement (Isos Acquisition Corp.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing October 2018 Effective Date (after giving effect to the exchange of the Existing Term B Loans (as defined in the October 2018 Incremental Assumption and Amendment Agreement) by the October 2018 Refinancing Term B Cashless Settlement Option Lenders (as defined in the October 2018 Incremental Assumption and Amendment Agreement) for October 2018 Refinancing Term B Loans and the funding of the Additional October 2018 Refinancing Term B Loans (as defined in the October 2018 Incremental Assumption and Amendment Agreement) and the Incremental Term B Loans, in each case, to be made on such date), the October 2018 Refinancing Term B Loan Commitments and the Incremental Term B Loan Commitments (each, as defined in the October 2018 Incremental Assumption and Amendment Agreement) of each Lender as of the Closing October 2018 Effective Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: Incremental Assumption and Amendment Agreement (PlayAGS, Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated(i) Except as otherwise provided in Section 2.16, the Revolving Facility Commitments of each Class Commitments, the Swingline Commitment, and the LC Commitment shall automatically terminate on the applicable Revolving Facility Maturity Date for such Class. On and (ii) the Initial Term Loan Commitments shall terminate and be automatically and permanently reduced to $0 upon the making of the Initial Term Loans on the Closing Date (after giving effect pursuant to the funding of the Term B Loans to be made on such dateSection 2.01(b), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class, as determined by the Borrower, in whole or in part; provided, provided that (i) each any such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) Borrowing Multiple and (ii) the Borrower Revolving Commitments shall not terminate be terminated or reduce the Revolving Facility Commitments of any Class reduced if, after giving effect to any concurrent prepayment of the Loans under the Revolving Facility Loans in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.09, the total Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such ClassCommitments.
(c) [Reserved].
(d) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class of Commitments under any Facility under paragraph (b) of this Section 2.08 2.07 at least three two Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any effectuated termination or reduction of the Commitments shall be permanent. Each termination or reduction of the Commitments shall be made among the Lenders based on each Lender's Pro Rata Percentage under the applicable Facility, Facilities or within any Class of the Commitments; provided that, notwithstanding the foregoing, (1) the Borrower may allocate any termination or reduction of Commitments among Classes at its direction, (2) the Borrower may allocate any termination or reduction of Revolving Commitments among initial Revolving Commitments and Extended Revolving Commitments at its direction (including, for the avoidance of doubt, to the Commitments with respect of any Class of Extended Revolving Commitments without any termination or reduction of the remaining Commitments with respect to the Existing Revolving Loan Commitments from which such Extended Revolving Commitments were converted or extended) and (3) in connection with the establishment on any date of any Extended Revolving Commitments pursuant to Section 2.16, the Existing Revolving Loan Commitments of any one or more Lenders providing any such Extended Revolving Commitments on such date shall be made ratably among reduced in an amount equal to the amount of Existing Revolving Loan Commitments so extended on such date (or, if agreed by the Borrower and the Lenders providing such Extended Revolving Commitments, by any greater amount so long as (A) a proportionate reduction of the Existing Revolving Loan Commitments has been offered to each Lender to whom the applicable Extension Request has been made (which may be conditioned upon such Lender becoming an Extending Lender), and (B) the Borrower prepays the Existing Revolving Loans of such Class of Existing Revolving Loan Commitments owed to such Lenders providing such Extended Revolving Commitments to the extent necessary to ensure that, after giving pro forma effect to such repayment or reduction, the Existing Revolving Loans of such Class are held by the Lenders of such Class on a pro rata basis in accordance with their respective Existing Revolving Loan Commitments of such ClassClass after giving pro forma effect to such reduction) (provided that (x) after giving pro forma effect to any such reduction and to the repayment of any Loans made on such date, the aggregate amount of the revolving credit exposure of any such Lender does not exceed the Existing Revolving Loan Commitment thereof (such revolving credit exposure and Existing Revolving Loan Commitment being determined in each case, for the avoidance of doubt, exclusive of such ▇▇▇▇▇▇'s Extended Revolving Commitment and any exposure in respect thereof) and (y) for the avoidance of doubt, any such repayment of Loans contemplated by the preceding clause shall be made in compliance with the requirements of Section 2.10(a) with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving pro forma effect to any conversion or exchange pursuant to Section 2.16 of Existing Revolving Loan Commitments and Existing Revolving Loans into Extended Revolving Commitments and Extended Revolving Loans respectively, and prior to any reduction being made to the Commitment of any other Lender).
Appears in 1 contract
Sources: Credit Agreement (SunOpta Inc.)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminate.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 250,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three (3) Business Days prior to the effective date of such termination or reduction (or such shorter period reasonably acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 delayed until such time as such condition is satisfied or revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedsatisfied (or waived by the Borrower in its sole discretion) and/or rescinded at any time by the Borrower if the Borrower determines in its sole discretion that any or all of such conditions will not be satisfied (or waived). 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 Commitments of such Class.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, The Tranche A Term Loan Commitments and Tranche B-1 Term Loan Commitments shall automatically terminate upon the making of the related Term Loans on the Closing Date. The Additional Tranche B-2 Term Loan Commitments shall automatically terminate upon the making of the Tranche B-2 Term Loans by the Additional Tranche B-2 Term Loan Lender on the First Amendment Effective Date. The Revolving Facility Credit Commitments of each Class and the Swingline Commitment shall automatically terminate on the applicable Revolving Facility Credit Maturity Date for such ClassDate. On The L/C Commitment shall automatically terminate on the Closing Date earlier to occur of (after giving effect i) the termination of the related Revolving Credit Commitments and (ii) the date 5 days prior to the funding of applicable Revolving Credit Maturity Date, unless otherwise agreed by each Issuing Bank in the Term B Loans to be made on such date), applicable Revolving Credit Facility and the Term B Loan Commitments of each Lender as of the Closing Date will terminateParent Borrower.
(b) The Upon at least 3 Business Days’ prior written or fax notice to the Administrative Agent, the Parent Borrower may at any time in whole terminate, or from time to time in part permanently reduce, the Revolving Facility Credit Commitments of any ClassClass or the Swingline Commitment without premium or penalty; provided, however, that (i) each partial reduction of the Revolving Facility Credit Commitments of any Class shall be in an aggregate amount that is an integral multiple of $500,000 and not less than $1,000,000 (orthe Minimum Currency Threshold, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower Total Revolving Credit Commitment shall not terminate or reduce be reduced to an amount that is less than the Aggregate Revolving Facility Commitments of any Class if, Credit Exposure then in effect (after giving effect to any concurrent repayment or prepayment of the Revolving Facility Loans in accordance with Section 2.11 effected simultaneously therewith) and (iii) any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) termination or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent permanent reduction of any election Revolving Credit Commitments pursuant to terminate or reduce this Section 2.09(b) shall be applied as directed by the Revolving Facility Commitments of Parent Borrower, including as to any Class under paragraph of Extended Revolving Credit Commitments or existing Revolving Credit Commitments (b) including any Class of this Section 2.08 at least three Business Days prior to the effective date of such termination Incremental Revolving Credit Commitments or reduction (or such shorter period acceptable to the Administrative AgentRefinancing Revolving Credit Commitments), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each Any notice delivered given by the Parent Borrower pursuant to this Section 2.08 2.09(b) shall be irrevocable; provided, provided that a any such notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Parent Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactionsfinancing arrangements, in which case such notice may be revoked or extended by the Parent Borrower (by notice to the 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 Revolving Credit Commitments of any Class hereunder shall be made ratably among the Lenders of such Class in accordance with their respective Commitments applicable Commitments; provided that none of the Swingline Commitment, the L/C Commitment, the Alternative Currency Sublimit or the Foreign Subsidiary Borrower Sublimit shall be reduced unless the Revolving Credit Commitment is reduced to an amount less than the Swingline Commitment, the Letter of Credit Commitment, the Alternative Currency Sublimit or the Foreign Subsidiary Borrower Sublimit, as applicable, then in effect (and then only to the extent of such Classdeficit). The Borrowers shall pay to the Administrative Agent for the account of the Revolving Credit Lenders, on the date of each termination or reduction of the Revolving Credit Commitments, the applicable Commitment Fees on the amount of the Revolving Credit Commitments so terminated or reduced accrued to but excluding the date of such termination or reduction.
(d) On the applicable Revolving Credit Maturity Date of any Revolving Credit Commitments, such Revolving Credit Commitments will terminate and the respective Lenders who held such terminated Commitments will have no obligation to make, or participate in, extensions of credit (whether the making of Loans or the issuance of Letters of Credit) made pursuant to such Commitments after such Revolving Credit Maturity Date; provided that, except as expressly provided in the immediately succeeding sentence, (x) the foregoing shall not release any Revolving Credit Lender from liability it may have for its failure to fund Revolving Loans, L/C Disbursements or participations in Swingline Loans that was required to be performed by it on or prior to such Revolving Credit Maturity Date and (y) the foregoing will not release any Revolving Credit Lender from any obligation to fund its portion of L/C Disbursements or participations in Swingline Loans with respect to Letters of Credit issued or Swingline Loans made prior to such Revolving Credit Maturity Date.
Appears in 1 contract
Sources: Credit Agreement (VWR Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Term Commitments shall automatically terminate at 5:00 p.m., Local Time on the Closing Date.
(c) The Delayed Draw Commitments shall automatically terminate at 5:00 p.m., Local Time on the 120th day following the Closing Date.
(d) Each Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of under any ClassFacility; provided, provided that (i) each reduction of the Revolving Commitments under any Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the Revolving Facility Commitments of such ClassCommitments) and (ii) the no Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.12, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such ClassCommitments.
(ce) The Each Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (bd) of this Section 2.08 at least three (3) Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the any Borrower 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 such 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 such Borrower (by notice to the 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 under any Class Facility shall be made ratably among the Lenders in accordance with their respective Commitments of under such ClassFacility.
Appears in 1 contract
Termination and Reduction of Commitments. (a) The Term Loan Commitments shall terminate after the initial Term Loans are made on the Closing Date. Unless previously terminated, the Revolving Facility Credit Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateCredit Termination Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Credit Commitments of any Class under paragraph (bc) of this Section 2.08 at least three five (5) Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Revolving Credit 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 of any Class shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitments.
(c) The Borrower may at any time terminate, or from time to time reduce, the Revolving Credit Commitments; PROVIDED that each reduction of the Revolving Credit Commitments shall be in an amount that is an integral multiple of $1,000,000; and PROVIDED, FURTHER, that the Borrower shall not be permitted to terminate or reduce the Revolving Credit Commitments unless, after giving effect to such termination or reduction of the Revolving Credit Commitments, the aggregate Revolving Credit Commitments are greater than or equal to the sum of (x) the difference, if positive, between the Gross Debt Reserve Required Balance and the actual balance in the Debt Reserve Account and (y) the difference, if positive, between the Gross Maintenance Reserve Required Balance and the actual balance in the Maintenance Reserve Account.
(d) Except for mandatory prepayments of the Revolving Credit Loans pursuant to Section 2.9(b), the Revolving Credit Commitments shall be automatically and permanently reduced upon and in the amount of any prepayments made thereon pursuant to Section 2.9.
(e) Upon the occurrence and continuance of a Designated Event, the Revolving Credit Commitment of each Revolving Credit Lender shall, at any date of determination, only be available in an amount equal to the product of (i) the Revolving Credit Commitment of such Class.Revolving Credit Lender and (ii) the percentage set forth below corresponding to the quarterly period in which such date falls:
Appears in 1 contract
Termination and Reduction of Commitments. (ai) Unless previously terminated, the The Domestic Revolving Facility Commitments of each Class shall terminate on the applicable Domestic Revolving Facility Maturity Date, (ii) the Global Revolving Commitments shall terminate on the Global Revolving Maturity Date for such Class. On and (iii) the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date)Bilateral Foreign Credit Instrument Issuing Commitments, the Term B Loan Participation Foreign Credit Instrument Issuing Commitments of each Lender as of and the Closing Date will terminateForeign Credit Commitments shall terminate on the Foreign Trade Maturity Date.
(b) The Parent Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, provided that (i) each reduction of the Revolving Facility Commitments (other than Bilateral Foreign Credit Instrument Issuing Commitments or Participation Foreign Credit Instrument Issuing Commitments) of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 (or10,000,000, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Parent Borrower shall not terminate or reduce (A) the Domestic Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment of the Domestic Revolving Facility Loans in accordance with Section 2.11 and 2.12, the Domestic Revolving Exposure would exceed the total Domestic Revolving Commitments, (B) the Global Revolving Commitments if, after giving effect to any Cash Collateralization concurrent prepayment of Letters of Credit the Global Revolving Loans in accordance with Section 2.05(j) or (k)2.12, the Global Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Global Revolving Facility Commitments, (C) the Participation Foreign Credit Instrument Issuing Commitments or the Foreign Credit Commitments if the Total Foreign Trade Exposure with respect to the Participation Foreign Credit Instruments would exceed (1) the total Participation Foreign Credit Instrument Issuing Commitments or (2) the total Foreign Credit Commitments or (D) the Bilateral Foreign Credit Instrument Issuing Commitments if the Total Foreign Trade Exposure with respect to the Bilateral Foreign Credit Instruments would exceed the total Bilateral Foreign Credit Instrument Issuing Commitments and (iii) each reduction of such ClassParticipation Foreign Credit Instrument Issuing Commitments and the Foreign Credit Commitments shall be made in accordance with Section 2.6(q).
(c) The Parent Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 Section, at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Parent Borrower 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 Parent Borrower may state that such notice is conditioned upon the effectiveness or closing of other credit facilities, indentures debt financings or similar agreements or other transactionsDispositions, in which case such notice may be revoked or the date specified therein extended by the Parent Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: Credit Agreement (SPX Corp)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (Tenth Incremental Assumption and Amendment Agreement Effective Date, after giving effect to the funding of the 2021 Refinancing Term B Loans to be made on such date)B-1 Loans, the 2021 Refinancing Term B B-1 Loan Commitments Commitment (as defined in the Tenth Amended and Restated Credit Agreement) of each Lender as of the Closing Date will terminateterminated.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of 88 Doc#: US1:18059326v3 such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall automatically and permanently terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Effective Date (after giving effect to the funding of the Initial Term B Loans to be made on such date), the Initial Term B Loan Commitments of each Term Lender with an Initial Term B Loan Commitment as of the Effective Date will automatically and permanently terminate. On the Closing Date (after giving effect to the funding of the Initial Term A Loans to be made on such date), the Initial Term A Loan Commitments of each Term Lender with an Initial Term A Loan Commitment as of the Closing Date will automatically and permanently terminate. Notwithstanding the foregoing, if the Closing Date has not occurred prior to the Outside Date, then all Commitments shall terminate on such date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 5,000,000 and not less than $1,000,000 10,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k), as applicable, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit, to the extent so Cash Collateralized) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three (3) Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable 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 or reduction of the Revolving Facility Commitments of any Class delivered by the 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 Borrower (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: Credit Agreement (Dollar Tree Inc)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class and the Alternate Currency Commitments shall terminate on the applicable Revolving Facility Maturity Date for such Class. On the Closing Date (after giving effect to the funding of the Term B Loans to be made on such date), the Term B Loan Commitments of each Lender as of the Closing Date will terminateDate.
(b) The Borrower Company may at any time time, without premium or penalty, terminate, or from time to time reduce, the Revolving Facility Commitments of any ClassCommitments; provided, provided that (i) each such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is at least equal to the Borrowing Minimum and an integral multiple of $500,000 and not less than $1,000,000 (or, if less, equal to the remaining amount of the Revolving Facility Commitments of such Class) Borrowing Multiple and (ii) the Borrower Company 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 Borrowings in accordance with Section 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.10, the Aggregate Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Total Revolving Facility Commitments of such ClassCommitment.
(c) Each reduction in the Revolving Commitments or in the Alternate Currency Commitments under any Alternate Currency Supplement shall be made ratably among the Revolving Lenders or the Fronting Lenders party to such Alternate Currency Supplement, as the case may be, in accordance with their respective Revolving Commitments or Alternate Currency Commitments under such Alternate Currency Supplement, as applicable.
(d) The Borrower Company shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Company 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 or Alternate Currency Commitments delivered by the Borrower Company 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 Company (by notice to the 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 in accordance with their respective Commitments of such Class.
Appears in 1 contract
Sources: Revolving Credit Facility Agreement (Albany International Corp /De/)
Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. On Unless previously terminated, the Closing Term A Loan Commitments shall terminate on the earliest of (i) the funding of the Term A Loans pursuant to such Term A Loan Commitments on the Restatement Effective Date and (after giving effect to ii) 11:59 p.m., Local Time, on the Restatement Effective Date. Unless previously terminated, the Term B Loan Commitments shall terminate on the earliest of (i) the funding of the Term B Loans pursuant to be made on such date), the Term B Loan Commitments of each Lender as of on the Closing Restatement Effective Date will terminateand (ii) 11:59 p.m., Local Time, on the Restatement Effective Date. All Existing Commitments shall terminate on the Restatement Effective Date.
(b) The Borrower Company may at any time terminate, or from time to time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower Company 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 2.11 and any Cash Collateralization of Letters of Credit in accordance with Section 2.05(j) or (k)2.11, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the total Revolving Facility Commitments of such Class.
(c) The Borrower Company shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction (or such shorter period acceptable to the Administrative Agent)reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower Company pursuant to this Section 2.08 shall be irrevocable; provided, that a notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the Borrower Company 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 Company (by notice to the 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 in accordance with their respective Commitments of such Class.
(d) The Borrowers shall repay (including as contemplated by Section 2.06(a)) all outstanding Existing Loans and all accrued interest and fees under the Original Credit Agreement to but excluding the Restatement Effective Date on the Restatement Effective Date.
Appears in 1 contract
Sources: Credit Agreement (Norwegian Cruise Line Holdings Ltd.)