TERMINATION OF COMMITMENTS AND RIGHT OF SUBSTITUTION Clause Samples

TERMINATION OF COMMITMENTS AND RIGHT OF SUBSTITUTION. (i) The Company may at any time or from time to time terminate in whole or ratably in part the Commitments of all of the Lenders to an amount not less than the aggregate principal amount of the Loans then outstanding under this Agreement, by giving the Lenders and the Administrative Agent not less than two (2) Banking Days' notice of the aggregate amount of such termination (which shall not be less than Five Million Dollars ($5,000,000) or any greater amount evenly divisible by One Million Dollars ($1,000,000)) and such Lender's proportionate amount of such termination. If the Company terminates in whole the Commitments of the Lenders, on the effective date of such termination (provided the Company has prepaid in full the unpaid principal balance, if any, of the Notes outstanding together with all accrued and unpaid interest, if any, Facility Fees accrued and unpaid, and any applicable prepayment premiums) all of the Notes outstanding shall be delivered to the Company marked "Cancelled". Any termination of the Commitments shall be irrevocable during the remainder of the Commitment Period. (ii) The Company may at any time or from time to time terminate or reduce the Commitment of any Lender hereunder to an amount not less than the aggregate principal amount of the Loans then outstanding held by such Lender under this Agreement: (a) immediately if such Lender satisfies any of the criteria for insolvency described in Section 7.5 hereof; or (b) upon not less than two (2) Banking Days' notice to such Lender and the Administrative Agent if the Company, in its sole discretion, elects to terminate the Commitment of such Lender for any reason including, but not limited to, the default of such Lender under the terms of this Agreement. (iii) In the event the Commitment of any Lender is terminated by the Company, the Company shall replace such Lender with a successor Lender or Lenders (including any Lender or Lenders which are a party to this Agreement with the consent of such Lender or Lenders) with a Commitment not to exceed the Commitment of the terminated Lender(s); provided that such successor Lender shall, pursuant to a written instrument in form and substance satisfactory to the Company, effectively agree to become a party hereto and a "Lender" hereunder and be bound by the terms hereof. (iv) In the event of a default of any Lender under the terms of this Agreement, the Company's election to terminate the Commitment of such Lender shall not act as a waiver of a...
View SourceView Similar (6)
TERMINATION OF COMMITMENTS AND RIGHT OF SUBSTITUTION. (i) Section 2.5(i) of the Credit Agreement is hereby amended by deleting the words "Facility Fees accrued and unpaid" in the eleventh line and substituting therefor "accrued and unpaid Facility Fees, accrued and unpaid Utilization Fees, if any,". (ii) Section 2.5(vi) of the Credit Agreement is hereby amended by inserting immediately after the words "Facility Fees" in the second line the words "and the Utilization Fees".
View Source

Related to TERMINATION OF COMMITMENTS AND RIGHT OF SUBSTITUTION

  • Termination of Commitments Declare the Commitments terminated whereupon the Commitments shall be immediately terminated.

  • Termination of Commitment On the service of a notice under paragraph (a) of Clause 18.2, the Commitment and all other obligations of the Lender to the Borrower under this Agreement shall terminate.

  • Termination and Reduction of Commitments (a) Unless previously terminated, the Commitments shall terminate on the Commitment Termination Date. (b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrower may at any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline Lenders without any reduction or termination of the Commitments; provided that (i) each reduction of any Swingline Commitment shall be in an amount that is an integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Swingline Commitment of any Swingline Lender if, after giving effect to such termination or reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its Swingline Commitment. (c) The Borrower shall notify the Managing Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. (d) Upon the occurrence of a Change of Control with respect to CFC, the Managing Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrower, terminate the Commitments, such termination to be effective as of the date set forth in such notice for the termination of the Commitments but in no event earlier than one Business Day following the date such notice was delivered to the Borrower.

  • Termination or Reduction of Commitments The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrower shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments, and (iv) if, after giving effect to any reduction of the Aggregate Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Commitments, such Sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.

  • Termination of Commitment to Lend Each Lender’s obligation to lend the undisbursed portion of the Obligations shall terminate if, in such Lender’s sole discretion, there has been a Material Adverse Change in the general affairs, management, results of operation, condition (financial or otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Administrative Agent prior to the execution of this Agreement.