Termination or Reduction of Loan Commitments. (a) The Company shall have the right, upon not less than 5 Business Days’ notice to the Administrative Agent, to terminate the Loan Commitments or, from time to time, to reduce pro rata the amount of the Loan Commitments, provided that (a) any such reduction shall be accompanied by prepayment of the Revolving Credit Loans, together with accrued interest on the amount so prepaid to the date of such prepayment, to the extent, if any, that the amount of the Revolving Credit Loans then outstanding exceeds the amount of the Loan Commitments as then reduced, (b) any such termination of the Loan Commitments shall be accompanied by prepayment in full of the Revolving Credit Loans then outstanding, together with accrued interest thereon to the date of such prepayment, and the payment of any unpaid Facility Fee or Utilization Fee then accrued hereunder and (c) any termination of the Loan Commitments while Eurodollar Loans are outstanding and any reduction of the aggregate amount of the Loan Commitments that reduces the amount of the Loan Commitments below the principal amount of the Eurodollar Loans then outstanding may be made only on the last day of the respective Interest Periods for such Eurodollar Loans. Any such reduction shall be in an amount of $10,000,000 or a whole multiple thereof, and shall reduce permanently the amount of the Loan Commitments then in effect. (b) If any Capital Stock or Indebtedness shall be issued or incurred by the Company or any of its Subsidiaries (excluding Capital Stock issued to any officer or director of the Company or any of its Subsidiaries and commercial paper issued by the Company), an amount equal to 100% of the Net Cash Proceeds thereof shall be applied on the date of such issuance or incurrence toward the reduction of the Loan Commitments, and any such reduction of the Loan Commitments shall be accompanied by prepayment of the Revolving Credit Loans and/or the cash collateralization of any then outstanding Competitive Loans to the extent, if any, that the aggregate principal amount of the then outstanding Loans exceeds the aggregate amount of the Loan Commitments as so reduced. The application of any prepayment pursuant to this paragraph (b) shall be made, first, to Alternate Base Rate Loans and, second, to Eurodollar Loans. Each prepayment of the Loans under this paragraph (b) (except in the case of Revolving Credit Loans that are Alternate Base Rate Loans) shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid.
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Sources: Credit Agreement (Dow Jones & Co Inc), Credit Agreement (Dow Jones & Co Inc)
Termination or Reduction of Loan Commitments. (a) The Company shall have the right, upon not less than 5 Business Days’ notice to the Administrative Agent, to terminate the Loan Commitments or, from time to time, to reduce pro rata the amount of the Loan Commitments, provided that (a) any such reduction shall be accompanied by prepayment of the Revolving Credit Loans, together with accrued interest on the amount so prepaid to the date of such prepayment, to the extent, if any, that the amount of the Revolving Credit Loans then outstanding exceeds the amount of the Loan Commitments as then reduced, (b) any such termination of the Loan Commitments shall be accompanied by prepayment in full of the Revolving Credit Loans then outstanding, together with accrued interest thereon to the date of such prepayment, and the payment of any unpaid Facility Fee or Utilization Fee then accrued hereunder and (c) any termination of the Loan Commitments while Eurodollar Loans are outstanding and any reduction of the aggregate amount of the Loan Commitments that reduces the amount of the Loan Commitments below the principal amount of the Eurodollar Loans then outstanding may be made only on the last day of the respective Interest Periods for such Eurodollar Loans. Any such reduction shall be in an amount of $10,000,000 or a whole multiple thereof, and shall reduce permanently the amount of the Loan Commitments then in effect.
(b) If any Capital Stock or Indebtedness shall be issued or incurred by the Company or any of its Subsidiaries (excluding Capital Stock issued to any officer or director of the Company or any of its Subsidiaries and commercial paper issued by the Company), an amount equal to 100% of the Net Cash Proceeds thereof shall be applied on the date of such issuance or incurrence toward the reduction of the Loan Commitments, and any such reduction of the Loan Commitments shall be accompanied by prepayment of the Revolving Credit Loans and/or the cash collateralization of any then outstanding Competitive Loans to the extent, if any, that the aggregate principal amount of the then outstanding Loans exceeds the aggregate amount of the Loan Commitments as so reduced. The application of any prepayment pursuant to this paragraph (b) shall be made, first, to Alternate Base Rate Loans and, second, to Eurodollar Loans. Each prepayment of the Loans under this paragraph (b) (except in the case of Revolving Credit Loans that are Alternate Base Rate Loans) shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid.
(c) If on any date the Company or any of its Subsidiaries shall receive Net Cash Proceeds from any Asset Sale, then such Net Cash Proceeds shall be applied on such date toward the reduction of the Loan Commitments, and any such reduction of the Loan Commitments shall be accompanied by prepayment of the Revolving Credit Loans and/or the cash collateralization of any then outstanding Competitive Loans to the extent, if any, that the aggregate principal amount of the then outstanding Loans exceeds the aggregate amount of the Loan Commitments as so reduced. The application of any prepayment pursuant to this paragraph (c) shall be made, first, to Alternate Base Rate Loans and, second, to Eurodollar Loans. Each prepayment of the Loans under this paragraph (c) (except in the case of Revolving Credit Loans that are Alternate Base Rate Loans) shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid.
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