Common use of Termination or Reduction of U Clause in Contracts

Termination or Reduction of U. S. Revolving Credit Commitments. -------------------------------------------------------------- The U.S. Borrower shall have the right, upon not less than three Business Days' notice to the General Administrative Agent, to terminate the U.S. Revolving Credit Commitments or, from time to time, to reduce the aggregate amount of the U.S. Revolving Credit Commitments; provided that no such termination or reduction of U.S. Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the U.S. Revolving Credit Loans and Swing Line Loans made on the effective date thereof, the U.S. Revolving Extensions of Credit would exceed the U.S. Revolving Credit Commitments. Any such reduction shall be in an amount equal to U.S.$1,000,000, or a whole multiple thereof, and shall reduce permanently the U.S. Revolving Credit Commitments then in effect.

Appears in 1 contract

Sources: Credit and Guarantee Agreement (SMTC Corp)

Termination or Reduction of U. S. Revolving Credit Commitments;. -------------------------------------------------------------- The U.S. Borrower shall have the right, upon not less than three Business Days' notice to the General Administrative Agent, to terminate the U.S. Revolving Credit Commitments or, from time to time, to reduce the aggregate amount of the U.S. Revolving Credit Commitments; provided that no such termination or -------- reduction of U.S. Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the U.S. Revolving Credit Loans and Swing Line Loans made on the effective date thereof, the U.S. Revolving Extensions of Credit would exceed the U.S. Revolving Credit Commitments. Any such reduction shall be in an amount equal to U.S.$1,000,000, or a whole multiple thereof, and shall reduce permanently the U.S. Revolving Credit Commitments then in effect.

Appears in 1 contract

Sources: Credit and Guarantee Agreement (SMTC Corp)