Termination, Reduction and Increase of Commitments Clause Samples
Termination, Reduction and Increase of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments, provided that (i) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment or repayment of the Loans in accordance with Section 2.7, the sum of the Credit Exposures would exceed the total Commitments, (ii) each such reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (iii) any reduction of the Commitments to an amount below the LC Commitment shall be automatically reduce the LC Commitment on a dollar for dollar basis.
(c) The Borrower shall notify the 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 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 Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Each reduction, and any termination, of the Commitments shall be permanent and each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
(d) The Borrower may at any time and from time to time prior to the Maturity Date, at its sole cost, expense and effort, request any one or more of the Lenders to increase its Commitment (the decision to increase the Commitment of a Lender to be within the sole and absolute discretion of such Lender), or any other Person reasonably satisfactory to the Administrative Agent and the Issuing Bank to provide a new Commitment, by submitting to the Administrative Agent and the Issuing Bank an Increase Supplement duly executed by the Borrower and each such Lender or other Person, as the case may be. If such Increase Supplement is in all respects reasonably satisfactory to the Administrative Agent and the Issuing Bank,...
Termination, Reduction and Increase of Commitments. (a) (i) Unless previously terminated, the Commitments shall terminate on the Maturity Date and (ii) in the event the Spin-Off is not consummated within three Business Days after the Effective Date, the Commitments shall automatically terminate on such third Business Day.
Termination, Reduction and Increase of Commitments x)Unless previously terminated, the Commitments shall terminate on the Maturity Date.
Termination, Reduction and Increase of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $25,000,000 and
Termination, Reduction and Increase of Commitments. (a) Each Lender’s Commitment shall be automatically and permanently reduced on each date on which a Borrowing is made under Section 2.1 by an aggregate amount equal to such Lender’s Ratable Portion of the Borrowing made on such date.
(b) All Commitments shall automatically and permanently terminate on the Termination Date.
Termination, Reduction and Increase of Commitments. (a) Unless previously terminated, (i) the Tranche 1 Term Commitments shall automatically and permanently terminate at 5:00 p.m., New York City time on the Restatement Effective Date, (ii) the Tranche 2 Term Commitments shall automatically and permanently terminate on the earlier of the Tranche 2 Term Expiry Date and the date on which the fourth Borrowing of Tranche 2 Term Loans is made (after giving effect to the borrowing thereof) and (iii) the Revolving Credit Commitments shall automatically and permanently terminate on the Revolving Credit Maturity Date.
(b) The Company may at any time terminate, or from time to time reduce, the Commitments under any Tranche; provided that (i) each reduction of the Commitments under any Tranche shall be in an amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum, in each case for Borrowings denominated in Dollars, (ii) the Company shall not terminate or reduce the Global Tranche Revolving Credit Commitments if, after giving effect to such termination or reduction and to any concurrent payment or prepayment of Global Tranche Revolving Credit Loans, the aggregate Global Tranche Revolving Credit Exposures would exceed the aggregate Global Tranche Revolving Credit Commitments and (iii) the Company shall not terminate or reduce the US Tranche Revolving Credit Commitments if, after giving effect to such termination or reduction and to any concurrent payment or prepayment of US Tranche Revolving Credit Loans and Swing Line Loans and any provision of Cash Collateral (in each case in accordance with Section 2.11(b)), the aggregate US Tranche Revolving Credit Exposures (excluding the LC Exposure with respect to which Cash Collateral has been provided in accordance with Section 2.11(b)) would exceed the aggregate US Tranche Revolving Credit Commitments.
(c) Each Lender’s Tranche 2 Term Commitment shall be automatically and permanently reduced on each Tranche 2 Term Borrowing Date by an aggregate amount equal to the Tranche 2 Term Loan made by such Lender on such Tranche 2 Term Borrowing Date.
(d) The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under any Tranche under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise th...
Termination, Reduction and Increase of Commitments. Unless previously terminated by the Administrative Agent or Borrower in accordance with this Agreement, the Commitments shall terminate on their respective Maturity Date(s).
Termination, Reduction and Increase of Commitments. (a) Unless previously terminated by the Agent or Borrower in accordance with this Agreement, the Commitments will terminate on the last day of the Termination Date.
(b) The Borrower may from time to time reduce the unused amount of the Commitments (which shall be deemed to include the aggregate amount of Letter of Credit Liabilities, without duplication), provided that each reduction in the Commitments shall be in an amount that is at least $5,000,000.00 and integrals thereof. The Borrower shall not reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.08, the Principal Obligation would exceed the Borrowing Base Availability. Upon any reduction in the Commitments, the Borrower’s option to increase the Commitments provided in Section 2.06(d) shall terminate.
Termination, Reduction and Increase of Commitments. (a) -------------------------------------------------- Unless previously terminated, (i) the Total Revolving Commitment shall terminate on the Revolving Loan Maturity Date and (ii) the Total Term Loan Commitment shall terminate on the Effective Date after giving effect to the Borrowing of Term Loans on such date.
Termination, Reduction and Increase of Commitments. (a) -------------------------------------------------- Unless previously terminated, the Commitments shall terminate on the Termination Date, subject to the Borrower's option to extend the Termination Date pursuant to paragraph (d) of this Section.