Termination, Reduction and Increase of Revolving Commitments Sample Clauses

The 'Termination, Reduction and Increase of Revolving Commitments' clause defines the procedures and conditions under which the total amount of revolving credit available under an agreement can be ended, decreased, or expanded. Typically, this clause outlines how a borrower may request a reduction or termination of unused commitments, or how additional lenders may be added to increase the facility, often subject to lender consent and notice requirements. Its core function is to provide flexibility for both borrowers and lenders to adjust the size of the revolving credit facility in response to changing financial needs or market conditions, thereby managing risk and ensuring the facility remains appropriately sized.
Termination, Reduction and Increase of Revolving Commitments. (a) The Revolving Commitments of all of the Revolving Lenders shall be automatically terminated on the Maturity Date. (b) Subject to Section 2.15(b), upon at least one Business Day of prior written or telecopy notice to the Administrative Agent (which notice shall have been received not later than 12:00 Noon, New York City time), the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Total Revolving Commitment; provided, however, that (i) each partial reduction of the Total Revolving Commitment shall be in an integral multiple of $1,000,000 and in a minimum principal amount of $5,000,000 and (ii) the Borrower shall not be entitled to make any such termination or reduction that would reduce the Total Revolving Commitment to an amount less than the sum of the aggregate outstanding principal amount of the Revolving Credit Loans plus the aggregate outstanding principal amount of the Swingline Loans plus the then current L/C Exposure. Each notice delivered by the Borrower pursuant to this Section 2.14(b) shall be irrevocable; provided that a notice of termination of the Revolving 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. (c) Except as otherwise set forth herein, each reduction in the Total Revolving Commitment hereunder shall be made ratably among the Lenders in accordance with their respective Revolving Commitments. The Borrower shall pay to the Administrative Agent for the account of the Revolving Lenders on the date of each termination or reduction in the Total Revolving Commitment, the Facility Fees on the amount of the Total Revolving Commitment so terminated or reduced accrued to the date of such termination or reduction. (d) If the Total Revolving Commitment is less than $1,100,000,000 at any time (excluding any Incremental Facilities incurred under Section 2.28) and the Borrower wishes to increase the aggregate Revolving Commitments at any time when no Default or Event of Default has occurred and is continuing, it shall notify the Administrative Agent in writing of the amount (the “Offered Increase Amount”) of such proposed increase (such notice, a “Commitment Increase Notice”), and the Administrative Agent shall notify each Lender o...
View SourceView Similar (14)
Termination, Reduction and Increase of Revolving Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) On each date below, the Revolving Commitments shall be automatically reduced by an amount equal to (i) the total of the Revolving Commitments as of September 30, 2003 multiplied by (ii) the percentage set forth below adjacent to such date: DATE PERCENTAGE ---- ---------- September 30, 2003 7.5% December 31, 2003 7.5%
View Source
Termination, Reduction and Increase of Revolving Commitments 
View SourceView Similar (6)

Related to Termination, Reduction and Increase of Revolving Commitments

  • Termination Reduction or Increase of the Commitments (a) The Company shall have the right, upon at least three Business Days' notice to the Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders, provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof and provided further that (x) the aggregate amount of the Commitments of the Lenders shall not be reduced to an amount that is less than the aggregate principal amount of the Competitive Bid Advances then outstanding, and (y) once terminated, a portion of a Commitment shall not be reinstated except pursuant to Section 2.05(c). (b) If any Lender shall make a demand under Section 2.11 or 2.14 or if the obligation of any Lender to make Eurodollar Rate Advances shall have been suspended pursuant to Section 2.12, the Company shall have the right, upon at least ten Business Days' notice, to terminate in full the Commitment of such Lender or to demand that such Lender assign to one or more Persons all of its rights and obligations under this Agreement in accordance with Section 8.