Voluntary Termination/Reduction of Commitments Sample Clauses
The Voluntary Termination/Reduction of Commitments clause allows a borrower to reduce or terminate their unused loan commitments before the scheduled maturity date. In practice, this means the borrower can notify the lender of their intention to decrease the amount of credit available or to end the commitment entirely, often subject to certain notice requirements and minimum reduction amounts. This clause provides flexibility for the borrower to manage their financing needs and helps avoid unnecessary fees or obligations on unused credit.
Voluntary Termination/Reduction of Commitments. Upon at least three Business Days’ prior irrevocable written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrowers shall have the right to:
(a) terminate in whole the Total Commitment, provided that (i) all outstanding Loans are contemporaneously prepaid in accordance with Section 5.2, and (ii) either (A) no Letters of Credit remain outstanding, or (B) the Borrowers shall contemporaneously either (x) cause all outstanding Letters of Credit to be surrendered for cancellation (any such Letters of Credit to be replaced by letters of credit issued by other financial institutions acceptable to each Letter of Credit Issuer and the Required Lenders), or (y) the Borrowers shall pay to the Administrative Agent an amount in cash and/or Cash Equivalents equal to 100% of the Letter of Credit Outstandings, and the Administrative Agent shall hold such payment as security for the reimbursement obligations of the Borrowers hereunder in respect of Letters of Credit pursuant to a cash collateral agreement to be entered into in form and substance reasonably satisfactory to the Administrative Agent, each Letter of Credit Issuer and the Borrowers (which shall permit certain investments in Cash Equivalents satisfactory to the Administrative Agent, each Letter of Credit Issuer and the Borrowers until the proceeds are applied to the secured obligations); or;
(b) partially and permanently reduce the Unutilized Total Revolving Commitment and/or the Swing Line Commitment, provided that (i) any such reduction shall apply to proportionately and permanently reduce the Commitment of each of the Lenders; (ii) any partial reduction of the Unutilized Total Revolving Commitment pursuant to this Section 4.2(b) shall be in the amount of at least $1,000,000 (or, if greater, in integral multiples of $500,000 in excess thereof); and (iii) any partial reduction of the Swing Line Commitment pursuant to this Section 4.2(b) shall be in the amount of at least $1,000,000 (or, if greater, in integral multiples of $500,000 in excess thereof).
Voluntary Termination/Reduction of Commitments. Upon at least three Business Days’ prior irrevocable written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right to:
(a) terminate in whole the Total Commitment, provided that all outstanding Loans are contemporaneously prepaid in accordance with Section 4.2; or
(b) partially and permanently reduce the Unutilized Total Commitment, provided that (i) any such reduction shall apply to proportionately and permanently reduce the Commitment of each of the Lenders; and (ii) any partial reduction of the Unutilized Total Commitment pursuant to this Section 3.3(b) shall be in the amount of at least $10,000,000 (or, if greater, in integral multiples of $500,000).
Voluntary Termination/Reduction of Commitments. Upon at least three Business Days' prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at its Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right, without premium or penalty, to:
(a) terminate the Total Commitment, provided that all outstanding Loans are contemporaneously prepaid in accordance with section 6.1;
(b) terminate the Swing Line Revolving Commitment, provided that all outstanding Swing Line Revolving Loans are contemporaneously prepaid in accordance with section 6.1;
(c) partially and permanently reduce the Unutilized Total General Revolving Commitment, provided that: (i) any such reduction shall apply to proportionately and permanently reduce the General Revolving Commitment of each of the Lenders; (ii) any partial reduction of the Unutilized Total General Revolving Commitment pursuant to this section 5.1(c) shall be in the amount of at least $5,000,000 (or, if greater, in integral multiples of $1,000,000); and (iii) after giving effect to any such partial reduction of the Unutilized Total General Revolving Commitment, the Total General Revolving Commitment then in effect shall exceed the Swing Line Revolving Commitment then in effect by at least $20,000,000; and/or
(d) partially and permanently reduce the Unutilized Swing Line Revolving Commitment, provided that any partial reduction of the Unutilized Swing Line Revolving Commitment pursuant to this section 5.1(d) shall be in the amount of at least $1,000,000 (or, if greater, in integral multiples of $1,000,000).
Voluntary Termination/Reduction of Commitments. Upon at least three Business Days’ prior irrevocable written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right to:
(a) terminate in whole the Total Commitment, provided that (i) all outstanding Loans and Unpaid Drawings are contemporaneously prepaid in accordance with Section 4.2, and (ii) either there are no outstanding Letters of Credit or the Borrower shall contemporaneously cause all outstanding Letters of Credit to be surrendered for cancellation (any such Letters of Credit to be replaced by letters of credit issued by other financial institutions acceptable to each LC Issuer and the Lenders); or
(b) partially and permanently reduce the Unutilized Total Commitment, provided that (i) any such reduction shall apply to proportionately and permanently reduce the Commitment of each of the Lenders; (ii) such reduction shall apply to proportionately and permanently reduce the LC Commitment Amount, but only to the extent that the Unused Total Commitment would be reduced below any such limits; (iii) no such reduction shall be permitted if the Borrower would be required to make a mandatory prepayment of Loans or cash collateralize Letters of Credit pursuant to Section 4.3(a), and (iv) any partial reduction of the Unutilized Total Commitment pursuant to this Section 3.3(b) shall be in the amount of at least $10,000,000 (or, if greater, in integral multiples of $500,000).
Voluntary Termination/Reduction of Commitments. Upon at least three Business Days' prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at its Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right, without premium or penalty, to:
(a) terminate the Total General Revolving Commitment, PROVIDED that (i) the Total Term Loan Commitment and the Total Swing Line Revolving Commitment are each simultaneously terminated; and
Voluntary Termination/Reduction of Commitments. Section 4.2(c) of the Credit Agreement is hereby amended and restated in its entirety as follows:
Voluntary Termination/Reduction of Commitments. Upon at least three Business Days' prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at its Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right, without premium or penalty, to:
(a) terminate the Total Commitment, PROVIDED that all outstanding Loans are contemporaneously prepaid in full; and/or
(b) partially and permanently reduce the Unutilized Total Commitment, PROVIDED that (i) after giving effect thereto, the remaining Unutilized Total Commitment exceeds the Reserved Portion of the Total Commitment then in effect by at least $5,000,000, (ii) any such reduction shall apply to proportionately and permanently reduce the Commitment of each of the Lenders, in accordance with their respective Percentages; and (iii) any partial reduction of the Unutilized Total Commitment pursuant to this section 4.1 shall be in the amount of at least $5,000,000 (or, if greater, in integral multiples of $1,000,000).
Voluntary Termination/Reduction of Commitments. At any time prior to the Funding Date, upon at least three Business Days’ prior irrevocable written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right to:
(a) terminate in whole the Total Commitment; and
(b) partially and permanently reduce the Total Commitment, provided that (i) any such reduction shall apply to proportionately and permanently reduce the Commitment of each of the Lenders, and (ii) any partial reduction of the Total Commitment pursuant to this Section 3.2(b) shall be in the amount of at least $10,000,000 (or, if greater, in integral multiples of $500,000).
Voluntary Termination/Reduction of Commitments. Upon at least three Business Days' prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at its Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), by the Treasury Manager (on behalf of the Co-Borrowers), the Co-Borrowers shall have the right, without premium or penalty, to:
Voluntary Termination/Reduction of Commitments. Upon at least three Business Days' prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at its Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right to:
(a) terminate the Total Commitment, PROVIDED that (i) all outstanding Loans are contemporaneously prepaid in accordance with section 5.1, and (ii) either (A) no Letters of Credit remain outstanding, or (B) the Borrower shall contemporaneously either (x) cause all outstanding Letters of Credit to be surrendered for cancellation (any such Letters of Credit to be replaced by letters of credit issued by other financial institutions acceptable to each Letter of Credit Issuer and the Required Revolving Lenders), or (y) the Borrower shall pay to the Collateral Agent an amount in cash and/or Cash Equivalents equal to 100% of the