Adjustment of the Commitments. (1) The Borrower shall have the right, without premium or penalty, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or permanently 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 $1,000,000 or an integral multiple thereof; provided, further, that the Commitments may not be reduced to an amount that is less than the aggregate stated amount of outstanding Letters of Credit. Subject to the foregoing, (i) any reduction of the Commitments to an amount that is less than $75,000,000 shall also result in a reduction of the LC Commitment Amount to the extent of such deficit, and (ii) if after giving effect to any reduction of the LC Commitment Amount pursuant to the preceding clause (i), any Fronting Commitment exceeds the LC Commitment Amount, such Fronting Commitment shall be automatically reduced by the amount of such excess. Once terminated, a Commitment may not be reinstated except as provided in Section 2.05(c).
(2) The Borrower may terminate in whole the unused amount of the Commitment of a Defaulting Lender upon not less than three Business Days’ prior notice to the Administrative Agent (which will promptly notify the Lenders thereof), and in such event the provisions of Section 2.19(b)(iii) will apply to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts), provided that such termination will not be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent, any LC Issuing Bank or any Lender may have against such Defaulting Lender.
(3) (i) On any date prior to the final Termination Date, but no more than once in each calendar quarter, the Borrower may increase the aggregate amount of the Commitments by minimum increments of $5,000,000 up to an aggregate amount not exceeding $25,000,000 for all such increases (any such increase, a “Commitment Increase”) by designating either (x) one or more of the existing Lenders or one or more Affiliates thereof (each of which, in its sole discretion, may determine whether and to what degree to participate in such Commitment Increase) or (y) one or more other financial institutions (in the case of each of clauses (x) and (y), acceptable to the Administrative Agent and the LC Issuing Banks) that at the time agree...
Adjustment of the Commitments. Borrower Sublimits 39
Adjustment of the Commitments. At any time prior to the Revolving Termination Date, upon giving not less than thirty (30) days prior written notice to the Canadian Administrative Agent, the Borrowers may request an increase to the U.S. Revolving Commitment and a corresponding reduction to the Canadian Revolving Commitment or an increase to the Canadian Revolving Commitment and a corresponding reduction to the U.S. Revolving Commitment. Any such notice may also include the request to increase the U.S. LC Commitment with a corresponding reduction of the Canadian LC Commitment or to increase the Canadian LC Commitment with a corresponding reduction of the U.S. LC Commitment. Any such notice may request increases or decreases of the Revolving Commitments only in the minimum amounts of US$5,000,000 (or the Canadian Dollar Equivalent thereof) and integral multiples of US$1,000,000 (or the Canadian Dollar Equivalent thereof) (unless the requested adjustment applies to the entire amount of the relevant Revolving Commitment). Upon receipt of any such notice, the Canadian Administrative Agent shall promptly communicate such request to the Revolving Lenders. If within twenty (20) days following the giving of such notice by the Canadian Administrative Agent, any Revolving Lender who is a member of the Class of Revolving Lenders that is being requested to increase their Revolving Commitments does not approve such increase in writing, THEN the Borrowers shall have the right, if no Default or Event of Default then exists, to replace such Lender (together with its Affiliated Revolving Lender) by causing such Lender and its Affiliated Revolving Lender to assign their Revolving Commitments, as adjusted pursuant to this SECTION 2.11(d) to one or more existing Lenders or Eligible Assignees pursuant to SECTION 10.06; PROVIDED that such replacement shall comply with the provisions of SECTION 2.1L(c)(i), (ii) and (iii). Subject to the satisfaction of the conditions set forth in the next sentence, any adjustment provided for in this SECTION 2.11(d) will be effective on the first Business Day of the fiscal quarter of the Parent Borrower (any such date, an "ADJUSTMENT DATE") following the expiry of said thirty-day notice period and will remain in effect until the next Adjustment Date, if any. Notwithstanding anything herein to the contrary, no adjustment of the Commitments may be effective unless on the Adjustment Date, (i) immediately after giving effect to such adjustment, (A) the Aggregate Revolving Committed...
Adjustment of the Commitments. (a) Subject to the last sentence of this clause (a) the Obligor may, upon at least three Business Days’ notice to the Administrative Agent, (i) terminate the Commitments at any time, or (ii) ratably reduce from time to time by an aggregate amount of $10,000,000 or an integral multiple of $5,000,000 in excess thereof, the aggregate amount of the Commitments in excess of the Outstanding Credits. On each date of termination or reduction, the Obligor shall pay the amount, if any, due under Section 2.05(a). No reduction or termination of the Commitments under this Agreement shall be permitted if the Commitments under the Agreement are less than the aggregate “Commitments” under and as defined in the Primary Reimbursement Agreement.
Adjustment of the Commitments. (a) The Borrower shall have the right, upon at least three Business Days' notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders, provided that 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 Auction Advances then outstanding, and provided, further, that each partial reduction shall be in the aggregate amount of $1,000,000 or an integral multiple thereof.
(b) If the Borrower shall make the Term Election, then on the last day of the Revolving Period, the Commitments shall be permanently reduced to an amount equal to the aggregate principal amount of Advances then outstanding. In addition, if on any date following the last day of the Revolving Period the aggregate principal amount of Advances then outstanding shall be less than the Commitments, then on such date the Commitments shall be permanently reduced to an amount equal to the aggregate principal amount of Advances then outstanding.
Adjustment of the Commitments. (a) The Borrower shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or, upon same day notice, from time to time to permanently reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided that except as may be necessary to satisfy the Pro Rata Condition, each partial reduction shall be in the aggregate amount of $10,000,000 or in an integral multiple of $5,000,000 in excess thereof. Each such notice of termination or reduction shall be irrevocable.
(b) Commitments shall automatically be reduced on the date of each Loan in an amount equal to the principal amount of such Loan.
Adjustment of the Commitments. The Borrower shall have the right, upon at least three Business Days' notice to the Administrative 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 $1,000,000 or an integral multiple thereof. If the Borrower shall make the Term Election, then on the last day of the Revolving Period, the Commitments shall be permanently reduced to an amount equal to the aggregate principal amount of Advances then outstanding. In addition, if on any date following the last day of the Revolving Period the aggregate principal amount of Advances then outstanding shall be less than the Commitments, then on such date the Commitments shall be permanently reduced to an amount equal to the aggregate principal amount of Advances then outstanding.
Adjustment of the Commitments
