Common use of Commitment Terminations Clause in Contracts

Commitment Terminations. The Initial Term Loan Commitments shall automatically terminate upon the making, conversion or continuance, as applicable, of the Initial Term B Loans and Term A-3 Loans on the Second Restatement Effective Date. The 2017 Rook Incremental Term B Loan Commitments shall automatically terminate upon the earlier of (x) the making of the applicable 2017 Rook Incremental Term B Loans thereunder on the 2017 Rook Incremental Funding Date and (y) September 1, 2017. The 2017 Incremental Term Loan Commitments shall automatically terminate upon the making of the applicable 2017 Incremental Term Loans thereunder on the relevant Certain Funds Funding Date relating thereto. The 2017 Incremental Commitments (including, for the avoidance of doubt, the 2017 Incremental Revolving Credit Commitment Increase) shall terminate on the last day of the Certain Funds Period if the Certain Funds Transactions have not been consummated by such date or the Certain Funds Funding Date has not yet occurred. The Borrower shall have the right at any time and from time to time, upon three (3) Business Days prior written notice to the Administrative Agent, to terminate the Revolving Credit Commitments in whole or in part, any partial termination to be (i) in an amount not less than $1.0 million or any greater amount that is an integral multiple of $0.1 million and (ii) allocated ratably among the Lenders in proportion to their respective Revolver Percentages; provided that the Revolving Credit Commitments may not be reduced to an amount less than the sum of the aggregate principal amount of Revolving Loans, Swing Loans and of L/C Obligations then outstanding. Any termination of the Revolving Credit Commitments below the L/C Sublimit then in effect shall reduce the L/C Sublimit by a like amount. Any termination of the Revolving Credit Commitments below the Swing Line Sublimit then in effect shall reduce the Swing Line Sublimit by a like amount. The Administrative Agent shall give prompt notice to each Lender of any such termination of the Revolving Credit Commitments. Any termination of the Revolving Credit Commitments pursuant to this Section 2.10 may not be reinstated.

Appears in 1 contract

Samples: Incremental Amendment (Vantiv, Inc.)

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Commitment Terminations. The Initial Term Loan Commitments shall automatically terminate upon the making, conversion or continuance, as applicable, of the Initial Term B Loans and Term A-3 Loans on the Second Restatement Effective Date. The 2017 Rook Incremental Term B Loan Commitments shall automatically terminate upon the earlier of (x) the making of the applicable 2017 Rook Incremental Term B Loans thereunder on the 2017 Rook Incremental Funding Date and (y) September 1, 2017. The 2017 Incremental Term Loan Commitments shall automatically terminate upon the making of the applicable 2017 Incremental Term Loans thereunder on the relevant Certain Funds Funding Date relating thereto. The 2017 Incremental Commitments (including, for the avoidance of doubt, the 2017 Incremental Revolving Credit Commitment Increase) shall terminate on the last day of the Certain Funds Period if the Certain Funds Transactions have not been consummated by such date or the Certain Funds Funding Date has not yet occurred. The Borrower shall have the right ----------------------- at any time and from time to time, upon three five (35) Business Days Days' prior and irrevocable written notice to the Administrative Agent, to terminate or reduce the Revolving Credit Commitments (including the Multicurrency Funding Limit) without premium or penalty, in whole or in part, any partial termination to be (i) in an amount not less than $1.0 million or any greater amount that is an 5,000,000 as determined by the Borrower and in integral multiple multiples of $0.1 million 5,000,000, and (ii) allocated ratably among the Lenders in proportion to their respective Revolver PercentagesRevolving Credit Commitments; provided that the Revolving Credit Commitments Commitment Amount may not be reduced to an amount less than the sum of the aggregate principal amount of outstanding Revolving LoansLoans plus the aggregate undrawn face amount of outstanding Letters of Credit plus any unpaid Reimbursement Obligations with respect to Letters of Credit, Swing Loans and of L/C Obligations then outstanding. Any termination of the Revolving Credit Commitments below the L/C Sublimit then Commitment Amount may not be reduced to an amount less than the aggregate undrawn face amount of outstanding Letters of Credit plus any unpaid Reimbursement Obligations with respect to Letters of Credit, in each case after converting, if necessary, any such outstanding Obligations to Dollars in accordance with Section 10.19 and after giving effect shall reduce to payments on such proposed termination or reduction date, unless the L/C Sublimit by Borrower provide to the Agent cash collateral in an amount sufficient to cover such shortage or back to back letters of credit from a like amount. Any termination bank whose long-term senior unsecured debt rating is rated A or above from either S&P or Xxxxx'x or such other bank satisfactory to the Majority Lenders in an amount equal to the undrawn face amount of any applicable outstanding Letters of Credit with an expiration date of at least five (5) days after the Revolving expiration date of any applicable Letter of Credit Commitments below and which provide that the Swing Line Sublimit then Agent may make a drawing thereunder in effect shall reduce the Swing Line Sublimit by event that it pays a like amountdrawing under such Letter of Credit. The Administrative Agent shall give prompt notice to each Lender of any such termination of the Revolving Credit Commitments. Any termination of the Revolving Credit Commitments pursuant to this Section 2.10 2.14 is permanent and may not be reinstated. The Borrower shall have the right at any time and from time to time, upon five (5) Business Days' prior and irrevocable written notice to ABN AMRO, to terminate or reduce the Agent Credit Commitment without premium or penalty, in whole or in part; provided that the Agent Commitment Amount may not be reduced to an amount less than the sum of the aggregate principal amount of outstanding Agent Loans plus the aggregate undrawn face amount of outstanding Agent Letters of Credit plus any unpaid Agent Reimbursement Obligations with respect to Agent Letters of Credit. Any termination of Agent Credit Commitment pursuant to this Section 2.14 is permanent and may not be reinstated.

Appears in 1 contract

Samples: Credit Agreement (Tuboscope Inc /De/)

Commitment Terminations. (a) The Initial Existing Term A Loan Commitments and the Term B Loan Commitments and the Term A Loan Commitments shall automatically terminate upon the making, conversion or continuance, as applicable, of the Initial Term B Loans and Term A-3 Loans on the Second Restatement Effective Date. The 2017 Rook Incremental Term B Loan Commitments shall automatically terminate upon the earlier of (x) the making of the applicable 2017 Rook Incremental Term B Loans thereunder on the 2017 Rook Incremental Funding Date and (y) September 1, 2017. The 2017 Incremental Term Loan Commitments shall automatically terminate terminateterminated upon the making of the applicable 2017 Incremental Existing Term A Loans thereunder and the Term B Loans on the relevant Certain Funds Funding Date relating thereto. The 2017 Incremental Commitments Restatement Date. (including, for the avoidance of doubt, the 2017 Incremental Revolving Credit Commitment Increaseb) shall terminate on the last day of the Certain Funds Period if the Certain Funds Transactions have not been consummated by such date or the Certain Funds Funding Date has not yet occurred. The Borrower shall have the right at any time and from time to time, upon three (3) Business Days Days’ prior written notice to the Administrative AgentAgent (which notice may conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, 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), to terminate the Revolving Credit Commitments in whole or in part, any partial termination to be (i) in an amount not less than $1.0 million 500,000 or any greater amount that is an integral multiple of $0.1 million 100,000 and (ii) allocated ratably among the Lenders in proportion to their respective Revolver Percentages, provided that any such partial termination may, at the election of the Borrower, be applied to the 2023 Revolving Credit Commitments prior to the 2026 Revolving Credit Commitments (any such partial termination of the 2023 Revolving Credit Commitments, a “2023 Revolving Credit Commitment Reduction”); provided that the Revolving Credit Commitments may not be reduced to an amount less than the sum of the aggregate principal amount of Revolving Loans, Swing Loans and of L/C Obligations then outstanding; provided further that (i) all 2023 Revolving Credit Commitments shall terminate automatically on the 2023 Revolving Credit Termination Date and (ii) all 2026 Revolving Credit Commitments shall terminate automatically on the 2026 Revolving Credit Termination Date. Any termination of the Revolving Credit Commitments below the L/C Sublimit then in effect shall reduce the L/C Sublimit by a like amount. Any termination of the Revolving Credit Commitments below the Swing Line Sublimit then in effect shall reduce the Swing Line Sublimit by a like amount. The Administrative Agent shall give prompt notice to each Lender of any such termination (in whole or in part) of the Revolving Credit Commitments. Any termination of the Revolving Credit Commitments pursuant to this Section 2.10 may not be reinstated.

Appears in 1 contract

Samples: Credit and Guarantee Agreement (Lions Gate Entertainment Corp /Cn/)

Commitment Terminations. The Initial Term Loan Commitments shall automatically terminate upon the making, conversion or continuance, as applicable, of the Initial Term B Loans and Term A-3 Loans on the Second Restatement Effective Date. The 2017 Rook Incremental Term B Loan Commitments shall automatically terminate upon the earlier of (x) the making of the applicable 2017 Rook Incremental Term B Loans thereunder on the 2017 Rook Incremental Funding Date and (y) September 1, 2017. The 2017 Incremental Term Loan Commitments shall automatically terminate upon the making of the applicable 2017 Incremental Term Loans thereunder on the relevant Certain Funds Funding Date relating thereto. The 2017 Incremental Commitments (including, for the avoidance of doubt, the 2017 Incremental Revolving Credit Commitment Increase) shall terminate on the last day of the Certain Funds Period if the Certain Funds Transactions have not been consummated by such date or the Certain Funds Funding Date has not yet occurred. The Borrower Company shall have the right at any time and from time to time, upon three (3) Business Days Days’ prior and irrevocable written notice to the Administrative Agent, to terminate or reduce the Revolving Credit Commitments or the Swingline Commitment without premium or penalty, in whole or in part, with any partial termination to be reduction (i) to be in an amount not less than $1.0 million or any greater amount that is an 5,000,000 as determined by the Company and in integral multiple multiples of $0.1 million 5,000,000 and (ii) as to the Commitments, to be allocated ratably among the Lenders in proportion to their respective Revolver PercentagesCommitments; provided provided, that the Revolving Credit Commitments Commitment Amount may not be reduced to an amount less than the sum of the Swingline Exposure plus the Dollar Equivalent of the aggregate principal amount of outstanding Revolving Loans, Swing Loans and L/C Obligations, after converting, if necessary, any such outstanding Obligations to their Dollar Equivalent amounts in accordance with Section 10.19 and after giving effect to payments on such proposed termination or reduction date; provided, however, that for purposes of determining the amount of L/C Obligations then outstanding. Any termination in the immediately preceding proviso, such L/C Obligations may be reduced on a dollar-for-dollar basis by the amount of (a) cash collateral deposited with the Administrative Agent for the purpose of securing such L/C Obligations, and (b) the face amount of back-to-back letters of credit issued in connection with one or more Letters of Credit included in such L/C Obligations by a bank(s) or financial institution(s) whose short-term unsecured debt rating is rated A or above from either S&P or Mxxxx’x or such other bank(s) or financial institution(s) satisfactory to the Required Lenders with an expiration date of at least five (5) days after the expiration date of the applicable backstopped Letter of Credit and which provides that the Administrative Agent may make a drawing thereunder in the event that a drawing is made under the applicable backstopped Letter of Credit; provided further that the Revolving Credit Commitments below Commitment Amount may not be reduced to an amount less than the L/C Sublimit then in Swingline Commitment, after giving effect shall reduce the L/C Sublimit by a like amountto any contemporaneous reduction thereof. Any termination If, after giving effect to any reduction of the Revolving Commitments, the Foreign Currency Sublimit, the Letter of Credit Commitments below Sublimit, or the Swing Line Designated Borrower Sublimit then in effect exceeds the amount of the Commitments, such sublimit shall reduce be automatically reduced by the Swing Line Sublimit by a like amountamount of such excess. The Administrative Agent shall give prompt notice to each Lender of any such termination or reduction of the Revolving Credit CommitmentsCommitments or the Swingline Commitment. Any termination of Commitments or the Revolving Credit Commitments Swingline Commitment pursuant to this Section 2.10 2.13 is permanent and may not be reinstated.

Appears in 1 contract

Samples: Revolving Credit Agreement (Noble Corp)

Commitment Terminations. The Initial Term Loan Commitments shall automatically terminate upon the making, conversion or continuance, as applicable, of the Initial Term B Loans and Term A-3 Loans on the Second Restatement Effective Date. The 2017 Rook Incremental Term B Loan Commitments shall automatically terminate upon the earlier of (x) the making of the applicable 2017 Rook Incremental Term B Loans thereunder on the 2017 Rook Incremental Funding Date and (y) September 1, 2017. The 2017 Incremental Term Loan Commitments shall automatically terminate upon the making of the applicable 2017 Incremental Term Loans thereunder on the relevant Certain Funds Funding Date relating thereto. The 2017 Incremental Commitments (including, for the avoidance of doubt, the 2017 Incremental Revolving Credit Commitment Increase) shall terminate on the last day of the Certain Funds Period if the Certain Funds Transactions have not been consummated by such date or the Certain Funds Funding Date has not yet occurred. The Borrower shall have the right at any time and from time to time, upon three (3) Business Days Days’ prior and irrevocable written notice to the Administrative Agent, to terminate or reduce the Revolving Credit Commitments or the Swingline Commitment without premium or penalty, in whole or in part, with any partial termination to be reduction (i) to be in an amount not less than $1.0 million or any greater amount that is an 1,000,000 as determined by the Borrower and in integral multiple multiples of $0.1 million 500,000 and (ii) as to the Commitments, to be allocated ratably among the Lenders in proportion to their respective Revolver PercentagesCommitments; provided provided, that the Revolving Credit Commitments Commitment Amount may not be reduced to an amount less than the sum of the Swingline Exposure plus the aggregate principal amount of outstanding Revolving Loans, Swing Loans and L/C Obligations, after giving effect to payments on such proposed termination or reduction date; provided, however, that for purposes of determining the amount of L/C Obligations then outstanding. Any termination in the immediately preceding proviso, such L/C Obligations may be reduced on a dollar-for-dollar basis by the amount of (a) cash collateral deposited with the Administrative Agent for the purpose of securing such L/C Obligations, and (b) the face amount of back-to-back letters of credit issued in connection with one or more Letters of Credit included in such L/C Obligations by a bank(s) or financial institution(s) whose short-term unsecured debt rating is rated A or above from either S&P or Xxxxx’x or such other bank(s) or financial institution(s) satisfactory to the Required Lenders with an expiration date of at least five (5) days after the expiration date of the applicable backstopped Letter of Credit and which provides that the Administrative Agent may make a drawing thereunder in the event that a drawing is made under the applicable backstopped Letter of Credit; provided further that the Revolving Credit Commitments below Commitment Amount may not be reduced to an amount less than the L/C Sublimit then in effect shall reduce the L/C Sublimit by a like amount. Any termination of the Revolving Credit Commitments below the Swing Line Sublimit then in effect shall reduce the Swing Line Sublimit by a like amountSwingline Commitment. The Administrative Agent shall give prompt notice to each Lender of any such termination or reduction of the Revolving Credit CommitmentsCommitments or the Swingline Commitment. Any termination of Commitments or the Revolving Credit Commitments Swingline Commitment pursuant to this Section 2.10 2.13 is permanent and may not be reinstated.

Appears in 1 contract

Samples: Revolving Credit Agreement (Globalsantafe Corp)

Commitment Terminations. The Initial Term Loan Commitments shall automatically terminate upon the making, conversion or continuance, as applicable, of the Initial Term B Loans and Term A-3 Loans on the Second Restatement Effective Date. The 2017 Rook Incremental Term B Loan Commitments shall automatically terminate upon the earlier of (x) the making of the applicable 2017 Rook Incremental Term B Loans thereunder on the 2017 Rook Incremental Funding Date and (y) September 1, 2017. The 2017 Incremental Term Loan Commitments shall automatically terminate upon the making of the applicable 2017 Incremental Term Loans thereunder on the relevant Certain Funds Funding Date relating thereto. The 2017 Incremental Commitments (including, for the avoidance of doubt, the 2017 Incremental Revolving Credit Commitment Increase) shall terminate on the last day of the Certain Funds Period if the Certain Funds Transactions have not been consummated by such date or the Certain Funds Funding Date has not yet occurred. The Borrower Borrowers shall have the right at any time and from time to time, upon three (3) Business Days 5 days prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Agent), to terminate the Revolving Credit Commitments without premium or penalty and in whole or in part, any partial termination to be (i) in an amount not less than $1.0 million or any greater amount that is an integral multiple of $0.1 million 5,000,000 and (ii) allocated ratably among the Lenders Banks in proportion to their respective Revolver Commitment Percentages; . Notwithstanding the foregoing, the Borrowers may irrevocably elect, by the delivery to the Agent of a written election, to allocate the reduction of the Revolving Credit Commitments pursuant to this Section 3.6 to any one or more (but fewer than all) of the Banks, and upon written approval thereof by the Agent and the Required Banks, the reduction of Revolving Credit Commitments shall be allocated to any Bank(s) so designated by Borrower provided that such reduction is sufficient to reduce the Revolving Credit Commitment of each such designated Bank to zero. In the event the Borrowers elect to proceed as such (and such election is approved in writing by the Agent and the Required Banks), then (i) the Borrowers agree to pay to each such designated Bank all principal and accrued interest owing to such Bank as of the date of, and on account of, such payment and all other amounts payable to such Bank under this Agreement and the other Loan Documents, including without limitation Section 9.4 hereof, and (ii) each such designated Bank agrees to reduce its Revolving Credit Commitment to zero upon receipt of such payment and to return its Notes to the Agent. The Revolving Credit Commitments may not be reduced under this Section 3.6 to an amount less than the sum of the aggregate principal amount of Revolving Loans, Swing Loans and of L/C Cs and Reimbursement Obligations then outstanding. Any termination of the Revolving Credit Commitments below the L/C Sublimit then in effect shall reduce the L/C Sublimit by a like amount. Any termination of the Revolving Credit Commitments below the Swing Line Sublimit then in effect shall reduce the Swing Line Sublimit by a like amount. The Administrative Agent shall give prompt notice to each Lender Bank of any such termination of the Revolving Credit Commitments. Any termination of the Revolving Credit Commitments pursuant to this Section 2.10 3.6 may not be reinstated.

Appears in 1 contract

Samples: Secured Credit Agreement (Pilgrims Pride Corp)

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Commitment Terminations. (a) The Initial Existing Term A Loan Commitments shall automatically terminate upon and the making, conversion or continuance, as applicable, of the Initial Term B Loans and Term A-3 Loans on the Second Restatement Effective Date. The 2017 Rook Incremental Term B Loan Commitments shall automatically terminate upon the earlier of (x) the making of the applicable 2017 Rook Incremental Term B Loans thereunder on the 2017 Rook Incremental Funding Date and (y) September 1, 2017. The 2017 Incremental Term Loan Commitments shall automatically terminate terminated upon the making of the applicable 2017 Incremental Existing Term A Loans thereunder and the Term B Loans on the relevant Certain Funds Funding Date relating thereto. The 2017 Incremental Commitments Restatement Date. (including, for the avoidance of doubt, the 2017 Incremental Revolving Credit Commitment Increaseb) shall terminate on the last day of the Certain Funds Period if the Certain Funds Transactions have not been consummated by such date or the Certain Funds Funding Date has not yet occurred. The Borrower shall have the right at any time and from time to time, upon three (3) Business Days Days’ prior written notice to the Administrative AgentAgent (which notice may conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, 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), to terminate the Revolving Credit Commitments in whole or in part, any partial termination to be (i) in an amount not less than $1.0 million 500,000 or any greater amount that is an integral multiple of $0.1 million 100,000 and (ii) allocated ratably among the Lenders in proportion to their respective Revolver Percentages, provided that any such partial termination may, at the election of the Borrower, be applied to the 2023 Revolving Credit Commitments prior to the 2026 Revolving Credit Commitments (any such partial termination of the 2023 Revolving Credit Commitments, a “2023 Revolving Credit Commitment Reduction”); provided that the Revolving Credit Commitments may not be reduced to an amount less than the sum of the aggregate principal amount of Revolving Loans, Swing Loans and of L/C Obligations then outstanding; provided further that (i) all 2023 Revolving Credit Commitments shall terminate automatically on the 2023 Revolving Credit Termination Date and (ii) all 2026 Revolving Credit Commitments shall terminate automatically on the 2026 Revolving Credit Termination Date. Any termination of the Revolving Credit Commitments below the L/C Sublimit then in effect shall reduce the L/C Sublimit by a like amount. Any termination of the Revolving Credit Commitments below the Swing Line Sublimit then in effect shall reduce the Swing Line Sublimit by a like amount. The Administrative Agent shall give prompt notice to each Lender of any such termination (in whole or in part) of the Revolving Credit Commitments. Any termination of the Revolving Credit Commitments pursuant to this Section 2.10 may not be reinstated.

Appears in 1 contract

Samples: Credit and Guarantee Agreement (Lions Gate Entertainment Corp /Cn/)

Commitment Terminations. The Initial Term Loan Commitments shall automatically terminate upon the making, conversion or continuance, as applicable, of the Initial Term B Loans and Term A-3 Loans on the Second Restatement Effective Date. The 2017 Rook Incremental Term B Loan Commitments shall automatically terminate upon the earlier of (x) the making of the applicable 2017 Rook Incremental Term B Loans thereunder on the 2017 Rook Incremental Funding Date and (y) September 1, 2017. The 2017 Incremental Term Loan Commitments shall automatically terminate upon the making of the applicable 2017 Incremental Term Loans thereunder on the relevant Certain Funds Funding FundingCredit Extension Date relating thereto. The 2017 Incremental Commitments (including, for the avoidance of doubt, the 2017 Incremental Revolving Credit Commitment Increase) shall terminate on the last day of the Certain Funds Period if the Certain Funds Transactions have not been consummated by such date or the Certain Funds Funding Date has not yet occurred. The Borrower shall have the right at any time and from time to time, upon three (3) Business Days prior written notice to the Administrative Agent, to terminate the theany Revolving Credit Commitments in whole or in part, any partial termination to be (i) in an amount not less than the Dollar Equivalent of $1.0 million or any greater amount that is an integral multiple of the Dollar Equivalent of $0.1 million and (ii) except as provided in Section 2.15, allocated ratably among the Lenders in proportion to their respective Revolver Percentages; provided that (i) the Revolving Credit Commitments may not be reduced to an amount less than the sum of the aggregate principal amount of Revolving Loans, Swing Loans and of L/C Obligations then outstanding, (ii) the Revolving USD Credit Commitments may not be reduced to an amount less than the sum of the aggregate principal amount of Revolving USD Loans, Swing Loans allocable to the Revolving USD Credit Commitments and L/C Obligations allocable to the Revolving USD Credit Commitments then outstanding and (iii) the Revolving Multicurrency Credit Commitments may not be reduced to an amount less than the sum of the aggregate principal amount of Revolving Multicurrency Loans, Swing Loans allocable to the Revolving Multicurrency Credit Commitments and L/C Obligations allocable to the Revolving Multicurrency Credit Commitments then outstanding. Any termination of the Revolving Credit Commitments below the Dollar Equivalent of the L/C Sublimit then in effect shall reduce the L/C Sublimit by a like amount. Any termination of the Dollar Equivalent of the Revolving Credit Commitments below the Dollar Equivalent of the Swing Line Sublimit then in effect shall reduce the Dollar Equivalent of the Swing Line Sublimit by a like amount. The Administrative Agent shall give prompt notice to each Lender of any such termination of the theany Revolving Credit Commitments. Any termination of the theany Revolving Credit Commitments pursuant to this Section 2.10 may not be reinstated.

Appears in 1 contract

Samples: Amendment and Restatement Agreement (Vantiv, Inc.)

Commitment Terminations. The Initial Term Loan Commitments shall automatically terminate upon the making, conversion or continuance, as applicable, of the Initial Term B Loans and Term A-3 Loans on the Second Restatement Effective Date. The 2017 Rook Incremental Term B Loan Commitments shall automatically terminate upon the earlier of (x) the making of the applicable 2017 Rook Incremental Term B Loans thereunder on the 2017 Rook Incremental Funding Date and (y) September 1, 2017. The 2017 Incremental Term Loan Commitments shall automatically terminate upon the making of the applicable 2017 Incremental Term Loans thereunder on the relevant Certain Funds Funding Date relating thereto. The 2017 Incremental Commitments (including, for the avoidance of doubt, the 2017 Incremental Revolving Credit Commitment Increase) shall terminate on the last day of the Certain Funds Period if the Certain Funds Transactions have not been consummated by such date or the Certain Funds Funding Date has not yet occurred. The Borrower Borrowers shall have the right at any time and from time to time, upon three (3) five Business Days Days' prior written notice to the Administrative Agent, to terminate the Revolving Credit Commitments and the Short-Term Revolving Credit Commitments without premium or penalty, in whole or in part, any partial termination to be (i) in an amount not less than $1.0 million or any greater amount that is an integral multiple of $0.1 million 5,000,000, and (ii) allocated ratably among the Lenders Banks in proportion to their respective Revolver Percentages; Percentages of the relevant Credit, provided that (w) the Revolving Credit Commitments may not be terminated in whole before the termination of the Short- Term Revolving Credit Commitments, (x) the Revolving Credit Commitments may not be reduced to an amount less than the sum of the aggregate principal amount Original Dollar Amount of all Revolving Loans, all Revolving Swing Loans and of all L/C Obligations then outstanding. Any termination , (y) any reduction of the Revolving Credit Commitments below to an amount less than the Swing Line Commitment or L/C Sublimit then in effect Commitment shall automatically reduce the Swing Line Commitment or L/C Sublimit Commitment, as the case may be, to such amount as well and (z) the Short-Term Revolving Credit Commitments may not be reduced to an amount less than the Original Dollar Amount of all Short-Term Revolving Loans, all Short-Term Swing Loans and all Bid Loans then outstanding. The Borrowers shall have the right at any time and from time to time, by a like amountnotice to the Agent, to terminate the Letter of Credit Commitment without premium or penalty, in whole or in part. Any such termination of the Letter of Credit Commitment shall not reduce the Revolving Credit Commitments below unless the Swing Line Sublimit then Borrowers elect to do so in effect shall reduce the Swing Line Sublimit by a like amountmanner provided in the preceding sentence. The Administrative Agent shall give prompt notice to each Lender Bank of any such termination of the Revolving Credit Commitments. Any termination of the Revolving Credit Commitments pursuant to this Section 2.10 4.7 may not be reinstated.

Appears in 1 contract

Samples: Credit Agreement (Gallagher Arthur J & Co)

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