Common use of Optional Termination or Reduction of Commitment Clause in Contracts

Optional Termination or Reduction of Commitment. Upon at least one Business Day s prior written notice to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Unused Total Tranche A Commitment, the Tranche B Commitment, the Initial Tranche C Commitment and the Subsequent Tranche C Commitment. Each such reduction of the Commitments shall be in the principal amount of $1,000,000 or any integral multiple thereof. Simultaneously with each reduction or termination of the Tranche A Commitment, the Borrower shall pay to the Administrative Agent for the account of each Tranche A Lender the Tranche A Commitment Fee accrued and unpaid on the amount of the Tranche A Commitment of such Tranche A Lender so terminated or reduced through the date thereof. Simultaneously with each reduction or termination of the Subsequent Tranche C Commitment, the Borrower shall, subject to entry by the Bankruptcy Court of the Supplemental Approval Order, pay to the Administrative Agent for the account of each Tranche C Lender holding a Subsequent Tranche C Commitment the Tranche C Commitment Fee, accrued and unpaid on the amount of the Subsequent Tranche C Commitment of such Tranche C Lender so terminated or reduced through the date thereof. Any reduction of any Commitment of a Class pursuant to this Section shall be applied pro rata to reduce the applicable Commitment of each Lender of such Class.

Appears in 2 contracts

Samples: Loan and Guaranty Agreement, Loan and Guaranty Agreement

AutoNDA by SimpleDocs

Optional Termination or Reduction of Commitment. Upon at least one Business Day s Day's prior written notice to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Unused Total Tranche A Commitment or the Total Tranche B Commitment; provided, however, that at any time of any reduction or termination of the Tranche B Commitment, the Initial Total Tranche C A Commitment shall have been wholly and the Subsequent permanently terminated, all Tranche C CommitmentA Loans shall have been paid in full (plus any accrued but unpaid interest and fees thereon) and no Letters of Credit shall be outstanding, or, if outstanding, then backed by Cash Collateralization. Each such reduction of the Commitments shall be in the principal amount of $1,000,000 or any integral multiple thereof. Simultaneously with each reduction or termination of the Tranche A Commitment, the Borrower shall pay to the Administrative Agent for the account of each Tranche A Lender the Tranche A Commitment Fee accrued and unpaid on the amount of the Tranche A Commitment of such Tranche A Lender so terminated or reduced through the date thereof. Simultaneously with each reduction or termination of the Subsequent Tranche C Commitment, the Borrower shall, subject to entry by the Bankruptcy Court of the Supplemental Approval Order, pay to the Administrative Agent for the account of each Tranche C Lender holding a Subsequent Tranche C Commitment the Tranche C Commitment Fee, accrued and unpaid on the amount of the Subsequent Tranche C Commitment of such Tranche C Lender so terminated or reduced through the date thereof. Any reduction of any Commitment of a Class pursuant to this Section shall be applied pro rata to reduce the applicable Commitment of each Tranche A Lender of such Classor Tranche B Lender, as the case may be.

Appears in 2 contracts

Samples: And Guaranty Agreement (Tower Automotive Inc), Tower Automotive Inc

Optional Termination or Reduction of Commitment. Upon at least one Business Day s Day’s prior written notice to the Administrative Agent, . the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Unused Total Tranche A Commitment, the Tranche B Commitment, the Initial Tranche C Commitment and the Subsequent Total Tranche C B Commitment. Each such reduction of the Commitments shall be in the principal amount of $1,000,000 or any integral multiple thereof. Simultaneously with each reduction or termination of the Tranche A Commitment, the Borrower shall pay to the Administrative Agent for the account of each Tranche A Lender the Tranche A Commitment Fee accrued and unpaid on the amount of the Tranche A Commitment of such Tranche A Lender so terminated or reduced through the date thereof. Simultaneously with each reduction or termination of the Subsequent Tranche C CommitmentB Commitment prior to the date of funding of the Tranche B Loan, the Borrower shall, subject to entry by the Bankruptcy Court of the Supplemental Approval Order, shall pay to the Administrative Agent for the account of each Tranche C B Lender holding a Subsequent Tranche C Commitment the Tranche C B Commitment Fee, Fee accrued and unpaid on the amount of the Subsequent Tranche C B Commitment of such Tranche C B Lender so terminated or reduced through the date thereof. Any reduction of any Commitment of a Class pursuant to this Section shall be applied pro rata to reduce the applicable Commitment of each Tranche A Lender of such Classor Tranche B Lender, as the case may be.

Appears in 1 contract

Samples: Loan and Guaranty Agreement (Delphi Corp)

Optional Termination or Reduction of Commitment. Upon at least one two Business Day s Days' prior written notice to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Unused Total Tranche A Commitment or the Total Tranche B Commitment; provided, however, that at any time of any reduction or termination of the Tranche B Commitment, the Initial Total Tranche C A Commitment shall have been wholly and the Subsequent permanently terminated, all Tranche C CommitmentA Loans shall have been paid in full and no Letters of Credit shall be outstanding, or, if outstanding, then backed by Cash Collateralization. Each such reduction of the Commitments shall be in the principal amount of $1,000,000 or any integral multiple thereof. Simultaneously with each reduction or termination of the Tranche A Commitment, the Borrower shall pay to the Administrative Agent for the account of each Tranche A Lender the Tranche A Commitment Fee accrued and unpaid on the amount of the Tranche A Commitment of such Tranche A Lender so terminated or reduced through the date thereof. Simultaneously with each reduction or termination of the Subsequent Tranche C Commitment, the Borrower shall, subject to entry by the Bankruptcy Court of the Supplemental Approval Order, pay to the Administrative Agent for the account of each Tranche C Lender holding a Subsequent Tranche C Commitment the Tranche C Commitment Fee, accrued and unpaid on the amount of the Subsequent Tranche C Commitment of such Tranche C Lender so terminated or reduced through the date thereof. Any reduction of any the Total Tranche A Commitment of a Class pursuant to this Section shall be applied pro rata to reduce the applicable Tranche A Commitment of each Lender pro rata according to each such Lender's Tranche A Commitment Percentage. Any termination or reduction of the Total Tranche B Commitment pursuant to this Section 2.10 shall be applied to reduce pro rata the Total Tranche B Commitment of each Tranche B Lender according to each such ClassLender's Tranche B Commitment Percentage.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Danielson Holding Corp)

Optional Termination or Reduction of Commitment. Upon at least one Business Day s Day’s prior written notice to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Unused Total Tranche A Commitment, the Tranche B Commitment, the Initial Tranche C Commitment and the Subsequent Tranche C Commitment. Each such reduction of the Commitments shall be in the principal amount of $1,000,000 or any integral multiple thereof. Simultaneously with each reduction or termination of the Tranche A Commitment, the Borrower shall pay to the Administrative Agent for the account of each Tranche A Lender the Tranche A Commitment Fee accrued and unpaid on the amount of the Tranche A Commitment of such Tranche A Lender so terminated or reduced through the date thereof. Simultaneously with each reduction or termination of the Subsequent Tranche C Commitment, the Borrower shall, subject to entry by the Bankruptcy Court of the Supplemental Approval Order, pay to the Administrative Agent for the account of each Tranche C Lender holding a Subsequent Tranche C Commitment the Tranche C Commitment Fee, accrued and unpaid on the amount of the Subsequent Tranche C Commitment of such Tranche C Lender so terminated or reduced through the date thereof. Any reduction of any Commitment of a Class pursuant to this Section shall be applied pro rata to reduce the applicable Commitment of each Lender of such Class.

Appears in 1 contract

Samples: Loan and Guaranty Agreement (Delphi Corp)

Optional Termination or Reduction of Commitment. Upon at least one two Business Day s Days' prior written notice to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Unused Total Tranche A Commitment or the Total Tranche B Commitment; provided, however, that at any time of any reduction or termination of the Tranche B Commitment, the Initial Total Tranche C A Commitment shall have been wholly and the Subsequent permanently terminated, all Tranche C CommitmentA Loans shall have been paid in full and no Tranche A Letters of Credit shall be outstanding, or, if outstanding, then backed by Tranche A Cash Collateralization. Each such reduction of the Commitments shall be in the principal amount of $1,000,000 or any integral multiple thereof. Simultaneously with each reduction or termination of the Tranche A Commitment, the Borrower shall pay to the Administrative Agent for the account of each Tranche A Lender Bank the Tranche A Commitment Fee accrued and unpaid on the amount of the Tranche A Commitment of such Tranche A Lender so terminated or reduced through the date thereof. Simultaneously with each reduction or termination of the Subsequent Tranche C Commitment, the Borrower shall, subject to entry by the Bankruptcy Court of the Supplemental Approval Order, pay to the Administrative Agent for the account of each Tranche C Lender holding a Subsequent Tranche C Commitment the Tranche C Commitment Fee, accrued and unpaid on the amount of the Subsequent Tranche C Commitment of such Tranche C Lender Bank so terminated or reduced through the date thereof. Any reduction of any the Total Tranche A Commitment of a Class pursuant to this Section shall be applied pro rata to reduce the applicable Tranche A Commitment of each Lender Bank pro rata according to each such Bank's Tranche A Commitment Percentage. Any termination or reduction of the Total Tranche B Commitment pursuant to this Section 2.10 shall be applied to reduce pro rata the Total Tranche B Commitment of each Tranche B Bank according to each such ClassBank's Tranche B Commitment Percentage.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Kasper a S L LTD)

AutoNDA by SimpleDocs

Optional Termination or Reduction of Commitment. Upon at least one Business Day s Day's prior written notice to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Unused Total Tranche A Commitment, Commitment or the Total Tranche B Commitment, the Initial Tranche C Commitment and the Subsequent Tranche C Commitment. Each such reduction of the Commitments shall be in the principal amount of $1,000,000 or any integral multiple thereof. Simultaneously with each reduction or termination of the Tranche A Commitment, the Borrower shall pay to the Administrative Agent for the account of each Tranche A Lender the Tranche A Commitment Fee accrued and unpaid on the amount of the Tranche A Commitment of such Tranche A Lender so terminated or reduced through the date thereof. Simultaneously with each reduction or termination of the Subsequent Tranche C CommitmentB Commitment prior to the date of funding of the Tranche B Loan, the Borrower shall, subject to entry by the Bankruptcy Court of the Supplemental Approval Order, shall pay to the Administrative Agent for the account of each Tranche C B Lender holding a Subsequent Tranche C Commitment the Tranche C B Commitment Fee, Fee accrued and unpaid on the amount of the Subsequent Tranche C B Commitment of such Tranche C B Lender so terminated or reduced through the date thereof. Any reduction of any Commitment of a Class pursuant to this Section shall be applied pro rata to reduce the applicable Commitment of each Tranche A Lender of such Classor Tranche B Lender, as the case may be.

Appears in 1 contract

Samples: Loan and Guaranty Agreement (Collins & Aikman Corp)

Optional Termination or Reduction of Commitment. Upon at least one two (2) Business Day s Days' prior written notice to the Administrative Paying Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Unused Total Tranche A Commitment, the Tranche B Commitment, the Initial Tranche C Commitment and the Subsequent Tranche C Commitment. Each such reduction of the Commitments Tranche A Commitment shall be in the principal amount of $1,000,000 5,000,000 or any integral multiple thereof. Simultaneously with each reduction termination or termination of the Tranche A Commitmentreduction, the Borrower shall pay to the Administrative Paying Agent for the account of each Tranche A Lender the Tranche A Commitment Fee accrued and unpaid on the amount of the Tranche A Commitment of such Tranche A Lender so terminated or reduced through the date thereof. Simultaneously Any such termination or reduction shall be applied to reduce the Tranche A Commitment of each Tranche A Lender, the Tranche B Commitment of each Tranche B Lender and the Tranche [B]C Commitment of each Tranche [B]C Lender pro rata in accordance with the Combined DIP Total Commitment Percentage of each reduction or termination of Tranche A Lender, Tranche B Lender and Tranche [B]C Lender, as applicable. Notwithstanding the Subsequent Tranche C Commitmentforegoing, the Borrower shall, subject may not reduce the Total Tranche A Commitment to entry by the Bankruptcy Court of the Supplemental Approval Order, pay an amount that would be less than an amount equal to the Administrative Agent for the account of each Tranche C Lender holding a Subsequent Tranche C Commitment the Tranche C Commitment Fee, accrued and unpaid on the amount of the Subsequent Tranche C Commitment of such Tranche C Lender so terminated or reduced through the date thereof. Any reduction of any Commitment of a Class pursuant to this Section shall be applied pro rata to reduce the applicable Commitment of each Lender of such ClassA Reserve as then in effect.

Appears in 1 contract

Samples: Security and Pledge Agreement (Ual Corp /De/)

Optional Termination or Reduction of Commitment. (a) Upon at least one (1) Business Day s prior written notice to the Administrative Paying Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Unused Total Tranche A Commitment, Commitment or the Total Delayed Draw Tranche B Loan Commitment; provided that each such notice shall be revocable to the extent such termination or reduction would have resulted from a refinancing of the Obligations, the Initial Tranche C Commitment and the Subsequent Tranche C Commitmentwhich refinancing shall not be consummated or shall otherwise be delayed. Each such reduction of the Commitments Unused Total Tranche A Commitment or the Total Delayed Draw Tranche B Loan Commitment shall be in the principal amount not less than $5,000,000 and in an integral multiple of $1,000,000 or any integral multiple thereof1,000,000. Simultaneously with each reduction or termination of the Tranche A Commitment or the Total Delayed Draw Tranche B Loan Commitment, the Borrower shall pay to the Administrative Paying Agent for the account of (i) each Tranche A Lender the Tranche A Commitment Fee accrued and unpaid on the amount of the Tranche A Commitment of such Tranche A Lender so terminated or reduced through the date thereof. Simultaneously with each reduction or termination of the Subsequent Tranche C Commitment, the Borrower shall, subject to entry by the Bankruptcy Court of the Supplemental Approval Order, pay to the Administrative Agent for the account of thereof and (ii) each Tranche C B Lender holding a Subsequent Tranche C the Commitment the Tranche C Commitment Fee, Fee accrued and unpaid on the amount of the Subsequent Delayed Draw Tranche C B Loan Commitment of such Tranche C B Lender so terminated or reduced through the date thereof. Any reduction of any the Total Tranche A Commitment of a Class or the Delayed Draw Tranche B Loan Commitment pursuant to this Section Section, as the case may be, shall be applied pro rata to reduce the applicable Tranche A Commitment of each Tranche A Lender or the Delayed Draw Tranche B Loan Commitment of such Classeach Tranche B Lender, as the case may be.

Appears in 1 contract

Samples: Loan and Guaranty Agreement (Ual Corp /De/)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!