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

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably reduce from time to time by an aggregate amount of $25,000,000 or any larger multiple of $5,000,000, the aggregate amount of the Commitments in excess of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agent.

Appears in 2 contracts

Samples: Credit Agreement (At&t Capital Corp /De/), Credit Agreement (At&t Capital Corp /De/)

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Optional Termination or Reduction of Commitments. The Borrower may, upon at least three Domestic (3) Business Days' notice to the AgentAgent (which notice the Agent shall promptly forward to the Banks), (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce the Commitments from time to time by an aggregate amount of at least $25,000,000 5,000,000, or any larger multiple of $5,000,000, the aggregate amount of 1,000,000. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.07) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 2 contracts

Samples: Credit Agreement (Home Depot Inc), Credit Agreement (Home Depot Inc)

Optional Termination or Reduction of Commitments. The Borrower Borrowers may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately and permanently reduce the Aggregate Unused Commitments from time to time by an aggregate amount of at least $25,000,000 5,000,000 or any larger integral multiple of $5,000,000, the aggregate amount of 1,000,000. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.06) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 2 contracts

Samples: Credit Agreement (Sed International Holdings Inc), Credit Agreement (Southern Electronics Corp)

Optional Termination or Reduction of Commitments. The At any time upon or after (but not before) payment in full of the Term Loans, the Borrower may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce the Unused Commitments from time to time by an aggregate amount of at least $25,000,000 5,000,000 or any larger multiple of $5,000,000, the aggregate amount of 1,000,000. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.06) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (Avondale Inc)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three Domestic (3) Business Days' notice to the AgentAgent (which notice the Agent shall promptly forward to the Banks), (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce the Commitments from time to time by an aggregate amount of at least $25,000,000 5,000,000, or any larger multiple of $5,000,000, the aggregate amount of 1,000,000. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.07) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (Home Depot Inc)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three Domestic (3) Business Days' notice to the AgentAgent (which notice the Agent shall promptly forward to the Banks), (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce the Unused Commitments from time to time by an aggregate amount of at least $25,000,000 5,000,000, or any larger multiple of $5,000,000, the aggregate amount of 1,000,000. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.07) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (Home Depot Inc)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three Domestic Business Days' notice to the Servicing Agent, (i) terminate the Commitments at any time, if no Loans or Letter of Credit Liabilities are outstanding at such time or (ii) ratably reduce from time to time by an aggregate amount of $25,000,000 or any larger multiple of $5,000,000, the aggregate amount of the Commitments in excess of the Total Outstanding Amount; provided that each such reduction shall reduce the Commitments by an aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank $5,000,000 (or any larger multiple of any such notice received by the Agent$1,000,000).

Appears in 1 contract

Samples: Credit Agreement (Clorox Co /De/)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably reduce from time to time by an aggregate amount of $25,000,000 or any larger multiple of $5,000,000, the aggregate amount of the Commitments in excess of the aggregate outstanding principal amount of the Loans. The Upon receipt of any notice pursuant to this Section 2.09, the Agent shall promptly notify each Bank the Banks of any the contents of such notice received by the Agentnotice.

Appears in 1 contract

Samples: Credit Agreement (Ace LTD)

Optional Termination or Reduction of Commitments. The Borrower may, upon at AT least three Domestic Business Days' notice to the Agent, , (i) terminate the Commitments at any time, if no Loans are outstanding at such time time, or (ii) ratably reduce from time to time by an aggregate amount of $25,000,000 or any larger multiple of $5,000,000, the aggregate amount of the Commitments in excess of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agent.

Appears in 1 contract

Samples: Credit Agreement (Cit Group Inc)

Optional Termination or Reduction of Commitments. The ------------------------------------------------ Borrower may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) terminate the Commitments in its entirety at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce from time to time time, the Unused Commitments by an aggregate amount of at least $25,000,000 10,000,000 or any larger integral multiple of $5,000,000, the aggregate amount of 1,000,000. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.07) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (JDN Realty Corp)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) subject to Section 2.10(a), terminate the Commitments in its entirety at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce from time to time time, the Commitments by an aggregate amount of at least $25,000,000 10,000,000 or any larger integral multiple of $5,000,000, the aggregate amount of 1,000,000. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.06) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (JDN Realty Corp)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce the Unused Commitments from time to time by an aggregate amount of at least $25,000,000 5,000,000 or any larger multiple of $5,000,000, the aggregate amount of 1,000,000. If the Commitments are terminated in excess their entirety, all accrued but unpaid interest and fees thereon, if any, shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (Guilford Mills Inc)

Optional Termination or Reduction of Commitments. The ------------------------------------------------ Borrower may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) terminate the Commitments in its entirety at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce from time to time time, the Unused Commitments by an aggregate amount of at least $25,000,000 10,000,000 or any larger integral multiple of $5,000,000, the aggregate amount of 1,000,000. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.06) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (JDN Realty Corp)

Optional Termination or Reduction of Commitments. The At any time prior to the Initial Draw Date, the Borrower may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce from time to time by an aggregate amount of at least $25,000,000 5,000,000 or any larger multiple of $5,000,0001,000,000, the aggregate amount of Commitments. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.06(a)) shall be payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (Meredith Corp)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three 1 Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce from time to time by an aggregate amount of at least $25,000,000 5,000,000 or any larger multiple of $5,000,0001,000,000, the aggregate amount of Commitments. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.06) shall be payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (Ryans Family Steakhouses Inc)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce the Unused Commitments from time to time by an aggregate amount of at least $25,000,000 3,000,000 or any larger multiple of $5,000,000, the aggregate amount of 1,000,000. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.06) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (National Vision Associates LTD)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately permanently reduce from time to time by an aggregate amount of $25,000,000 100,000 or any larger multiple of $5,000,000thereof, the aggregate amount unused portions of the Commitments. If the Commitments are terminated in excess their entirety, all accrued commitment fees shall be payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (Perini Corp)

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Optional Termination or Reduction of Commitments. The Borrower may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce from time to time by an aggregate amount of at least $25,000,000 10,000,000 or any larger multiple of $5,000,0001,000,000, the aggregate amount of Commitments. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.07) shall be payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (Kemet Corporation)

Optional Termination or Reduction of Commitments. The At any time prior to the Maturity Date, the Borrower may, upon at least three Domestic five (5) Business Days' notice to the Administrative Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce from time to time by an aggregate amount of at least $25,000,000 5,000,000 or any larger multiple of $5,000,0001,000,000, the aggregate amount Total Commitment. If the Total Commitment is terminated in its entirety, all accrued Fees (as provided under Section 2.06) shall be payable on the effective date of the Commitments in excess of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (Meredith Corp)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are or proportionately reduce all or any part of the Unused Commitments, after deducting therefrom the aggregate amount of any outstanding at such time or (ii) ratably reduce Money Market Loans, from time to time by an aggregate amount of at least $25,000,000 10,000,000 or any larger integral multiple of $5,000,000, the aggregate amount of . If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.07) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (Flowers Industries Inc /Ga)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time time, or (ii) ratably reduce from time to time by an aggregate amount of $25,000,000 or any larger multiple of $5,000,000, the aggregate amount of the Commitments in excess of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agent.

Appears in 1 contract

Samples: Credit Agreement (At&t Capital Corp /De/)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably reduce from time to time by an aggregate amount of $25,000,000 or any larger multiple of $5,000,000thereof, the aggregate amount of the Commitments in excess of the aggregate outstanding principal amount of the Loans. The Upon receipt of any such notice, the Agent shall promptly notify each Bank of any such notice received by the AgentBanks.

Appears in 1 contract

Samples: Credit Agreement (Rite Aid Corp)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce the Unused Revolver Loan Commitments or the Unused Term Loan Commitments from time to time by an aggregate amount of at least $25,000,000 1,000,000 or any larger multiple of $5,000,000, the aggregate amount of 500,000. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.07) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (Trion Inc)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) terminate the Commitments in their entirety at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce the Commitments from time to time by an aggregate amount of at least $25,000,000 5,000,000 or any larger integral multiple of $5,000,000, the aggregate amount of 1,000,000. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.07) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (National Service Industries Inc)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three 3 Domestic Business Days' notice to the AgentAgent (which notice the Agent shall promptly forward to the Banks), (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce the Unused Commitments from time to time by an aggregate amount of at least $25,000,000 5,000,000, or any larger multiple of $5,000,000, the aggregate amount of 1,000,000. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.07) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (McWhorter Technologies Inc /De/)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce the Unused Commitments from time to time by an aggregate amount of at least $25,000,000 1,000,000 or any larger multiple of $5,000,000, the aggregate amount of 500,000. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.06) shall be due and payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (Trion Inc)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three Domestic 3 Business Days' notice to the Administrative Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce the Unused Commitments from time to time by an aggregate amount of at least $25,000,000 10,000,000 or any larger multiple of $5,000,000, the aggregate amount 1,000,000. Upon a reduction of the Unused Commitments, each Bank’s Commitments in excess of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agentbe permanently and ratably reduced.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Mohawk Industries Inc)

Optional Termination or Reduction of Commitments. The Borrower may, upon at least three 3 Domestic Business Days' notice to the Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably proportionately reduce from time to time by an aggregate amount of at least $25,000,000 2,500,000 or any larger multiple of $5,000,000500,000, the aggregate amount of Commitments. If the Commitments are terminated in excess their entirety, all accrued fees (as provided under Section 2.06) shall be payable on the effective date of the aggregate outstanding principal amount of the Loans. The Agent shall promptly notify each Bank of any such notice received by the Agenttermination.

Appears in 1 contract

Samples: Credit Agreement (Blessings Corp)

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