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

Optional Termination or Reduction of 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 respective Three-Year Commitments or Five-Year Commitments of the Lenders; provided that each partial reduction shall be in the aggregate amount of no less than $50,000,000 or the remaining balance if less than $50,000,000.

Appears in 2 contracts

Samples: Term Loan Agreement (Mondelez International, Inc.), Term Loan Agreement (Mondelez International, Inc.)

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Optional Termination or Reduction of Commitments. The Borrower shall have the rightmay, upon at least three Domestic Business Days' notice to the Administrative Agent, terminate at any time, or ratably reduce from time to terminate in whole or reduce ratably in part the respective Three-Year Commitments or Five-Year Commitments of the Lenders; provided that each partial reduction shall be in the time by an aggregate amount of no less than $50,000,000 10,000,000 or any larger multiple of $1,000,000, the remaining balance if less than $50,000,000unused portion of the Commitments of any Class.

Appears in 2 contracts

Samples: Credit Agreement (Universal City Development Partners LTD), Credit Agreement (Universal City Development Partners LTD)

Optional Termination or Reduction of Commitments. The Borrower shall have the rightmay, upon at least three Domestic 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 reduce from time to terminate in whole time by an aggregate amount of $25,000,000 or reduce ratably in part the respective Three-Year Commitments or Five-Year Commitments any larger multiple of the Lenders; provided that each partial reduction shall be in $5,000,000, the aggregate amount of no less than $50,000,000 or the remaining balance if less than $50,000,000Commitments in excess of the aggregate outstanding principal amount of the Loans.

Appears in 2 contracts

Samples: Credit Agreement (Target Corp), 364 Day Credit Agreement (Target Corp)

Optional Termination or Reduction of Commitments. The Borrower shall have the rightmay, upon at least three 3 Domestic Business Days' notice to the Administrative Agent, terminate at any time, or proportionately reduce the Unused Commitment from time to terminate in whole or reduce ratably in part the respective Three-Year Commitments or Five-Year Commitments of the Lenders; provided that each partial reduction shall be in the time by an aggregate amount of no less than at least $50,000,000 5,000,000 and any larger incremental multiple of $1,000,000. The Borrower hereby irrevocably and voluntarily elects to reduce the Commitments to the Commitment levels set forth below on the Commitment Reduction Dates set forth below (to the extent not already reduced to or below such levels as a result of the remaining balance if less than $50,000,000.application of Section 2.08(b)):

Appears in 2 contracts

Samples: Credit Agreement (Gerber Scientific Inc), Credit Agreement (Gerber Scientific Inc)

Optional Termination or Reduction of Commitments. The Borrower shall have the rightmay, upon at least three 3 Domestic Business Days' notice to the Administrative Agent, terminate at any time, or proportionately reduce from time to terminate in whole or reduce ratably in part the respective Three-Year Commitments or Five-Year Commitments of the Lenders; provided that each partial reduction shall be in the time by an aggregate amount of no less than at least $50,000,000 1,000,000 or any larger multiple of $1,000,000 the remaining balance if less than $50,000,000Unused Commitments. If the Commitments are terminated in their entirety, all accrued fees shall be payable on the effective date of such termination. A notice of reduction or termination of the Commitments hereunder, once given, shall not thereafter be revocable by the Borrower.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Liberty Corp)

Optional Termination or Reduction of Commitments. The Prior to the Commitment Termination Date, the Borrower shall have the rightmay, upon at least three Domestic Business Days’ notice to the Administrative Agent, (i) terminate the Commitments at any time or (ii) ratably reduce from time to terminate in whole time by an aggregate amount of $50,000,000 or reduce ratably in part the respective Three-Year Commitments or Five-Year Commitments of the Lenders; provided that each partial reduction shall be in any larger integral multiple thereof, the aggregate amount of no less than $50,000,000 or the remaining balance if less than $50,000,000Commitments.

Appears in 1 contract

Samples: Term Loan Agreement (Dow Chemical Co /De/)

Optional Termination or Reduction of Commitments. The Borrower shall have the rightmay, upon at least three Domestic 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 reduce from time to terminate in whole or reduce ratably in part the respective Three-Year Commitments or Five-Year Commitments of the Lenders; provided that each partial reduction shall be in the time by an aggregate amount of no less than $50,000,000 5,000,000 or any larger multiple thereof, the remaining balance if less than $50,000,000.aggregate amount

Appears in 1 contract

Samples: Credit Agreement (Central Hudson Gas & Electric Corp)

Optional Termination or Reduction of Commitments. The Borrower shall have the rightmay, upon at least three Domestic Business Days’ notice to the Administrative Agent, (a) terminate the Commitments at any time, if no Loans are outstanding at such time or (b) ratably reduce from time to terminate in whole time by an aggregate amount of $25,000,000 or reduce ratably in part the respective Three-Year Commitments or Five-Year Commitments any larger multiple of the Lenders; provided that each partial reduction shall be in $5,000,000, the aggregate amount of no less than $50,000,000 or the remaining balance if less than $50,000,000Commitments in excess of the aggregate outstanding principal amount of the Loans.

Appears in 1 contract

Samples: Credit Agreement (Target Corp)

Optional Termination or Reduction of 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 Three-Year Commitments or Five-Year Commitments of the Lenders; provided that each partial reduction shall be in the aggregate amount of no less than $50,000,000 €10,000,000 or the remaining balance if less than $50,000,000an integral multiple of €1,000,000 in excess thereof.

Appears in 1 contract

Samples: Credit Agreement (Monsanto Co /New/)

Optional Termination or Reduction of Commitments. The Borrower shall have the rightmay, upon at least three 3 Domestic Business Days’ notice ' Notice to the Administrative Agent, terminate at any time, or proportionately reduce from time to terminate in whole time by an aggregate amount of at least $5,000,000 or reduce ratably in part any larger multiple of $1,000,000, the respective Three-Year Commitments Commitments; provided, however, no such termination or Five-Year Commitments of the Lenders; provided that each partial reduction shall be in an amount greater than the aggregate amount Total Unused Commitments on the date of no less than $50,000,000 such termination or reduction. If the remaining balance if less than $50,000,000Commitments are terminated in their entirety, all accrued fees (as provided under Section 2.06) shall be payable on the effective date of such termination.

Appears in 1 contract

Samples: Credit Agreement (Kaydon Corp)

Optional Termination or Reduction of Commitments. The Borrower shall have the rightmay, upon at least three Domestic Business Days' notice to the Administrative AgentAgent (or such shorter period as the Agent may agree), (i) terminate the Commitments at any time, if no Loans are outstanding at such time, or (ii) ratably reduce from time to terminate in whole time by an aggregate amount of $5,000,000 or reduce ratably in part the respective Three-Year Commitments or Five-Year Commitments any larger integral multiple of the Lenders; provided that each partial reduction shall be in $1,000,000, the aggregate amount of no less than $50,000,000 or the remaining balance if less than $50,000,000Commitments in excess of the Aggregate Usage.

Appears in 1 contract

Samples: Bridge Credit Agreement (Con-Way Inc.)

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Optional Termination or Reduction of Commitments. The Borrower shall have the rightmay, upon at least three Domestic Business Days' notice to the Administrative Agent, terminate at any time, or proportionately reduce from time to terminate in whole time by an aggregate amount of $5,000,000 or reduce ratably in part the respective Three-Year Commitments or Five-Year Commitments any larger multiple of the Lenders; provided that each partial reduction shall be in $1,000,000, the aggregate amount of no less than $50,000,000 or the remaining balance if less than $50,000,000Commitments in excess of the aggregate outstanding principal amount of the Loans.

Appears in 1 contract

Samples: Credit Agreement (Cone Mills Corp)

Optional Termination or Reduction of Commitments. The ------------------------------------------------ Borrower shall have the rightmay, upon at least three Domestic 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 reduce from time to terminate in whole time by an aggregate amount of $10,000,000 or reduce ratably in part the respective Three-Year Commitments or Five-Year Commitments any larger multiple of the Lenders; provided that each partial reduction shall be in $1,000,000, the aggregate amount of no less than $50,000,000 or the remaining balance if less than $50,000,000Commitments in excess of the aggregate outstanding principal amount of the Loans.

Appears in 1 contract

Samples: Credit Agreement (Unumprovident Corp)

Optional Termination or Reduction of Commitments. The Borrower shall have the rightmay, upon at least three Domestic 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 reduce from time to terminate in whole time by an aggregate amount of $5,000,000 or reduce ratably in part the respective Three-Year Commitments or Five-Year Commitments any larger integral multiple of the Lenders; provided that each partial reduction shall be in $1,000,000, the aggregate amount of no less than $50,000,000 or the remaining balance if less than $50,000,000Commitments in excess of the aggregate outstanding principal amount of the Loans.

Appears in 1 contract

Samples: Credit Agreement (CNF Transportation Inc)

Optional Termination or Reduction of Commitments. The Borrower shall have the rightmay, upon at least three 3 Domestic Business Days' notice to the Administrative Agent, to terminate in whole at any time, or proportionately reduce ratably in all or any part the respective Three-Year Commitments or Five-Year Commitments of the Lenders; provided that each partial reduction shall be in Unused Commitments, after deducting therefrom the aggregate amount of no less than any outstanding Money Market Loans, from time to time by an aggregate amount of at least $50,000,000 10,000,000 or the remaining balance if less than any larger integral multiple of $50,000,000.5,000,000. If the

Appears in 1 contract

Samples: Credit Agreement (Flowers Industries Inc /Ga)

Optional Termination or Reduction of Commitments. The Borrower shall have At any time prior to the rightTermination Date, the Borrowers may, upon at least three 3 Domestic Business Days' notice to the Administrative Agent, (a) terminate the Commitments in full, if no Advances are outstanding at such time, or (b) reduce from time to terminate in whole time by (i) an aggregate amount of $5,000,000 or reduce ratably in part any larger multiple of $5,000,000 or (ii) the respective Three-Year Commitments or Five-Year Commitments of the Lenders; provided that each partial reduction shall be in full amount thereof, the aggregate amount of no less than $50,000,000 the Commitments in excess of the aggregate outstanding principal amount of the Advances. The Lenders' Commitments will be terminated or ratably reduced, as the remaining balance if less than $50,000,000case may be.

Appears in 1 contract

Samples: Credit Agreement (Sunamerica Inc)

Optional Termination or Reduction of Commitments. The Borrower shall have the rightmay, upon at least three Business Days' notice to the Administrative Servicing Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably reduce from time to terminate in whole or reduce ratably in part time the respective Three-Year Commitments or Five-Year Commitments unused portions of the LendersCommitments; provided that each partial such reduction shall be in reduce the Commitments by an aggregate amount of no less than $50,000,000 5,000,000 (or the remaining balance if less than any larger multiple of $50,000,0001,000,000).

Appears in 1 contract

Samples: Credit Agreement (Clorox Co /De/)

Optional Termination or Reduction of Commitments. (a) The Borrower shall have the rightmay, upon at least three Domestic Business Days' notice to the Administrative Agent, terminate the Commitments at any time or ratably reduce the Commitments from time to terminate in whole time by an amount of $5,000,000 or reduce ratably in part a larger multiple thereof. Promptly after receiving a notice pursuant to this subsection, the respective Three-Year Commitments or Five-Year Commitments Agent shall notify each Bank of the Lenders; provided that each partial reduction shall be in the aggregate amount of no less than $50,000,000 or the remaining balance if less than $50,000,000contents thereof.

Appears in 1 contract

Samples: Loan Agreement (Ultramar Diamond Shamrock Corp)

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