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

Optional Termination or Reduction of the Commitments. The Company 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 aggregate unused Commitments of the Lenders; provided that each partial reduction shall be in an aggregate amount of $25,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, the aggregate amount of all Commitments at such time.

Appears in 3 contracts

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

AutoNDA by SimpleDocs

Optional Termination or Reduction of the Commitments. The Company shall have the right, upon at least three two Business Days' notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the aggregate unused portions of the respective Commitments of the Lenders; , provided that each partial reduction shall be in an the aggregate amount of $25,000,000 5,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, the aggregate amount of all Commitments at such timethereof.

Appears in 2 contracts

Samples: Term Loan Agreement (Cytec Industries Inc/De/), 364 Day Term Loan Agreement (Cytec Industries Inc/De/)

Optional Termination or Reduction of the Commitments. The Company shall have the right, upon at least three Business Days' notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the aggregate unused portions of the respective Commitments of the Lenders; , provided that (i) each partial reduction shall be in an aggregate amount of $25,000,000 not less than the Borrowing Minimum or an integral multiple of $1,000,000 the Borrowing Multiple in excess thereof or, if less, and (ii) each such reduction shall be applied to the aggregate amount respective Commitments of all Commitments at such timethe Lenders ratably.

Appears in 2 contracts

Samples: Credit Agreement (At&t Inc.), Credit Agreement (At&t Inc.)

Optional Termination or Reduction of the Commitments. The Company shall have the right, upon at least three two Business Days' notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the aggregate unused Unused Commitments or the Unissued Letter of Credit Commitments of the Lenders; , provided that each partial reduction shall be in an the aggregate amount of $25,000,000 5,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, the aggregate amount of all Commitments at such timethereof.

Appears in 2 contracts

Samples: Five Year Credit Agreement (Cytec Industries Inc/De/), Credit Agreement (Cytec Industries Inc/De/)

Optional Termination or Reduction of the Commitments. The Company shall have the right, upon at least three Business Days' notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the aggregate unused portions of the respective Commitments of the Lenders; , provided that each partial reduction shall be in an the aggregate amount of $25,000,000 10,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, and provided further that the aggregate amount of all the Commitments at such timeof the Lenders shall not be reduced to an amount that is less than the aggregate principal amount of the Competitive Bid Advances then outstanding.

Appears in 1 contract

Samples: Credit Agreement (Lafarge North America Inc)

Optional Termination or Reduction of the Commitments. The Company shall have the right, upon at least three Business Days' notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the aggregate unused Unused Commitments or the Unissued Letter of Credit Commitments of the Lenders; , provided that each partial reduction shall be in an the aggregate amount of $25,000,000 10,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, the aggregate amount of all Commitments at such timethereof.

Appears in 1 contract

Samples: Credit Agreement (Avaya Inc)

Optional Termination or Reduction of the Commitments. The Company shall have the right, upon at least three Business Days' notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the aggregate unused portions of the respective Commitments of the Lenders; , provided that each partial reduction shall be in an the aggregate amount of $25,000,000 10,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, and provided further that the aggregate amount of all the Commitments at such timeof the Lenders shall not be reduced to an amount that is less than the aggregate principal amount of the Competitive Bid Advances then outstanding.

Appears in 1 contract

Samples: Credit Agreement (Lafarge North America Inc)

Optional Termination or Reduction of the Commitments. The Company 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 aggregate unused Unused Commitments or the Unissued Letter of Credit Commitments of the Lenders; , provided that each partial reduction shall be in an the aggregate amount of $25,000,000 10,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, the aggregate amount of all Commitments at such timethereof.

Appears in 1 contract

Samples: Five Year Credit Agreement (Eastman Chemical Co)

AutoNDA by SimpleDocs

Optional Termination or Reduction of the Commitments. The Company 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 aggregate unused Commitments of the Lenders; provided that each partial -------- reduction shall be in an aggregate amount of $25,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, the aggregate amount of all Commitments at such time.

Appears in 1 contract

Samples: Credit Agreement (Sprint Corp)

Optional Termination or Reduction of the Commitments. The Company shall have the right, at any time prior to the Commitment Termination Date and upon at least three Business Days' notice to the Administrative Agent, to terminate in whole or reduce ratably in part the aggregate unused Commitments of the Lenders; , provided that each partial reduction shall be in an the aggregate amount of $25,000,000 10,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, the aggregate amount of all Commitments at such timethereof.

Appears in 1 contract

Samples: Term Loan Agreement (Eastman Chemical Co)

Optional Termination or Reduction of the Commitments. The Company shall have the right, upon at least three Business Days' notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the aggregate unused Unused Revolving Credit Commitments or the Unissued Letter of Credit Commitments of the Lenders; , provided that each partial reduction shall be in an the aggregate amount of $25,000,000 10,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, the aggregate amount of all Commitments at such timethereof.

Appears in 1 contract

Samples: Credit Agreement (Dentsply International Inc /De/)

Optional Termination or Reduction of the Commitments. The Company 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 aggregate unused Unused Commitments of the Lenders; , provided that each partial reduction shall be in an the aggregate amount of $25,000,000 10,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, the aggregate amount of all Commitments at such timethereof.

Appears in 1 contract

Samples: Term Loan Agreement (Eastman Chemical Co)

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