Reduction and Termination of the Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 or an integral multiple of $500,000 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) of the largest Total Commitment ever existing under this Agreement) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.3, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee under §2.2 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.
Reduction and Termination of the Commitments. Upon at least three Business Days’ prior notice to the Administrative Agent, the Borrower may terminate in whole or reduce in part ratably the unused portions of the respective Revolving Credit Commitments of the Revolving Credit Lenders; provided, however, that each partial reduction shall be in an aggregate amount of not less than $1,000,000 or an integral multiple of $1,000,000 in excess thereof. In addition, all outstanding Revolving Credit Commitments shall terminate on the applicable Revolving Credit Termination Date.
Reduction and Termination of the Commitments. (a) The applicable Borrower may, upon at least three Business Days’ prior notice to the Applicable Administrative Agent, terminate in whole or reduce in part the unused portions of the Revolving Commitments; provided, however, that (i) each partial reduction shall be in an aggregate amount that is an integral multiple of $5,000,000.00 and (ii) each such reduction shall be made ratably in accordance with each Lender’s Revolving Commitment. A notice of termination of the Revolving Commitments may state that such notice is conditioned upon the effectiveness of other credit facilities or other financing transactions, and if any notice so states it may be revoked by the applicable Borrower by notice to the Applicable Administrative Agent on or prior to the date specified for the termination of the Revolving Commitments that the refinancing condition has not been met and the termination is to be revoked (it being understood that any Term Loans outstanding at the time of such notice or drawn thereafter will, upon such revocation, be continued as Base Rate Loans and, thereafter, may be converted to Eurodollar Rate Loans pursuant to Section 2.14).
(b) If (x) the Tranche B Funding Date has not occurred by the Tranche B Funding Deadline, (y) the Tranche C Funding Date has not occurred by the Tranche C Funding Deadline or (z) the Tranche D Funding Date has not occurred by the Tranche D Funding Deadline, (I) the aggregate Revolving Commitments shall automatically and without further action be reduced to the aggregate amount of the Active Revolving Commitments in effect at such time and (II) the relevant provisos set forth in the definition of “Revolving Commitment” shall thereafter cease to apply. Any such reduction shall be made ratably in accordance with each Lender’s Revolving Commitment.
Reduction and Termination of the Commitments. The Borrower may, upon at least five Business Days’ prior notice to the Administrative Agent, terminate in whole or reduce in part ratably the unused portions of the respective Revolving Credit Commitments of the Lenders; provided, however, that each partial reduction shall be in the aggregate amount of not less than $5,000,000 or an integral multiple of $1,000,000 in excess thereof and, in the case of any reduction of the Revolving Credit Commitments, the requirements of Section 2.9(e) shall have been satisfied. The Borrower acknowledges and agrees that the Revolving Credit Commitments shall terminate in their entirety concurrently with the termination in their entirety of the Revolving Credit Commitments under and as defined in the U.S. Facility.
Reduction and Termination of the Commitments. (a) The Borrowers may, upon at least three Business Days' prior notice to the Administrative Agent, terminate in whole or reduce in part ratably the unused portions of the respective Revolving Credit Commitments of the Revolving Credit Lenders under the Multi-Currency Facility or the Canadian Dollar Facility or, prior to the Closing Date, the unused portions the Term Loan Commitments of the Term Loan Lenders; provided, however, that each partial reduction shall be in an aggregate amount of not less than the Minimum Currency Threshold. Any unused Term Loan Commitment shall terminate on the Closing Date.
(b) The then current Revolving Credit Commitments shall be reduced ratably among the Revolving Credit Facilities on each date on which a prepayment of Revolving Loans or Swing Loans is made pursuant to Section 2.9(a)(i) (Mandatory Prepayments) or would be required to be made had the outstanding Revolving Loans and Swing Loans equaled the Revolving Credit Commitments then in effect, in each case, in the amount of such prepayment (or deemed prepayment) (and the Revolving Credit Commitment of each Revolving Credit Lender shall be reduced by its Ratable Portion of such amount).
(c) In the event the Closing Date shall not have occurred on or prior to April 30, 2005, this Agreement (and all Commitments hereunder) shall automatically terminate.
Reduction and Termination of the Commitments. (a) The -------------------------------------------- Company shall have the right, upon at least four (4) days' notice to the Administrative Agent to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Banks, provided that the aggregate -------- amount of the Commitments of the Banks shall not be reduced to an amount which is less than the aggregate principal amount of the Uncommitted Advances then outstanding and provided, further, that each partial reduction shall be in an -------- ------- aggregate amount of $10,000,000 or any integral multiple of $1,000,000 in excess thereof.
(b) Provided that no Event of Default shall have occurred and be continuing, the Company may at any time replace any Bank, in whole but not in part, by (i) giving such Bank and the Administrative Agent not less than ten (10) Business Days' prior notice thereof, which notice shall be irrevocable and effective only when received by such Bank and the Administrative Agent and shall specify the effective date of such replacement, and (ii) effecting an assignment of all of the Bank's Commitment and Advances in accordance with Section 9.07. ------------
(c) On the Termination Date, if the Company has made the Term Loan Election in accordance with Section 2.06(a) prior to such date, and from time to --------------- time thereafter upon each prepayment of the Advances, the aggregate Commitments of the Banks shall be automatically and permanently reduced on a pro rata basis --- ---- by an amount equal to the amount by which (i) the aggregate Commitments immediately prior to such reduction exceeds (ii) the aggregate unpaid principal ------- amount of all Advances (determined in the case of any Advances denominated in an Alternative Currency by reference to the Dollar Amount) outstanding at such time.
Reduction and Termination of the Commitments. The Borrower may, upon at least three Business Days' prior notice to the Administrative Agent, terminate in whole or reduce ratably in part the Unused Commitments of the Lenders; provided, however, that (i) each partial reduction shall be in the aggregate amount of not less than $5,000,000 or an integral multiple of $1,000,000 in excess thereof and (ii) no such reduction shall result in a Borrowing Base Imbalance.
Reduction and Termination of the Commitments. (a) The Borrower may, upon at least three Business Days' prior notice to the Agent, terminate in whole or reduce ratably in part the unused portions of the Commitments; PROVIDED, HOWEVER, that each partial reduction shall be in the aggregate amount of not less than $5,000,000 or an integral multiple of $1,000,000 in excess thereof.
(b) The then current Commitments shall be reduced (and the Commitment of each Lender shall be reduced by its Ratable Portion of such amount) on each date determined pursuant to PARAGRAPH (c) below in an amount equal to (i) as long as no Default or Event of Default shall have occurred and be continuing (A) with respect to each Asset Sale that includes Eligible Inventory, an amount equal to the Advance Rate then in effect multiplied by the Attributable Value of such Eligible Inventory sold, determined on the basis of the most recent Borrowing Base Certificate and (B) with respect to all other Asset Sales, (x) 50% of the aggregate amount of the Asset Sale Proceeds received by any Loan Party or any of its Subsidiaries on or after the Effective Date in excess of $10,000,000 (up to $15,000,000 in such Assets Sale Proceeds per year) and (y) 100% of the aggregate amount of any such Asset Sale Proceeds received in excess of $15,000,000 per year and (ii) following the occurrence of a Default or an event of Default, 100% of all Asset Sale Proceeds.
(c) If pursuant to PARAGRAPH (b) above the Commitments are to be reduced as a result of an Asset Sale, such reduction shall be made on the date of receipt of such Asset Sale Proceeds by any Loan Party.
Reduction and Termination of the Commitments. (a) The Borrower may, upon at least five Business Days' prior notice to the Administrative Agent, terminate in whole or reduce in part ratably the unused portions of the Tranche A Commitments or Tranche B Commitments of the Lenders; provided, however, that each partial reduction shall be in the aggregate amount of not less than $5,000,000 or an integral multiple of $1,000,000 in excess thereof.
(b) The aggregate Tranche B Commitments shall be reduced by $50,000,000 on June 30, 2002 and by $25,000,000 on the last day of each Fiscal Quarter thereafter (the "Tranche B Commitment Reduction Dates"), subject to any prior permanent reductions pursuant to clause (c) below (and the Tranche B Commitment of each Lender shall be reduced by its Ratable Portion of such amount):
(c) The then current Tranche B Commitments shall be reduced on each date on which a prepayment of Tranche B Loans is made pursuant to Section 2.9(a) or would be required to be made had the outstanding Tranche B Loans equaled the Tranche B Commitments then in effect, in each case in the amount of such prepayment (or deemed prepayment) (and the Tranche B Commitment of each Lender shall be reduced by its Ratable Portion of such amount); provided, however, that 50% of such reductions shall be credited against the reductions in the Tranche B Commitments provided for in clause (b) above in the direct order of the effective date of such scheduled reductions; provided further, however, that the Tranche B Commitments shall not be reduced by the first $15,000,000 of repayments required to be applied to the Obligations pursuant to Section 2.9(a).
Reduction and Termination of the Commitments. (a) The Applicants may, upon at least three Business Days’ prior notice to the Administrative Agent, terminate in whole or reduce in part the unused portions of the Commitments; provided, however, that (i) each partial reduction shall be in an aggregate amount that is an integral multiple of $5,000,000.00 and (ii) each such reduction shall be made ratably in accordance with each Participant’s Commitment. A notice of termination of the Commitments may state that such notice is conditioned upon the effectiveness of other credit facilities or other financing transactions, and if any notice so states it may be revoked by the applicable Applicant by notice to the Administrative Agent on or prior to the date specified for the termination of the Commitments that the refinancing condition has not been met and the termination is to be revoked.
