Common use of Reduction and Termination of the Commitments Clause in Contracts

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.

Appears in 2 contracts

Samples: Credit Agreement (Novelis Inc.), Credit Agreement (Novelis Inc.)

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Reduction and Termination of the Commitments. (a) The Borrowers may, Company may (i) upon at least three Business Days' ’ prior notice to the Administrative Agent, terminate in whole or permanently reduce in part ratably the unused portions of (A) the Primary Revolving Credit Commitments of the Primary Revolving Lenders or (B) the Multicurrency Revolving Credit Commitments of the Multicurrency Revolving Lenders or (ii) prior to the Closing Date, upon at least one Business Day’s 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 pursuant to clause (i) and (ii) 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. In addition, all outstanding Commitments shall terminate on the Scheduled Termination 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)(i2.9(a)(ii) (Mandatory Prepayments) in connection with any Permitted Receivables Financing 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.

Appears in 1 contract

Samples: Credit Agreement (Affiliated Computer Services Inc)

Reduction and Termination of the Commitments. (a) The Borrowers U.S. Borrower or the U.K. Borrower may, upon at least three Business Days' prior notice to the Administrative AgentAgent and without premium or penalty (but subject to Section 2.14 (Special Provisions Governing Eurocurrency Rate Loans)), 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 Dollar Revolving Facility or the Canadian Dollar Euro Revolving 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 at 5:00 p.m. (New York time) 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)(i2.9(a) (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.

Appears in 1 contract

Samples: Credit Agreement (Acco Brands Corp)

Reduction and Termination of the Commitments. (a) The Borrowers Borrower may, after the Closing Date, 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$10,000,000 or an integral multiple of $1,000,000 in excess thereof. Any unused Term Loan Commitment shall terminate on the Closing Date. In addition, all outstanding Commitments shall terminate on the Commitment Termination 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)(i2.8(a) or (b) (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, 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.

Appears in 1 contract

Samples: Credit Agreement (GLG Partners, Inc.)

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Reduction and Termination of the Commitments. (a) The Borrowers Borrower may, upon at least three Business Days' prior notice to the applicable 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 of 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$5,000,000 or an integral multiple of $1,000,000 in excess thereof. Any unused The amount of any Term Loan Commitment that is not borrowed on the Closing Date shall thereafter be terminated. In addition, all outstanding Revolving Credit Commitments shall terminate on the Closing Revolving Credit Termination Date. (b) The then current Aggregate Revolving Credit Commitments shall be reduced ratably among the Revolving Credit Facilities on each date on which a prepayment of Revolving Loans or Swing Line Loans is made or required to be made pursuant to Section 2.9(a)(i) 2.08 (Mandatory Prepayments) (or would be required to be made had the then outstanding Revolving Loans and Swing Line Loans equaled the Aggregate Revolving Credit Commitments then in effect), in each case, 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 Pro Rata Share 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.

Appears in 1 contract

Samples: Credit Agreement (Psychiatric Solutions Inc)

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