Common use of Reduction of Commitments Clause in Contracts

Reduction of Commitments. The Revolver Commitments shall terminate on the earlier of the Maturity Date or the Required Prepayment Date. With not less than 5 Business Days written notice to Agent, Borrowers may reduce the Revolver Commitments, without premium or penalty, to an amount not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $20,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $20,000,000), shall be made by providing not less than 5 Business Days prior written notice to Agent, and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof.

Appears in 2 contracts

Samples: Debtor in Possession Credit Agreement (School Specialty Inc), Debtor in Possession Credit Agreement (School Specialty Inc)

AutoNDA by SimpleDocs

Reduction of Commitments. The Revolver Commitments shall terminate on the earlier of the Maturity Date or the Required Prepayment Date. With not less than 5 Business Days written notice to Agent, Borrowers Borrower may reduce the Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers Borrower pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $20,000,000 5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $20,000,0005,000,000), shall be made by providing not less than 5 2 Business Days prior written notice to Agent, Agent and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (Monotype Imaging Holdings Inc.)

Reduction of Commitments. (a) The Revolver Commitments shall terminate on the earlier of the Maturity Date or the Required Prepayment Date. With not less than 5 Business Days written notice to Agent, Borrowers may reduce the Revolver Commitments, without premium or penaltysubject to payment of the Prepayment Premium, if applicable, in accordance with Section 4.04, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers a Borrower under Section 2.3(a2.02(a). Notwithstanding the foregoing, plus (C) the amount of all Letters of Credit Borrowers may not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a)terminate the Revolving Commitments unless the Term Loans and other Obligations are concurrently paid in full in cash. Each such reduction shall be in an aggregate amount which is not less than of $20,000,000 5,000,000 or any whole multiple of $1,000,000 in excess thereof (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $20,000,0005,000,000), shall be made by providing not less than 5 ten (10) Business Days prior written notice to Revolving Agent, and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Revolving Lender proportionately in accordance with its ratable share thereof. All Unused Line Fees payable pursuant to Section 4.01(b) accrued until the effective date of any termination of the Revolver Commitments will be paid on the effective date of such termination with respect to the Revolver Commitments so terminated.

Appears in 1 contract

Samples: Credit Agreement (Adma Biologics, Inc.)

Reduction of Commitments. The Revolver Commitments shall terminate on the earlier of the Maturity Date or the Required Prepayment Date. With not less than 5 Business Days written notice to Agent, Borrowers may reduce the Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $20,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $20,000,000), shall be made by providing not less than 5 10 Business Days prior written notice to Agent, and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (School Specialty Inc)

Reduction of Commitments. (i) The Revolver Commitments Total Revolving Credit Commitment shall terminate on the earlier Revolving Maturity Date. Borrower shall pay, on the Revolving Maturity Date, any Applicable Prepayment Premium in connection with such reduction of the Maturity Date or the Required Prepayment Date. With not less than 5 Business Days written notice to Agent, Borrowers Total Revolving Credit Commitment. (ii) The Borrower may reduce the Revolver Commitments, without premium or penalty, Total Revolving Credit Commitment to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as aggregate unpaid principal amount of such dateall Revolving Loans then outstanding, plus and (B) the aggregate principal amount of all Revolving Loans not yet made as to which a request Notice of Borrowing has been given by Borrowers the Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a)2.03. Each such reduction shall be in an amount which is not less than an integral multiple of $20,000,000 1,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments Total Revolving Credit Commitment in effect immediately prior to such reduction are is less than $20,000,0001,000,000), shall be made by providing not less than 5 Business Days prior written notice to the Administrative Agent, shall be irrevocable and shall be irrevocableaccompanied by the payment of the Applicable Prepayment Premium. Once reduced, the Revolver Commitments Total Revolving Credit Commitment may not be increased. Each such reduction of the Revolver Commitments Total Revolving Credit Commitment shall reduce the Revolver Commitments Revolving Credit Commitment of each Lender proportionately in accordance with its ratable share Revolving Pro Rata Share thereof. (iii) The Total Term Commitments shall be automatically and permanently reduced to zero on the date the Term Loans are made.

Appears in 1 contract

Samples: Credit Agreement (Progressive Gaming International Corp)

Reduction of Commitments. (i) The Revolver Commitments shall terminate on the earlier of the Maturity Date or the Required Prepayment Date. With not less than 5 Business Days written notice to Agent, Borrowers may reduce the Revolver Commitments, without premium or penalty, other than any payments required pursuant to Section 2.12(b)(ii), to an amount (which may be zero) (A) not less than the sum of (Ax) the Revolver Usage as of such date, plus (By) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (Cz) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a), (B) that would not cause the Fixed Asset Availability to equal or exceed 30% of the Maximum Revolver Amount after giving effect to such reduction, and (C) that would not cause WFCF's Pro Rata Share of the Maximum Revolver Amount to be less than $30,000,000 or if WFCF has assigned all or any portion of its Revolver Commitment after the Closing Date, an amount equal to $30,000,000 minus such assigned amounts). Each such reduction shall be in an amount which is not less than $20,000,000 5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $20,000,0005,000,000), shall be made by providing not less than 5 10 Business Days prior written notice to Agent, Agent and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share Pro Rata Share thereof.

Appears in 1 contract

Samples: Credit Agreement (Wabash National Corp /De)

Reduction of Commitments. (i) The Revolver Commitments shall terminate on the earlier of the Maturity Date or the Required Prepayment Date. With not less than 5 Business Days written notice to Agent, Borrowers may reduce the Revolver Commitments, without premium or penalty, other than any payments required pursuant to Section 2.12(b)(ii), to an amount (which may be zero) (A) not less than the sum of (Ax) the Revolver Usage as of such date, plus (By) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (Cz) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a), and (B) that would not cause WFCF's Pro Rata Share of the Maximum Revolver Amount to be less than $30,000,000 or if WFCF has assigned all or any portion of its Revolver Commitment after the Closing Date, an amount equal to $30,000,000 minus such assigned amounts. Each such reduction shall be in an amount which is not less than $20,000,000 5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $20,000,0005,000,000), shall be made by providing not less than 5 10 Business Days prior written notice to Agent, Agent and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share Pro Rata Share thereof.

Appears in 1 contract

Samples: Credit Agreement (Wabash National Corp /De)

Reduction of Commitments. The Revolver Commitments shall terminate on (a) Optional Reduction ofRevolving Commitments. Borrower may, at any time prior to the earlier of the Maturity Date or the Required Prepayment Revolving Availability Termination Date. With not less than 5 Business Days written notice to Agent, Borrowers may reduce the Revolver Commitments, without premium or penalty, Revolving Commitments to an amount (which may be zero) not less than the sum of (Ai) the Revolver Usage as of such date, plus (B) the aggregate unpaid principal amount of all Revolving Loans Advances then outstanding (after taking into account any payment of principal amount of Revolving Advances made in connection with such reduction of Revolving Commitments) and (ii) the aggregate principal amount of all Revolving Advances not yet made as to which a request notice has been given by Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be (A) in an amount which is not less than an integral multiple of One Million Dollars ($20,000,000 1,000,000) (unless or by the Revolver Commitments are being reduced to zero and the full amount of the Revolver Revolving Commitments in effect immediately prior to such reduction are if such amount at that time is less than One Million Dollars ($20,000,0001,000,000)), shall be (B) made by providing not less than 5 five (5) Business Days Days’ prior written notice to the Administrative Agent, (C) irrevocable and shall be irrevocable(D) accompanied by the payment of the Applicable Premium payable in connection with such reduction of the Revolving Commitments. Once reduced, the Revolver Revolving Commitments may not be increased. Each such reduction of The Total Revolving Commitment shall terminate at 12:00 a.m. (New York City time) on the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereofRevolving Availability Termination Date.

Appears in 1 contract

Samples: Loan and Guaranty Agreement (Safeguard Scientifics Inc)

AutoNDA by SimpleDocs

Reduction of Commitments. The Revolver Commitments shall terminate on the earlier of the Maturity Date or earlier termination thereof pursuant to the Required Prepayment Dateterms of this Agreement. With not less than 5 Business Days written notice to Agent, Borrowers may reduce the Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (Ai) the Revolver Usage as of such date, plus (Bii) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers under Section 2.3(a)) , plus (Ciii) the amount of all Letters of Credit not yet issued as to which a request requ est has been given by Borrowers pursuant to Section 2.11(a). ) .. Each such reduction shall be in an amount which is not less than $20,000,000 5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such suc h reduction are less than $20,000,0005,000,000), shall be made by providing not less than 5 ten (10) Business Days prior written notice to Agent, and shall be irrevocable. Once The Commitments, once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall sh all reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof. In connection with any reduction in the Commitments prior to the Maturity Date, if any Loan Party or any of its Subsidiaries owns any Margin Stock, Bor rowers shall deliver to Agent an updated Form U - 1 (with sufficient additional originals thereof for each Lender), duly executed and delivered by the Borrowers, together with such other documentation as Agent shall reasonably request, in order to enable Age nt and the Lenders to comply with any of the requirements under Regulations T, U or X of the Federal Reserve Board.

Appears in 1 contract

Samples: Credit Agreement (Independence Contract Drilling, Inc.)

Reduction of Commitments. The Revolver Commitments shall terminate on the earlier of the Maturity Date or the Required Prepayment Date. With not less than 5 Business Days written notice to Agent, Borrowers Borrower may reduce the Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers Borrower pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $20,000,000 5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $20,000,0005,000,000), shall be made by providing not less than 5 10 Business Days prior written notice to Agent, and shall be irrevocable. Unless the Revolver Commitments are being reduced to zero, in no event shall the Revolver Commitments be reduced pursuant to this Section 2.4(c) to be less than $35,000,000. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (Patrick Industries Inc)

Reduction of Commitments. The Revolver Commitments shall terminate on the earlier of the Maturity Date or the Required Prepayment Date. With not less than 5 Business Days written notice to Agent, Borrowers may reduce the Revolver Commitments, without premium or penalty, Commitments to an amount not less than the greater of (1) $40,000,000 (unless the Commitments are being reduced to zero and this Agreement is being terminated in accordance with the terms hereof), and (2) the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $20,000,000 5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $20,000,0005,000,000), shall be made by providing not less than 5 10 Business Days prior written notice to AgentAgent together with payment of the Applicable Prepayment Premium, if applicable, and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (ModusLink Global Solutions Inc)

Reduction of Commitments. The Revolver Commitments shall terminate on the earlier of the Maturity Date or the Required Prepayment Date. With not less than 5 Business Days written notice to Agent, Borrowers may reduce the Revolver Commitments, without premium or penalty, to an amount not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given made by Borrowers under pursuant to Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given made by Borrowers pursuant to Section 2.11(a); provided that the Maximum Revolver Amount shall not be voluntarily reduced to an amount that is less than $100,000,000. Each such reduction shall be in an amount which is not less than $20,000,000 10,000,000 and in integral multiples of $5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $20,000,00010,000,000), shall be made by providing not less than 5 10 Business Days prior written notice to Agent, and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Revolving Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (Us Xpress Enterprises Inc)

Reduction of Commitments. The Revolver Commitments shall terminate on the earlier of the Maturity Date or the Required Prepayment Date. With not less than 5 Business Days written notice to Agent, Borrowers may reduce the Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $20,000,000 10,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $20,000,000100,000,000), shall be made by providing not less than 5 Business Days prior written notice to Agent, Agent and shall be irrevocableirrevocable (provided that notice of termination of all Commitments made in accordance with Section 3.5 shall be permitted to be rescinded to the extent provided in Section 3.5). Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share Pro Rata Share thereof.

Appears in 1 contract

Samples: Credit Agreement (Stock Building Supply Holdings, Inc.)

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