Common use of Reduction of the Commitments Clause in Contracts

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days’ notice to the Designated Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof; provided further that after giving effect to any such partial reduction, the total Commitments shall not be less than the then-outstanding aggregate amount of Advances. Once terminated, such Commitments may not be reinstated.

Appears in 16 contracts

Samples: 364 Day Credit Agreement (Walt Disney Co), Five Year Credit Agreement, 364 Day Credit Agreement (Walt Disney Co)

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Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days’ notice to the Designated Administrative Agent, to terminate in whole all of the Commitments or reduce ratably in part the unused portions of the respective Commitments of the Lenders; , provided that the aggregate amount of the Commitments of the Lenders shall not be reduced to an amount which is less than the aggregate principal amount of the Advances then outstanding, and provided further that each partial reduction shall be in the aggregate amount of $5,000,000 10,000,000 or an integral multiple of $1,000,000 in excess thereof; provided further that after giving effect to any such partial reduction, the total Commitments shall not be less than the then-outstanding aggregate amount of Advances. Once terminated, such Commitments may not be reinstated.

Appears in 5 contracts

Samples: Credit Agreement (Colgate Palmolive Co), 364 Day Credit Agreement (Colgate Palmolive Co), 364 Day Credit Agreement (Colgate Palmolive Co)

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days’ notice to the Designated Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof; provided further that after giving effect to any such partial reduction, the total Commitments shall not be less than the sum of (i) then-outstanding aggregate amount of AdvancesAdvances and (ii) the Letter of Credit Liability. Once terminated, such Commitments may not be reinstated.

Appears in 4 contracts

Samples: Five Year Credit Agreement, Five Year Credit Agreement (Walt Disney Co/), Credit Agreement (Walt Disney Co/)

Reduction of the Commitments. (a) The Borrower shall have the right, upon at least three Business Days' irrevocable notice to the Designated Administrative Agent, to terminate in whole or reduce ratably in part the unused portions portion of the respective Commitments of the LendersCommitments; provided that provided, that, each partial reduction shall be in the aggregate amount of $5,000,000 or an in integral multiple multiples of $1,000,000 in excess thereof; provided further that after giving effect . (b) Any reduction and termination of the Commitments pursuant to any this Section 2.04 shall be applied ratably to each Lender's Commitment and shall be permanent, with no obligation of the Lenders to reinstate such partial reduction, the total Commitments shall not be less than the then-outstanding aggregate amount of Advances. Once terminated, such Commitments may not be reinstatedCommitments.

Appears in 3 contracts

Samples: Credit Agreement (Abraxas Energy Partners LP), Credit Agreement (Abraxas Energy Partners LP), Credit Agreement (Abraxas Petroleum Corp)

Reduction of the Commitments. (a) The Borrower shall have the right, upon at least three Business Days’ irrevocable notice to the Designated Administrative Agent, to terminate in whole or reduce ratably in part the unused portions portion of the respective Commitments of the LendersCommitments; provided that provided, that, each partial reduction shall be in the aggregate amount of $5,000,000 or an in integral multiple multiples of $1,000,000 in excess thereof; provided further that after giving effect . (b) Any reduction and termination of the Commitments pursuant to any this Section 2.04 shall be applied ratably to each Lender’s Commitment and shall be permanent, with no obligation of the Lenders to reinstate such partial reduction, the total Commitments shall not be less than the then-outstanding aggregate amount of Advances. Once terminated, such Commitments may not be reinstatedCommitments.

Appears in 2 contracts

Samples: Credit Agreement (Abraxas Petroleum Corp), Credit Agreement (Abraxas Petroleum Corp)

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days' notice to the Designated Administrative Agent, irrevocably to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided that the aggregate amount of the Commitments of the Lenders shall not be reduced to an amount that is less than the aggregate principal amount of the Advances then outstanding; and provided, further, that each partial reduction of Commitments shall be in the aggregate amount of $5,000,000 10,000,000 or an integral multiple of $1,000,000 in excess thereof; provided further that after giving effect to any such partial reduction. Once terminated or reduced, the total Commitments shall not be less than the then-outstanding aggregate amount of Advances. Once terminated, such Commitments may not be reinstated.

Appears in 2 contracts

Samples: Credit Agreement (Florida Progress Corp), Credit Agreement (Progress Energy Inc)

Reduction of the Commitments. (a) The Borrower shall have the right, upon at least three Business Days’ irrevocable notice to the Designated Administrative Agent, to terminate in whole or reduce ratably in part the unused portions portion of the respective Commitments of the LendersCommitments; provided that provided, that, each partial reduction shall be in the aggregate amount of $5,000,000 500,000 or an in integral multiple multiples of $1,000,000 100,000 in excess thereof; provided further that after giving effect . (b) Any reduction and termination of the Commitments pursuant to any this Section 2.04 shall be applied ratably to each Lender’s Commitment and shall be permanent, with no obligation of the Lenders to reinstate such partial reduction, the total Commitments shall not be less than the then-outstanding aggregate amount of Advances. Once terminated, such Commitments may not be reinstatedCommitments.

Appears in 2 contracts

Samples: Credit Agreement (Callon Petroleum Co), Credit Agreement (Callon Petroleum Co)

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days' irrevocable notice to the Designated Administrative Agent, to terminate in whole or reduce ratably in part the unused portions portion of the respective Commitments of the LendersCommitments; provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an in integral multiple multiples of $1,000,000 in excess thereof; provided further that after giving effect . Any reduction and termination of the Commitments pursuant to any this Section 2.04 shall be applied ratably to each Lender's Commitment and shall be permanent, with no obligation of the Lenders to reinstate such partial reduction, the total Commitments shall not be less than the then-outstanding aggregate amount of Advances. Once terminated, such Commitments may not be reinstatedCommitments.

Appears in 1 contract

Samples: Credit Agreement (Isramco Inc)

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days’ notice to the Designated Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereofthereof and; provided further provided, further, that after giving effect to any such partial reduction, the total Commitments shall not be less than the then-then outstanding aggregate amount of Advances. Once terminated, such Commitments may not be reinstated.

Appears in 1 contract

Samples: Credit Agreement (Walt Disney Co/)

Reduction of the Commitments. (a) The Borrower shall have the right, upon at least three Business Days’ irrevocable notice to the Designated Administrative Agent, to terminate in whole or reduce ratably in part the unused portions portion of the respective Commitments of the LendersCommitments; provided that each partial reduction shall be in the aggregate amount of at least $5,000,000 or an 3,000,000 and in integral multiple multiples of $1,000,000 in excess thereof; provided further that after giving effect . (b) Any reduction and termination of the Commitments pursuant to any this Section 2.04 shall be applied ratably to each Lender’s Commitment and shall be permanent, with no obligation of the Lenders to reinstate such partial reduction, the total Commitments shall not be less than the then-outstanding aggregate amount of Advances. Once terminated, such Commitments may not be reinstatedCommitments.

Appears in 1 contract

Samples: Credit Agreement (Crusader Energy Group Inc.)

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Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days’ notice to the Designated Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof; provided further that after giving effect to any such partial reduction, the total Commitments shall not be less than the sum of (i) the then-outstanding aggregate amount of AdvancesAdvances and (ii) the Letter of Credit Liability. Once terminated, such Commitments may not be reinstated.

Appears in 1 contract

Samples: Credit Agreement (Walt Disney Co/)

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days' written notice to the Designated Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the LendersBanks; provided provided, that (i) each partial reduction shall be in the aggregate amount of $5,000,000 10,000,000 or an integral multiple of $1,000,000 in excess thereof; provided further that , and (ii) after giving effect to any such partial reduction, the total aggregate Commitments then in effect shall be in an amount not be less than the then-outstanding aggregate principal amount of Advancesthe Advances then outstanding. Once terminated, such No portion of the Commitments which has been terminated in accordance with this Section 2.04 may not be reinstated.

Appears in 1 contract

Samples: Revolving Credit Agreement (Manpower Inc /Wi/)

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days' notice to the Designated Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereofthereof and; provided further provided, further, that after giving effect to any such partial reduction, the total Commitments shall not be less than the then-then outstanding aggregate amount of Advances. Once terminated, such Commitments may not be reinstated.

Appears in 1 contract

Samples: Credit Agreement (Walt Disney Co/)

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days' notice to the Designated Administrative Agent, irrevocably to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided that the aggregate amount of the Commitments of the Lenders shall not be reduced to an amount that is less than the Outstanding Credits; and provided, further, that each partial reduction of Commitments shall be in the aggregate amount of $5,000,000 10,000,000 or an integral multiple of $1,000,000 in excess thereof; provided further that after giving effect to any such partial reduction. Once terminated or reduced, the total Commitments shall not be less than the then-outstanding aggregate amount of Advances. Once terminated, such Commitments may not be reinstated.

Appears in 1 contract

Samples: Credit Agreement (Progress Energy Inc)

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days’ notice to the Designated Administrative Agent, irrevocably to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided that the aggregate amount of the Commitments of the Lenders shall not be reduced to an amount that is less than the aggregate principal amount of the Outstanding Credits; and provided, further, that each partial reduction of Commitments shall be in the aggregate amount of $5,000,000 10,000,000 or an integral multiple of $1,000,000 in excess thereof; provided further that after giving effect to any such partial reduction. Once terminated or reduced, the total Commitments shall not be less than the then-outstanding aggregate amount of Advances. Once terminated, such Commitments may not be reinstated.

Appears in 1 contract

Samples: Credit Agreement (Progress Energy Inc)

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