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: Credit Agreement (Walt Disney Co), Credit Agreement, 364 Day Credit Agreement (Walt Disney Co)

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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 $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 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 8 contracts

Samples: Credit Agreement (Resaca Exploitation, Inc.), Credit Agreement (Resaca Exploitation, Inc.), Credit Agreement (Resaca Exploitation, 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; Lenders (being the amount by which such Commitments exceed the aggregate outstanding principal amount of all Advances), provided that each partial reduction shall be in the aggregate amount of $5,000,000 20,000,000 or an integral any whole 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 7 contracts

Samples: Credit Agreement (Burlington Resources Inc), Credit Agreement (Burlington Resources Inc), Credit Agreement (Burlington Resources 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 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: Five Year Credit Agreement (Colgate Palmolive Co), Day Credit Agreement (Colgate Palmolive Co), 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 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 1,000,000 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 a Commitment may not be reinstated.

Appears in 3 contracts

Samples: Assumption Agreement (Entergy Gulf States Inc), Credit Agreement (Entergy Gulf States Inc), Credit Agreement (Entergy Corp /De/)

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 3 contracts

Samples: Credit Agreement (Walt Disney Co/), Credit Agreement (Walt Disney Co/), Year 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 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 (Progress Energy Inc), Credit Agreement (Florida Progress Corp)

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days’ notice to the Designated AgentAgent and without premium or penalty, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the LendersBanks; provided, that the Total Commitment shall not be reduced to an amount which is less than the aggregate principal amount of the Revolving Credit Obligations 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 2 contracts

Samples: Day Credit Agreement (Ecolab Inc), Day Credit Agreement (Ecolab Inc)

Reduction of the Commitments. (a) 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 outstanding Advances; 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 (Progress Energy Inc), 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, 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 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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Reduction of the Commitments. The Borrower shall have the rightBorrowers may, upon at least three (3) 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 LendersUnused Commitments; provided that each partial reduction reduction: (a) shall be in the an aggregate amount of $5,000,000 U.S. €25,000,000 or an integral multiple of $1,000,000 U.S. €5,000,000 in excess thereof; provided further that after giving effect to any such partial reduction, (b) shall be made ratably among the total Commitments Lenders in accordance with their Commitments; and (c) shall not be less than the then-outstanding aggregate amount of Advancespermanent and irrevocable. Once terminated, such Commitments may not be reinstated2.4.

Appears in 1 contract

Samples: Version Active 63591839v76 Credit Agreement (Agco Corp /De)

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 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.. SECTION 2.05

Appears in 1 contract

Samples: Credit Agreement

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 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' 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, 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: Year Credit Agreement (Walt Disney Co/)

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