Common use of Reduction of the Commitments Clause in Contracts

Reduction of the Commitments. The Borrower shall have the right, upon at least two Business Days' notice to the Administrative Agent, 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 shall be in the aggregate amount of $10,000,000 or an integral multiple thereof.

Appears in 4 contracts

Samples: 364 Day Credit Agreement (Peco Energy Co), Revolving Credit Agreement (Peco Energy Co), Revolving Credit Agreement (Peco Energy Co)

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Reduction of the Commitments. The Borrower shall have the right, upon at least two three Business Days' notice to the Administrative Agent, 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, provided that each partial reduction shall be in the aggregate amount of $10,000,000 1,000,000 or an integral multiple thereof. Once terminated, a Commitment may not be reinstated.

Appears in 3 contracts

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

Reduction of the Commitments. The Borrower shall have the right, upon at least two three Business Days' notice to the Administrative 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 aggregate amount of the Commitments of the Lenders Total Commitment shall not be reduced to an amount that which is less than the aggregate principal amount of the Advances Revolving Credit Obligations then outstanding; and provided, provided further, that each partial reduction shall be in the aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof.

Appears in 2 contracts

Samples: 364 Day Credit Agreement (Ecolab Inc), 364 Day Credit Agreement (Ecolab Inc)

Reduction of the Commitments. The Borrower shall have the right, upon at least two three Business Days' notice to the 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, provided that the aggregate amount of the Commitments of the Lenders shall not be reduced to an amount that which is less than the aggregate principal amount of the Advances then outstanding; , and provided, further, provided further that each partial reduction (other than a reduction pursuant to Section 2.11) shall be in the aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof.

Appears in 2 contracts

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

Reduction of the Commitments. The Borrower shall have the right, upon at least two five Business Days' Days notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the LendersBanks; providedprovided that each partial reduction shall be in the aggregate amount of at least $20,000,000; and provided further, that the aggregate amount of the Commitments of the Lenders Banks shall not be reduced to an amount that which is less than the aggregate principal amount of the Advances then outstanding; and provided, further, that each partial reduction shall be in outstanding to the aggregate amount of $10,000,000 or an integral multiple thereofBorrower.

Appears in 2 contracts

Samples: Credit Agreement (Williams Holdings of Delaware Inc), Credit Agreement (Williams Companies Inc)

Reduction of the Commitments. The Borrower Borrowers shall have the right, upon at least two three Business Days' written notice to the Administrative Agent, 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 (being the amount that is less than by which such Commitments exceed the aggregate outstanding principal amount of the Advances then outstanding; and providedall Advances), further, provided that each partial reduction shall be in the aggregate amount of $10,000,000 Cdn.$10,000,000 or an integral any whole multiple of Cdn.$1,000,000 in excess thereof.

Appears in 2 contracts

Samples: Canadian Credit Agreement (Burlington Resources Inc), Canadian Credit Agreement (Burlington Resources Inc)

Reduction of the Commitments. The Borrower shall have the right, upon at least two Business Days' notice to the Administrative Agent, 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 shall be in the aggregate amount of $10,000,000 1,000,000 or an integral multiple thereof.

Appears in 2 contracts

Samples: 364 Day Credit Agreement (Peco Energy Co), Revolving Credit Agreement (Peco Energy Co)

Reduction of the Commitments. The Borrower shall have ---------------------------- the right, upon at least two three Business Days' notice to the Administrative Agent, 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, provided that each partial reduction shall be in the aggregate amount of $10,000,000 5,000,000 or an integral multiple of $1,000,000 in excess thereof.

Appears in 1 contract

Samples: Credit Agreement (Walt Disney Co/)

Reduction of the Commitments. (a) The Borrower shall have the right, upon at least two three Business Days' notice to the Administrative Agent, 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, furtherhowever, that each partial reduction shall be in the aggregate amount of $10,000,000 500,000 or an integral multiple of $250,000 in excess thereof. (b) Pursuant to the terms of this Agreement the respective Commitments of the Lenders shall automatically be reduced as set forth on Schedule 9 hereto on July 1, 2000 and October 1, 2000.

Appears in 1 contract

Samples: Credit Agreement (Lecroy Corp)

Reduction of the Commitments. The Borrower shall have the right, upon at least two three Business Days' Days notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; providedBanks, provided that each partial reduction shall be in the aggregate amount of at least $20,000,000, and provided further, that the aggregate amount of the Commitments of the Lenders Banks shall not be reduced to an amount that which is less than the aggregate principal amount of the Advances then outstanding; and provided, further, that each partial reduction shall be in outstanding to the aggregate amount of $10,000,000 or an integral multiple thereofBorrower.

Appears in 1 contract

Samples: Credit Agreement (Williams Holdings of Delaware Inc)

Reduction of the Commitments. The Borrower shall have the rightmay, upon at any time, by providing at least two three Business Days' ’ prior written notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the LendersTotal Commitment (applied on a pro rata basis in accordance with each Lender’s Percentage); 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 any such partial reduction shall be in the a minimum aggregate amount of $10,000,000 5,000,000 or an integral multiple of $1,000,000 in excess thereof. Each such notice of termination or reduction shall be irrevocable.

Appears in 1 contract

Samples: Credit Agreement (Public Service Co of New Hampshire)

Reduction of the Commitments. The Borrower shall have the right, upon at least two Business Days' notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided, 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; outstanding plus the aggregate amount of the L/C Obligations outstanding and provided, further, that each partial reduction shall be in the aggregate amount of $10,000,000 5,000,000 or an integral multiple thereof.

Appears in 1 contract

Samples: Credit Agreement (Louisville Gas & Electric Co /Ky/)

Reduction of the Commitments. The Borrower shall have the right, upon at least two three Business Days' notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided, provided that the aggregate amount of the Commitments of the Lenders shall not be reduced to an amount that which is less than the aggregate principal amount of the Advances then outstanding; , and provided, further, provided further that each partial reduction shall be in the an aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof.

Appears in 1 contract

Samples: Credit Agreement (Trinova Corp)

Reduction of the Commitments. The Borrower shall have the right, upon at least two three Business Days' notice to the Administrative Agent, to terminate in whole or or, upon same day notice, from time to time to permanently 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, provided that each partial reduction shall be in the aggregate amount of $10,000,000 5,000,000 or in an integral multiple of $1,000,000 in excess thereof. Each such notice of termination or reduction shall be irrevocable.

Appears in 1 contract

Samples: Credit Agreement (Jersey Central Power & Light Co)

Reduction of the Commitments. The Borrower shall have the rightBorrowers may, upon at least two three (3) Business Days' notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the LendersUnused Commitments; provided, provided that the each partial reduction: (a) shall be in an 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 shall be in the aggregate amount of $10,000,000 U.S. €25,000,000 or an integral multiple of U.S. €5,000,000 in excess thereof; (b) shall be made ratably among the Lenders in accordance with their Commitments; and (c) shall be permanent and irrevocable.

Appears in 1 contract

Samples: Credit Agreement (Agco Corp /De)

Reduction of the Commitments. The Borrower shall have ---------------------------- the right, upon at least two three Business Days' notice to the Administrative Agent, 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, provided that each partial reduction shall be in the aggregate amount of $10,000,000 5,000,000 or an integral multiple of $1,000,000 in excess thereof. 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 two three Business Days' notice to the Administrative Agent, 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 (being the amount that is less than by which such Commitments exceed the aggregate outstanding principal amount of the Advances then outstanding; and providedall Advances), further, provided that each partial reduction shall be in the aggregate amount of $10,000,000 20,000,000 or an integral any whole multiple of $1,000,000 in excess thereof.

Appears in 1 contract

Samples: Long Term Revolving Credit Agreement (Burlington Resources Inc)

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Reduction of the Commitments. The Borrower shall have the rightmay, upon at least two three Business Days' ’ prior notice to the Administrative Agent, to permanently terminate in whole or permanently reduce ratably in part the unused portions of the respective Commitments of the LendersBanks; 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, furtherhowever, that (i) each partial reduction shall be in the aggregate amount of not less than $10,000,000 5,000,000 or an integral multiple of $1,000,000 in excess thereof, (ii) no such reduction shall result in a Borrowing Base deficiency as provided in Section 2.07(c)(i), and (iii) no such reduction shall result in the Total Commitments of the Banks being less than $100,000,000.

Appears in 1 contract

Samples: Senior Unsecured Credit Agreement (Lasalle Hotel Properties)

Reduction of the Commitments. The Borrower shall have the right, upon at least two three Business Days' notice to the 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, provided that the aggregate amount of the Commitments of the Lenders shall not be reduced to an amount that which is less than the aggregate principal amount of the Advances then outstanding; , and provided, further, provided further that each partial reduction shall be in the aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof.

Appears in 1 contract

Samples: Credit Agreement (Colgate Palmolive Co)

Reduction of the Commitments. The Borrower shall have the right, upon at least two Business Days' notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided, 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; outstanding and provided, further, that each partial reduction shall be in the aggregate amount of $10,000,000 5,000,000 or an integral multiple thereof.

Appears in 1 contract

Samples: Credit Agreement (Louisville Gas & Electric Co /Ky/)

Reduction of the Commitments. The Borrower shall have the right, upon at least two three Business Days' notice to the Administrative Agent, 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 (being the amount that is less than by which such Commitments exceed the aggregate outstanding principal amount of the Advances then outstanding; and providedall Advances), further, provided that each partial reduction shall be in the aggregate amount of $10,000,000 or an integral multiple thereof.partial

Appears in 1 contract

Samples: Long Term Revolving Credit Agreement (Burlington Resources Inc)

Reduction of the Commitments. The Borrower shall have the right, upon at least two five Business Days' Days notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the LendersBanks; providedprovided that each partial reduction shall be in the aggregate amount of at least $10,000,000; and provided further, that the aggregate amount of the Commitments of the Lenders Banks shall not be reduced to an amount that which is less than the aggregate principal amount of the Advances then outstanding; and provided, further, that each partial reduction shall be in outstanding to the aggregate amount of $10,000,000 or an integral multiple thereofBorrower.

Appears in 1 contract

Samples: Credit Agreement (Williams Companies Inc)

Reduction of the Commitments. The Borrower shall have the right, upon at least two three Business Days' written notice to the Administrative Agent, 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 (being the amount that is less than by which such Commitments exceed the aggregate outstanding principal amount of the Advances then outstanding; and providedall Advances), further, provided that each partial reduction shall be in the aggregate amount of $10,000,000 Cdn.$10,000,000 or an integral any whole multiple of Cdn.$1,000,000 in excess thereof.

Appears in 1 contract

Samples: Canadian Credit Agreement (Burlington Resources Inc)

Reduction of the Commitments. The Borrower shall have the right, upon at least two five Business Days' Days notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments Letter of the LendersCredit Commitments; 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, provided that each partial reduction shall be in the aggregate amount of at least $10,000,000 or 10,000,000; and provided further that the aggregate amount of the Letter of Credit Commitments shall not be reduced to an integral multiple thereofamount which is less than the aggregate amount of all Letter of Credit Liabilities.

Appears in 1 contract

Samples: Credit Agreement (Williams Companies Inc)

Reduction of the Commitments. The Borrower shall have the rightmay, upon at least two five Business Days' notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions Commitments of the respective Commitments of the Lenders; provided, that the provided that: (i) any such partial reduction shall be in an aggregate amount of $1,000,000 or an integral multiple of $1,000,000 in excess thereof, and (ii) in no event shall the Commitments of the Lenders shall not be reduced to an amount that is less than the aggregate principal amount of the all Advances then outstanding; and provided, further, that each partial reduction . In no event shall the Borrower be in entitled to increase the aggregate amount Total Commitment without the consent of $10,000,000 or an integral multiple thereofall of the Lenders.

Appears in 1 contract

Samples: Credit Agreement (Northeast Utilities System)

Reduction of the Commitments. The Borrower shall have the ----------------------------- right, upon at least two three Business Days' notice to the Administrative Agent, 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, provided that each partial reduction shall be in the aggregate amount of $10,000,000 5,000,000 or an integral multiple of $1,000,000 in excess thereof.

Appears in 1 contract

Samples: Credit Agreement (Dc Holdco Inc)

Reduction of the Commitments. The Borrower shall have the rightmay, upon at least two five Business Days' notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions Commitments of the respective Commitments of the Lenders; providedprovided that, that the (i) any such partial reduction shall be in an aggregate amount of $25,000,000 or an integral multiple of $5,000,000 in excess thereof, and (ii) in no event shall 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 shall be in the aggregate amount of $10,000,000 or an integral multiple thereofAggregate Outstanding Amount.

Appears in 1 contract

Samples: Credit Agreement (Summit Properties Inc)

Reduction of the Commitments. The Borrower shall have the right, upon at least two five Business Days' notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; providedBanks, 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, provided that each partial reduction shall be in the aggregate amount of $10,000,000 1,000,000 or an a greater integral multiple thereof.

Appears in 1 contract

Samples: Revolving Credit Agreement (New Jersey Resources Corp)

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