Reductions and Terminations of Commitments Clause Samples
Reductions and Terminations of Commitments. (a) The Borrower may, upon not less than five (5) Business Days' prior irrevocable notice to the Administrative Agent, terminate in whole, or from time to time reduce, the then unborrowed amount of the Total Revolving Credit Commitment; provided that prior to or concurrently with the receipt of notice of any such termination or reduction, the Lenders shall have received evidence, satisfactory to the Administrative Agent that, together with a certificate from a Responsible Officer stating that, after giving effect to such termination or reduction, the Borrower will be in compliance with subsection 5.6. Any such termination or reduction shall be in a minimum amount of $500,000 and shall reduce permanently the Total Revolving Credit Commitment. Each reduction of the Total Revolving Credit Commitment pursuant to this subsection shall automatically and permanently reduce the Swingline Commitment by the same amount.
(b) The Total Revolving Credit Commitment shall terminate at 5:00 P.M. (New York time) on the Revolving Credit Termination Date.
(c) The Swingline Commitment shall terminate at 5:00 P.M. (New York time) on the Swingline Maturity Date.
(d) The Total Term Loan Commitment shall terminate at 5:00 P.M. (New York time) on the Closing Date.
Reductions and Terminations of Commitments. The Company shall ------------------------------------------- have the right, in its sole discretion, at any time and from time to time (i) upon at least three Business Days' prior written notice to the Paying Agent, to reduce the Total Commitment, in whole or in part in an aggregate amount of $5,000,000 or, if greater, in integral multiples of $1,000,000 or, if less, the amount of the Total Commitments, provided that (A) each such reduction shall be applied pro rata to the Commitment of each Bank and (B) no such reduction shall -------- reduce the Commitment of any Bank below the Outstanding Utilization of such Bank and (ii) upon at least 30 days prior notice to the Paying Agent and each affected Bank, to terminate the Commitment of any Bank, in whole, in the event that such Bank (A) has failed or refused to make available the full amount of any Syndicate Loans or Commitment Loans as required by (SS)1.4(a) and 1.4(b), (B) failed or refused to consent to any amendment, waiver, supplement, restatement, discharge or termination of any provision of this Agreement when requested by the Company pursuant to (S)10.4, (C) has been merged or consolidated with, or transferred all or substantially all of its assets to, or otherwise been acquired by, any Person, (D) has demanded that the Company pay additional amounts to such Bank pursuant to (S)1.09
Reductions and Terminations of Commitments. (a) The Company shall have the right, in its sole discretion, at any time and from time to time upon at least three Business Days' prior written notice to the Agent, to reduce the Total Commitment, in whole or in part in an aggregate amount of $5,000,000 or, if greater, in integral multiples of $1,000,000 or, if less, the amount of the Total Commitments, provided that (i) each such reduction shall be applied pro rata to the Commitment of each Bank, (ii) no such reduction shall reduce the Total Commitments below the Outstanding Utilization of the Banks as a group, and (iii) no such reduction shall reduce the Commitment of any Bank below the Syndicate Loans of such Bank then outstanding. Any reduction in the Total Commitment shall be permanent and may not be reinstated.
(b) The Company shall also have the right, upon at least 30 days' prior notice to the Agent and each affected Bank, to terminate in whole (but not in part) the Commitment of any Bank, provided that each of the following conditions is satisfied: (i) no Default or Event of Default shall have occurred and be continuing, (ii) the Agent shall have given its prior written consent to such termination, which consent shall not be unreasonably withheld, (iii) all amounts owed to such Bank under this Agreement or the Notes (including without limitation accrued and unpaid Commissions and interest to the date of payment) shall have been paid in full, and (v) the Company may, with the assistance of the Agent, seek a substitute Bank pursuant to the terms of section 1.14 to assume the Commitment of the Bank that is terminated. Any termination in the Commitment of any Bank for which there is no substitute shall be permanent and may not be reinstated. Substitutions. In the event the Company shall deliver a notice of termination of the Commitment of any Bank pursuant to and in accordance with section 1.13(b) or in the event a Bank delivers a notice of termination of its Commitment in accordance with section 1.17, then the Company may, with the assistance of the Agent, seek a substitute lender or lenders (each of which shall be an Eligible Assignee) to replace such Bank, which substitution shall be made by the substitute lender or lenders purchasing the outstanding Debt owing to the terminated Bank under this Agreement from such terminated Bank and assuming the Commitment of such terminated Bank, and by such substitute lender or lenders becoming a party hereto with respect to such Debt and such Commitment upon e...