REDUCTIONS OF INITIAL STATED AMOUNT Sample Clauses

REDUCTIONS OF INITIAL STATED AMOUNT. The Initial Stated Amount will be reduced ratably simultaneously with and in proportion to any permanent reductions of the Aggregate Commitment; PROVIDED, HOWEVER, no such reduction of Initial Stated Amount shall be available if a Sale Event with respect to either the transportation or business products operating divisions of the Borrower are sold and the net cash proceeds (after taking into account all expenses of such transaction) paid to the Lenders in reduction of the Obligations and reduction of the Aggregate Commitment are less than $17,500,000 in the case of a Sale Event with respect to the transportation division or $22,500,000 in the case of a Sale Event with respect to the business products division, in either of which events the Initial Stated Amount will remain unchanged and will remain available for the full Initial Stated Amount as support to the Lenders even after such a Sale Event unless the Guaranty is released in accordance with the terms set forth in clause (iii) below. Without affecting the foregoing, it should be noted that any Sale Event requires the consent of each of the Lenders under the Credit Agreement and nothing herein shall be construed as a consent to any such sale.
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to REDUCTIONS OF INITIAL STATED AMOUNT

  • Payments Reductions of Commitments Prepayments 16 2.5. Promise to Pay; Promissory Notes. 26

  • Minimum Stated Amount The Stated Amount of each Letter of Credit shall not be less than $50,000 or such lesser amount as is acceptable to the respective Issuing Lender.

  • Additional Conditions to Swingline Loans If a Swingline Loan is requested, all conditions set forth in Section 2.4 shall have been satisfied.

  • Letter of Credit Requests; Minimum Stated Amount (a) Whenever the Borrower desires that a Letter of Credit be issued for its account, the Borrower shall give the Administrative Agent and the respective Issuing Lender at least five Business Days’ (or such shorter period as is acceptable to such Issuing Lender) written notice thereof (including by way of facsimile). Each notice shall be in the form of Exhibit C, appropriately completed (each, a “Letter of Credit Request”).

  • Termination, Reduction and Increase of Commitments (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.

  • Reductions of Commitments Each reduction of the Commitments under Section 2.11. shall be in an aggregate minimum amount of $10,000,000 and integral multiples of $5,000,000 in excess thereof.

  • Determinations of Initial Borrowing Conditions For purposes of determining compliance with the conditions specified in Section 3.1, each Lender shall be deemed to be satisfied with each document and each other matter required to be satisfactory to such Lender unless, prior to the Closing Date, the Administrative Agent receives notice from such Lender specifying such Lender’s objections and such Lender has not made available its Pro Rata Share of any Borrowing scheduled to be made on the Closing Date.

  • Payments as Revolving Loans At the election of Agent, all payments of principal, interest, reimbursement obligations in connection with Letters of Credit and Credit Support for Letters of Credit, fees, premiums, reimbursable expenses and other sums payable hereunder, may be paid from the proceeds of Revolving Loans made hereunder. The Borrower hereby irrevocably authorizes the Agent to charge the Loan Account for the purpose of paying all amounts from time to time due hereunder and agrees that all such amounts charged shall constitute Revolving Loans (including Non-Ratable Loans and Agent Advances).

  • CONDITIONS OF INITIAL EXTENSION OF CREDIT The obligation of Bank to extend any credit contemplated by this Agreement is subject to the fulfillment to Bank's satisfaction of all of the following conditions:

  • Conditions of Initial Loans The obligation of each Lender to make its initial Loans and of each L/C Issuer to Issue, or cause to be Issued, the initial Letters of Credit hereunder is subject to satisfaction of the following conditions in a manner satisfactory to Agent:

Time is Money Join Law Insider Premium to draft better contracts faster.