Common use of Reductions of the Commitments Clause in Contracts

Reductions of the Commitments. The Commitment of each ----------------------------- Lender shall be automatically reduced to zero at the close of business (New York time) on the Commitment Termination Date. In addition, the Borrower shall have the right, upon at least 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, provided that (i) the aggregate amount of -------- the Commitments of the Lenders shall not be reduced pursuant to this sentence to an amount which is less than the aggregate principal amount of the Loans then outstanding and (ii) each partial reduction shall be in an aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof.

Appears in 2 contracts

Samples: Credit Agreement (Renaissance Hotel Group N V), Credit Agreement (Marriott International Inc)

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Reductions of the Commitments. The Commitment of each Lender ----------------------------- Lender shall be automatically reduced to zero at the close of business (New York time) on the Commitment Termination DateDate of such Lender. In addition, the Borrower Company shall have the right, upon at least five 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 (i) the aggregate amount of -------- the Commitments of the -------- Lenders shall not be reduced pursuant to this sentence to an amount which is less than the aggregate principal amount of the Loans then outstanding and (ii) each partial reduction shall be in an aggregate amount of at least $10,000,000 or an integral multiple of $1,000,000 in excess thereof10,000,000. Each Commitment reduction pursuant to this Section 2.05 shall be permanent.

Appears in 1 contract

Samples: Credit Agreement (Marriott International Inc /Md/)

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Reductions of the Commitments. The Commitment of each ----------------------------- Lender shall be automatically reduced to zero at the close of business (New York time) on the Commitment Termination DateDate of such Lender. In addition, the Borrower Company shall have the right, upon at least five 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 (i) the aggregate amount of -------- the Commitments of the Lenders shall not be reduced pursuant to this sentence to an amount which is less than the aggregate principal amount of the Loans then outstanding and (ii) each partial reduction shall be in an aggregate amount of at least $10,000,000 or an integral multiple of $1,000,000 in excess thereof10,000,000. Each Commitment reduction pursuant to this Section 2.05 shall be permanent.

Appears in 1 contract

Samples: Credit Agreement (Marriott International Inc /Md/)

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