Common use of Reductions Clause in Contracts

Reductions. The Borrowers shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during each Fiscal Year), upon not less than three (3) Business Days irrevocable written notice to the Administrative Agent to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business Day, telephonic notice (confirmed in writing) of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 or such greater amount which is in an integral multiple of $1,000,000, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes to the extent that the aggregate principal amount of Outstanding Credit Obligations exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid.

Appears in 2 contracts

Sources: Reimbursement Agreement (Republic Industries Inc), Credit Facilities and Reimbursement Agreement (Autonation Inc /Fl)

Reductions. The Borrowers shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, facsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 5,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.5.

Appears in 2 contracts

Sources: Credit Agreement (Aircastle LTD), Credit Agreement (Aircastle LTD)

Reductions. The Borrowers shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 5,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.5.

Appears in 2 contracts

Sources: Credit Agreement (Unicapital Corp), Credit Agreement (Unicapital Corp)

Reductions. The Borrowers Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days’ written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 2,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans or Swing Line Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings plus Letter of Credit Outstandings plus Swing Line Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaidprepaid provided that, after the foregoing payments, if Letter of Credit Outstandings then still exceed the Total Revolving Credit Commitment as reduced, the Borrower shall deposit cash with the Agent in an amount equal to the amount of any such excess Letter of Credit Outstandings, as collateral security for the repayment of any future drawing or payments under such Letters of Credit.

Appears in 1 contract

Sources: Credit Agreement (Covenant Transport Inc)

Reductions. (a) The Borrowers shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days’ written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, facsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 5,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.5; and (b) Any net proceeds received in connection with any prepayment pursuant to Section 2.3 shall be applied on such date toward the prepayment of the Loans and the reduction of the Total Revolving Credit Commitment as set forth in paragraph (a) above.

Appears in 1 contract

Sources: Credit Agreement (Aircastle LTD)

Reductions. The Borrowers Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three five (35) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 100,000 or such greater amount which is in an integral multiple of $1,000,000100,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.5.

Appears in 1 contract

Sources: Credit Agreement (Saratoga Beverage Group Inc)

Reductions. The Borrowers Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 1,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings plus Letter of Credit Outstandings plus Swing Line Outstandings exceeds the lesser of (A) the Total Revolving Credit Commitment and (B) the Borrowing Base minus the amount of Term Loan B Outstandings, if any, after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 6.5.

Appears in 1 contract

Sources: Credit Agreement (Correctional Properties Trust)

Reductions. The Borrowers Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three five (35) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 750,000 or such greater amount which is in an integral multiple of $1,000,000500,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings plus Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 5.4.

Appears in 1 contract

Sources: Credit Agreement (Sheridan Healthcare Inc)

Reductions. The Borrowers Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three five (35) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 5,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Credit Obligations Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under SECTION 4.4.

Appears in 1 contract

Sources: Revolving Credit and Reimbursement Agreement (Watsco Inc)

Reductions. The Borrowers shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, facsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 5,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 5.5.

Appears in 1 contract

Sources: Credit Agreement (Aircastle LTD)

Reductions. The Borrowers Borrower shall, by irrevocable notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to permanently reduce the Total Revolving Short Term Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Short Term Credit Commitment, and shall permanently reduce the Total Revolving Short Term Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Short Term Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Short Term Credit Obligations Outstandings exceeds the Total Revolving Short Term Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. If any such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan such prepayment shall be accompanied by amounts due, if any, under Section 3.5.

Appears in 1 contract

Sources: Short Term Credit Agreement (Healthsouth Corp)

Reductions. The Borrowers Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 1,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.5.

Appears in 1 contract

Sources: Credit Agreement (Cultural Access Worldwide Inc)

Reductions. The Borrowers Borrower shall, by irrevocable notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to permanently reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Syndicated Loans and Competitive Bid Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings plus Letter of Credit Outstandings plus outstanding Competitive Bid Loans exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. If any such reduction shall result in the payment of any Fixed Rate Loan other than on the last day of the Interest Period of such Fixed Rate Loan such prepayment shall be accompanied by amounts due, if any, under Section 4.5.

Appears in 1 contract

Sources: Credit Agreement (Healthsouth Corp)

Reductions. The Borrowers Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice once during each Fiscal Yearfiscal quarter), upon not less than three (3) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 25,000,000 or such greater amount which is in an integral multiple of $1,000,0005,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rataCommitment. No such reduction shall be permitted that results result in the payment of any Eurodollar Fixed Rate Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.044.4. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings plus Letter of Credit Outstandings plus Swing Line Outstandings plus outstanding Competitive Bid Loans exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid.

Appears in 1 contract

Sources: Credit Agreement (Medpartners Inc)

Reductions. (a) The Borrowers Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 5,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04. Commitment. (b) Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings plus the sum of Letter of Credit Outstandings, Swing Line Outstandings and Reserve Amount exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 6.4.

Appears in 1 contract

Sources: Credit Agreement (Walter Industries Inc /New/)

Reductions. The Borrowers Total Revolving Credit Commitment will be automatically reduced by $5,000,000 on each of [_________], 2003 and [_________], 2004. In addition, the Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 1,000,000 or such greater amount which is in an integral multiple of $1,000,000250,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans or Swing Line Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings plus Letter of Credit Outstandings plus Swing Line Outstandings exceeds the lesser of (i) the Total Revolving Credit Commitment and (ii) the Borrowing Base after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid.

Appears in 1 contract

Sources: Credit Agreement (Uti Corp)

Reductions. The Borrowers Borrower shall, by notice from an Authorized ---------- Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to permanently reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 or such greater amount which is in an integral multiple of $1,000,0005,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings plus Letter of Credit Outstandings plus Swing Line Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid.. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.5. -----------

Appears in 1 contract

Sources: Credit Agreement (Roper Industries Inc /De/)

Reductions. The Borrowers Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three five (35) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 3,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans (and, if necessary, cancellation of outstanding Letters of Credit) to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings plus Letter of Credit Outstandings plus Swing Line Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest and fees on the amounts prepaid. In addition to the foregoing, Revolving Credit Outstandings shall be subject to mandatory prepayment and the Total Revolving Credit Commitment shall be permanently reduced as provided in Section 2.1(e).

Appears in 1 contract

Sources: Credit Agreement (Insteel Industries Inc)

Reductions. The Borrowers Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 1,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment and the Revolving Credit Commitment of the Lenders each Lender pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings plus Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under SECTION 6.5.

Appears in 1 contract

Sources: Credit Agreement (Berlitz International Inc)

Reductions. The Borrowers Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three five (35) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 5,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Credit Obligations Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under SECTION 4.5.

Appears in 1 contract

Sources: Revolving Credit and Reimbursement Agreement (Watsco Inc)

Reductions. The Borrowers Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three five (35) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 1,000,000 or such greater amount which is in an integral multiple of $1,000,000500,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings plus Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 5.4.

Appears in 1 contract

Sources: Credit Agreement (Sheridan Healthcare Inc)

Reductions. The Borrowers Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during once each Fiscal Year)calendar month, upon not less than three (3) Business Days irrevocable Days' written notice to the Administrative Agent Agent, effective upon receipt, to reduce the Total Revolving Credit Commitment. The Administrative Agent shall give each Lender, within one (1) Business DayDay of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing) ), of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 5,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment of the Lenders pro rata. No such reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.04Commitment. Each reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Notes Loans to the extent that the aggregate principal amount of Outstanding Revolving Credit Obligations Outstandings plus Letter of Credit Outstandings plus Swing Line Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 5.5.

Appears in 1 contract

Sources: Credit Agreement (Wackenhut Corrections Corp)