Common use of Termination and Reduction of Commitment Clause in Contracts

Termination and Reduction of Commitment. (a) Unless previously terminated, the Commitment shall terminate on the Revolving Termination Date. (b) The Borrower may at any time terminate, or from time to time reduce, the Commitment; provided that (i) each reduction of the Commitment shall be in an amount that is an integral multiple of $1,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Commitment if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.6, the Revolving Credit Exposure would exceed the Commitment. (c) The Borrower shall notify the Lender of any election to terminate or reduce the Commitment under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Lender) on or prior to the specified effective date if such condition is not satisfied. Any termination or reduction of the Commitment shall be permanent.

Appears in 4 contracts

Samples: Credit and Guarantee Agreement (H&r Block Inc), Credit and Guarantee Agreement (H&r Block Inc), Credit and Guarantee Agreement (H&r Block Inc)

AutoNDA by SimpleDocs

Termination and Reduction of Commitment. (a) Unless previously terminated, the Commitment shall terminate on the Revolving Termination Maturity Date. (b) The Administrative Borrower may at any time terminate, or from time to time reduce, the Commitment; provided that (i) each reduction of the Commitment shall be in an amount that is an integral multiple of $1,000,000 100,000 and not less than $25,000,000 500,000 and (ii) the Administrative Borrower shall not terminate or reduce the Commitment if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.62.11, the Revolving Credit Exposure would exceed the total Commitment. (c) The Administrative Borrower shall notify the Lender Administrative Agent of any election to terminate or reduce the Commitment under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Administrative Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitment delivered by the Administrative Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Administrative Borrower (by notice to the Lender) Administrative Agent on or prior to the specified effective date date) if such condition is not satisfied. Any termination or reduction of the Commitment shall be permanent.

Appears in 2 contracts

Samples: Credit Agreement, Credit Agreement (Resorts International Hotel & Casino Inc)

Termination and Reduction of Commitment. (a) Unless --------------------------------------- previously terminated, the Commitment shall terminate on the Revolving Termination Maturity Date. (b) The Borrower may at any time terminate, or from time to time reduce, the Commitment; provided that (i) each reduction of the Commitment shall be in -------- an amount that is an integral multiple of $1,000,000 500,000 and not less than $25,000,000 500,000 and (ii) the Borrower shall not terminate or reduce the Commitment if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.62.08, the Revolving Credit Exposure would exceed aggregate amount of Loans outstanding exceeds the Commitment. (c) The Borrower shall notify the Lender Bank of any election to terminate or reduce the Commitment under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Lender) Bank on or prior to the specified effective date date) if such condition is not satisfied. Any termination or reduction of the Commitment shall be permanent.

Appears in 1 contract

Samples: Credit Agreement (Par Technology Corp)

Termination and Reduction of Commitment. (a) Unless previously terminated, the Commitment shall terminate on the Revolving Commitment Termination Date. (b) The Borrower may at any time terminate, or from time to time reduce, the Commitment; , provided that (i) each reduction of the Commitment shall be in an amount that is an integral multiple of $1,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Commitment if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.62.06, the Revolving Credit Exposure would exceed the Commitment, and (ii) each such reduction (other than a termination) shall be in an amount that is an integral multiple of $100,000 and not less than $1,000,000. (c) The Borrower shall notify the Lender of any election to terminate or reduce the Commitment under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Lender) Lender on or prior to the specified effective date date) if such condition is not satisfied. Any termination or reduction of the Commitment hereunder shall be permanent.

Appears in 1 contract

Samples: Credit Agreement (Investment Technology Group Inc)

Termination and Reduction of Commitment. (a) Unless previously terminated, the Commitment shall terminate on the Revolving Termination Maturity Date. (b) The Borrower may at any time terminate, or from time to time reduce, the CommitmentCommitment in whole or in part; provided that (i) each reduction of the Commitment shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $25,000,000 50,000,000 and integral multiples of $10,000,000 in excess thereof and (ii) the Borrower shall not terminate or reduce the Commitment if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.62.08, the Revolving Credit Exposure Exposures would exceed the Commitment. (c) The Borrower shall notify the Lender of any election to terminate or reduce the Commitment under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Lender) Lender on or prior to the specified effective date date) if such condition is not satisfied. Any termination or reduction of the Commitment shall be permanent.

Appears in 1 contract

Samples: Credit Agreement (Kyphon Inc)

Termination and Reduction of Commitment. (a) Unless previously terminated, the Commitment shall terminate on the Revolving Credit Termination Date. On the Revolving Credit Termination Date, the Borrower shall indefeasibly pay in full in cash the principal and interest on the Loans and any other Obligations outstanding under any Financing Document (other than any indemnification obligations for which no claim has been asserted). (b) The Borrower may at any time terminate, or from time to time reduce, the Commitment; provided that (i) each reduction of the Commitment shall be in an amount that is an integral multiple of $1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower shall not terminate or reduce the Commitment if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.62.4, the Revolving Credit Exposure sum of the aggregate principal amount of all outstanding Loans would exceed the total Commitment. (c) The Borrower shall notify the Lender of any election to terminate or reduce the Commitment under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or another transaction, in which case such notice may be revoked by the Borrower (by notice to the Lender) Lender on or prior to the specified effective date date) if such condition is not satisfied. Any termination or reduction of the Commitment shall be permanent.

Appears in 1 contract

Samples: Loan Agreement (Chesapeake Utilities Corp)

Termination and Reduction of Commitment. (a) Unless previously terminated, the Commitment shall automatically terminate on the Revolving Termination date specified in clause (a)(i) of the definition of “Maturity Date” (as may be extended pursuant to Section 2.19. (b) The Borrower may may, without premium or penalty (but subject to break funding payments required by Section 2.17), at any time terminate, or from time to time reduce, the Commitment; provided that (i) each reduction of the Commitment shall be in an amount that is an integral multiple of $1,000,000 and not less than $25,000,000 5,000,000 and (ii) the Borrower shall not terminate or reduce the Commitment if, after giving effect to such termination or reduction and any concurrent prepayment of the Loans in accordance with Section 2.62.15, the Revolving Credit Exposure Total Outstandings would exceed the Commitment. (c) The Borrower shall notify the Lender of any election to terminate or reduce the Commitment under paragraph (b) of this Section 2.07 at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or other alternative financing or other transactions specified therein, in which case such notice may be revoked by the Borrower (by notice to the Lender) on or without penalty prior to the specified effective date time if such condition is not satisfiedsatisfied (each such notice a “Conditional Termination Notice”). Any termination or reduction of the Commitment shall be permanent.

Appears in 1 contract

Samples: Credit Agreement (Validus Holdings LTD)

Termination and Reduction of Commitment. (a) Unless previously terminated, the Commitment shall terminate on the Revolving Termination Maturity Date. (b) The Borrower may at any time terminate, or from time to time reduce, the Commitment; provided PROVIDED that (i) each reduction of the Commitment shall be in an amount that is an integral multiple of $1,000,000 500,000 and not less than $25,000,000 1,000,000, and (ii) the Borrower shall not terminate or reduce the Commitment if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.62.08, the Revolving Credit Exposure would exceed aggregate amount of Loans outstanding exceeds the Commitment. (c) The Borrower shall notify the Lender Bank of any election to terminate or reduce the Commitment under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided PROVIDED that a notice of termination of the Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Lender) Bank on or prior to the specified effective date date) if such condition is not satisfied. Any termination or reduction of the Commitment shall be permanent.

Appears in 1 contract

Samples: 364 Day Revolving Credit Agreement (Navteq Corp)

AutoNDA by SimpleDocs

Termination and Reduction of Commitment. (a) Unless previously terminated, the Commitment shall terminate on the Revolving Termination Maturity Date. (b) The Borrower may at any time terminate, or from time to time reduce, the Commitment; provided that (i) each reduction of the Commitment shall be in an amount that is an integral multiple of $1,000,000 100,000 and not less than $25,000,000 1,000,000 and (ii) the Borrower shall not terminate or reduce the Commitment Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.62.07, the Total Revolving Credit Exposure would exceed the Commitment. (c) The Borrower shall notify the Lender of any election to terminate or reduce the Commitment under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitment delivered by the Borrower may state that (Page 128 of 252 Pages) such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Lender) Lender on or prior to the specified effective date date) if such condition is not satisfied. Any termination or reduction of the Commitment shall be permanent.

Appears in 1 contract

Samples: Credit Agreement (Transmedia Network Inc /De/)

Termination and Reduction of Commitment. (a) Unless previously terminated, the Commitment shall terminate on the Revolving Commitment Termination Date. (b) The Borrower may at any time terminate, or from time to time reduce, the Commitment; provided that (i) each reduction of the Commitment shall be in an amount that is an integral multiple of $1,000,000 and not less than $25,000,000 1,000,000 and (ii) the Borrower shall not terminate or reduce the Commitment if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.62.09, the Revolving Credit Exposure would exceed aggregate amount of Loans outstanding exceeds the Commitment. (c) The Borrower shall notify the Lender Bank of any election to terminate or reduce the Commitment under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Lender) Bank on or prior to the specified effective date date) if such condition is not satisfied. Any termination or reduction of the Commitment shall be permanent.

Appears in 1 contract

Samples: Credit and Security Agreement (Archipelago Holdings L L C)

Termination and Reduction of Commitment. (a) Unless previously terminated, the Commitment shall terminate on the Revolving Termination Maturity Date. (b) The Borrower may at any time terminate, or from time to time reduce, the Commitment; provided that (i) each reduction of the Commitment shall be in an amount that is an integral multiple of $1,000,000 100,000 and not less than $25,000,000 1,000,000 and (ii) the Borrower shall not terminate or reduce the Commitment if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.62.09, the Revolving Credit Exposure would exceed the total Commitment. (c) The Borrower shall notify the Lender of any election to terminate or reduce the Commitment under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Lender) Lender on or prior to the specified effective date date) if such condition is not satisfied. Any termination or reduction of the Commitment shall be permanent.

Appears in 1 contract

Samples: Credit Agreement (Home Properties of New York Inc)

Termination and Reduction of Commitment. (a) Unless previously terminated, the unused portion of the Term Loan Commitment shall terminate on the Revolving Termination Maturity Date. (b) The Borrower may at any time from and after June 30, 2011 terminate, or from time to time reduce, the CommitmentTerm Loan Commitment without premium or penalty; provided that (i) each reduction of the Term Loan Commitment shall be in an amount that is an integral multiple of $1,000,000 500,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate 5,000,000, provided that any termination or reduce the Commitment if, after giving effect to any concurrent prepayment reduction of the Term Loan Commitment caused by the borrowing of a Loan or Loans in accordance with Section 2.6, the Revolving Credit Exposure would exceed the Commitmentmay occur at any time. (c) The Borrower shall notify the Lender of any election to terminate or reduce the unused portion of the Term Loan Commitment under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the unused portion of the Term Loan Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Lender) Lender on or prior to the specified effective date date) if such condition is not satisfied. Any termination or reduction of the Term Loan Commitment shall be permanent.

Appears in 1 contract

Samples: Credit Agreement (American Axle & Manufacturing Holdings Inc)

Termination and Reduction of Commitment. (a) Unless previously terminated, the Commitment shall terminate on the Revolving Termination Maturity Date. (b) The Borrower may at any time terminate, or from time to time reduce, the Commitment; provided that (i) each reduction of the Commitment shall be in an amount that is an integral multiple of $1,000,000 and not less than $25,000,000 1,000,000 and (ii) the Borrower shall not terminate or reduce the Commitment if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.62.08, (i) the Revolving Credit Total Exposure would exceed exceeds the Commitment, or (ii) the Adjusted Remaining Capital Commitments are less than two (2) times the Total Exposure. (c) The Borrower shall notify the Lender Bank of any election to terminate or reduce the Commitment under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Lender) Bank on or prior to the specified effective date date) if such condition is not satisfied. Any termination or reduction of the Commitment shall be permanent.

Appears in 1 contract

Samples: Credit Agreement (Jefferies Capital Partners Iv Lp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!