Common use of Termination and Reduction of Commitments Clause in Contracts

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 6 contracts

Samples: Credit Agreement (New Whale Inc.), First Lien Credit Agreement (New Whale Inc.), Credit Agreement (Endeavor Group Holdings, Inc.)

AutoNDA by SimpleDocs

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments Swingline Commitment shall terminate on the Revolving Maturity Swingline Termination Date. The Commitment of each Lender shall terminate automatically on the Commitment Termination Date of such Lender. The obligation of each Fronting Bank to issue, amend and extend Letters of Credit shall terminate on such Fronting Bank’s Fronting Bank Termination Date. (b) Each Upon at least two Business Days’ prior written notice to the Agent, the Borrower may may, without premium or penalty, at any time in whole permanently terminate, or from time to time in part permanently reduce, the Commitments of any ClassCommitments; provided provided, however, that (i) each partial reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 5,000,000 and not less than in a minimum principal amount of $1,000,000 10,000,000 and (ii) each Borrower no such termination or reduction shall not terminate or be made that would reduce the Revolving Commitments if, to an amount less than (1) the aggregate amount of Outstanding Credits on the date of such termination or reduction (after giving effect to any concurrent prepayment of made pursuant to Section 2.09) or (2) $50,000,000, unless the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date result of such termination or reduction, specifying such election and reduction referred to in this clause (2) is to reduce the effective date thereofCommitments to $0. Promptly following receipt of any such notice, the Administrative The Agent shall advise the Lenders of any notice given pursuant to this subsection (b) and of each Lender’s portion of any such termination or reduction of the contents thereofCommitments. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that that, without limiting Section 8.05(b), a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or . (c) Each reduction of in the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments. The Borrower shall pay to the Agent for the account of the Lenders, on the date of each termination or reduction of the Commitments, the Commitment Fee on the amount of the Available Commitments so terminated or reduced, in each case accrued through the date of such Classtermination or reduction.

Appears in 4 contracts

Samples: Revolving Credit Agreement (Oncor Electric Delivery Co LLC), Revolving Credit Agreement (Oncor Electric Delivery Co LLC), Revolving Credit Agreement (Oncor Electric Delivery Co LLC)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 4 contracts

Samples: Credit Agreement (SMART Global Holdings, Inc.), Credit Agreement (SMART Global Holdings, Inc.), Credit Agreement (SMART Global Holdings, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. The Term Commitments terminated upon the making of the Term Loans on the Effective Date. (b) Each Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 4 contracts

Samples: Credit Agreement (SMART Global Holdings, Inc.), Credit Agreement (SMART Global Holdings, Inc.), Credit Agreement (SMART Global Holdings, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Facility Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Facility Commitments; provided that (ix) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the applicable Revolving Facility Commitments) and (iiy) each the Borrower shall not terminate or reduce the Revolving Facility Commitments if, after giving effect to any concurrent prepayment repayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures Facility Credit Exposure would exceed the aggregate lesser of the total Revolving CommitmentsFacility Commitments and the Borrowing Base. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments under paragraph (b) of this Section 2.08 at least one three Business Day Days prior to the effective closing date of such termination or reduction, specifying such election and the effective closing date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section 2.08 shall be irrevocable; provided that a notice of termination of the Revolving Facility Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationclosing date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 4 contracts

Samples: Revolving Credit Agreement (AZEK Co Inc.), Revolving Credit Agreement (AZEK Co Inc.), Revolving Credit Agreement (AZEK Co Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 4 contracts

Samples: Credit Agreement (Interactive Data Holdings Corp), Credit Agreement (Sra International Inc), Credit Agreement (Rural/Metro Corp /De/)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at the earlier of (x) upon the making of the Term Loans hereunder on the Closing Date and (y) 5:00 p.m., New York City time, on the Effective Date. The Closing Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 unless such amount represents all of the remaining Commitments of such Class and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Swing Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent in writing of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.08 at least one (1) Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section 2.08 shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by written notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 4 contracts

Samples: Credit Agreement (American Public Education Inc), Credit Agreement (American Public Education Inc), Credit Agreement (Atlas Technical Consultants, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Commitments; provided that (i) each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 or if less, the entire remaining amount and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.09, the aggregate Revolving Exposures (excluding the portion of the Revolving Exposures attributable to outstanding Letters of Credit if and to the extent that the Borrower has made arrangements satisfactory to the Administrative Agent and each applicable Issuing Bank with respect to such Letters of Credit and each applicable Issuing Bank has released the Revolving Lenders from their participation obligations with respect to such Letters of Credit) would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditioncontingent transaction, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition or contingency is not satisfied. Any termination or reduction of the Revolving Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassRevolving Commitments.

Appears in 4 contracts

Samples: Credit Agreement (Tradeweb Markets Inc.), Credit Agreement (Tradeweb Markets Inc.), Credit Agreement (Tradeweb Markets Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity Date for such Class. Unless previously terminated, the Term A-1 Loan Commitments and the Deferred Term A Loan Commitments shall terminate at 5:00 11:59 p.m., New York City timeLocal Time, on the Restatement Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each Borrower The Company may at any time terminate, or from time to time reduce, the Commitments of any Class; provided provided, that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) each Borrower the Company shall not terminate or reduce the Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Facility Loans in accordance with Section 2.11, the aggregate Revolving Exposures Facility Credit Exposure of such Class would exceed the aggregate total Revolving CommitmentsFacility Commitments of such Class. (c) Each Borrower The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments of any Class under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by such Borrower the Company pursuant to this Section shall be irrevocable; provided provided, that a notice of termination of the Revolving Facility Commitments delivered by such Borrower the Company may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower Company (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class. (d) The Borrowers shall repay (including as contemplated by Section 2.06(a)) all outstanding Existing Loans of the Term A-1 Lenders and the Deferred Term A Lenders and all accrued interest and fees under the Original Credit Agreement to but excluding the Restatement Effective Date on the Restatement Effective Date.

Appears in 3 contracts

Samples: Credit Agreement (Norwegian Cruise Line Holdings Ltd.), Credit Agreement (Norwegian Cruise Line Holdings Ltd.), Credit Agreement (Norwegian Cruise Line Holdings Ltd.)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Loan Commitments shall terminate at 5:00 p.m., 3:00 p.m. (New York City time, ) on the Effective Date. The Revolving Date and (ii) all other Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Commitments; provided that (i) each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Dollar Amount of the sum of the Revolving Credit Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three (3) Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditiontransactions specified therein, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 3 contracts

Samples: Credit Agreement (Rogers Corp), Credit Agreement (PTC Inc.), Exhibit Agreement (PTC Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term B-1 Loan Commitments, Additional Term B-1 Commitments and Incremental Term B-1 Commitments shall terminate at 5:00 11:59 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate at 11:59 p.m., New York City time, on the Revolving Maturity Date. (b) Each Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class; provided that Holdings may terminate the Commitments of any Defaulting Lending on a non-pro rata basis upon notice to the Administrative Agent.

Appears in 3 contracts

Samples: Credit Agreement (Endeavor Group Holdings, Inc.), Credit Agreement (Endeavor Group Holdings, Inc.), Credit Agreement (Endeavor Group Holdings, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminatedterminated or extended, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time time, without premium or penalty, terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the any Class of Revolving Commitments ifto the extent that, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans of such Class in accordance with Section 2.11, the aggregate Revolving Exposures Exposure (calculated using the Exchange Rate in effect as of the date of the proposed termination or reduction) of such Class (excluding the portion of the Revolving Exposure attributable to outstanding Letters of Credit if and to the extent that the Borrower has Cash Collateralized (at 103% of the face value of such Letters of Credit) or made other arrangements satisfactory to the Issuing Bank with respect to such Letters of Credit) would exceed the aggregate Revolving CommitmentsCommitments of such Class. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the Revolving Commitments of any Class delivered by such the Borrower may state that such notice is conditioned upon the consummation of an acquisition or sale transaction or upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some any other identifiable event or conditionspecified event, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class. (d) The Borrower, in its sole discretion, shall have the right, but not the obligation, upon at least one Business Days’ notice to a Defaulting Lender (with a copy to the Administrative Agent), to terminate in whole such Defaulting Lender’s Commitment; provided that, after giving effect to such termination, the aggregate Revolving Exposure of all Revolving Lenders does not exceed the aggregate Revolving Commitments. Such termination shall be effective with respect to such Defaulting Lender’s unused portion of its Commitment on the date set forth in such notice. No termination of the Commitment of a Defaulting Lender shall be deemed a waiver or release of any claim the Borrower, the Administrative Agent, the Issuing Bank, the Swingline Lender or any Lender may have against the Defaulting Lender.

Appears in 3 contracts

Samples: Credit Agreement (Micro Focus International PLC), Credit Agreement (Micro Focus International PLC), Credit Agreement (Micro Focus International PLC)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 11:59 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate at 11:59 p.m., New York City time, on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. The Borrower may terminate the Commitments of any Defaulting Lending on a non-pro rata basis upon notice to the Administrative Agent. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 3 contracts

Samples: Credit Agreement (EverCommerce Inc.), First Lien Credit Agreement (First Advantage Corp), First Lien Credit Agreement (First Advantage Corp)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The all Revolving Commitments of any Class shall terminate on the Revolving Credit Maturity DateDate with respect to such Class. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Commitments; provided that (i) each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 and (or, if less, the remaining amount of the Revolving Commitments), (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate total Revolving Credit Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or transmission by electronic communication in accordance with Section 9.01(b)) of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least one not later than 12:00 p.m. three (3) Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt instruments of the proceeds from the issuance of other Indebtedness or the occurrence of some any other identifiable event or conditionspecified event, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 3 contracts

Samples: Revolving Credit Agreement (Viatris Inc), Revolving Credit Agreement (Viatris Inc), Revolving Credit Agreement (Viatris Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the unused Term Loan Commitments shall terminate (x) by the principal amount of any draw of Term Loans pursuant to Section 2.03 immediately upon such draw, and (y) in full at 5:00 p.m., 3:00 p.m. (New York City time, ) on the Effective Date. The Revolving date on which the Term Loan Availability Period expires or, if earlier, immediately upon the tenth (10th) funding of any Term Loans hereunder and (ii) all other Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Term Loan Commitments of any Classand/or the Revolving Commitments; provided that (i) each reduction of the any Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate any Lender’s Revolving Exposures Credit Exposure would exceed the aggregate its Revolving CommitmentsCommitment. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditiontransactions specified therein, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 3 contracts

Samples: Credit Agreement (Paycom Software, Inc.), Credit Agreement (Paycom Software, Inc.), Credit Agreement (Paycom Software, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Revolving Commitments shall terminate at 5:00 11:59 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. The Borrower may terminate the Commitments of any Defaulting Lender on a non-pro rata basis upon notice to the Administrative Agent. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 3 contracts

Samples: Credit Agreement (Vacasa, Inc.), Credit Agreement (Vacasa, Inc.), Revolving Credit Agreement (Vacasa, Inc.)

Termination and Reduction of Commitments. (a1) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall will terminate on the Revolving Maturity Date. (b2) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Facility Commitments; provided that (i) each reduction of the Revolving Facility Commitments of any Class shall will be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the applicable Revolving Facility Commitments) and (ii) each the Borrower shall will not terminate or reduce the Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures Facility Credit Exposure would exceed the aggregate lesser of the total Revolving CommitmentsFacility Commitments and the Borrowing Base. (c3) Each The Borrower shall will notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments under paragraph (b2) of this Section 2.08 at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall will advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall 2.08 will be irrevocable; provided that a notice of termination of the Revolving Facility Commitments delivered by such the Borrower may state that such notice is revocable or conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked or extended by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfiedClosing Date). Any termination or reduction of the Commitments of any Class shall will be permanent. Each reduction of the Commitments of any Class shall will be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 3 contracts

Samples: Revolving Credit Agreement (PET Acquisition LLC), Revolving Credit Agreement (PET Acquisition LLC), Revolving Credit Agreement (Neiman Marcus Group LTD Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the (i) the Incremental Term Commitments of any Class shall automatically terminate at 5:00 p.m.upon the Borrowing of Incremental Term Loans in connection therewith, New York City time, on (ii) the Effective Date. The Refinancing Term Loan Commitments shall automatically terminate upon the Borrowing of Refinancing Term Loans in connection therewith and (iii) the Revolving Commitments shall automatically terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time permanently reduce, the Commitments of any Class; provided that provided, that, (i) each partial reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Aggregate Revolving Exposures Exposure would exceed the aggregate Aggregate Revolving CommitmentsCommitment. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.08 at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that provided, that, a notice of termination or reduction of the Revolving Commitments delivered by such Borrower under this paragraph may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event one or conditionmore events specified therein, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective individual Commitments of such Class.

Appears in 3 contracts

Samples: Credit Agreement (Trinet Group, Inc.), Credit Agreement (Trinet Group, Inc.), Credit Agreement (Trinet Group, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Revolving Commitments shall terminate at 5:00 11:59 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class; provided that Holdings may terminate the Commitments of any Defaulting Lender on a non-pro rata basis upon notice to the Administrative Agent. (d) In the event that the Co-Borrower shall cease to be a Restricted Subsidiary of On Location as a result of a transaction permitted hereunder, the status of the Co-Borrower as a Borrower hereunder, and the commitments of any Lender hereunder to make any Loan to the Co-Borrower, shall in each case be automatically terminated (it being understood and agreed that On Location shall remain liable for the principal of and interest on any Loan to the Co-Borrower). On Location shall deliver written notice to the Administrative Agent promptly after the Co-Borrower ceases to be a Restricted Subsidiary.

Appears in 2 contracts

Samples: Credit Agreement (Endeavor Group Holdings, Inc.), Revolving Credit Agreement (Endeavor Group Holdings, Inc.)

Termination and Reduction of Commitments. (ai) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (bii) Each Borrower The Borrowers may at any time terminate, or terminate the Revolving Commitments upon the Payment in Full of the Secured Obligations. (iii) The Borrowers may from time to time reduce, reduce the Commitments of any ClassRevolving Commitments; provided that (iA) each reduction of the Revolving Commitments of any Class shall be in an amount a Dollar Equivalent that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (iiB) each Borrower the Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Aggregate Revolving Exposures Exposure would exceed the aggregate lesser of the Aggregate Revolving CommitmentsCommitment and the Borrowing Base. (civ) Each The Borrower Representative shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (ba)(ii) or (a)(iii) of this Section at least one three (3) Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower Representative pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditiontransactions specified therein, in which case such notice may be revoked by the such Borrower Representative (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassRevolving Commitments.

Appears in 2 contracts

Samples: Credit Agreement (Bed Bath & Beyond Inc), Credit Agreement (Bed Bath & Beyond Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each Borrower The Company may at any time terminate, or from time to time reduce, the U.S. Commitments of any Classor the Multicurrency Commitments; provided that (i) each reduction of the U.S. Commitments of any Class or the Multicurrency Commitments shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 10,000,000 and (ii) each Borrower the Company shall not terminate or reduce (x) the Revolving U.S. Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.09, the sum of the U.S. Revolving Credit Exposures plus the aggregate Revolving principal amount of the outstanding Competitive Loans would exceed the total U.S. Commitments or (y) the Multicurrency Commitments if, after giving effect to any concurrent prepayment of the Multicurrency Loans in accordance with Section 2.09, the sum of the Multicurrency Loan Exposures would exceed the aggregate Revolving total Multicurrency Commitments. (c) Each Borrower Within three Business Days of the establishment of any New Receivables Financing, the Company shall permanently reduce the U.S. Commitments in an amount equal to the maximum amount of Indebtedness that may be incurred under such New Receivables Financing. (d) The Company shall notify the Administrative Agent of any election to terminate or reduce the U.S. Commitments or the Multicurrency Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower the Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower the Company may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower Company (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the U.S. Commitments of any Class or the Multicurrency Commitments shall be permanent. Each reduction of the U.S. Commitments of any Class or the Multicurrency Commitments shall be made ratably among the U.S. Lenders or the Multicurrency Lenders, as the case may be, in accordance with their respective U.S. Commitments of such Classor Multicurrency Commitments.

Appears in 2 contracts

Samples: Credit Agreement (Fort James Corp), Credit Agreement (Fort Howard Corp)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall automatically terminate at 5:00 p.m., New York City time, on the First Refinancing Facility Agreement Effective Date. The Date and (ii) the Revolving Commitments shall automatically terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time permanently reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Aggregate Revolving Exposures Exposure would exceed the aggregate Aggregate Revolving CommitmentsCommitment. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Revolving Commitments delivered by such Borrower under paragraph (b) of this Section may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event one or conditionmore events specified therein, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of or termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 2 contracts

Samples: Refinancing Facility Agreement (SVMK Inc.), Refinancing Facility Agreement (SVMK Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Aggregate Revolving Exposures Exposure would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 2 contracts

Samples: Credit Agreement (Camping World Holdings, Inc.), Credit Agreement (Camping World Holdings, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term The Commitments shall terminate at 5:00 p.m., New York City time, be automatically terminated on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each Borrower Upon at least three Business Days’ prior irrevocable telecopy notice to the Administrative Agent, the Company may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Commitments of any Class; provided provided, however, that (i) each partial reduction of the Commitments of a Class shall be in an integral multiple of US$10,000,000 and in a minimum principal amount of US$50,000,000, (ii) no such termination or reduction shall be made (A) which would reduce the aggregate Commitments of a Class to an amount less than the sum of the aggregate Revolving Credit Exposures of such Class, (B) which would reduce the aggregate Commitments to an amount less than the aggregate Revolving Credit Exposures or (C) which would reduce any Lender’s Commitment of a Class to an amount that is less than such Lender’s Revolving Credit Exposure of such Class and (iii) any such notice of termination of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance closing of other Indebtedness or the occurrence of some other identifiable event or conditiontransactions, in which case such notice may be revoked or the effectiveness thereof extended by the such Borrower Company (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or . (c) Each reduction of in the Commitments of any a Class shall be permanent. Each reduction of the Commitments of any Class hereunder shall be made ratably among the Lenders of such Class in accordance with their respective Commitments of such Class. The Company shall pay to the Administrative Agent for the account of the Lenders, on the date of each reduction or termination of any Commitments, the Commitment Fees on the amount of the Commitments terminated accrued through the date of such termination or reduction.

Appears in 2 contracts

Samples: Credit Agreement (Hartford Financial Services Group, Inc.), Credit Agreement (Hartford Financial Services Group Inc/De)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Commitments; provided that (i) each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate sum of the Revolving Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassRevolving Commitments.

Appears in 2 contracts

Samples: Credit Agreement (American Media Operations Inc), Credit Agreement (American Media Operations Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, all the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Credit Maturity Date. (b) Each The Borrower may at any time terminate, or terminate the Revolving Commitments upon the Payment in Full of the Secured Obligations. (c) The Borrower may from time to time reduce, reduce the Commitments of any ClassRevolving Commitments; provided that (i) each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Aggregate Revolving Exposures Exposure would exceed the aggregate Revolving Commitments. (cd) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) or (c) of this Section at least one three (3) Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditiontransactions, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassRevolving Commitments.

Appears in 2 contracts

Samples: Credit Agreement (Roblox Corp), Credit Agreement (Roblox Corp)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Loan Commitments shall terminate at 5:00 p.m., New York City time, on July 10, 2006 and (ii) the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Commitments; provided that (i) each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112. 10, the aggregate sum of the Revolving Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments of any Class shall be made ratably among the Revolving Lenders in accordance with their respective Commitments of such ClassRevolving Commitments.

Appears in 2 contracts

Samples: Credit Agreement (Cumulus Media Inc), Credit Agreement (Cumulus Media Inc)

Termination and Reduction of Commitments. (a) Unless previously terminatedterminated or extended, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time time, without premium or penalty, terminate, or from time to time reduce, the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the Borrower shall not terminate or reduce the any Class of Revolving Commitments ifto the extent that, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans of such Class in accordance with Section 2.11, the aggregate Revolving Exposures Exposure (calculated using the Exchange Rate in effect as of the date of the proposed termination or reduction) of such Class (excluding the portion of the Revolving Exposure attributable to outstanding Letters of Credit if and to the extent that the Borrower has Cash Collateralized such Letters of Credit or made other arrangements satisfactory to the Issuing Bank with respect to such Letters of Credit) would exceed the aggregate Revolving CommitmentsCommitments of such Class. (c) Each The Borrower shall notify the Revolving Facility Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Revolving Facility Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the Revolving Commitments of any Class delivered by such the Borrower may state that such notice is conditioned upon the consummation of an acquisition or sale transaction or upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some any other identifiable event or conditionspecified event, in which case such notice may be revoked by the such Borrower (by notice to the Revolving Facility Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class. (d) The Borrower, in its sole discretion, shall have the right, but not the obligation, at any time so long as no Event of Default has occurred and is continuing, upon at least one Business Day’s notice to a Defaulting Lender (with a copy to the Revolving Facility Administrative Agent), to terminate in whole such Defaulting Lender’s Commitment; provided that, after giving effect to such termination, the aggregate Revolving Exposure of all Revolving Lenders does not exceed the aggregate Revolving Commitments. Such termination shall be effective with respect to such Defaulting Lender’s unused portion of its Commitment on the date set forth in such notice. No termination of the Commitment of a Defaulting Lender shall be deemed a waiver or release of any claim the Borrower, the Revolving Facility Administrative Agent, the Issuing Bank or any Lender may have against the Defaulting Lender.

Appears in 2 contracts

Samples: Credit Agreement, Credit Agreement (Zebra Technologies Corp)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The all Revolving Commitments of any Class shall terminate on the Revolving Credit Maturity DateDate with respect to such Class. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Commitments; provided that (i) each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 and 1,000,000, (or, if less, the remaining amount of the Revolving Commitments), (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate total Revolving Credit Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or transmission by electronic communication in accordance with Section 9.01(b)) of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least one not later than 12:00 p.m. three (3) Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt instruments of the proceeds from the issuance of other Indebtedness or the occurrence of some any other identifiable event or conditionspecified event, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Mylan N.V.), Revolving Credit Agreement (Mylan N.V.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Floor Plan Commitments shall terminate on the Revolving Maturity Floor Plan Termination Date. (b) Each Borrower The Borrowers may at any time terminateterminate the Floor Plan Commitments upon the payment in full of all outstanding Floor Plan Loans, or together with accrued and unpaid interest thereon. (c) The Borrowers may from time to time reduce, reduce the Commitments of any ClassCommitments; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 and shall reduce all Commitments of any Class on a pro rata basis and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11herewith, the aggregate Revolving Exposures Credit Exposure would exceed the aggregate Revolving Commitments. (cd) Each The Borrower Representative shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) or (c) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower Representative pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower Representative (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 2 contracts

Samples: Floor Plan First Lien Credit Agreement (Alta Equipment Group Inc.), Floor Plan First Lien Credit Agreement (Alta Equipment Group Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Restatement Effective Date. The Date and (ii) the Revolving Commitments shall automatically terminate on the Revolving Maturity Commitment Termination Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 2 contracts

Samples: Restatement Agreement (Virtu Financial, Inc.), Restatement Agreement (Virtu Financial, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Tranche B Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 2,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.08 at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section 2.08 shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Select Specialty Hospital Topeka Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving 364-Day Commitments shall terminate on the Revolving 364-Day Maturity Date and the LTF Commitments shall terminate on the LTF Maturity Date. (ba) Each The Borrower may at any time terminate, or from time to time reduce, the 364-Day Commitments of any Classor the LTF Commitments; provided that (i) each reduction of the any Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving any Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline relevant Loans in accordance with Section 2.112.9, the sum of the relevant Revolving Credit Exposures plus the aggregate Revolving Exposures principal amount of outstanding relevant Competitive Loans would exceed the aggregate Revolving total relevant Commitments. (cb) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: Credit Agreement (Food Lion Inc)

Termination and Reduction of Commitments. (a) The Tranche A Term Commitment shall terminate on the Closing Date upon the borrowing of the Tranche A Term Loans. Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The all Revolving Commitments shall terminate on the Revolving Credit Maturity Date. (b) Each . The Extended Revolving Commitments shall terminate on the respective maturity dates applicable thereto. The Borrower Agent may at any time terminate, or from time to time reduce, the Revolving Commitments of any Class; provided that (i) each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 10,000,000 (or, if less, the remaining amount of such Commitments), and (ii) each the Borrower Agent shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate Revolving Exposures (excluding, the portion of the Revolving Exposures attributable to outstanding Letters of Credit, if and to the extent that the applicable Borrowers have made arrangements satisfactory to the Administrative Agent and the applicable Issuing Bank with respect to such Letters of Credit, and such Issuing Bank has released the Applicable Participants from their participation obligations with respect to such Letters of Credit) would exceed the aggregate Revolving Commitments. (c) Each . The Borrower Agent shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least one three (3) Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower Agent pursuant to this Section 2.08 shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower Agent may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt instruments of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditiontransaction, in which case such notice may be revoked by the such Borrower Agent (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments of any Class shall shall, except as provided in Section 2.20, be made ratably among the Lenders in accordance with their respective Revolving Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Delphi Technologies PLC)

Termination and Reduction of Commitments. (a) Unless previously terminated, the The ----------------------------------------- Term Commitments shall terminate terminated at 5:00 p.m., New York City time, on the Effective Date. The Unless previously terminated, the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the -------- Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate sum of the Revolving Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a -------- notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Effectiveness Agreement (Catalytica Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments Loan Commitment shall terminate at 5:00 p.m., New York City 3:00 p.m. (Milwaukee time, ) on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Credit Maturity Date. (b) Each Subject to paragraph (a) above, the Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassCommitments; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate total Revolving Credit Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: Credit Agreement (Marcus Corp)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments Commitment of each Lender shall terminate on the Commitment Termination Date. (b) Subject to Section 1.03(d), the Borrower may at 5:00 p.m.any time terminate the Commitments of all of the Lenders, in whole but not in part, upon (A) the payment in full of all outstanding Advances, together with accrued interest thereon, (B) the payment in full of all accrued fees hereunder and under each other Transaction Document and (C) the payment in full of all accrued expenses and other Obligations (excluding contingent Obligations not then due) hereunder or under each other Transaction Document. (c) Subject to Section 1.03(d), the Borrower may at any time reduce the Program Limit to an amount not less than the greater of (x) $250,000,000 and (y) the Loan Amount at the time of such reduction (after giving effect to any repayment of the Loan Amount on such date). Upon any such reduction of the Program Limit, the Commitment of each Committed Lender shall automatically be ratably reduced such that the aggregate Commitment of all Lenders is equal to the Program Limit as so reduced. Any such reduction of the Program Limit shall be in a minimum amount of $5,000,000 or integral multiples of $1,000,000 in excess thereof. (d) The Borrower shall notify the Administrative Agent and each Lender of any election to terminate the Commitments under Section 1.03(b) or to reduce the Program Limit in part under Section 1.03(c), in either case, not later than 11:00 a.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three (3) Business Day Days prior to the effective date of such termination or reduction, specifying such election . Such notice shall be irrevocable (but may be conditional on the closing of another transaction) and shall specify the termination or reduction date and the effective principal amount of the aggregate Advances to be prepaid in connection with the termination of the Commitment; provided that, if an Advance is prepaid on any day other than the date thereof. Promptly following receipt of any set forth in such notice, or the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower pursuant to this Section shall be irrevocable; provided that a revokes any notice of termination of the Revolving Commitments or of prepayment previously delivered by such pursuant to this Section 1.03, the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice shall also pay any amounts owing pursuant to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassSection 4.03.

Appears in 1 contract

Samples: Loan and Security Agreement (SmileDirectClub, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Tranche B Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 2,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (St. Louis Pharmaceutical Services, LLC)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Loan Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 100,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate sum of the Revolving Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Topps Co Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Availability Termination Date. (b) Each On the date of each Loan made by any Lender such Lender's Commitment shall be reduced by an amount equal to such Loan. (c) In the event that a prepayment would be required pursuant to paragraph (b) or (c) of Section 2.09, all Commitments then in effect shall be reduced ratably by an aggregate amount equal to the excess, if any, of the amount of the required prepayment over the aggregate principal amount of Loans outstanding immediately prior to giving effect to such prepayment. (d) The Designated Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassCommitments; provided that (i) each reduction of the Commitments of any Class pursuant to this paragraph (d) shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 and (ii) each Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments5,000,000. (ce) Each The Designated Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (bd) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Designated Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments pursuant to paragraph (d) of any Class this Section shall be made ratably among the Lenders in accordance with their respective Commitments; provided that the Designated Borrower may, in its discretion, reduce the Commitments of Lucent Lenders in excess of their Available Commitments pursuant to such Classparagraph (d) without reducing the Commitments of other Lenders.

Appears in 1 contract

Samples: Credit Agreement (Winstar Communications Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate sum of the Revolving Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked or the effective date of such termination or reduction may be extended by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. . (d) Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Ssa Global Technologies, Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Loan Commitments shall terminate at 5:00 p.m., New York City time, on the date that is 60 days after the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each Borrower The Company (on behalf of the Borrowers) may at any time terminate, or from time to time reduce, without premium or penalty, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 and (ii) each Borrower the Company shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Local Currency Loans in accordance with Section 2.11this Agreement, the aggregate sum of the total Revolving Exposures plus the Local Currency Loan Exposure would exceed the aggregate total Revolving Commitments. (c) Each Borrower The Company (on behalf of the Borrowers) shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower the Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower the Company may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower Company (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Fisher Scientific International Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Revolving Commitments shall terminate at 5:00 11:59 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. The Borrower may terminate the Commitments of any Defaulting Lender on a non-pro rata basis upon notice to the Administrative Agent. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class. (a) On each date on which the Borrower effectuates a required prepayment pursuant to Section 2.11(d)(i), the Commitments shall automatically and permanently be reduced by an amount equal to the aggregate principal amount of Loans prepaid pursuant to Section 2.11(d)(i) on such date. On each date on which the Borrower effectuates a required prepayment pursuant to Section 2.11(d)(ii), the Commitments shall automatically and permanently be reduced by an amount equal to the aggregate principal amount of Loans that are prepaid pursuant to Section 2.11(d)(ii) on such date. Each reduction of the Commitments of any Class pursuant to this clause (d) shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Vacasa, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Facility Commitments shall terminate on the Revolving Facility Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Facility Commitments; provided provided, that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments) and (ii) each the Borrower shall not terminate or reduce the Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Facility Loans in accordance with Section 2.11, the aggregate total Revolving Exposures Facility Exposure would exceed the aggregate total Revolving Facility Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided provided, that a notice of termination of the Revolving Facility Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class pursuant to this Section 2.08 shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Affinion Loyalty Group, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term B-2 Commitments of the Term B-2a Lenders shall terminate at upon the earlier of (i) 5:00 p.m., New York City time, on the Effective DateDate and (ii) the funding of the Term B-2a Loans to the Borrower. The Revolving Commitments shall terminate on the Revolving Maturity Date. The Term B-1 Commitment terminated on the Third Amendment Effective Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Sinclair Broadcast Group Inc)

Termination and Reduction of Commitments. (a1) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall will terminate on the Revolving Maturity Date. (b2) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Facility Commitments; provided that (i) each reduction of the Revolving Facility Commitments of any Class shall will be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the applicable Revolving Facility Commitments) and (ii) each the Borrower shall will not terminate or reduce the Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures Facility Credit Exposure would exceed the aggregate lesser of the total Available Revolving CommitmentsFacility Commitments and the Borrowing Base. (c3) Each The Borrower shall will notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments under paragraph (b2) of this Section 2.08 at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall will advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall 2.08 will be irrevocable; provided that a notice of termination of the Revolving Facility Commitments delivered by such the Borrower may state that such notice is revocable or conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked or extended by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfiedClosing Date). Any termination or reduction of the Commitments of any Class shall will be permanent. Each reduction of the Commitments of any Class shall will be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: Fourth Amendment (Neiman Marcus Group LTD LLC)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall automatically terminate at 5:00 p.m., New York City time, upon the making of the Term Loans on the Effective Date. The Date and (ii) the Revolving Commitments shall automatically terminate on the Revolving Maturity Date. (b) Each Borrower The Company may at any time terminate, or from time to time permanently reduce, the Commitments of any either Class; provided that (i) each reduction of the Commitments of any a Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each Borrower the Company shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.12, the aggregate Aggregate Revolving Exposures Exposure would exceed the aggregate Aggregate Revolving CommitmentsCommitment. (c) Each Borrower The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by such Borrower the Company pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Revolving Commitments delivered by such Borrower under paragraph (b) of this Section may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event one or conditionmore events specified therein, in which case such notice may be revoked by the such Borrower Company (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Kla Tencor Corp)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The of Revolving Commitments Loans shall terminate on the Maturity Date for Revolving Maturity DateLoans. (b) Each The Borrower may may, without premium or penalty, at any time terminate, or from time to time reduce, in its sole discretion the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 (or if less, the remaining Commitments of such Class) and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph clause (b) of this Section 2.08 at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section 2.08 shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Lenders in accordance with their respective Revolving Commitments. Each reduction of the Term Loan 4156-0326-0209 Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Term Loan Commitments of such that Class.

Appears in 1 contract

Samples: Fifth Amendment and Joinder Agreement (Seagate Technology Holdings PLC)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminateterminate the Commitments upon (i) the payment in full of all outstanding Loans, together with accrued and unpaid interest thereon and on any Letters of Credit, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Administrative Agent of a cash deposit (or at the discretion of the Administrative Agent a back up standby letter of credit satisfactory to the Administrative Agent) equal to the LC Exposure as of such date), (iii) the payment in full of the accrued and unpaid fees, and (iv) the payment in full of all reimbursable expenses and other Obligations together with accrued and unpaid interest thereon. (c) The Borrower may from time to time reduce, reduce the Commitments of any ClassCommitments; provided that (i) each reduction of the such Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate sum of the Revolving Exposures would exceed the aggregate Revolving CommitmentsAggregate Commitment. (cd) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) or (c) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some any one or more other identifiable event or conditiontransactions, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: Credit Agreement (Dean Foods Co)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Loan Commitments shall terminate on the Revolving Effective Date immediately after the funding of the Term Loans, and (ii) all other Commitments shall terminate on the Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Commitments; provided that (i) each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Dollar Amount of the total Revolving Credit Exposures of all Lenders would exceed the aggregate Aggregate Revolving CommitmentsCommitment. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three (3) Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: Credit Agreement (Progress Software Corp /Ma)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Loan A Commitments and the Term Loan B Commitments shall terminate at 5:00 p.m.as provided in Sections 2.01(a) and (b), New York City timeas applicable, on and (ii) the Effective Date. The Revolving Facility Commitments shall terminate on the Revolving Facility Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Facility Commitments; provided that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 U.S.$500,000 and not less than $1,000,000 U.S.$2.0 million (or, if less, the remaining amount of the Revolving Facility Commitments), and (ii) each the Borrower shall not terminate or reduce the Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Facility Loans or Swingline Loans by the Borrower in accordance with Section 2.11, the aggregate Revolving Exposures Facility Credit Exposure would exceed the aggregate total Revolving Facility Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments under paragraph (b) of this Section at least one three (3) Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Revolving Facility Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt successful closing of the proceeds from the issuance of other Indebtedness a disposition or the occurrence of some other identifiable event or conditionacquisition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Revolving Facility Commitments of any Class shall be permanent. Each reduction of the Revolving Facility Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassRevolving Facility Commitments.

Appears in 1 contract

Samples: Credit Agreement (SemGroup Corp)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Closing Date and (ii) the Revolving Commitments shall automatically terminate on the Revolving Maturity Commitment Termination Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Incremental Revolving Facility Amendment and Joinder Agreement (Virtu Financial, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less 52 than $1,000,000 2,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate sum of the Revolving Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities facilities, an initial public offering of Equity Interests in Holdings or the receipt Borrower or a sale of all or substantially all the assets or Equity Interests of the proceeds from the issuance of other Indebtedness Borrower or the occurrence of some other identifiable event Holdings (whether by merger or conditionotherwise), in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Donjoy LLC)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term The Commitments shall terminate at 5:00 p.m., New York City time, be automatically terminated on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each Borrower Upon at least three Business Days, prior irrevocable telecopy notice to the Administrative Agent, the Company may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Commitments of any ClassTotal Commitment; provided provided, however, that (i) each partial reduction of the Commitments of any Class Total Commitment shall be in an amount that is an integral multiple of $500,000 10,000,000 and not less than in a minimum principal amount of $1,000,000 50,000,000 and (ii) each Borrower no such termination or reduction shall not terminate or be made (A) which would reduce the Revolving Commitments if, after giving effect Total Commitment to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, an amount less than the aggregate Revolving Standby Credit Exposures or (B) which would exceed reduce any Lender's Commitment to an amount that is less than the aggregate Revolving Commitmentssum of such Lender's Standby Credit Exposure. (c) Each Borrower shall notify reduction in the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class Total Commitment hereunder shall be made ratably among the Lenders in accordance with their respective Commitments. The Borrowers shall pay to the Administrative Agent for the account of the Lenders, on the date of each reduction or termination of the Total Commitment, the Facility Fees on the amount of the Commitments terminated accrued through the date of such Classtermination or reduction. (d) The Commitments will be automatically and permanently reduced by an amount equal to the Net Proceeds of any sale or issuance by any Borrower or any Subsidiary of any Borrower of any debt or equity securities in any public offering or Rule 144A or other private placement transaction (other than (i) any sale by any Borrower of commercial paper and (ii) any sale of equity securities to employees, officers and directors of any Borrower or any Subsidiary of any Borrower upon the exercise of employee stock options or pursuant to any employee compensation or incentive arrangement). Each reduction in the Commitments pursuant to this paragraph (d) will be effective on the second Business Day following the date of receipt by a Borrower or a Subsidiary of the Net Proceeds from any such sale or issuance.

Appears in 1 contract

Samples: 364 Day Revolving Credit Facility Agreement (Itt Industries Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The of Revolving Commitments Loans shall terminate on the Maturity Date for Revolving Maturity DateLoans. (b) Each The Borrower may may, without premium or penalty, at any time terminate, or from time to time reduce, in its sole discretion the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 (or if less, the remaining Commitments of such Class) and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph clause (b) of this Section 2.08 at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice 4144-2392-2490 delivered by such the Borrower pursuant to this Section 2.08 shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Lenders in accordance with their respective Revolving Commitments. Each reduction of the Term Loan Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Term Loan Commitments of such that Class.

Appears in 1 contract

Samples: Credit Agreement (Seagate Technology Holdings PLC)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Facility Commitments shall terminate on the Revolving Facility Maturity Date. (b) Each Borrower The Borrowers may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Facility Commitments; provided provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1 million and not less than $1,000,000 5 million (or, if less, the remaining amount of the Revolving Facility Commitments), and (ii) each Borrower the Borrowers shall not terminate or reduce the Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures Facility Credit Exposure would exceed the aggregate Revolving CommitmentsBorrowing Base. (c) Each Borrower The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by such Borrower the Borrowers pursuant to this Section shall be irrevocable; provided provided, that a notice of termination of the Revolving Facility Commitments delivered by such Borrower the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower Borrowers (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Revolving Facility Commitments of any Class shall be permanent. Each reduction of the Revolving Facility Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassRevolving Facility Commitments.

Appears in 1 contract

Samples: Revolving Credit Agreement (Berry Plastics Group Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Initial Term Commitments shall automatically terminate at 5:00 p.m., New York City time, and be reduced to $0 on the Third Amendment and Restatement Effective Date. The Date upon the making (or deemed making) of the Initial Term Loans and (ii) the Revolving Commitments shall automatically terminate and be reduced to $0 on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time permanently reduce, the Commitments of any Class; provided that (i) each partial reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Aggregate Revolving Exposures Exposure would exceed the aggregate Aggregate Revolving CommitmentsCommitment. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Revolving Commitments delivered by such Borrower under this paragraph may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event one or conditionmore events specified therein, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Resideo Technologies, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term The Commitments shall terminate at 5:00 p.m., New York City time, be automatically terminated on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each Upon at least two Business Days' prior irrevocable written notice to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Commitments of any ClassTotal Commitment; provided provided, however, that (i) each partial reduction of the Commitments of any Class Total Commitment shall be in an amount that is an integral multiple of $500,000 10,000,000 and not less than in a minimum principal amount of $1,000,000 10,000,000 and (ii) each Borrower no such termination or reduction shall not terminate or be made that would reduce the Revolving Commitments if, Commitment of any Lender to an amount less than (A) the aggregate amount of Outstanding Credits of such Lender on the date of such termination or reduction (after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with made on such date pursuant to Section 2.11), or (B) $50,000,000, unless the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date result of such termination or reduction, specifying such election and reduction referred to in this clause (B) is to reduce the effective date thereofTotal Commitment to $0. Promptly following receipt of any such notice, the The Administrative Agent shall advise the Lenders of the contents thereof. Each any notice delivered by such Borrower given pursuant to this Section shall be irrevocable; provided that a notice 2.10(b) and of termination each Lender's portion of the Revolving Commitments delivered by any such Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanentTotal Commitment. Each reduction of in the Commitments of any Class Total Commitment under this subsection (b) shall be made ratably among the Lenders in accordance with their respective Commitments of Percentages. (c) On each day on which the Commitment (as defined in the Parent Facility) is reduced, the Total Commitment shall automatically and permanently reduce by an amount equal to such Classreduction. Each reduction in the Total Commitment under this subsection (c) shall be made ratably among the Lenders in accordance with their respective Percentages. (d) If on any date the Total Commitment shall exceed the Outstanding Credits, the Total Commitment shall automatically and permanently be reduced by an amount equal to such excess.

Appears in 1 contract

Samples: Credit Agreement (Txu Corp /Tx/)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term all Revolving Commitments of any Class shall terminate at 5:00 p.m., New York City time, on the Effective Revolving Credit Maturity Date with respect to such Class; provided that if the Closing Date has not occurred prior to the Commitment Termination Date. The , all Revolving Commitments shall terminate on the Revolving Maturity Commitment Termination Date. (b) Each The Borrower (and, prior to the Combination, Mylan, acting together) may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Commitments; provided that (i) each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 and 1,000,000, (or, if less, the remaining amount of the Revolving Commitments), (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate total Revolving Credit Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or transmission by electronic communication in accordance with Section 9.01(b)) of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least one not later than 12:00 p.m. three (3) Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt instruments of the proceeds from the issuance of other Indebtedness or the occurrence of some any other identifiable event or conditionspecified event, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: Revolving Credit Agreement (Upjohn Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. Upon the consummation of any public or private debt or equity offering by Limited Partner or any of its Subsidiaries on or after August 15, 2004 (excluding the Multi-Year Facility (or any replacement facility therefor), and proceeds from the sale of Limited Partner’s Class B Units, units issued in the Limited Partner’s Distribution Reinvestment Program, Limited Partner’s Employee Unit Purchase Program, the exercise of outstanding options with respect to the Limited Partner’s units, or any contributions by General Partner to Limited Partner), the Commitments shall be permanently and ratably reduced by the amount of such net proceeds, such reduction to be applied first to the Backstop Tranche and then to the Acquisition Tranche. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassCommitments, such reduction to apply first to the Backstop Tranche and then to the Acquisition Tranche; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving sum of the Exposures would exceed the aggregate Revolving total Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: 364 Day Revolving Credit Agreement (Enterprise Products Partners L P)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments of either Class shall terminate on the Revolving Maturity Date. (b) Each The Lead Borrower may at any time terminate, or from time to time reduce, the Commitments of any either Class, in each case without premium or penalty; provided that (i) each reduction of the Commitments of any either Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the Lead Borrower shall not terminate or reduce the Revolving Commitments of either Class if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, (x) the aggregate Multicurrency Revolving Exposures Loans outstanding would exceed the aggregate Multicurrency Revolving Commitments or (y) the US Dollar Revolving Loans outstanding would exceed the US Dollar Revolving Commitments. (c) Each The Lead Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.8 at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Lead Borrower pursuant to this Section 2.8 shall be irrevocable; provided that a notice of termination of the Revolving Commitments of either Class delivered by such the Lead Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionanother transaction, in which case such notice may be revoked by the such Lead Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any either Class shall be permanent. Each reduction of the Commitments of any either Class shall be made ratably among applied to the Lenders for such Class in accordance with their respective Commitments of Applicable Percentages for such Class.

Appears in 1 contract

Samples: Revolving Credit Agreement (CF Industries Holdings, Inc.)

AutoNDA by SimpleDocs

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Administrative Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassCommitments; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 US$1,000,000 and not less than $1,000,000 US$10,000,000, in each case for Borrowings denominated in US Dollars and (ii) each the Administrative Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, (A) any Lender’s Revolving Credit Exposure would exceed its Commitment or (B) the aggregate Total Revolving Credit Exposures of all Lenders would exceed the aggregate Revolving total Commitments. (c) Each The Administrative Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the other Agents and the Lenders of the contents thereof. Each notice delivered by such the Administrative Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such a Responsible Officer of the Administrative Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Administrative Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: Credit Agreement (Idexx Laboratories Inc /De)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassCommitments; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 5,000,000 and not less than $1,000,000 and 10,000,000, (ii) each Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving outstanding Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures that would exceed the reduced Commitments must be prepaid together with any payments required under Section 2.17 and (iii) no such termination or reduction shall be made that would reduce the aggregate Revolving Commitmentsavailable Commitments of all Lenders to an amount less than the aggregate Competitive Loans then outstanding. (c) Each The Commitments will be automatically reduced by an amount equal to the Net Proceeds of any sale by the Borrower or any of its Subsidiaries of any debt or equity securities in any public offering or Rule 144A or other private placement transaction (other than (i) any sale by the Borrower of commercial paper, (ii) any sale of equity securities to employees, officers and directors of the Borrower and its Subsidiaries upon the exercise of employee stock options or pursuant to any employee compensation or incentive arrangement and (iii) any sale in a public offering or private placement transaction outside the United States of debt securities in respect of which neither the Borrower nor any Subsidiary organized in the United States is an obligor). (d) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section Section, and of any termination or reduction of the Commitments under paragraph (c) of this Section, at least one Business Day prior to the effective date of such termination or reduction, specifying such election or event resulting in the reduction of the Commitments and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section in connection with a termination or reduction of the Commitments under paragraph (b) of this Section shall be irrevocable; provided that such a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: 364 Day Bridge Competitive Advance and Revolving Credit Facility Agreement (Lee Sara Corp)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall automatically terminate on the Revolving Maturity earlier to occur of (i) the Acquisition Termination Date, in the event that the Closing Date has not occurred on or before such date and (ii) the termination of the Borrower’s (or its applicable Affiliate’s) obligations under the Acquisition Agreement to consummate the Acquisition in accordance with its terms. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassCommitments; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 the Borrowing Multiple and not less than $1,000,000 and (ii) each Borrower shall not terminate the Borrowing Minimum, or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment entire amount of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reductionreduction (or such shorter period as the Administrative Agent shall reasonably agree), specifying the effective date of such election and the effective date thereofClass of Commitments being reduced or terminated. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditiondebt securities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class pursuant to this Section 2.08 shall be permanent. Each reduction of the Commitments of pursuant to this Section 2.08 shall be allocated among any Class shall be made ratably among of Commitments as directed by the Lenders Borrower and applied to the Commitments of each Lender within each Class in accordance with their respective Commitments of such Classits Pro Rata Share.

Appears in 1 contract

Samples: Term Loan Agreement (Molson Coors Brewing Co)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the -------- Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate sum of the Revolving Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a -------- notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Catalytica Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date, (b) the A-1 Term Loan Commitments shall terminate on the A-1 Term Loan Commitment Expiry Date as provided in Section 2.01(b), and (c) the A-2 Term Loan Commitments shall terminate on the A-2 Term Loan Commitment Expiry Date as provided in Section 2.01(c). (b) Each Borrower The Borrowers may at any time terminate, or from time to time reduce, the Commitments of any Classunder a particular Facility; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each Borrower the Borrowers shall not terminate or reduce the U.S. Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate sum of the U.S. Revolving Credit Exposures would exceed the aggregate total U.S. Revolving Commitments and (iii) the Borrowers shall not terminate or reduce the Multicurrency Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the Dollar Amount of the sum of the Multicurrency Revolving Credit Exposures would exceed the total Multicurrency Revolving Commitments. (c) Each Borrower The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower Borrowers (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class under a particular Facility shall be made ratably among the Lenders in accordance with their respective Commitments of under such ClassFacility.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Gramercy Property Trust)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Facility Maturity Date. (ba) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Facility Commitments; provided that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the Revolving Facility Commitments) and (ii) each the Borrower shall not terminate or reduce the Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Facility Loans in accordance with Section 2.11, the aggregate Revolving Exposures Facility Credit Exposure would exceed the aggregate Revolving CommitmentsLine Cap. (cb) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.08 at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Revolving Facility Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section 2.08 shall be irrevocable; provided that a notice of termination of the Revolving Facility Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments. (c) On the date of consummation of an Asset Sale in respect of any mill (including by way of an Asset Sale in respect of the Equity Interests of any Loan Party), the Revolving Facility Commitments of shall be reduced by an amount equal to the Borrowing Base attributable to the Eligible Inventory located at such Classmill based on the Borrowing Base Certificate most recently delivered pursuant to Section 5.04(h).

Appears in 1 contract

Samples: Asset Based Revolving Credit Agreement (Verso Paper Holdings LLC)

Termination and Reduction of Commitments. (a) Unless previously terminatedSubject to the provisions of Section 2.21, the Term Commitments shall automatically terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Closing Date. (b) Each At its option, the Borrower may at any time terminate, or from time to time permanently reduce, the Commitments of any Class; provided provided, that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 100,000 and not less than $1,000,000 and (ii) each Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments500,000. (c) Each The Borrower shall notify the Administrative Agent in writing of any election to terminate or reduce the Commitments of any Class under paragraph (bSection 2.07(b) of this Section at least one five Business Day Days prior to the effective date of such termination or reductionreduction (which effective date shall be a Business Day), specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section 2.07 shall be irrevocable; provided provided, that a notice of termination of the Revolving all then remaining Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or in order to refinance in full the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionObligation hereunder, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of for such Class.

Appears in 1 contract

Samples: Term Loan Credit Agreement (Overseas Shipholding Group Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The of Revolving Commitments Loans shall terminate on the Maturity Date for Revolving Maturity DateLoans. (b) Each The Borrower may may, without premium or penalty, at any time terminate, or from time to time reduce, in its sole discretion the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 (or if less, the remaining Commitments of such Class) and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph clause (b) of this Section 2.08 at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section 2.08 shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Lenders in accordance with their respective Revolving Commitments. Each reduction of the Term Loan Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Term Loan Commitments of such that Class.

Appears in 1 contract

Samples: Credit Agreement (Seagate Technology Holdings PLC)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Facility Commitments shall terminate on the Revolving Facility Maturity Date. The parties hereto acknowledge that the Term Loan Commitments will terminate at 5 p.m. New York City time on the Closing Date. (b) Each The U.S. Borrower (on behalf of itself and all Foreign Subsidiary Borrowers) may at any time terminate, or from time to time reduce, the Commitments of under any ClassFacility; provided that (i) each reduction of the Commitments of under any Class Facility shall be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the Revolving Facility Commitments) and (ii) each the U.S. Borrower shall not terminate or reduce the Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Facility Loans in accordance with Section 2.11, the aggregate Revolving Exposures Facility Credit Exposure would exceed the aggregate total Revolving Facility Commitments. (c) Each The U.S. Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by such the U.S. Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Facility Commitments delivered by such the U.S. Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such U.S. Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of under any Class Facility shall be made ratably among the Lenders in accordance with their respective Commitments under such Facility. Any reduction of such Classthe Revolving Facility Commitments shall automatically and permanently reduce the Dollar Letter of Credit Limit on a dollar-for-dollar basis.

Appears in 1 contract

Samples: Credit Agreement (Nalco Holding CO)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments as of the Second A&R Effective Date shall automatically terminate at 5:00 p.m., New York City time, on the Second A&R Effective Date. The Date and (ii) the Revolving Commitments as of the Second A&R Effective Date shall automatically terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time permanently reduce, the Commitments of any Class; provided that (i) each partial reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 unless such amount represents all of the remaining Commitments of such Class and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate Aggregate Revolving Exposures Exposure would exceed the aggregate Aggregate Revolving CommitmentsCommitment. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Revolving Commitments delivered by such Borrower under this paragraph may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event one or conditionmore events specified therein, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Comtech Telecommunications Corp /De/)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, upon the Borrowing of Term Loans on the Effective Date. The Closing Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; Revolving Commitments, provided that (i) each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify provide written notice to the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least one five (5) Business Day Days prior to the effective date of such termination or reduction, specifying such election and 64 Blue Bird Body Company Credit Agreement the effective date thereof. Promptly following receipt of any such written notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked or postponed by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Blue Bird Corp)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term The Commitments shall terminate at 5:00 p.m., New York City time, be automatically terminated on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each Borrower Upon at least three Business Days’ prior irrevocable telecopy notice to the Administrative Agent, the Company may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Commitments of any Class; provided provided, however, that (i) each partial reduction of the Commitments of a Class shall be in an integral multiple of US$10,000,000 and in a minimum principal amount of US$50,000,000, (ii) no such termination or reduction shall be made (A) which would reduce the aggregate Commitments of a Class to an amount less than the sum of the aggregate Revolving Credit Exposures of such Class, (B) which would reduce the aggregate Commitments to an amount less than the sum of the aggregate Revolving Credit Exposures and the aggregate Competitive Loan Exposures or (C) which would reduce any Lender’s Commitment of a Class to an amount that is less than such Lender’s Revolving Credit Exposure of such Class and (iii) any such notice of termination of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance closing of other Indebtedness or the occurrence of some other identifiable event or conditiontransactions, in which case such notice may be revoked or the effectiveness thereof extended by the such Borrower Company (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or . (c) Each reduction of in the Commitments of any a Class shall be permanent. Each reduction of the Commitments of any Class hereunder shall be made ratably among the Lenders of such Class in accordance with their respective Commitments of such Class. The Borrowers shall pay to the Administrative Agent for the account of the Lenders, on the date of each reduction or termination of any Commitments, the Commitment Fees on the amount of the Commitments terminated accrued through the date of such termination or reduction.

Appears in 1 contract

Samples: Revolving Credit Facility Agreement (Hartford Financial Services Group Inc/De)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Tranche B Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 5,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.08 at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section 2.08 shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Select Medical Corp)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Initial Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Loan Commitments shall terminate on the Closing Date immediately after the closing hereunder and (ii) the Revolving Commitments will terminate on the Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Commitments; provided that (i) the amount of each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 2,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect thereto and to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11pursuant to Sections 2.10, 2.11 and 2.12, the aggregate total Revolving Credit Exposures would exceed the aggregate Total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (American Reprographics CO)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments as of the Third A&R Effective Date shall automatically terminate on the Revolving Maturity Date. (ba) Each The Borrower may at any time terminate, or from time to time permanently reduce, the Commitments of any Class; provided that (i) each partial reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 unless such amount represents all of the remaining Commitments of such Class and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate Aggregate Revolving Exposures Exposure would exceed the aggregate Aggregate Revolving CommitmentsCommitment. (cb) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Revolving Commitments delivered by such Borrower under this paragraph may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event one or conditionmore events specified therein, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class. (c) If, as of the Trigger Date, the Revolving Commitments are in excess of $140,000,000, then the Revolving Commitments shall automatically be reduced to $140,000,000. On the last day of each fiscal quarter of the Borrower (commencing with the fiscal quarter ending April 30, 2024), the Revolving Commitments shall automatically be reduced by $5,000,000 on each such date. Each such reduction of the Revolving Commitments shall be applied ratably among the Revolving Lenders in accordance with their respective Revolving Commitments.

Appears in 1 contract

Samples: Credit Agreement (Comtech Telecommunications Corp /De/)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Bridge Loan Commitments on the Closing Date shall automatically terminate upon the making of the Bridge Loans on the Closing Date and (ii) the Delayed Draw Bridge Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall automatically terminate on the Revolving Maturity DateDelayed Draw Termination Date (after giving effect to any incurrence of Delayed Draw Bridge Loans on such date). (b) Each Upon delivery of the notice required by Section 2.08(c), the Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided provided, that (i) each partial reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 100,000 and not less than $1,000,000 and (ii) each Borrower shall not terminate or reduce the Revolving unless its is a reduction of all Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitmentssuch Class). (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the any Commitments under paragraph clause (b) of this Section in writing at least one Business Day prior to the effective date of such termination or reductionreduction (or such later date to which the Administrative Agent may agree), specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of each applicable Class of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided provided, that a any such notice of termination of the Revolving Commitments delivered by such Borrower may state that such notice it is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event one or conditionmore events specified therein, in which case such notice may be revoked if such condition is not satisfied by the such Borrower (by delivering notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfieddate. Any termination or reduction of the Commitments of any Class Commitment pursuant to this Section 2.08 shall be permanent. Each Upon any reduction of the Commitments of any Class, the Commitment of each Lender of the relevant Class shall be made ratably among the Lenders in accordance with their respective Commitments reduced by such Lender’s Applicable Percentage of such Classreduction amount.

Appears in 1 contract

Samples: Bridge Loan Agreement (Cano Health, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Termination Date. (b) Each Borrower The Company may at any time terminate, or from time to time reduce, the Revolving Commitments of any Classor the Term Commitments; provided that (i) each reduction of the Revolving Commitments of any Class or the Term Commitments, as the case may be, shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 with respect to the relevant Facility and (ii) each Borrower the Company shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the sum of the Revolving Credit Exposures plus the aggregate Revolving Exposures principal amount of outstanding Competitive Loans would exceed the aggregate total Revolving Commitments. (c) Each Borrower The Company (on behalf of itself and the Borrowing Subsidiaries) shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Revolving Lenders or the Term Lenders, as applicable, of the contents thereof. Each notice delivered by such Borrower the Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments or the Term Commitments delivered by such Borrower the Company (on behalf of itself and the Borrowing Subsidiaries) may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower Company (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments of any Class or the Term Commitments, as the case may be, shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Commitments of such Classor the Term Lenders in accordance with their respective Term Commitments, as applicable.

Appears in 1 contract

Samples: Credit Agreement (Crane Co /De/)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Facility Commitments shall terminate on the Revolving Facility Maturity Date.. 76 (b) Each Borrower The Borrowers may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Facility Commitments; provided provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1 million and not less than $1,000,000 5 million (or, if less, the remaining amount of the Revolving Facility Commitments), and (ii) each Borrower the Borrowers shall not terminate or reduce the Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures Facility Credit Exposure would exceed the aggregate Revolving CommitmentsBorrowing Base. (c) Each Borrower The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by such Borrower the Borrowers pursuant to this Section shall be irrevocable; provided provided, that a notice of termination of the Revolving Facility Commitments delivered by such Borrower the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower Borrowers (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Revolving Facility Commitments of any Class shall be permanent. Each reduction of the Revolving Facility Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassRevolving Facility Commitments.

Appears in 1 contract

Samples: Revolving Credit Agreement (Berry Plastics Corp)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Pegasus Solutions Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall automatically terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time permanently reduce, the Commitments of any ClassRevolving Commitments; provided that (i) each partial reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 unless such amount represents all of the remaining Revolving Commitments and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate Aggregate Revolving Exposures Exposure would exceed the aggregate Aggregate Revolving CommitmentsCommitment. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Revolving Commitments delivered by such Borrower under this paragraph may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event one or conditionmore events specified therein, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: Credit Agreement (Comtech Telecommunications Corp /De/)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity DateDate and (b) the Term Loan Commitments shall terminate on the Term Loan Commitment Expiry Date as provided in Section 2.01(b). (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Classunder a particular Facility; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate sum of the Revolving Credit Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class under a particular Facility shall be made ratably among the Lenders in accordance with their respective Commitments of under such ClassFacility.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Gramercy Property Trust Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 2,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate sum of the Revolving Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities facilities, an initial public offering of equity interests in Holdings or the receipt Borrower or a sale of all or substantially all the assets or capital stock of the proceeds from the issuance of other Indebtedness Borrower or the occurrence of some other identifiable event Holdings (whether by merger or conditionotherwise), in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Lpa Services Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate close of business on the Revolving Credit Maturity Date. (b) Each Borrower Upon the occurrence of either (i) a Change in Control or (ii) a Disposition of all or any substantial part of the assets of the Company in connection with a reorganization of the Company and its Subsidiaries in connection with the establishment of a mutual holding company, the Administrative Agent shall, at the request of the Required Lenders, by notice to the Borrowers, terminate the Commitments, and thereupon the Commitments shall terminate immediately. (c) The Borrowers may at any time terminate, or from time to time reduce, the Commitments of any ClassCommitments; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 10,000,000 and (ii) each Borrower the Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.09, the sum of the Credit Exposures plus the aggregate Revolving Exposures principal amount of outstanding Competitive Loans would exceed the aggregate Revolving total Commitments. (cd) Each Borrower The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (bc) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower Borrowers (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Metlife Inc)

Termination and Reduction of Commitments. (a) Unless 3.Unless previously terminated, the (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective earliest to occur of (A) the Drawdown Date. The , (B) the Business Day prior to the Revolving Maturity Date and (C) October 31, 2015 and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (ba) Each Borrower The Borrowers may at any time terminate, or from time to time reduce, the Commitments of any Class; provided provided, however, that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 that is a Borrowing Multiple and not less than $1,000,000 the Borrowing Minimum and (ii) each Borrower the Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, (A) the aggregate Aggregate Revolving Exposures would exceed the aggregate Available Commitments or (B) the Revolving CommitmentsExposure of any Lender would exceed its Available Commitment. (cb) Each Borrower The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one five Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by such Borrower the Borrowers pursuant to this Section shall be irrevocable; provided provided, however, that a notice of termination of the Revolving Commitments delivered by such Borrower the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower Borrowers (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the applicable Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Graftech International LTD)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Revolving Facility Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments of each Class shall terminate on the applicable Revolving Facility Maturity DateDate for such Class. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided provided, that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) each the Borrower shall not terminate or reduce the Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Facility Loans in accordance with Section 2.11, the aggregate Revolving Exposures Facility Credit Exposure of such Class would exceed the aggregate total Revolving CommitmentsFacility Commitments of such Class. For the avoidance of doubt and notwithstanding anything to the contrary contained in this Agreement, immediately following the 2020 Incremental Effective Date, the permanent reduction of any unused Revolving Facility Commitments may be applied on a pro rata basis among the outstanding Classes of Revolving Facility Commitments or may reduce Commitments of a Class with an earlier Revolving Facility Maturity Date on a greater than pro rata basis; provided that such reduction shall be made ratably among the Lenders of such Class. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments of any Class under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided provided, that a notice of termination of the Revolving Facility Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Incremental Assumption Agreement (Norwegian Cruise Line Holdings Ltd.)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Tranche B Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; , provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.08 at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section 2.08 shall be irrevocable; , provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Ameripath Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Tranche A Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate sum of the Revolving Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Dress Barn Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. The Tranche D Commitments shall terminate on the Restatement Effective Date upon funding of the Tranche D Term Loans. (b) Each The BC Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Commitments; provided PROVIDED that (i) each such reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) each the BC Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate sum of the Revolving Exposures would exceed the aggregate total Revolving Commitments. (c) Each The BC Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by such the BC Borrower pursuant to this Section shall be irrevocable; provided PROVIDED that a notice of termination of the Revolving Commitments delivered by such the BC Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such BC Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Revolving Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassRevolving Commitments.

Appears in 1 contract

Samples: Amendment and Restatement Agreement (Boise Cascade Holdings, L.L.C.)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Loan Commitments shall terminate at 5:00 p.m., 3:00 p.m. (New York City time, ) on the Effective Date. The Revolving Date and (ii) all other Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Commitments; provided that (i) each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 10,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Dollar Amount of the sum of the Revolving Credit Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three (3) Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: Credit Agreement (Hill-Rom Holdings, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Facility Commitments shall terminate on the Revolving Facility Maturity Date. (b) Each Borrower The Borrowers may at any time terminate, or from time to time reduce, the Commitments of any ClassRevolving Facility Commitments; provided provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1 million and not less than $1,000,000 5 million (or, if less, the remaining amount of the Revolving Facility Commitments), and (ii) each Borrower the Borrowers shall not terminate or reduce the Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures Facility Credit Exposure would exceed the aggregate Revolving CommitmentsBorrowing Base. (c) Each Borrower The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by such Borrower the Borrowers pursuant to this Section shall be irrevocable; provided provided, that a notice of termination of the Revolving Facility Commitments delivered by such Borrower the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower Borrowers (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Revolving Facility Commitments of any Class shall be permanent. Each reduction of the Revolving Facility NYDOCS01/1270096.12 Xxxxx – A&R Revolving Credit Agreement Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassRevolving Facility Commitments.

Appears in 1 contract

Samples: Revolving Credit Agreement (Berry Plastics Corp)

Termination and Reduction of Commitments. (a1) Unless previously terminated, the Term Revolving Facility Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall will terminate on the Revolving Maturity Date. (b2) Each Borrower The Borrowers may at any time terminate, or from time to time reduce, any Class of the Commitments of any ClassRevolving Facility Commitments; provided that (i) each reduction of the Revolving Facility Commitments of any Class shall will be in an amount that is an integral multiple of $500,000 1.0 million and not less than $1,000,000 5.0 million (or, if less, the remaining amount of the applicable Revolving Facility Commitments) and (ii) each Borrower shall the Borrowers will not terminate or reduce the Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures Facility Credit Exposure would exceed the aggregate Revolving CommitmentsLine Cap. (c3) Each Borrower shall The Borrowers will notify the Administrative Agent of any election to terminate or reduce any Class of the Revolving Facility Commitments under paragraph (b2) of this Section 2.08 at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall will advise the Lenders of the contents thereof. Each notice delivered by such Borrower Borrowers pursuant to this Section shall 2.08 will be irrevocable; provided that a notice of termination of the Revolving Facility Commitments delivered by such Borrower Borrowers may state that such notice is revocable or conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked or extended by the such Borrower Borrowers (by notice to the Administrative Agent on or prior to the specified effective date of termination) if such condition is not satisfiedClosing Date). Any termination or reduction of the Revolving Facility Commitments of any Class shall will be permanent. Each reduction of the Commitments of any Class shall of the Revolving Facility Commitments will be made ratably among the Lenders in accordance with their respective Revolving Facility Commitments of such Class.

Appears in 1 contract

Samples: Loan Agreement (Ulta Beauty, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term The Commitments shall terminate at 5:00 p.m., New York City time, be automatically terminated on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each Borrower Upon at least three Business Days’ prior irrevocable telecopy notice to the Administrative Agent, the Company may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Commitments of any Class; provided provided, however, that (i) each partial reduction of the Commitments of a Class shall be in an integral multiple of US$10,000,000 and in a minimum principal amount of US$50,000,000, (ii) no such termination or reduction shall be made (A) which would reduce the aggregate Commitments of a Class to an amount less than the sum of the aggregate Revolving Credit Exposures of such Class, (B) which would reduce the aggregate Commitments to an amount less than the aggregate Revolving Credit Exposures or (C) which would reduce any Lender’s Commitment of a Class to an amount that is less than such Lender’s Revolving Credit Exposure of such Class and (iii) any such notice of termination of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance closing of other Indebtedness or the occurrence of some other identifiable event or conditiontransactions, in which case such notice may be revoked or the effectiveness thereof extended by the such Borrower Company (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or #95460429v5 (c) Each reduction of in the Commitments of any a Class shall be permanent. Each reduction of the Commitments of any Class hereunder shall be made ratably among the Lenders of such Class in accordance with their respective Commitments of such Class. The Company shall pay to the Administrative Agent for the account of the Lenders, on the date of each reduction or termination of any Commitments, the Commitment Fees on the amount of the Commitments terminated accrued through the date of such termination or reduction.

Appears in 1 contract

Samples: Credit Agreement (Hartford Financial Services Group, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity DateDate and (ii) the Term Commitments shall terminate upon the funding thereof. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one five Business Day Days prior to the effective date of such termination or reductionreduction (or such later date acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked or delayed by the such Borrower (by notice to the Administrative Agent in writing on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Virtus Investment Partners, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminated, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity DateCommitment Termination Date (including the Increased Commitments, if any). (b) Each The Increased Commitments shall terminate on the Increased Commitment Termination Date (if the same shall occur), and the Commitments shall be automatically reduced by the amount of the Increased Commitments on such date. (c) The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassCommitments; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 and 10,000,000, (ii) each at any time prior to the Acquisition Effective Date, the Borrower shall specify whether such reduction applies to the Increased Commitments or the Commitments (other than the Increased Commitments) and (iii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect thereto and to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.10, the aggregate sum of the Revolving Credit Exposures would exceed the aggregate Revolving total Commitments. (cd) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (ba) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: Credit Agreement (Time Warner Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity DateDate and (ii) the Term Commitments shall terminate upon the funding thereof. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one five Business Day Days prior to the effective date of such termination or reductionreduction (or such later date acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked or -71- delayed by the such Borrower (by notice to the Administrative Agent in writing on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Virtus Investment Partners, Inc.)

Termination and Reduction of Commitments. (a) Unless previously terminatedterminated in accordance with the provisions of this Agreement, the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving earlier to occur of (i) the Maturity Date, (ii) the date on which the Offer lapses (having not been declared unconditional in all respects) or is withdrawn, or is referred as provided in paragraphs (b) or (c) of Appendix I of the Press Release and (iii) August 15, 2000 if the Offer has not by then been announced. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any ClassCommitments; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 5,000,000 and not less than $1,000,000 and 10,000,000, (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the sum of the Revolving Credit Exposures plus the aggregate Revolving Exposures principal amount of outstanding Competitive Loans would exceed the total Commitments and (iii) during the Certain Funds Period, the Borrower shall not terminate or reduce the Commitments below the sum of the aggregate Revolving Commitmentsprincipal amount of then outstanding Other Borrowings and the Certain Funds Committed Amount. The Commitments shall be permanently reduced in the amount of any prepayment of the Loans in accordance with Section 2.11(d). (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments.

Appears in 1 contract

Samples: Revolving Credit Agreement (Arch Chemicals Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term B Loan Commitments shall terminate at 5:00 p.m., New York City Dallas, Texas time, on the Effective Date. The Date and (ii) the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date. The Term A Loans have been funded, and the Term A Loan Commitments have terminated. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 1,000,000, or if less, the amount of such Commitment, and (ii) each the Borrower shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.09, the aggregate Revolving Credit Exposures would exceed the aggregate total Revolving Credit Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one two Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Credit Commitments delivered by such the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Digital Generation Systems Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. (b) Each The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the -------- Commitments of any Class shall be in an amount that is an integral multiple of $500,000 100,000 and not less than $1,000,000 and (ii) each the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans in accordance with Section 2.112.09, the aggregate sum of the Revolving Exposures would exceed the aggregate total Revolving Commitments. (c) Each The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one three Business Day Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by such the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by such -------- the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or conditionfacilities, in which case such notice may be revoked by the such Borrower (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Credit Agreement (Ixl Enterprises Inc)

Termination and Reduction of Commitments. (a) Unless previously terminated, The Initial Term Loan Commitment of each Term Lender shall be automatically and permanently reduced to $0 upon the making of such Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate on the Revolving Maturity DateLender’s Initial Term Loans pursuant to Section 2.01. (b) Each The Borrower Representative may at any time terminate, or from time to time reduce, the Commitments of any Class; provided provided, that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 5,000,000 and not less than $1,000,000 and 10,000,000 (ii) each Borrower shall not terminate or reduce or, if less, the Revolving Commitments if, after giving effect to any concurrent prepayment remaining amount of the Revolving Loans or Swingline Loans in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving CommitmentsCommitments of such Class). (c) Each The Borrower Representative shall notify the Administrative Agent of any election to terminate or reduce the Commitments of any Class under paragraph (b) of this Section 2.08 at least one three (3) Business Day Days prior to the effective date of such termination or reductionreduction (or such shorter period acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by such the Borrower Representative pursuant to this Section 2.08 shall be irrevocable; provided provided, that a notice of termination or reduction of the Revolving Commitments of any Class delivered by such the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilities facilities, indentures or the receipt of the proceeds from the issuance of similar agreements or other Indebtedness or the occurrence of some other identifiable event or conditiontransactions, in which case such notice may be revoked by the such Borrower Representative (by notice to the Administrative Agent on or prior to the specified effective date of terminationdate) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

Appears in 1 contract

Samples: Term Loan Credit Agreement (Adient PLC)

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