Common use of Termination and Reduction of Revolving Credit Commitments Clause in Contracts

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, the Revolving Credit Commitments shall terminate on the Maturity Date. (b) The Borrowers may at any time terminate, or from time to time reduce, the Revolving Credit Commitments; provided that (i) each reduction of the Revolving Credit Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrowers shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11, the Revolving Credit Exposures would exceed the total Revolving Credit Commitments. (c) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Credit Commitments delivered by the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanent. Each reduction of the Revolving Credit Commitments shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitments.

Appears in 4 contracts

Samples: Credit Agreement (Shyft Group, Inc.), Credit Agreement (Shyft Group, Inc.), Credit Agreement (Spartan Motors Inc)

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Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date. (b) The Borrowers Borrower may at any time terminate, or from time to time reduce, the Revolving Credit Commitments; provided that (iA) each reduction of the Revolving Credit Commitments shall be in an amount that is an integral multiple of $1,000,000 500,000 and not less than $5,000,000 1,000,000 and (iiB) the Borrowers Borrower shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.112.10, the sum of the Revolving Credit Exposures would exceed the total Aggregate Revolving Credit Commitments. (c) The Borrowers Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrowers Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Credit Commitments delivered by the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any such termination or reduction of the Revolving Credit Commitments shall be permanent. Each reduction of the Revolving Credit Commitments permanent and shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit CommitmentsCommitments thereto.

Appears in 3 contracts

Samples: Credit Agreement (National Health Investors Inc), Credit Agreement (National Health Investors Inc), Credit Agreement (National Health Investors Inc)

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, the The Revolving Credit Commitments shall terminate be automatically terminated on the Maturity DateRevolving Credit Termination Date whereupon the entire outstanding principal balance of the Revolving Credit Loans, plus all accrued and unpaid interest thereon, and any fees or other amounts owed under the Loan Documents (including all Commitment Fees and fees and other amounts in connection with the Letters of Credit) shall be due and payable. (b) The Borrowers Upon at least five (5) Business Days’ prior irrevocable written notice to the Administrative Agent, the Borrower may at any time prior to the Revolving Credit Termination Date, in whole permanently terminate, or from time to time in part permanently reduce, the Revolving Credit Commitments; provided provided, however, that (iA) each partial reduction of the such Revolving Credit Commitments shall be in an a minimum aggregate principal amount that is an integral multiple of $1,000,000 and not less than or in integral multiples of $5,000,000 500,000 in excess thereof, and (iiB) the Borrowers shall not terminate or reduce the Revolving Credit Commitments may not be reduced or terminated if, after giving effect thereto and to any concurrent prepayment prepayments of the Revolving Credit Loans in accordance with Section 2.11, the Revolving Credit Exposures would exceed the total Revolving Credit Commitments. (c) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and made on the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise aggregate amount of the Revolving Credit Exposure of the Revolving Credit Lenders of at such time would exceed the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination aggregate Revolving Credit Commitments of the Revolving Credit Commitments delivered by Lenders (as the Borrowers may state that same are being reduced) at such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanenttime. Each reduction of in the Revolving Credit Credits Commitments hereunder shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitment Percentages. The Borrower shall pay to the Administrative Agent for the account of the Revolving Credit Lenders on the date of each termination or reduction of the Revolving Credits Commitments, the Commitment Fees on the amount of the Revolving Credit Commitments so terminated or reduced accrued to the date of such termination or reduction.

Appears in 3 contracts

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

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date. (b) The Borrowers Borrower may at any time terminate, or from time to time reduce, the Revolving Credit Commitments; provided that (i) each reduction of the Revolving Credit Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and 5,000,000, (ii) the Borrowers Borrower shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.112.10, the sum of the Revolving Credit Exposures would exceed the total Revolving Credit Commitments. (c) The Borrowers Borrower shall notify the Co-Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Co-Administrative Agent shall advise the Revolving Credit Administrative Agent and the Lenders of the contents thereof. Each notice delivered by the Borrowers Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Credit Commitments delivered by the Borrowers Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanent. Each reduction of the Revolving Credit Commitments shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitments.

Appears in 2 contracts

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

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, the Revolving Credit Commitments of each Class shall terminate on the Maturity Date. (b) The Borrowers Xxxxxxx may at any time terminate, or from time to time reduce, the Revolving Credit CommitmentsCommitments of either Class; provided that (i) each reduction of the Revolving Credit Commitments of either Class shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 5,000,000, and (ii) the Borrowers Xxxxxxx shall not terminate or reduce the Revolving Credit Commitments of either Class if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.112.09, the sum of the Revolving Credit Exposures of such Class would exceed the total aggregate Revolving Credit CommitmentsCommitments of such Class. (c) The Borrowers Xxxxxxx shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments of either Class under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrowers Xxxxxxx pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Credit Commitments delivered by the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments of either Class shall be permanent. Each reduction of the Revolving Credit Commitments of either Class shall be made ratably among the Revolving Credit Lenders of such Class in accordance with their respective Revolving Credit CommitmentsCommitments of such Class. (d) Concurrently with any reduction of the Revolving Credit Commitments of either Class, the Borrowers shall repay such amount of their respective outstanding Loans of the applicable Class (together with accrued interest on the principal amount to be repaid), if any, as may be necessary so that after the payment thereof the aggregate unpaid principal amount of the Loans of such Class and the LC Exposures of such Class does not exceed the amount of the Revolving Credit Commitments of such Class as so reduced. Any prepayments of Eurocurrency Loans required to comply with this Section 2.07(d) shall be subject to Section 2.14. Without limiting the foregoing, Section 2.09(d) shall apply with equal force to payments under this Section 2.07(d).

Appears in 1 contract

Samples: Revolving Credit Facility (DREW INDUSTRIES Inc)

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminatedNotwithstanding any reduction in the Reducing Revolving Credit Commitment pursuant to any other subsection of this Section 2.07, the Total Reducing Revolving Credit Commitments Commitment shall terminate be automatically and permanently reduced (pro rata among the Lenders in accordance with their respective Reducing Revolving Credit Commitments) to $20,000,000 on December 31, 2000. In addition, upon the Maturity Datereceipt by the Agent of the Special Charter Amendment Opinion the Total Reducing Revolving Credit Commitment shall automatically be reduced to $0 and (i) all Reducing Revolving Credit Eurodollar Loans outstanding at such time, if any, shall be deemed converted into Revolving Credit Eurodollar Loans and continued to the end of the applicable Interest Period and (ii) all Reducing Revolving Credit Alternate Base Loans outstanding at such time, if any, shall be deemed converted into a Revolving Credit Alternate Base Loan. (b) The Borrowers Upon at least three (3) Business Days' prior irrevocable written notice (or facsimile notice promptly confirmed in writing) to the Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Total Commitment, ratably among the Lenders in accordance with the amounts of their Revolving Credit Commitments and Reducing Revolving Credit Commitments, as applicable; provided provided, however, that (i) each the Total Revolving Credit Commitment shall not be reduced at any time (x) to an amount less than the Revolving Credit Loans outstanding under the Revolving Credit Commitments and the Letter of Credit Usage at such time without any corresponding repayment in accordance with Section 2.09(b) hereof or other permitted reduction in the Letter of Credit Usage or (y) prior to the Reducing Revolving Credit Commitment being reduced to zero and (ii) the Total Reducing Revolving Credit Commitment shall not be reduced at any time to an amount less than the Reducing Revolving Credit Loans outstanding under the Reducing Revolving Credit Commitments at such time without any corresponding repayment in accordance with Section 2.09(b) hereof. Each partial reduction of the Total Revolving Credit Commitment or the Total Reducing Revolving Credit Commitment shall be in a minimum of $5,000,000 or an integral multiple of $5,000,000. (c) Simultaneously with any termination or reduction of the Revolving Credit Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrowers shall not terminate or reduce the Revolving Credit Commitments if, after giving effect Commitment pursuant to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11, the Revolving Credit Exposures would exceed the total Revolving Credit Commitments. (c) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior 2.07, the Borrower shall pay to each Lender, through the effective Agent, the Revolving Credit Commitment Fee due and owing through and including the date of such termination or reduction, specifying such election and reduction on the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination amount of the Revolving Credit Commitments delivered by the Borrowers may state that Commitment of such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on Lender so terminated or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanent. Each reduction of the Revolving Credit Commitments shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitmentsreduced.

Appears in 1 contract

Samples: Credit Agreement (Kasper a S L LTD)

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, the Revolving Credit Commitments shall terminate on the Maturity Date. (b) The Borrowers Borrower may at any time terminate, or from time to time reduce, the Revolving Credit Commitments; provided that (i) each reduction of the Revolving Credit Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 3,000,000 and (ii) the Borrowers Borrower shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11, the sum of the Revolving Credit Exposures would exceed the total Revolving Credit Commitments. (c) The Borrowers Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrowers Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Credit Commitments delivered by the Borrowers Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanent. Each reduction of the Revolving Credit Commitments shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitments. (d) If the Borrower terminates or reduces the Revolving Credit Commitments prior to the first anniversary of the Effective Date, the Borrower shall pay to the Agent for the ratable benefit of the Lenders (in accordance with their respective Revolving Credit Commitment Percentages) an early termination or reduction fee in the amount of one percent (1%) of the Maximum Revolving Amount (in the case of a termination) or one percent (1%) of the amount of such reduction (in the case of a reduction).

Appears in 1 contract

Samples: Credit Agreement (Ivc Industries Inc)

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, the The Revolving Credit Commitments shall terminate be automatically terminated on the Maturity DateRevolving Credit Termination Date whereupon the entire outstanding principal balance of the Revolving Credit Loans and Swing Line Loans, plus all accrued and unpaid interest thereon, and any fees or other amounts owed under the Loan Documents in connection with the Revolving Credit Facility (including all Commitment Fees and fees and other amounts in connection with the Letters of Credit) shall be due and payable. (b) The Borrowers Upon at least five (5) Business Days’ prior irrevocable written notice to the Administrative Agent, the Borrower may at any time prior to the Revolving Credit Termination Date, in whole permanently terminate, or from time to time in part permanently reduce, the Revolving Credit Commitments; provided provided, however, that (i) each partial reduction of the such Revolving Credit Commitments shall be in an a minimum aggregate principal amount that is an integral multiple of $1,000,000 and not less than or in integral multiples of $5,000,000 500,000 in excess thereof, and (ii) the Borrowers shall not terminate or reduce the Revolving Credit Commitments may not be reduced or terminated if, after giving effect thereto and to any concurrent prepayment prepayments of the Revolving Credit Loans in accordance with Section 2.11, the Revolving Credit Exposures would exceed the total Revolving Credit Commitments. (c) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and made on the effective date thereof. Promptly following receipt , (x) the aggregate amount of any notice, the Administrative Agent shall advise Revolving Credit Exposure of the Revolving Credit Lenders of at such time would exceed the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination aggregate Revolving Credit Commitments of the Revolving Credit Commitments delivered by Lenders (as the Borrowers may state that same are being reduced) at such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers time or (by notice to the Administrative Agent on or prior to the specified effective datey) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanentExposure of any Revolving Credit Lender at such time would exceed the Revolving Credit Commitment of such Revolving Credit Lender (as the same is being reduced). Each reduction of in the Revolving Credit Credits Commitments hereunder shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitment Percentages. The Borrower shall pay to the Administrative Agent for the account of the Revolving Credit Lenders on the date of each termination or reduction of the Revolving Credits Commitments, the Commitment Fees on the amount of the Revolving Credit Commitments so terminated or reduced accrued to the date of such termination or reduction. (i) At any time prior to one hundred eighty (180) days prior to the Revolving Credit Termination Date, the Borrower may request an increase in the Revolving Credit Commitments of the Revolving Credit Lenders by sending a written notice thereof to the Administrative Agent. Such notice shall specify the total amount of the increase requested by the Borrower (the “Requested Increase”); provided that (A) the amount of each Requested Increase shall be at least $5,000,000, and in integral multiples of $1,000,000 in excess thereof (unless otherwise agreed by the Administrative Agent in its sole discretion) and (B) the maximum aggregate increase of the Revolving Credit Commitments shall be $15,000,000 over the life of the Revolving Credit Facility and so the aggregate Revolving Credit Commitments may not exceed $50,000,000. The Revolving Credit Commitments may be increased by either having one or more new banks or other financial institutions (each, a “Proposed New Lender”) become a Revolving Credit Lender and/or by having any one or more existing Revolving Credit Lenders (at their respective election in their sole discretion) that have been approved by the Borrower, the Administrative Agent and the Swing Line Lender increase the amount of their Revolving Credit Commitments, as determined by the Borrower and the Administrative Agent. If the Borrower requests that a Proposed New Lender join this Agreement and provide a Revolving Credit Commitment hereunder, the Borrower shall, at least five (5) Business Days prior to the date on which such Proposed New Lender proposes to join this Agreement, notify the Administrative Agent of the name of the Proposed New Lender and the amount of its proposed Revolving Credit Commitment. The minimum Revolving Credit Commitment of any Proposed New Lender shall be $2,000,000, and the minimum amount of any increase by an existing Lender shall be $500,000. The consent of the Administrative Agent and the Swing Line Lender shall be required for any Proposed New Lender to join this Agreement or for any Revolving Credit Lender to increase its Revolving Credit Commitment. If the Administrative Agent and the Swing Line Lender so consent to a Proposed New Lender joining this Agreement, such Proposed New Lender shall join this Agreement pursuant to the provisions of subsection 9.6(f). (ii) Any Revolving Credit Lender that increases its Revolving Credit Commitment shall execute and deliver to the Administrative Agent a duly completed increased commitment and acceptance (an “Increased Commitment and Acceptance”) prior to the effective date of such increase. Any Proposed New Lender shall deliver to the Administrative Agent a duly completed new lender joinder (a “New Lender Joinder”) at least five (5) Business Days prior to the effective date of such Proposed New Lender’s joinder hereto (or such shorter period as shall be agreed to by the Administrative Agent in its sole discretion). Simultaneously with the execution and delivery of a New Lender Joinder or an Increased Commitment and Acceptance, the Borrower shall execute and deliver a new Revolving Credit Note for the applicable Revolving Credit Lender. The Increased Commitment and Acceptance and/or New Lender Joinder shall be in form and substance acceptable to the Administrative Agent. Nothing herein shall obligate the Administrative Agent or any Lender to increase the amount of its Revolving Credit Commitment unless it elects, in its sole discretion, to do so in accordance with the provisions of this Section 2.10(c). (iii) On the effective date of any increase by a Revolving Credit Lender of its Revolving Credit Commitment or the joinder of any Proposed New Lender (the “Increase Date”), which date shall be a date acceptable to the Administrative Agent, the Borrower shall repay all Revolving Credit Loans (together with any amounts due under Section 2.15 as a result of such payment) and reborrow a like amount of Revolving Credit Loans from the Revolving Credit Lenders, including any Proposed New Lender joining this Agreement, according to their new Revolving Credit Commitment Percentages. The Administrative Agent may, to the extent the Administrative Agent considers it practicable, net payments to and borrowings from the same Revolving Credit Lender. (iv) Following any increase in the Revolving Credit Commitments pursuant to this Section, the Administrative Agent shall send to the Revolving Credit Lenders and the Borrower a revised Schedule I setting forth the new Revolving Credit Commitments of the Lenders. Such schedule shall replace the existing Schedule I if no Lender objects thereto (based solely on a numerical error) within 10 days of its receipt thereof. Notwithstanding anything to the contrary in this subsection, (A) the Borrower may not request an increase in the Revolving Credit Commitments if at the time of such request a Default or Event of Default shall have occurred and be continuing and (B) no increase in the Revolving Credit Commitments (including by way of the addition of a Proposed New Lender)shall become effective if on the date that such increase would become effective, a Default or Event of Default shall then exist or would occur as a result thereof.

Appears in 1 contract

Samples: Credit Agreement (Kenexa Corp)

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, the The Revolving Credit Commitments shall terminate be automatically terminated on the Maturity DateRevolving Credit Termination Date whereupon the entire outstanding principal balance of the Revolving Credit Loans, plus all accrued and unpaid interest thereon, and any fees or other amounts owed under the Loan Documents in connection with the Revolving Credit Facility (including all Commitment Fees and fees and other amounts in connection with the Letters of Credit) shall be due and payable. (b) The Borrowers Upon at least five (5) Business Days’ prior irrevocable written notice to the Administrative Agent, the Borrower may at any time prior to the Revolving Credit Termination Date, in whole permanently terminate, or from time to time in part permanently reduce, the Revolving Credit Commitments; provided provided, however, that (iA) each partial reduction of the such Revolving Credit Commitments shall be in an a minimum aggregate principal amount that is an integral multiple of $1,000,000 and not less than or in integral multiples of $5,000,000 500,000 in excess thereof, and (iiB) the Borrowers shall not terminate or reduce the Revolving Credit Commitments may not be reduced or terminated if, after giving effect thereto and to any concurrent prepayment prepayments of the Revolving Credit Loans in accordance with Section 2.11made on the effective date thereof, the aggregate amount of the Revolving Credit Exposures Exposure of the Revolving Credit Lenders at such time would exceed the total aggregate Revolving Credit Commitments. Commitments of the Revolving Credit Lenders (cas the same are being reduced) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce at such time. Each reduction in the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Credit Commitments delivered by the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanent. Each reduction of the Revolving Credit Commitments hereunder shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitment Percentages. The Borrower shall pay to the Administrative Agent for the account of the Revolving Credit Lenders on the date of each termination or reduction of the Revolving Credit Commitments, the Commitment Fees on the amount of the Revolving Credit Commitments so terminated or reduced accrued to the date of such termination or reduction.

Appears in 1 contract

Samples: Credit Agreement (Clearpoint Business Resources, Inc)

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, The Company shall have the right to terminate or reduce the Revolving Credit Commitments shall terminate on the Maturity Date. (b) The Borrowers may at any time terminate, or and from time to time reduceat its option, the Revolving Credit Commitments; provided that (i) the Treasury Manager shall give three Business Days prior written notice of such termination or reduction to the Agent (with sufficient executed copies for each Bank) specifying the amount and effective date thereof, (ii) each partial reduction of the Revolving Credit Commitments shall be in an a minimum amount that is an integral multiple of $1,000,000 10,000,000 and not less than $5,000,000 in integral multiples thereof and (ii) the Borrowers shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of all of the Revolving Loans Banks proportionately in accordance with Section 2.11, the Revolving Credit Exposures would exceed respective commitment amounts for each such Bank set forth in the total Revolving Credit Commitments. (c) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior signature pages hereof next to the effective date name of each such Bank, (iii) no such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section reduction shall be irrevocable; provided that a notice of termination permitted with respect to any portion of the Revolving Credit Commitments delivered by as to which a request for a Borrowing pursuant to Section 2.6 is then pending, (iv) the Borrowers Revolving Credit Commitments may state that not be terminated if any Advances are then outstanding and may not be reduced below the principal amount of Advances then outstanding, (v) each partial reduction of any Alternate Currency Commitments with respect to any Alternate Currency shall be in a minimum amount of $1,000,000 and in an integral multiple thereof and shall reduce the applicable Alternate Currency Commitments with respect to such notice is conditioned upon Alternate Currency of all of the effectiveness applicable Banks party thereto proportionately in accordance with such respective Alternative Currency Commitments of other credit facilitieseach such Bank, in which case and (vi) no such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction shall be permitted with respect to any portion of any Alternate Currency Commitments as to which a request for a Borrowing is then pending. The Revolving Credit Commitments or any portion thereof terminated or reduced pursuant to this Section 2.4(a), whether optional or mandatory, may not be reinstated, other than any reduction of the Revolving Credit Commitment in connection with the activation of an Alternate Currency Commitment pursuant to Section 2.1(g). The Borrowers shall immediately prepay the applicable Advances to the extent they exceed the applicable reduced aggregate Commitments pursuant hereto. (b) For purposes of this Agreement, a Letter of Credit Advance (i) shall be permanent. Each reduction deemed outstanding in an amount equal to the sum of the maximum amount available to be drawn under the related Letter of Credit on or after the date of determination and on or before the stated expiry date thereof plus the amount of any draws under such Letter of Credit that have not been reimbursed and (ii) shall be deemed outstanding at all times on and before such stated expiry date or such earlier date on which all amounts available to be drawn under such Letter of Credit have been fully drawn, and thereafter until all related reimbursement obligations have been paid. Upon each payment made by the Agent in respect of any draft or other demand for payment under any Letter of Credit, the amount of any Letter of Credit Advance outstanding immediately prior to such payment shall be automatically reduced by the amount of each Revolving Credit Commitments shall be made ratably among Loan deemed advanced in respect of the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitmentsrelated reimbursement obligation of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Invacare Corp)

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date. (b) The Borrowers Borrower may at any time terminate, or from time to time reduce, the Revolving Credit Commitments; provided that (i) each reduction of the Revolving Credit Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrowers Borrower shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11, the sum of the Revolving Credit Exposures would exceed the total Revolving Credit Commitments. (c) The Borrowers Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrowers Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Credit Commitments delivered by the Borrowers Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanent. Each reduction of the Revolving Credit Commitments shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitments.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Duncan Energy Partners L.P.)

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Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminatedUpon at least two (2) Business Days' prior irrevocable written notice (or facsimile notice promptly confirmed in writing) to the Administrative Agent, the Revolving Credit Commitments shall terminate on the Maturity Date. (b) The Borrowers may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Total Revolving Credit Commitment, ratably among the Lenders in accordance with the amounts of their Revolving Credit Commitments; provided PROVIDED, HOWEVER, that (i) each reduction of the Total Revolving Credit Commitment shall not be reduced at any time to an amount less than the Revolving Credit Loans outstanding under the Revolving Credit Commitments and the Letter of Credit Usage at such time. Each partial reduction of the Total Revolving Credit Commitment shall be in an amount that is a minimum of $100,000 or an integral multiple of $1,000,000 and not less than $5,000,000 and 100,000. (iib) Simultaneously with any termination or reduction of the Total Revolving Credit Commitment pursuant to paragraph (a) of this Section 2.07, the Borrowers shall not terminate or reduce pay to each Lender, through the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11Administrative Agent, the Revolving Credit Exposures would exceed Commitment Fee due and owing through and including the total date of such termination or reduction on the amount of the Revolving Credit CommitmentsCommitment of such Lender so terminated or reduced. (c) The Borrowers Revolving Credit Commitment of each Lender shall notify automatically and permanently terminate on the Administrative Agent earlier of any election to terminate or reduce (i) the Revolving Credit Commitments under paragraph Termination Date and (bii) of this Section at least three (3) Business Days prior to the effective Conversion Date, and all Revolving Credit Loans still outstanding on such date of such termination or reduction, specifying such election shall be due and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise payable in full together with accrued interest thereon on the Revolving Credit Lenders Termination Date, if such date occurs earlier than the Conversion Date, or, subject to the terms and conditions of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section Agreement, including, without limitation, that no Default or Event of Default shall then exist, shall be irrevocable; provided that converted to a notice of termination of Term Loan on the Revolving Credit Commitments delivered by the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanent. Each reduction of the Revolving Credit Commitments shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit CommitmentsConversion Date.

Appears in 1 contract

Samples: Credit Agreement (Interdent Inc)

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, the The Revolving Credit Commitments shall terminate be automatically terminated on the Maturity DateRevolving Credit Termination Date whereupon the entire outstanding principal balance of the Revolving Credit Loans, plus all accrued and unpaid interest thereon, and any fees or other amounts owed under the Loan Documents in connection with the Revolving Credit Facility (including all Commitment Fees and fees and other amounts in connection with the Letters of Credit) shall be due and payable. (b) The Borrowers Upon at least five (5) Business Days’ prior irrevocable written notice to the Administrative Agent, the Borrower may at any time prior to the Revolving Credit Termination Date, in whole permanently terminate, or from time to time in part permanently reduce, the Revolving Credit Commitments; provided provided, however, that (iA) each partial reduction of the such Revolving Credit Commitments shall be in an a minimum aggregate principal amount that is an integral multiple of $1,000,000 and not less than or in integral multiples of $5,000,000 500,000 in excess thereof, and (iiB) the Borrowers shall not terminate or reduce the Revolving Credit Commitments may not be reduced or terminated if, after giving effect thereto and to any concurrent prepayment prepayments of the Revolving Credit Loans in accordance with Section 2.11, the Revolving Credit Exposures would exceed the total Revolving Credit Commitments. (c) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and made on the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise aggregate amount of the Revolving Credit Exposure of the Revolving Credit Lenders of at such time would exceed the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination aggregate Revolving Credit Commitments of the Revolving Credit Commitments delivered by Lenders (as the Borrowers may state that same are being reduced) at such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanenttime. Each reduction of in the Revolving Credit Credits Commitments hereunder shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitment Percentages. The Borrower shall pay to the Administrative Agent for the account of the Revolving Credit Lenders on the date of each termination or reduction of the Revolving Credits Commitments, the Commitment Fees on the amount of the Revolving Credit Commitments so terminated or reduced accrued to the date of such termination or reduction.

Appears in 1 contract

Samples: Credit Agreement (Kenexa Corp)

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminatedUpon at least two (2) Business Days' prior irrevocable written notice (or facsimile notice promptly confirmed in writing) to the Administrative Agent, the Revolving Credit Commitments shall terminate on the Maturity Date. (b) The Borrowers may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Total Revolving Credit Commitment, ratably among the Lenders in accordance with the amounts of their Revolving Credit Commitments; provided PROVIDED, HOWEVER, that (i) each reduction of the Total Revolving Credit Commitment shall not be reduced at any time to an amount less than the Revolving Credit Loans outstanding under the Revolving Credit Commitments and the Letter of Credit Usage at such time; and PROVIDED, FURTHER, that the Borrowers shall have concurrently provided notice under the 1999 Credit Agreement for a pro rata (based on the aggregate of the "Total Revolving Credit Commitment" under the 1999 Credit Agreement and the Total Revolving Credit Commitment under this Agreement) reduction of the "Total Revolving Credit Commitment" thereunder. Each partial reduction of the Total Revolving Credit Commitment shall be in an amount that is a minimum of $100,000 or an integral multiple of $1,000,000 and not less than $5,000,000 and 100,000. (iib) Simultaneously with any termination or reduction of the Total Revolving Credit Commitment pursuant to paragraph (a) of this Section 2.07, the Borrowers shall not terminate or reduce pay to each Lender, through the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11Administrative Agent, the Revolving Credit Exposures would exceed Commitment Fee due and owing through and including the total date of such termination or reduction on the amount of the Revolving Credit CommitmentsCommitment of such Lender so terminated or reduced. (c) The Borrowers Revolving Credit Commitment of each Lender shall notify automatically and permanently terminate on the Administrative Agent earlier of any election to terminate or reduce (i) the Revolving Credit Commitments under paragraph Termination Date and (bii) of this Section at least three (3) Business Days prior to the effective Conversion Date, and all Revolving Credit Loans still outstanding on such date of such termination or reduction, specifying such election shall be due and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise payable in full together with accrued interest thereon on the Revolving Credit Lenders Termination Date if such date occurs earlier than the Conversion Date, or, subject to the terms and conditions of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section Agreement, including, without limitation, that no Default or Event of Default shall then exist, shall be irrevocable; provided that converted to a notice of termination of Term Loan on the Revolving Credit Commitments delivered by the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanent. Each reduction of the Revolving Credit Commitments shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit CommitmentsConversion Date.

Appears in 1 contract

Samples: Credit Agreement (Interdent Inc)

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, The Company shall have the right to terminate or reduce the Revolving Credit Commitments shall terminate on the Maturity Date. (b) The Borrowers may at any time terminate, or and from time to time reduceat its option, the Revolving Credit Commitments; provided that (i) the Company shall give notice of such termination or reduction to the Agent (with sufficient executed copies for each Bank) specifying the amount and effective date thereof, (ii) each partial reduction of the Revolving Credit Commitments shall be in an a minimum amount that is of $1,000,000 and in an integral multiple of $1,000,000 100,000 and not less than $5,000,000 and (ii) the Borrowers shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of all of the Revolving Loans Banks proportionately in accordance with Section 2.11their Pro Rata Shares, the Revolving Credit Exposures would exceed the total Revolving Credit Commitments. (ciii) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of no such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Credit Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section reduction shall be irrevocable; provided that a notice of termination permitted with respect to any portion of the Revolving Credit Commitments delivered by as to which a request for a Revolving Credit Advance pursuant to Section 2.4 is then pending, and (iv) the Borrowers Revolving Credit Commitments may state that such notice is conditioned upon not be terminated if any Revolving Credit Advances are then outstanding and may not be reduced below the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction principal amount of the Revolving Credit Commitments shall be permanentAdvances then outstanding. Each reduction of the The Revolving Credit Commitments or any portion thereof terminated or reduced pursuant to this Section 2.2 may not be reinstated. (b) For purposes of this Agreement, a Letter of Credit Advance (i) shall be deemed outstanding in an amount equal to the sum of the maximum amount available to be drawn under the related Letter of Credit on or after the date of determination and on or before the stated expiry date thereof plus the amount of any draws under such Letter of Credit that have not been reimbursed as provided in Section 3.9 and (ii) shall be deemed outstanding at all times on and before such stated expiry date or such earlier date on which all amounts available to be drawn under such Letter of Credit have been fully drawn, and thereafter until all related reimbursement obligations have been paid pursuant to Section 3.9. As provided in Section 3.9, upon each payment made ratably among by the Agent in respect of any draft or other demand for payment under any Letter of Credit, the amount of any Letter of Credit Advance outstanding immediately prior to such payment shall be automatically reduced by the amount of each Revolving Credit Lenders Loan deemed advanced in accordance with their respective Revolving Credit Commitmentsrespect of the related reimbursement obligation of the Company.

Appears in 1 contract

Samples: Credit Agreement (Monarch Machine Tool Co)

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date. (b) The Borrowers may at any time terminate, or from time to time reduce, the Revolving Credit Commitments; provided that (i) each reduction of the Revolving Credit Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and 5,000,000, (ii) the Borrowers shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.112.10, the sum of the Revolving Credit Exposures would exceed the total Revolving Credit Commitments. (c) The Borrowers shall notify the Co-Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Co-Administrative Agent shall advise the Revolving Credit Administrative Agent and the Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Credit Commitments delivered by the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanent. Each reduction of the Revolving Credit Commitments shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitments.

Appears in 1 contract

Samples: Credit Agreement (TBC Corp)

Termination and Reduction of Revolving Credit Commitments. Upon at least three (a3) Unless previously terminatedBusiness Days' prior irrevocable written, facsimile or telephonic notice (promptly confirmed by written or facsimile notice) to the Agent, the Revolving Credit Commitments shall terminate on the Maturity Date. (b) The Borrowers Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Total Tranche A Revolving Credit, ratably among the Lenders in accordance with the amounts of their Tranche A Revolving Credit Commitments; provided provided, however, that (i) each the Total Tranche A Revolving Credit Commitment shall not be reduced at any time to an amount less than the Tranche A Revolving Credit Loans outstanding under the Tranche A Revolving Credit Commitments and the Letter of Credit Usage at such time. Each partial reduction of the Total Tranche A Revolving Credit Commitments Commitment shall be in an amount that is a minimum of $100,000 or an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrowers shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11, the Revolving Credit Exposures would exceed the total Revolving Credit Commitments100,000. (ca) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section Upon at least three (3) Business Days Days' prior irrevocable written, facsimile or telephonic notice (promptly confirmed by written or facsimile notice) to the effective Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Total Tranche B Revolving Credit, ratably among the Lenders in accordance with the amounts of their Tranche B Revolving Credit Commitments; provided, however, that the Total Tranche B Revolving Credit Commitment shall not be reduced at any time to an amount less than the Tranche B Revolving Credit Loans outstanding under the Tranche B Revolving Credit Commitments at such time. Each partial reduction of the Total Tranche B Revolving Credit Commitment shall be in a minimum of $100,000 or an integral multiple of $100,000. (b) Simultaneously with any termination or reduction of the Total Commitment pursuant to this Section 2.07, the Borrower shall pay to each Lender, through the Agent, the Revolving Credit Commitment Fee accrued and unpaid through and excluding the date of such termination or reduction, specifying such election and reduction on the effective date thereof. Promptly following receipt amount of any notice, the Administrative Agent shall advise the Total Revolving Credit Lenders Commitment of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section such Lender so terminated or reduced. (c) The Total Commitment shall be irrevocable; provided permanently reduced on each date that a notice prepayment of termination principal of the Revolving Credit Commitments delivered Loans is required pursuant to Section 2.09(d) or 2.09(e) hereof by the Borrowers may state that amount of each such notice is conditioned upon required prepayment. In any event, (i) the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Tranche A Revolving Credit Commitments shall be permanent. Each reduction Commitment of the Revolving Credit Commitments shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitments.each Lender shall

Appears in 1 contract

Samples: Credit Agreement (American Bank Note Holographics Inc)

Termination and Reduction of Revolving Credit Commitments. (a) Unless previously terminated, the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date. (b) The Borrowers Existing Borrower may at any time terminate, or from time to time reduce, the Revolving Credit Commitments; provided that (i) each reduction of the Revolving Credit Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and 5,000,000, (ii) the Borrowers Existing Borrower shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.112.10, the sum of the Revolving Credit Exposures would exceed the total Revolving Credit Commitments. (c) The Borrowers Existing Borrower shall notify the Co-Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Co-Administrative Agent shall advise the Revolving Credit Administrative Agent and the Lenders of the contents thereof. Each notice delivered by the Borrowers Existing Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Credit Commitments delivered by the Borrowers Existing Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers Existing Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Credit Commitments shall be permanent. Each reduction of the Revolving Credit Commitments shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitments.

Appears in 1 contract

Samples: Credit Agreement (TBC Corp)

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