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

Termination and Reduction of Revolving Loan Commitments. (a) Unless previously terminated, the Revolving Loan Commitments will terminate on the Maturity Date. (b) The Borrower may at any time terminate, or from time to time reduce, without premium or penalty, the Revolving Loan Commitments, but (i) each reduction of the Commitments must be in an amount that is an integral multiple of $100,000 (unless such reduction would reduce the unused Revolving Loan Commitments to zero) and (ii) the Borrower shall not terminate or reduce the Revolving Loan Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.6 and Section 2.7, the sum of the aggregate Revolving Facility Usage would exceed the Aggregate Commitment then in effect. (c) The Borrower shall notify the Agent of any election to terminate or reduce the Commitments under Section 2.8(b) at least three Business Days prior to the effective date of that termination or reduction, specifying that election and the effective date thereof. Promptly following receipt of any notice, the Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section will be irrevocable, except that a notice of termination of the Revolving Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied. Except as provided in the immediately preceding sentence, any termination or reduction of the Revolving Loan Commitments will be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17. Except as provided in Section 2.18, each reduction of the Revolving Loan Commitments must be made ratably among the Lenders in accordance with their respective Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Comfort Systems Usa Inc)

AutoNDA by SimpleDocs

Termination and Reduction of Revolving Loan Commitments. (a) Unless previously terminated, the Revolving Loan Commitments will shall terminate on the Maturity Revolving Credit Termination Date. (b) The Borrower Company may at any time terminate, or from time to time reduce, without premium or penalty, the Revolving Loan Commitments, but ; provided that (i) each reduction of the Revolving Loan Commitments must shall be in an amount that is an integral multiple of $100,000 (unless such reduction would reduce the unused Revolving Loan Commitments to zero) 5,000,000.00 and not less than $5,000,000.00 and (ii) the Borrower Company shall not terminate or reduce the Revolving Loan Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.6 and Section 2.72.11, the sum of the aggregate Revolving Facility Usage Credit Exposures would exceed the Aggregate Commitment then in effectRevolving Loan Commitments. (c) The Borrower Company shall notify the Administrative Agent of any election to terminate or reduce the Revolving Loan Commitments under paragraph (b) of this Section 2.8(b) at least three (3) Business Days prior to the effective date of that such termination or reduction, specifying that such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower Company pursuant to this Section will shall be irrevocable, except ; provided that a notice of termination of the Revolving Loan Commitments delivered by the Borrower Company may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Except as provided in the immediately preceding sentence, any Any termination or reduction of the Revolving Loan Commitments will shall be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17permanent. Except as provided in Section 2.18, each Each reduction of the Revolving Loan Commitments must shall be made ratably among the Lenders in accordance with their respective Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Matrix Service Co)

Termination and Reduction of Revolving Loan Commitments. (a) Unless previously terminated, the Revolving Loan Commitments will of any Lender shall terminate on the Revolving Loan Maturity DateDate applicable to such Lender. (b) The Borrower may at any time terminate, or from time to time reduce, without premium or penalty, the Revolving Loan Commitments, but ; provided that (i) each reduction of the Revolving Loan Commitments must shall, if in part, be in an amount that is an integral multiple of $100,000 (unless such reduction would reduce the unused Revolving Loan Commitments to zero) 500,000 and not less than $1,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Loan Commitments ifto the extent that, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.6 and Section 2.72.11, the sum of the aggregate Revolving Facility Usage Credit Exposures would exceed the Aggregate Commitment then in effectRevolving Loan Commitment. (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Loan Commitments under clause (b) of this Section 2.8(b) at least three (3) Business Days prior to the effective date of that such termination or reductionreduction (or such shorter period as the Administrative Agent may agree in its sole discretion), specifying that such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section will shall be irrevocable, except ; provided that a notice of termination of the Revolving Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the consummation of another transaction, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Except as provided in the immediately preceding sentence, any Any termination or reduction of the Revolving Loan Commitments will shall be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17permanent. Except as provided in Section 2.18, each Each reduction of the Revolving Loan Commitments must shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Cleco Power LLC)

Termination and Reduction of Revolving Loan Commitments. (a) Unless previously terminated, the Revolving Loan Commitments will shall terminate on the Maturity Revolving Credit Termination Date. (b) The Borrower may at any time terminate, or from time to time reduce, without premium or penalty, the Revolving Loan Commitments, but ; provided that (i) each reduction of the Revolving Loan Commitments must shall be in an amount that is an integral multiple of $100,000 (unless such reduction would reduce the unused Revolving Loan Commitments to zero) 5,000,000.00 and not less than $5,000,000.00 and (ii) the Borrower shall not terminate or reduce the Revolving Loan Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.6 and Section 2.72.11, the sum of the aggregate Revolving Facility Usage Credit Exposures would exceed the Aggregate Commitment then in effectRevolving Loan Commitments. (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Loan Commitments under paragraph (b) of this Section 2.8(b) at least three (3) Business Days prior to the effective date of that such termination or reduction, specifying that such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section will shall be irrevocable, except ; provided that a notice of termination of the Revolving Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Except as provided in the immediately preceding sentence, any Any termination or reduction of the Revolving Loan Commitments will shall be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17permanent. Except as provided in Section 2.18, each Each reduction of the Revolving Loan Commitments must shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Matrix Service Co)

Termination and Reduction of Revolving Loan Commitments. (a) Unless previously terminated, the Revolving Loan Commitments will of any Lender shall terminate on the Maturity DateDate applicable to such Lender. (b) The Borrower may at any time terminate, or from time to time reduce, without premium or penalty, the Revolving Loan Commitments, but ; provided that (i) each reduction of the Revolving Loan Commitments must shall, if in part, be in an amount that is an integral multiple of $100,000 (unless such reduction would reduce the unused Revolving Loan Commitments to zero) 500,000 and not less than $1,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Loan Commitments ifto the extent that, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.6 and Section 2.72.11, the sum of the aggregate Revolving Facility Usage Credit Exposures would exceed the Aggregate Commitment then in effectRevolving Loan Commitment. (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Loan Commitments under clause (b) of this Section 2.8(b) at least three (3) Business Days prior to the effective date of that such termination or reductionreduction (or such shorter period as the Administrative Agent may agree in its sole discretion), specifying that such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section will shall be irrevocable, except ; provided that a notice of termination of the Revolving Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the consummation of another transaction, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Except as provided in the immediately preceding sentence, any Any termination or reduction of the Revolving Loan Commitments will shall be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17permanent. Except as provided in Section 2.18, each Each reduction of the Revolving Loan Commitments must shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Cleco Power LLC)

Termination and Reduction of Revolving Loan Commitments. (a) Unless previously terminated, the Revolving Loan Commitments will shall terminate on the Maturity Date. (b) The Borrower may at any time terminate, or from time to time reduce, without premium or penalty, the Revolving Loan Commitments, but ; provided that (i) each reduction of the Revolving Loan Commitments must shall, if in part, be in an amount that is an integral multiple of $100,000 (unless such reduction would reduce the unused Revolving Loan Commitments to zero) 500,000 and not less than $1,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Loan Commitments ifto the extent that, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.6 and Section 2.72.11, the sum of the aggregate Revolving Facility Usage Credit Exposures would exceed the Aggregate Commitment then in effectRevolving Loan Commitment. (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Loan Commitments under clause (b) of this Section 2.8(b) at least three (3) Business Days prior to the effective date of that such termination or reductionreduction (or such shorter period as the Administrative Agent may agree in its sole discretion), specifying that such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section will shall be irrevocable, except ; provided that a notice of termination of the Revolving Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the consummation of another transaction, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Except as provided in the immediately preceding sentence, any Any termination or reduction of the Revolving Loan Commitments will shall be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17permanent. Except as provided in Section 2.18, each Each reduction of the Revolving Loan Commitments must shall be made ratably among the Lenders in accordance with their respective Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Cleco Power LLC)

Termination and Reduction of Revolving Loan Commitments. (a) Unless previously terminated, the Revolving Loan Commitments will terminate on the Maturity Date. (b) . The Borrower may at any time terminate, or from time to time reduce, without premium or penalty, the Revolving Loan Commitments, but (i) each reduction of the Commitments must be in an amount that is an integral multiple of $100,000 (unless such reduction would reduce the unused Revolving Loan Commitments to zero) and (ii) the Borrower shall not terminate or reduce the Revolving Loan Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.6 and Section 2.7, the sum of the aggregate Revolving Facility Usage would exceed the Aggregate Commitment then in effect. (c) . The Borrower shall notify the Agent of any election to terminate or reduce the Commitments under Section 2.8(b) at least three Business Days prior to the effective date of that termination or reduction, specifying that election and the effective date thereof. Promptly following receipt of any notice, the Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section will be irrevocable, except that a notice of termination of the Revolving Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied. Except as provided in the immediately preceding sentence, any termination or reduction of the Revolving Loan Commitments will be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17. Except as provided in Section 2.18, 2.18 each reduction of the Revolving Loan Commitments must be made ratably among the Lenders in accordance with their respective Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Comfort Systems Usa Inc)

Termination and Reduction of Revolving Loan Commitments. (a) Unless previously terminated, the Revolving Loan Commitments will of each Lender shall terminate on the Maturity DateDate applicable to such Lender. (b) The Borrower may at any time terminate, or from time to time reduce, without premium or penalty, the Revolving Loan Commitments, but ; provided that (i) each reduction of the Revolving Loan Commitments must shall, if in part, be in an amount that is an integral multiple of $100,000 (unless such reduction would reduce the unused Revolving Loan Commitments to zero) 500,000 and not less than $1,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Loan Commitments ifto the extent that, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.6 and Section 2.72.11, the sum of the aggregate Revolving Facility Usage Credit Exposures would exceed the Aggregate Commitment then in effectRevolving Loan Commitment. (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Loan Commitments under clause (b) of this Section 2.8(b) at least three (3) Business Days prior to the effective date of that such termination or reductionreduction (or such shorter period as the Administrative Agent may agree in its sole discretion), specifying that such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall 41 Cleco Corporate Holdings LLC advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section will shall be irrevocable, except ; provided that a notice of termination of the Revolving Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the consummation of another transaction, in which case such notice may be revoked or extended by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Except as provided in the immediately preceding sentence, any Any termination or reduction of the Revolving Loan Commitments will shall be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17permanent. Except as provided in Section 2.18, each Each reduction of the Revolving Loan Commitments must shall be made ratably among the Lenders in accordance with their respective Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Cleco Corporate Holdings LLC)

AutoNDA by SimpleDocs

Termination and Reduction of Revolving Loan Commitments. (a) Unless previously terminated, the Revolving Loan Commitments will shall terminate on the Maturity Date. (b) The Borrower may at any time terminate, or from time to time reduce, without premium or penalty, the Revolving Loan Commitments, but ; provided that (i) each reduction of the Revolving Loan 40 Cleco Corporate Holdings LLC Credit Agreement Commitments must shall, if in part, be in an amount that is an integral multiple of $100,000 (unless such reduction would reduce the unused Revolving Loan Commitments to zero) 500,000 and not less than $1,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Loan Commitments ifto the extent that, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.6 and Section 2.72.11, the sum of the aggregate Revolving Facility Usage Credit Exposures would exceed the Aggregate Commitment then in effectRevolving Loan Commitment. (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Loan Commitments under clause (b) of this Section 2.8(b) at least three (3) Business Days prior to the effective date of that such termination or reductionreduction (or such shorter period as the Administrative Agent may agree in its sole discretion), specifying that such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section will shall be irrevocable, except ; provided that a notice of termination of the Revolving Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the consummation of another transaction, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Except as provided in the immediately preceding sentence, any Any termination or reduction of the Revolving Loan Commitments will shall be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17permanent. Except as provided in Section 2.18, each Each reduction of the Revolving Loan Commitments must shall be made ratably among the Lenders in accordance with their respective Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Cleco Corporate Holdings LLC)

Termination and Reduction of Revolving Loan Commitments. (a) Unless previously terminated, the Revolving Loan Commitments will shall terminate on the Maturity Revolving Credit Termination Date. (b) The Borrower may at any time terminate, or from time to time reduce, without premium or penalty, the Revolving Loan Commitments, but ; provided that (i) each reduction of the Revolving Loan Commitments must shall be in an amount that is an integral multiple of $100,000 (unless such reduction would reduce the unused Revolving Loan Commitments to zero) 5,000,000.00 and not less than $5,000,000.00 and (ii) the Borrower shall not terminate or reduce the Revolving Loan Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.6 and Section 2.72.11, the sum of the aggregate Revolving Facility Usage Credit Exposures would exceed the Aggregate Commitment then in effectRevolving Loan Commitments. (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Loan Commitments under paragraph (b) of this Section 2.8(b) at least three (3) Business Days prior to the effective date of that such termination or reduction, specifying that such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section will shall be irrevocable, except ; provided that a notice of termination of the Revolving Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Except as provided in the immediately preceding sentence, any Any termination or reduction of the Revolving Loan Commitments will shall be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17permanent. Except as provided in Section 2.18, each Each reduction of the Revolving Loan Commitments must shall be made ratably among the Lenders in accordance with their respective Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Matrix Service Co)

Termination and Reduction of Revolving Loan Commitments. (a) Unless previously terminated, the Revolving Loan Commitments will terminate on the Maturity Date. (b) The Borrower may at any time terminate, or from time to time reduce, without premium or penalty, the Revolving Loan Commitments, but (i) each reduction of the Commitments must be in an amount that is an integral multiple of $100,000 (unless such reduction would reduce the unused Revolving Loan Commitments to zero) and (ii) the Borrower shall not terminate or reduce the Revolving Loan Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.6 and Section 2.7, the sum of the aggregate Revolving Facility Usage would exceed the Aggregate Commitment then in effect. (c) The Borrower shall notify the Agent of any election to terminate or reduce the Commitments under Section 2.8(b) at least three Business Days prior to the effective date of that termination or reduction, specifying that election and the effective date thereof. Promptly following receipt of any notice, the Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section will be irrevocable, except that a notice of termination of the Revolving Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied. Except as provided in the immediately preceding sentence, any termination or reduction of the Revolving Loan Commitments will be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17. Except as provided in Section 2.18, 2.18 each reduction of the Revolving Loan Commitments must be made ratably among the Lenders in accordance with their respective Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Comfort Systems Usa Inc)

Termination and Reduction of Revolving Loan Commitments. (a) Unless previously terminated, the Revolving Loan Commitments will of each Lender shall terminate on the Maturity DateDate applicable to such Lender. (b) The Borrower may at any time terminate, or from time to time reduce, without premium or penalty, the Revolving Loan Commitments, but ; provided that (i) each reduction of the Revolving Loan Commitments must shall, if in part, be in an amount that is an integral multiple of $100,000 (unless such reduction would reduce the unused Revolving Loan Commitments to zero) 500,000 and not less than $1,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Loan Commitments ifto the extent that, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.6 and Section 2.72.11, the sum of the aggregate Revolving Facility Usage Credit Exposures would exceed the Aggregate Commitment then in effectRevolving Loan Commitment. (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Loan Commitments under clause (b) of this Section 2.8(b) at least three (3) Business Days prior to the effective date of that such termination or reductionreduction (or such shorter period as the Administrative Agent may agree in its sole discretion), specifying that such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section will shall be irrevocable, except ; provided that a notice of termination of the Revolving Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or the consummation of another transaction, in which case such notice may be revoked or extended by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Except as provided in the immediately preceding sentence, any Any termination or reduction of the Revolving Loan Commitments will shall be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17permanent. Except as provided in Section 2.18, each Each reduction of the Revolving Loan Commitments must shall be made ratably among the Lenders in accordance with their respective Revolving Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Cleco Power LLC)

Termination and Reduction of Revolving Loan Commitments. (a) Unless previously terminated, the Revolving Loan Commitments will shall terminate on the Maturity Date. (b) The Borrower may at any time terminate, or from time to time reduce, without premium or penalty, the Revolving Loan Commitments, but ; provided that (i) each partial reduction of the Revolving Loan Commitments must shall be in an amount that is an integral multiple of $100,000 (unless such reduction would reduce the unused Revolving Loan Commitments to zero) 1,000,000 and not less than $3,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Loan Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.6 and Section 2.72.08, the sum aggregate principal amount of Revolving Loans of all Revolving Lenders would exceed the aggregate Revolving Facility Usage would exceed the Aggregate Commitment then in effectLoan Commitments of all Revolving Lenders. (c) The Borrower shall notify the Administrative Agent in writing of any election to terminate or reduce the Revolving Loan Commitments under paragraph (b) of this Section 2.8(b) by 12:00 p.m., New York City time, at least three (3) Business Days prior to the effective date of that such termination or reduction, specifying that 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 the Borrower pursuant to this Section will paragraph (c) shall be irrevocable, except ; provided that a notice of termination of the Revolving Loan Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or other transactions specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Except as provided in the immediately preceding sentence, any Any termination or reduction of the Revolving Loan Commitments will shall be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17permanent. Except as provided in Section 2.18, each Each reduction of the Revolving Loan Commitments must shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Loan Commitments. (d) Without limiting any other obligation to pay fees and expenses hereunder, any commitment fees accrued pursuant to Section 2.09 until the effective date of any termination of Revolving Loan Commitments shall be paid on the effective date of such termination.

Appears in 1 contract

Samples: Revolving Credit Agreement (BKV Corp)

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