Common use of Termination of Aggregate Commitments or Reduction of Core Currency Commitments Clause in Contracts

Termination of Aggregate Commitments or Reduction of Core Currency Commitments. The Company may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Core Currency Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three Business Days prior to the date of termination or reduction (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Company shall not terminate the Aggregate Commitments or reduce the Aggregate Core Currency Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments or the Revolving Credit Exposure would exceed the Aggregate Core Currency Commitments, and (iv) if, after giving effect to any reduction of the Aggregate Core Currency Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Core Currency Commitments, such Sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination of the Aggregate Commitments or reduction of the Aggregate Core Currency Commitments. The amount of any such Aggregate Core Currency Commitment reduction shall not be applied to the Letter of Credit Sublimit unless otherwise specified by the Company. Any reduction of the Aggregate Core Currency Commitments shall be applied to the Core Currency Commitment of each Lender according to its Core Currency Applicable

Appears in 2 contracts

Samples: Five Year Credit Agreement (Tiffany & Co), Credit Agreement (Tiffany & Co)

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Termination of Aggregate Commitments or Reduction of Core Currency Commitments. The Company may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Core Currency Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three Business Days prior to the date of termination or reduction (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Company shall not terminate the Aggregate Commitments or reduce the Aggregate Core Currency Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments or the Revolving Credit Exposure would exceed the Aggregate Core Currency Commitments, and (iv) if, after giving effect to any reduction of the Aggregate Core Currency NYDOCS02/1167307 50 Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Core Currency Commitments, such Sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination of the Aggregate Commitments or reduction of the Aggregate Core Currency Commitments. The amount of any such Aggregate Core Currency Commitment reduction shall not be applied to the Letter of Credit Sublimit unless otherwise specified by the Company. Any reduction of the Aggregate Core Currency Commitments shall be applied to the Core Currency Commitment of each Lender according to its Core Currency ApplicableApplicable Percentage. All fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.

Appears in 1 contract

Samples: Credit Agreement (Tiffany & Co)

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Termination of Aggregate Commitments or Reduction of Core Currency Commitments. The Company may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Core Currency Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three Business Days prior to the date of termination or reduction (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Company shall not terminate the Aggregate Commitments or reduce the Aggregate Core Currency Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments or the Revolving Credit Exposure would exceed the Aggregate Core Currency Commitments, and (iv) if, after giving effect to any reduction of the Aggregate Core Currency NYDOCS02/1167307 52 Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Core Currency Commitments, such Sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination of the Aggregate Commitments or reduction of the Aggregate Core Currency Commitments. The amount of any such Aggregate Core Currency Commitment reduction shall not be applied to the Letter of Credit Sublimit unless otherwise specified by the Company. Any reduction of the Aggregate Core Currency Commitments shall be applied to the Core Currency Commitment of each Lender according to its Core Currency ApplicableApplicable Percentage. All fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.

Appears in 1 contract

Samples: Credit Agreement (Tiffany & Co)

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