Termination or Reduction of Commitment. (a) The Borrowers may, upon irrevocable notice from the Lead Borrower to the Lender, terminate the Commitment or from time to time permanently reduce the Commitment; provided that (i) any such notice shall be received by the Lender not later than 1:00 p.m. three Business Days prior to the date of termination or reduction and (ii) any such partial reduction of the Commitment shall be in an aggregate amount of $1,000,000 or any whole multiple of $100,000 in excess thereof.
Appears in 3 contracts
Samples: Credit Agreement (B. Riley Financial, Inc.), Senior Secured (Wet Seal Inc), Senior Secured (Wet Seal Inc)
Termination or Reduction of Commitment. Borrowers shall have the right to terminate fully or to reduce in part the unused portion of the Commitment at any time and from time to time, provided that: (a) The Borrowers may, upon irrevocable notice from shall give the Lead Borrower to the Lender, terminate the Commitment or from time to time permanently reduce the Commitment; provided that Bank at least three (i3) any such notice shall be received by the Lender not later than 1:00 p.m. three Business Days prior to the date notice of each such termination or reduction reduction; and (iib) any such each partial reduction of the Commitment shall be in an aggregate amount of at least equal to Five Million Dollars ($1,000,000 5,000,000). The Commitment may not be reinstated after it has been terminated or any whole multiple of $100,000 in excess thereofreduced.
Appears in 1 contract
Samples: Security Agreement (Nelnet Inc)
