Termination or Reduction of Commitment. (a) Provided that each Bank consents in writing, Borrower shall have the right to terminate the Commitment or, from time to time (and so long as no Default or Event of Default exists), reduce the amount of the Commitment, upon not less than five Business Days' written notice to each Bank specifying (i) either a reduction or termination and (ii) in the case of a reduction, whether any prepayment, if required by this Agreement, shall be of Prime Rate Loans, Eurodollar Rate Loans or a combination thereof, and, in each case if a combination thereof, the principal allocable to each.
Appears in 3 contracts
Samples: Credit Agreement (M I Schottenstein Homes Inc), Letter of Credit Agreement (M I Schottenstein Homes Inc), Credit Agreement (M I Schottenstein Homes Inc)
Termination or Reduction of Commitment. (a) Provided that each Bank consents in writing, Borrower shall have the right to terminate the Commitment or, from time to time (and so long as no Default or Event of Default exists), reduce the amount of the Commitment, upon not less than five Business Days' written notice to each Bank specifying (i) either a reduction or termination and (ii) in the case of a reduction, whether any prepayment, if required by this Agreement, shall be of Prime Rate Loans, Eurodollar Rate Loans or a combination thereof, and, in each case if a combination thereof, the principal allocable to each.
Appears in 2 contracts
Samples: Credit Agreement (M I Schottenstein Homes Inc), Credit Agreement (M I Schottenstein Homes Inc)