Termination or Reduction of the Commitment. The Borrower shall have the right at any time and from time to time upon three Business Days’ prior notice to the Agent (which shall promptly notify the Banks) permanently to terminate the Commitments in whole or permanently to reduce the Commitment Amounts in part, without penalty or premium, provided that (i) the Commitments may not be terminated while any Advance or L/C Amount remains outstanding, (ii) each partial reduction shall be in the aggregate amount of $5,000,000 or a multiple thereof, (iii) any partial reduction of the Commitment Amounts shall be pro rata as to each Bank in accordance with that Bank’s Percentage, and (iv) no reduction shall reduce the Commitment Amounts to an amount less than the sum of the aggregate Advances and the L/C Amount outstanding (after giving effect to any prepayments of Advances to be made on or prior to the effective date of such reduction) at the time.
Termination or Reduction of the Commitment. ACE may at any time, upon at least three Business Days’ notice to the Bank, terminate the Commitment in whole or reduce in part the unused portion of the Commitment Amount; provided that each partial reduction (i) shall be in an aggregate amount of $5,000,000 or a higher integral multiple of $1,000,000. Concurrently with any termination of the Commitment in whole pursuant to this Section 2.04, ACE shall (a) provide and thereafter maintain Collateral or backup letters of credit (pursuant to documentation satisfactory to the Bank and, in the case of backup letters of credit, from a financial institution acceptable to the Bank) with a Collateral Value equal to 101% of the Stated Amount of all LOCs that are outstanding from time to time and (b) pay to the Bank the principal amount of all outstanding Advances, all accrued and unpaid interest thereon, all accrued and unpaid fees payable pursuant to Section 2.05 and all other obligations then payable hereunder and under the other Loan Documents. The Commitment shall expire on the Final Expiration Date. For the avoidance of doubt, although the Commitment shall remain in effect after the Availability Termination Date, the Bank shall have no obligation to issue, extend the term of or increase the amount of any LOC after such date.
Termination or Reduction of the Commitment. The Borrower shall have the right, upon no less than three Business Days' prior written notice to the Bank, to terminate in whole or reduce in part the unused portion of the Commitment, provided that each partial reduction shall be in the amount of $50,000 or an integral multiple thereof. Simultaneously with any termination or partial reduction of the Commitment, the Borrower shall pay the aforesaid commitment fee as accrued and unpaid to the date thereof.
Termination or Reduction of the Commitment. The Borrower may from time to time on at least ten calendar days’ prior notice received by the Bank terminate the Commitment in whole or permanently reduce the Commitment in part, provided that (i) the Commitment may not be terminated in whole at any time that any Letter of Credit or Unreimbursed L/C Obligation remains outstanding, (ii) each partial reduction of the Commitment shall be in the minimum amount of $10,000,000 or in a multiple of $10,000,000 in excess thereof and (iii) no partial reduction of the Commitment shall reduce the aggregate amount of the Commitment to an amount less than the L/C Amount.
Termination or Reduction of the Commitment. (a) Unless previously terminated, the Commitment shall automatically terminate at 5:00 p.m. New York City time on the third anniversary of the date hereof.
(b) The Borrower may, upon not less than three (3) Business Days’ prior notice to the Bank (i) subject to Section 2.03, terminate the Commitment, or (ii) permanently reduce the Commitment to an amount not less than the Dollar Equivalent of the amount of the Letter of Credit Obligations outstanding at the effective date of such reduction, provided that (x) each reduction of the Commitment pursuant to this Section shall be an amount that is $5,000,000 or a larger multiple of $1,000,000, and (y) the Borrower may not so reduce the Commitment if, after giving effect thereto, the total of Letter of Credit Obligations would exceed the Commitment. Any termination or reduction of the Commitment shall be permanent. If the Commitment is terminated in its entirety under this Section 2.02(b), all accrued and unpaid Commitment Fees and Letter of Credit Fees to, but not including, the effective date of such termination shall be payable on the effective date of such termination without any premium or penalty.
Termination or Reduction of the Commitment. WFHM shall have the right at any time upon written notice to the Borrower to permanently terminate the Commitment for new registrations upon ten days written notice and demand payment in full of the outstanding principal balance of the Note and all accrued and unpaid interest thereon, for any reason or for no reason whatsoever, whether or not a Default or Event of Default has occurred. Nothing contained in this Section 2.5 shall preclude or limit WFHM from terminating the Commitment and demanding payment of the Note upon the occurrence of an Event of Default as provided in Article V.
Termination or Reduction of the Commitment. The Company may, at any time upon notice to the Agent delivered at least 10 days prior to any Settlement Date, terminate in whole or reduce in part the unused portion of the Aggregate Commitment; provided however, that (i) each such partial reduction must be in an amount not less than $5,000,000 (and in increments of $1,000,000 in excess thereof), (ii) if the Company seeks to reduce the Aggregate Commitment to an amount less than $50,000,000, then the Aggregate Commitment shall be reduced to zero, the Commitment Termination Date shall be deemed to have occurred and this Agreement shall be terminated, (iii) if the Company terminates the Aggregate Commitment in connection with a termination of the facility prior to the first anniversary of the Closing Date, the Company shall pay the prepayment fee described in Section 2.7(e) of the Supplement, (iv) once reduced, the amount of any such reduction of the Aggregate Commitment may not be reinstated, (v) any reduction in the Aggregate Commitment shall reduce the Commitments of the Purchasers hereunder ratably in accordance with their respective Pro Rata Shares and (vi) such termination or reduction shall otherwise be on the terms and conditions set forth in Section 2.5 of the Supplement.
Termination or Reduction of the Commitment. (a) The Parent may, upon not less than three Business Days' prior notice to the Bank (i) terminate the Commitment upon full prepayment of all outstanding Advances and upon the termination of all allocations theretofore accepted by the Bank or the providing of cash collateral in all respects satisfactory to the Bank in order to fully collateralize the obligations of the Guarantors under Article IX or (ii) permanently reduce the Commitment to an amount not less than the Dollar Equivalent of the principal amount of all Advances outstanding on the reduction date and all allocations of Commitment not theretofore terminated. If the Commitment is terminated in its entirety under this Section 2.04(a), all accrued and unpaid facility fees to, but not including, the effective date of such termination shall be payable on the effective date of such termination without any premium or penalty.
(b) For the purpose of ensuring compliance with the maximum amount available under the Commitment, the Bank shall on each date of a voluntary reduction of the Commitment under Section 2.04(a) and on the last Business Day of each calendar quarter, determine the Dollar Equivalent of the principal amount of all existing allocations and then-outstanding Advances.
Termination or Reduction of the Commitment. (a) The Borrowers may, upon irrevocable notice from the Lead Borrower to the Lender, terminate the Commitment or the Letter of Credit Sublimit or from time to time permanently reduce the Commitment or the Letter of Credit Sublimit; provided, that (i) any such notice shall be received by the Lender not later than 11:00 a.m. five (5) Business Days prior to the date of termination or reduction, (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 Borrowers shall not terminate or reduce (A) the Commitment if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Commitment and (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit.
(b) If, after giving effect to any reduction of the Commitment or the Letter of Credit Sublimit, the Letter of Credit Sublimit exceeds the amount of the Commitment, such Letter of Credit Sublimit shall be automatically reduced by the amount of such excess.
(c) All fees (including, without limitation, commitment fees and Letter of Credit Fees) and interest in respect of the Commitment accrued until the effective date of any termination of the Commitment shall be paid on the effective date of such termination.
Termination or Reduction of the Commitment. (a) Optional. The Seller may, upon at least five Business Days' notice to the Agent, -------- terminate in whole or reduce in part the unused portion of the Commitment; provided, however, that for purposes of this Section 2.03(a), the unused portion -------- ------- of the Commitment in connection with any such reduction shall be computed as the excess of (i) the Commitment immediately prior to giving effect to such reduction over (ii) the sum of (A) the aggregate Capital of Shares outstanding at the time of such computation and (B) the aggregate "Capital" of "Shares" outstanding under the Xxxxxx Agreement at such time. Any date on which the Commitment shall be reduced to zero shall be a "Commitment Termination Date", and this Agreement shall terminate on the first date thereafter when no Capital of any Share shall be outstanding and all other amounts then due and payable under this Agreement shall have been paid in full.
