Termination or Reduction of the Commitments. Rayonier shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the unused portions of (a) the respective Revolving Commitments of the Revolving Lenders and/or (b) the respective unused Term Loan Commitments of the Term Loan Lenders, provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof.
Appears in 4 contracts
Samples: Guarantee Agreement (Rayonier, L.P.), Credit Agreement (Rayonier Inc), Credit Agreement (Rayonier Inc)
Termination or Reduction of the Commitments. Rayonier shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the unused portions of (a) the respective Revolving Commitments of the Revolving Lenders and/or (b) the respective unused Term Loan Commitments of the Term Loan Lenders, provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof.
Appears in 4 contracts
Samples: Credit Agreement (Rayonier Inc), Subsidiary Guarantee Agreement (Rayonier Inc), Credit Agreement (Rayonier Inc)
Termination or Reduction of the Commitments. Rayonier shall have the right, upon at least three Business Days’ ' notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the unused portions of (a) the respective Revolving Commitments of the Revolving Lenders and/or (b) the respective unused Term Loan Commitments of the Term Loan Lenders, provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof.
Appears in 3 contracts
Samples: Credit Agreement (Rayonier Inc), Credit Agreement (Rayonier Inc), Credit Agreement (Rayonier Inc)
Termination or Reduction of the Commitments. Rayonier shall have the right, upon at least three Business Days’ ' notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the unused portions of (a) the respective Revolving Commitments of the Revolving Lenders and/or (b) the respective unused Term Loan Commitments of the Term Loan Lenders, provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof. Notwithstanding the foregoing, the Commitments of the Lenders shall automatically be reduced pursuant to the Term Loan Commitment Reduction on the Commitment Reduction Date.
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