Common use of Voluntary Reduction of Commitments Clause in Contracts

Voluntary Reduction of Commitments. (a) Upon at least three Business Days’ prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each Lender), the Borrower shall have the right, without premium or penalty, to terminate the unutilized portion of the Revolving Commitments and/or, the Swing Line Commitment, as the case may be, in part or in whole; provided that (i) any such voluntary termination of the Revolving Commitments shall apply proportionately to, and shall permanently reduce, the Revolving Commitments of each Revolving Lender; (ii) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 shall be in the amount of at least $10,000,000 and integral multiples of $5,000,000 in excess of that amount and (iii) any such voluntary termination of the Revolving Commitment shall occur simultaneously with a voluntary prepayment, pursuant to Section 4.3 such that the total of the Revolving Commitments shall not be reduced below the sum of the Assigned Dollar Value of the aggregate principal amount of outstanding Revolving Loans, Swing Line Loans and LC Obligations plus any Overdraft Reserve.

Appears in 9 contracts

Samples: Credit Agreement, Credit Agreement (Huntsman CORP), Credit Agreement (Huntsman International LLC)

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Voluntary Reduction of Commitments. (a) Upon at least three one Business Days’ Day’s prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent at the Notice Administrative Agent’s Office (which notice the Administrative Agent shall promptly transmit to each Lenderof the Lenders), the Borrower shall have the right, without premium or penalty, on any day, permanently to terminate the unutilized portion of or reduce the Revolving Credit Commitments and/or, the Swing Line Commitment, as the case may be, in part whole or in whole; part, provided that (i) any such voluntary termination of the Revolving Commitments reduction shall apply proportionately to, and shall permanently reduce, to reduce the Revolving Commitments Credit Commitment of each Revolving Credit Lender; , except in connection with the establishment of any Extended Revolving Credit Commitment, in which case reductions may be applied to different Classes of Revolving Credit Commitments (and shall apply proportionately to each Revolving Credit Lender within each such Class), (ii) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 4.2 shall be in the amount of at least $10,000,000 and integral multiples of $5,000,000 in excess of that amount and (iii) after giving effect to such termination or reduction and to any such voluntary termination prepayments of the Revolving Commitment shall occur simultaneously Credit Loans made on the date thereof in accordance with a voluntary prepaymentthis Agreement, pursuant to Section 4.3 such that the total aggregate amount of the Lenders’ Revolving Commitments Credit Exposures shall not be reduced below exceed the sum of the Assigned Dollar Value of the aggregate principal amount of outstanding Total Revolving Loans, Swing Line Loans and LC Obligations plus any Overdraft ReserveCredit.

Appears in 3 contracts

Samples: Credit Agreement (Laureate Education, Inc.), Second Lien Intercreditor Agreement (Laureate Education, Inc.), Collateral Agreement (Laureate Education, Inc.)

Voluntary Reduction of Commitments. (a) A. Upon at least three Business Days’ prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each Lender), the Borrower shall have the right, without premium or penalty, to terminate the unutilized portion of the Revolving Commitments and/or, the Swing Line Commitment, as the case may be, in part or in whole; provided that (i) any such voluntary termination of the Revolving Commitments shall apply proportionately to, and shall permanently reduce, the Revolving Commitments of each Revolving Lender; (ii) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 shall be in the amount of at least $10,000,000 and integral multiples of $5,000,000 in excess of that amount and (iii) any such voluntary termination of the Revolving Commitment shall occur simultaneously with a voluntary prepayment, pursuant to Section 4.3 such that the total of the Revolving Commitments shall not be reduced below the sum of the Assigned Dollar Value of the aggregate principal amount of outstanding Revolving Loans, Swing Line Loans and LC Obligations plus any Overdraft Reserve.

Appears in 2 contracts

Samples: Credit Agreement (Huntsman CORP), Credit Agreement (Huntsman CORP)

Voluntary Reduction of Commitments. (a) Upon at least three (3) Business Days' prior written telephonic notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each Lender)Agent, the Borrower shall have the right, without premium or penalty, to terminate the unutilized portion of the Revolving Commitments and/or, the Swing Line Commitment, as the case may beLoan Commitment Amount, in part or in whole; provided , provided, that (i) any such voluntary termination of shall apply to proportionately and permanently reduce the Revolving Commitments shall apply proportionately to, and shall permanently reduce, the Revolving Loan Commitments of each Revolving Lender; of the Lenders, and (ii) any partial voluntary reduction of the Revolving Commitments termination pursuant to this Section 4.1 2.03 shall be in the an amount of at least $10,000,000 5,000,000 and integral multiples of $5,000,000 in excess of that amount and (iii) any such voluntary termination 1,000,000. Any optional or mandatory reduction of the Revolving Loan Commitment shall occur simultaneously with a voluntary prepayment, Amount pursuant to Section 4.3 such that the total terms of this Agreement which reduces the Revolving Commitments shall not be reduced Loan Commitment Amount below the sum of (i) the Assigned Dollar Value Swingline Commitment Amount and (ii) the Letter of Credit Commitment Amount shall result in an automatic and corresponding reduction of the Swingline Commitment Amount and/or Letter of Credit Commitment Amount (as directed by the Borrower in a notice to the Administrative Agent delivered together with the notice of such voluntary reduction in the Revolving Loan Commitment Amount) to an aggregate principal amount not in excess of outstanding the Revolving LoansLoan Commitment Amount, Swing Line Loans and LC Obligations plus as so reduced, without any Overdraft Reservefurther action on the part of the Swingline Lender or any Issuer.

Appears in 2 contracts

Samples: Credit Agreement (Intermet Corp), Credit Agreement (Ironton Iron Inc)

Voluntary Reduction of Commitments. (a) Upon at least three (3) Business Days' prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each Lender), the Borrower shall have the right, without premium or penalty, to terminate the unutilized portion of the Revolving Commitments and/or, the Swing Line Commitment, as the case may be, in part or in whole; provided PROVIDED that (iw) any such voluntary termination of the Revolving Commitments shall apply to proportionately to, and shall permanently reduce, reduce the Revolving Commitments Commitment of each Revolving Lender; , (iix) any partial voluntary reduction of the Revolving Commitments pursuant to this Section SECTION 4.1 shall be in the amount of at least $10,000,000 1,000,000 and integral multiples of $5,000,000 500,000 in excess of that amount amount, and (iiiy) any such voluntary termination of the Revolving Commitment Commitments shall occur simultaneously with a voluntary prepayment, prepayment pursuant to Section 4.3 SECTION 4.3, such that the total of the Revolving Commitments shall not be reduced below the sum aggregate Assigned Dollar Value of outstanding Revolving Loans plus the Assigned Dollar Value of the aggregate principal amount LC Obligations and the Assigned Dollar Value of outstanding Revolving Loans, the Swing Line Loans and LC Obligations plus any Overdraft ReserveLoans.

Appears in 1 contract

Samples: Credit Agreement (Gencorp Inc)

Voluntary Reduction of Commitments. (a) Upon at least three Business Days' prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the its Notice Office (which notice the Administrative Agent shall promptly transmit to each Lenderof the Banks), the Borrower shall have the right, without premium or penalty, to terminate or partially reduce the unutilized portion of Total AR Commitment and/or the Unutilized Total Revolving Commitments and/orCommitment, provided that (w) any such termination shall apply to proportionately and permanently reduce the Swing Line AR Commitment and/or Revolving Commitment, as the case may be, in part or in whole; provided that (i) any such voluntary termination of the Revolving Commitments shall apply proportionately to, and shall permanently reduce, the Revolving Commitments of each Bank, (x) no such reduction shall reduce any Non-Defaulting Bank's AR Commitment to an amount that is less than the outstanding AR Loans of such Bank, (y) no such reduction shall reduce any Non-Defaulting Bank's Revolving Lender; Commitment to an amount that is less than the sum of (iiA) the outstanding Revolving Loans of such Bank and (B) such Bank's Adjusted RC Percentage of outstanding Swingline Loans and of Letter of Credit Outstandings and (z) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 3.02 of either the Total AR Commitment or the Total Revolving Commitment shall be in the amount of at least $10,000,000 and integral multiples of $5,000,000 in excess of that amount and (iii) any such voluntary termination of the Revolving Commitment shall occur simultaneously with a voluntary prepayment, pursuant to Section 4.3 such that the total of the Revolving Commitments shall not be reduced below the sum of the Assigned Dollar Value of the aggregate principal amount of outstanding Revolving Loans, Swing Line Loans and LC Obligations plus any Overdraft Reserve1,000,000.

Appears in 1 contract

Samples: Consolidation And (Universal Outdoor Inc)

Voluntary Reduction of Commitments. (a) Upon at least three five Business Days' prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each Lender), the Borrower shall have the right, without premium or penalty, to terminate the unutilized portion of the Revolving Commitments and/or, or the Swing Line Commitment, as the case may be, in part or in whole; provided that (ix) any such voluntary termination of the Revolving Commitments shall apply to proportionately to, and shall permanently reduce, reduce the Revolving Commitments Commitment of each Revolving Lender; , (iiy) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 shall be in the amount of at least $10,000,000 5,000,000 and integral multiples of $5,000,000 in excess of that amount and (iiiz) any such voluntary termination of the Revolving Commitment Commitments shall occur simultaneously with a voluntary prepayment, pursuant to Section 4.3 such that the total of the Revolving Commitments shall not be reduced below the sum of the Assigned Dollar Value of the aggregate principal amount of outstanding Revolving Loans, Loans plus the aggregate LC Obligations and the Swing Line Loans and LC Obligations plus any Overdraft ReserveLoan Commitment.

Appears in 1 contract

Samples: Credit Agreement (Gaylord Container Corp /De/)

Voluntary Reduction of Commitments. (a) Upon at least three one Business Days' prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Payment Office (which notice the Administrative Agent shall promptly transmit to each Revolving Lender), the Borrower Borrowers shall have the right, without premium or penalty, to terminate the unutilized portion of the Revolving Commitments and/or, the Swing Line Commitment, as the case may beCommitments, in part or in whole; provided PROVIDED that (ix) any such voluntary termination of the Revolving Commitments shall apply to proportionately to, and shall permanently reduce, reduce the Revolving Commitments Commitment of each Revolving Lender; , (iiy) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 SECTION 4.2 shall be in the amount of at least $10,000,000 5,000,000 and integral multiples of $5,000,000 1,000,000 in excess of that amount amount, and (iiiz) any such voluntary termination of the Revolving Commitment Commitments shall occur simultaneously with a voluntary prepayment, if necessary, pursuant to Section 4.3 SECTION 4.4 such that the total of the Revolving Commitments shall not be so reduced below the sum of the Assigned Dollar Value of the aggregate principal amount of outstanding Revolving Loans, Swing Line Loans and plus the aggregate LC Obligations plus any Overdraft ReserveObligations.

Appears in 1 contract

Samples: Revolving Credit Agreement (Huntsman Polymers Corp)

Voluntary Reduction of Commitments. (a) Upon at least three Business Days' prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each Lender), the Borrower shall have the right, without premium or penalty, to terminate the unutilized portion of the Revolving Commitments and/or, or the Swing Line Commitment, as the case may be, in part or in whole; provided that (ix) any such voluntary termination of the Revolving Commitments shall apply to proportionately to, and shall permanently reduce, reduce the Revolving Commitments Commitment of each Revolving Lender; , (iiy) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 shall be in the amount of at least $10,000,000 5,000,000 and integral multiples of $5,000,000 in excess of that amount and (iiiz) any such voluntary termination of the Revolving Commitment Commitments shall occur simultaneously with a voluntary prepayment, pursuant to Section 4.3 such that the total of the Revolving Commitments shall not be reduced below the sum of the Assigned Dollar Value of the aggregate principal amount of outstanding Revolving Loans, Loans plus the aggregate LC Obligations and the Swing Line Loans and LC Obligations plus any Overdraft ReserveCommitment. The Swing Line Commitment shall not be reduced below the aggregate principal amount of Swing Line Loans.

Appears in 1 contract

Samples: Credit Agreement (Huntsman Advanced Materials (UK) LTD)

Voluntary Reduction of Commitments. (a) Upon at least three one Business Days' prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each Lender), the Borrower shall have the right, without premium or penalty, to terminate the unutilized portion of the Revolving Commitments and/or, or the Swing Line Commitment, as the case may be, in part or in whole; provided that (i) any such voluntary termination of the Revolving Commitments shall apply to proportionately to, and shall permanently reduce, reduce the Revolving Commitments Commitment of each Revolving Lender; , (ii) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 shall be in the amount of at least $10,000,000 1,000,000 and integral multiples of $5,000,000 1,000,000 in excess of that amount and (iii) any such voluntary termination of the Revolving Commitment Commitments shall occur simultaneously with a voluntary prepayment, pursuant to Section 4.3 such that the total of the Revolving Commitments shall not be reduced below the sum of the Assigned Dollar Value of the aggregate principal amount of outstanding Revolving Loans, Loans plus the aggregate LC Obligations and the Swing Line Loans and LC Obligations plus any Overdraft ReserveCommitment, as the case may be.

Appears in 1 contract

Samples: Credit Agreement (TNS Inc)

Voluntary Reduction of Commitments. (a) Upon at least three one Business Days’ Day's prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent at the Notice Agent's Office (which notice the Administrative Agent shall promptly transmit to each Lenderof the Banks), the Borrower shall have the right, without premium or penalty, to terminate the unutilized portion available to the Borrower of either or both of (i) the Total Revolving Commitments and/orLoan Commitment and (ii) the Total Acquisition Term Loan Commitments, the Swing Line Commitment, as the case may bein each case, in part or in whole; provided PROVIDED that (ix) any such voluntary termination shall permanently reduce the Revolving Loan Commitment or Acquisition Term Loan Commitment, as applicable, of each of the Revolving Commitments shall apply proportionately to, Banks on a PRO RATA basis and shall permanently reduce, the Revolving Commitments of each Revolving Lender; (iiy) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 shall 2.01 shall, in each case, be in the amount of at least $10,000,000 100,000 and integral multiples of $5,000,000 100,000 in excess of that amount; PROVIDED, FURTHER, that (A) the Total Revolving Loan Commitment shall not be reduced to an amount less than the aggregate Total Utilization of Revolving Loan Commitments and Letters of Credit Usage then outstanding and (iiiB) any such voluntary termination of the Revolving Commitment shall occur simultaneously with a voluntary prepayment, pursuant to Section 4.3 such that the total of the Revolving Total Acquisition Term Loan Commitments shall not be reduced below the sum of the Assigned Dollar Value of to an amount less than the aggregate principal amount of Acquisition Term Loans then outstanding Revolving Loans, Swing Line Loans and LC Obligations plus any Overdraft Reserve(giving effect to the conversion described in Section 1.01(d)).

Appears in 1 contract

Samples: Credit Agreement (Styling Technology Corp)

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Voluntary Reduction of Commitments. (a) Upon at least three Business Days' prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each Lender), the Borrower shall have the right, without premium or penalty, to terminate the unutilized portion of the Revolving Commitments and/or, or the Swing Line Commitment, as the case may be, in part or in whole; provided that (ix) any such voluntary termination of the Revolving Commitments shall apply to proportionately to, and shall permanently reduce, reduce the Revolving Commitments Commitment of each Revolving Lender; , (iiy) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 shall be in the amount of at least $10,000,000 5,000,000 and integral multiples of $5,000,000 in excess of that amount and (iiiz) any such voluntary termination of the Revolving Commitment Commitments shall occur simultaneously with a voluntary prepayment, pursuant to Section 4.3 4.2 such that the total of the Revolving Commitments shall not be reduced below the sum of the Assigned Dollar Value of the aggregate principal amount of outstanding Revolving Loans, Loans plus the aggregate LC Obligations and the Swing Line Loans and LC Obligations plus any Overdraft ReserveLoan Commitment.

Appears in 1 contract

Samples: Credit Agreement (Compx International Inc)

Voluntary Reduction of Commitments. (a) Upon at least three two Business Days’ prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each Lender), the Borrower Company shall have the right, without premium or penalty, to terminate the unutilized portion of the Multicurrency Revolving Commitments and/or, or the Swing Line CommitmentCommitments, as the case may be, in part or in whole; , provided that that, (ix) any such voluntary termination of the Multicurrency Revolving Commitments or Swing Line Commitments shall apply to proportionately to, and shall permanently reduce, reduce the Multicurrency Revolving Commitments Commitment of each Multicurrency Revolving Lender; , (iiy) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 shall be in the amount of at least $10,000,000 and integral multiples of $5,000,000 1,000,000 in excess of that amount and (iiiz) any such voluntary termination of the Multicurrency Revolving Commitment Commitments or Swing Line Commitments shall occur simultaneously with a voluntary prepayment, pursuant to Section 4.3 such that (i) the total Total Multicurrency Revolving Commitment shall not be reduced below the aggregate principal amount of outstanding Multicurrency Revolving Loans plus the Revolving aggregate LC Obligations and the Swing Line Commitments and (ii) the Swing Line Commitments shall not be reduced below the sum of the Assigned Dollar Value of the aggregate principal amount of outstanding Revolving Loans, Swing Line Loans and LC Obligations plus any Overdraft ReserveLoans.

Appears in 1 contract

Samples: Credit Agreement (Greif Inc)

Voluntary Reduction of Commitments. (a) Upon at least three (3) Business Days’ prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at the Notice Administrative Agent’s Office (which notice the Administrative Agent shall promptly transmit to each Lenderof the Lenders), the Borrower Company (on behalf of each of the Borrowers) shall have the right, at any time, without premium or penalty, permanently to terminate or reduce the unutilized portion of the Revolving Commitments and/or, the Swing Line Commitment, as the case may be, in part whole or in wholepart; provided that (ia) any such voluntary termination of the Revolving Commitments reduction shall apply proportionately to, and shall permanently reduce, to reduce the Revolving Commitments Commitment of each Revolving Lender; of the Lenders, (iib) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 4.2 shall be in the amount of at least $10,000,000 5,000,000 and in integral multiples of $5,000,000 1,000,000 in excess thereof, (c) after giving effect to such termination or reduction and to any prepayments of that the Loans made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders’ Credit Exposures shall not exceed the Total Commitment and (iiid) if, after giving effect to any reduction of the Commitments or the L/C Sublimit exceeds the amount of the Total Commitments, such limit or sublimit (as applicable) shall be automatically reduced by the amount of such excess. The amount of any such voluntary termination of reduction in the Revolving Total Commitment shall occur simultaneously with a voluntary prepayment, pursuant to Section 4.3 such that the total of the Revolving Commitments reduction shall not be reduced below applied to the sum of L/C Sublimit unless otherwise specified by the Assigned Dollar Value of the aggregate principal amount of outstanding Revolving Loans, Swing Line Loans and LC Obligations plus any Overdraft ReserveCompany.

Appears in 1 contract

Samples: Revolving Credit Agreement (NXP Semiconductors N.V.)

Voluntary Reduction of Commitments. (a) Upon at least three one Business Days’ Day’s prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent at the Notice Administrative Agent’s Office (which notice the Administrative Agent shall promptly transmit to each Lenderof the Lenders), the Borrower shall have the right, without premium or penalty, on any day, permanently to terminate the unutilized portion of or reduce the Revolving Credit Commitments and/or, the Swing Line Commitment, as the case may be, in part whole or in whole; part, provided that (i) any such voluntary termination of the Revolving Commitments reduction shall apply proportionately to, and shall permanently reduce, to reduce the Revolving Commitments Credit Commitment of each Revolving Credit Lender; , except in connection with the establishment of any Extended Revolving Credit Commitment, in which case reductions may be applied to different Classes of Revolving Credit Commitments (and shall apply proportionately to each Revolving Credit Lender within each such Class), (ii) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 4.2 shall be in the amount of at least $10,000,000 and integral multiples of $5,000,000 in excess of that amount and (iii) after giving effect to such termination or reduction and to any such voluntary termination prepayments of the Revolving Commitment shall occur simultaneously Credit Loans made on the date thereof in accordance with a voluntary prepaymentthis Agreement, pursuant to Section 4.3 such that the total aggregate amount of the Lenders’ Revolving Commitments Credit Exposures shall not be reduced below exceed the sum of the Assigned Dollar Value of the aggregate principal amount of outstanding Total Revolving Loans, Swing Line Loans and LC Obligations plus any Overdraft Reserve.Credit. 4.3

Appears in 1 contract

Samples: Second Lien Intercreditor Agreement

Voluntary Reduction of Commitments. (a) Upon at least three Business Days' prior written notice (or telephonic notice confirmed ----------------------------------- in writing) to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each Lender), the Borrower Company shall have the right, without premium or penalty, to terminate the unutilized portion of the Revolving Commitments and/or, or the Swing Line Commitment, as the case may be, in part or in whole; provided that (ix) any such voluntary termination of the Revolving -------- Commitments shall apply to proportionately to, and shall permanently reduce, reduce the Revolving Commitments Commitment of each Revolving Lender; , (iiy) any partial voluntary reduction of the Revolving Commitments pursuant to this Section 4.1 shall be in the amount of at least $10,000,000 5,000,000 and integral multiples of $5,000,000 1,000,000 ----------- in excess of that amount and (iiiz) any such voluntary termination of the Revolving Commitment Commitments shall occur simultaneously with a voluntary prepayment, pursuant to Section 4.3 such that the total of the Revolving Commitments shall not be reduced below the sum of the Assigned Dollar Value of the ------------ aggregate principal amount of outstanding Revolving Loans, Loans plus the aggregate LC Obligations and the Swing Line Loans Commitment and LC Obligations plus any Overdraft Reservethe Swing Line Commitment shall not be reduced below the aggregate principal amount of Swing Line Loans.

Appears in 1 contract

Samples: Credit Agreement (Us Can Corp)

Voluntary Reduction of Commitments. (a) Upon at least three one Business Days’ ---------------------------------- Day's prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent at the Notice Agent's Office (which notice the Administrative Agent shall promptly transmit to each Lenderof the Banks), the Borrower shall have the right, without premium or penalty, to terminate the unutilized portion of either or both of (i) the Total Revolving Loan Commitments and/orand (ii) the Total Acquisition Term Loan Commitments, the Swing Line Commitment, as the case may bein each case, in part or in whole; provided that (ix) any such voluntary -------- termination shall apply to proportionately and permanently reduce the Revolving Loan Commitment or Acquisition Term Loan Commitment, as applicable, of each of the Revolving Commitments shall apply proportionately to, Banks and shall permanently reduce, the Revolving Commitments of each Revolving Lender; (iiy) any partial voluntary reduction of the Total Revolving Loan Commitments or the Total Acquisition Term Loan Commitments pursuant to this Section 4.1 shall 2.01 shall, in each case, be in the amount of at least $10,000,000 100,000 and integral multiples of $5,000,000 100,000 in excess of that amount and amount; provided, further, that (iiiA) any such voluntary termination of the -------- ------- Total Revolving Commitment shall occur simultaneously with a voluntary prepayment, pursuant to Section 4.3 such that the total of the Revolving Loan Commitments shall not be reduced below the sum of the Assigned Dollar Value of to an amount less than the aggregate principal amount of outstanding Revolving Loans, Swing Line Loans and LC Obligations plus any Overdraft ReserveLetters of Credit Usage then outstanding and (B) the Total Acquisition Term Loan Commitments shall not be reduced to an amount less than the aggregate Acquisition Term Loans then outstanding.

Appears in 1 contract

Samples: Credit Agreement (Carson Products Co)

Voluntary Reduction of Commitments. (a) Upon at least three one Business Days’ Day's prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent at the Notice Agent's Office (which notice the Administrative Agent shall promptly transmit to each Lenderof the Banks), the Borrower shall have the right, without premium or penalty, to terminate irrevocably the unutilized portion of either or both of (x) the Total Revolving Loan Commitments and/orand (y) the Total Acquisition Term Loan Commitments, the Swing Line Commitment, as the case may bein each case, in part or in whole; provided PROVIDED, HOWEVER, that (ia) any such voluntary termination shall proportionately and permanently reduce the Revolving Loan Commitment or Acquisition Term Loan Commitment, as applicable, of each of the Revolving Commitments shall apply proportionately to, Banks and shall permanently reduce, the Revolving Commitments of each Revolving Lender; (iib) any partial voluntary reduction of the Total Revolving Loan Commitments or the Total Acquisition Term Loan Commitments pursuant to this Section 4.1 shall 2.01 shall, in each case, be in the amount of at least $10,000,000 500,000 and integral multiples of $5,000,000 100,000 in excess of that amount and amount; PROVIDED, FURTHER, that (iiix) any such voluntary termination of the Total Revolving Loan Commitment shall occur simultaneously with a voluntary prepayment, pursuant to Section 4.3 such that the total of the Revolving Commitments shall not be reduced below to an amount less than the sum of the Assigned Dollar Value of (a) the aggregate principal Revolving Loans then outstanding and (b) the aggregate Letters of Credit Usage and (y) the Total Acquisition Term Loan Commitment shall not be reduced to an amount of outstanding Revolving Loans, Swing Line less than the aggregate Acquisition Term Loans and LC Obligations plus any Overdraft Reservethen outstanding.

Appears in 1 contract

Samples: Credit Agreement (Color Spot Nurseries Inc)

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