Voluntary Reduction or Termination of Revolver Commitments. (a) The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 10 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion), Borrower may, at its option, terminate the Tranche A Revolver Commitments, the Tranche B Revolver Commitments and this credit facility. Any notice of termination given by Borrower shall be irrevocable but, subject to Agent’s discretion, may be conditioned upon the closing of a refinancing transaction. On the termination date, Borrower shall make Full Payment of all Obligations. (b) Borrower may permanently reduce the Tranche A Revolver Commitments, on a Pro Rata basis for each Tranche A Revolver Lender, upon at least 10 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion), which notice shall specify the amount of the reduction and shall be irrevocable once given. Each such reduction of the Tranche A Revolver Commitments shall be in a minimum amount of $50,000,000, or an increment of $10,000,000 in excess thereof, and Borrower may not permanently reduce the Tranche A Revolver Commitments by more than $400,000,000 in the aggregate. (c) Borrower may permanently reduce the Tranche B Revolver Commitments, on a Pro Rata basis for each Tranche B Revolver Lender, upon at least 10 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion), which notice shall specify the amount of the reduction and shall be irrevocable once given. Each such reduction of the Tranche B Revolver Commitments shall be in a minimum amount of $10,000,000, or an increment of $5,000,000 in excess thereof.
Appears in 3 contracts
Samples: Loan and Security Agreement (Ak Steel Holding Corp), Loan and Security Agreement (Ak Steel Holding Corp), Loan and Security Agreement (Ak Steel Holding Corp)
Voluntary Reduction or Termination of Revolver Commitments. (a) The Revolver Commitments shall terminate on the Revolver Commitment Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 10 days prior written notice to Agent 5 Business Days (or upon such shorter notice period of time as may be consented reasonably acceptable to Agent and which advance notice may be waived by Agent in its sole discretion)) prior written notice to Agent, Borrower Borrowers may, at its their option, terminate the Tranche A Revolver Commitments, the Tranche B Revolver Commitments and this credit facilityAgreement. Any notice of termination given by Borrower Borrowers shall be irrevocable but, subject to Agent’s discretion, irrevocable; provided that such notice may be state that such notice is conditioned upon the closing effectiveness of a refinancing transactionother credit facilities or transactions, in which case such notice may be revoked by Borrowers (by notice to Agent on or prior to the specified effective date) if such condition is not satisfied. On the termination datedate specified in such notice of termination, Borrower Borrowers shall make Full Payment of all ObligationsObligations under the Loan Documents.
(b) Borrower The Borrowers may permanently reduce the Tranche A Revolver Commitments, on a Pro Rata basis for each Tranche A Revolver Lender, upon at least 10 days prior written notice to Agent 5 Business Days (or upon such shorter notice period of time as may be consented reasonably acceptable to Agent and which advance notice may be waived by Agent in its sole discretion)) prior written notice to Agent, which notice shall specify the amount of the reduction and shall be irrevocable once given; provided, that Borrowers may not permanently reduce the Revolver Commitments to an amount less than $250,000,000. Each such reduction of the Tranche A Revolver Commitments shall be in a minimum amount of $50,000,000, or an increment of $10,000,000 in excess thereof, and Borrower may not permanently reduce the Tranche A Revolver Commitments by more than $400,000,000 in the aggregate.
(c) Borrower may permanently reduce the Tranche B Revolver Commitments, on a Pro Rata basis for each Tranche B Revolver Lender, upon at least 10 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion), which notice shall specify the amount of the reduction and shall be irrevocable once given. Each such reduction of the Tranche B Revolver Commitments shall be in a minimum amount of $10,000,00025,000,000, or an increment of $5,000,000 in excess thereof.
Appears in 3 contracts
Samples: Loan Agreement (Conns Inc), Loan Agreement (Conns Inc), Loan and Security Agreement (Conns Inc)
Voluntary Reduction or Termination of Revolver Commitments. (a) The Tranche A Revolver Commitments shall terminate on the Tranche A Revolver Termination Date, unless sooner terminated in accordance with this Agreement. The Tranche B Revolver Commitments shall terminate on the Tranche B Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 10 30 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion)Agent, Borrower Borrowers may, at its their option, terminate the Tranche A Revolver Commitments, the Tranche B Revolver Commitments and this credit facility. Any notice of termination given by Borrower Borrowers shall be irrevocable but, subject to Agent’s discretion, irrevocable; provided that such notice may be state that such notice is conditioned upon the closing effectiveness of a refinancing transactionother credit facilities, in which case such notice may be revoked by Borrowers (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied. On the termination date, Borrower Borrowers shall make Full Payment of all Obligations.
(b) Borrower Borrowers may permanently reduce the Tranche A Revolver Commitments, on a Pro Rata basis for each Tranche A Revolver Lender, upon at least 10 30 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion)Agent, which notice shall specify the amount of the reduction and shall be irrevocable once given. Each such reduction of the Tranche A Revolver Commitments shall be in a minimum amount of $50,000,0005,000,000, or an increment of $10,000,000 1,000,000 in excess thereof, and Borrower may not permanently reduce the Tranche A Revolver Commitments by more than $400,000,000 in the aggregate.
(c) Borrower Borrowers may permanently reduce the Tranche B Revolver Commitments, on a Pro Rata basis for each Tranche B Revolver Lender, upon at least 10 30 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion)Agent, which notice shall specify the amount of the reduction and shall be irrevocable once given. Each such reduction of the Tranche B Revolver Commitments shall be in a minimum amount of $10,000,0005,000,000, or an increment of $5,000,000 1,000,000 in excess thereof.
Appears in 3 contracts
Samples: Loan and Security Agreement (Olympic Steel Inc), Loan and Security Agreement (Olympic Steel Inc), Loan and Security Agreement (Olympic Steel Inc)
Voluntary Reduction or Termination of Revolver Commitments. (a) The Tranche A Revolver Commitments shall terminate on the Tranche A Revolver Termination Date, unless sooner terminated in accordance with this Agreement. The Tranche B Revolver Commitments shall terminate on the Tranche B Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 10 30 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion)Agent, Borrower Borrowers may, at its their option, terminate the Tranche A Revolver Commitments, the Tranche B Revolver Commitments and this credit facility. Any notice of termination given by Borrower Borrowers shall be irrevocable but, subject to Agent’s discretion, irrevocable; provided that such notice may be state that such notice is conditioned upon the closing effectiveness of a refinancing transactionother credit facilities, in which case such notice may be revoked by Borrowers (by notice to Agent on or prior to the specified effective date) if such condition is not satisfied. On the termination date, Borrower Borrowers shall make Full Payment of all Obligations.
(b) Borrower Borrowers may permanently reduce the Tranche A Revolver Commitments, on a Pro Rata basis for each Tranche A Revolver Lender, upon at least 10 30 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion)Agent, which notice shall specify the amount of the reduction and shall be irrevocable once given. Each such reduction of the Tranche A Revolver Commitments shall be in a minimum amount of $50,000,0005,000,000, or an increment of $10,000,000 1,000,000 in excess thereof, and Borrower may not permanently reduce the Tranche A Revolver Commitments by more than $400,000,000 in the aggregate.
(c) Borrower Borrowers may permanently reduce the Tranche B Revolver Commitments, on a Pro Rata basis for each Tranche B Revolver Lender, upon at least 10 30 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion)Agent, which notice shall specify the amount of the reduction and shall be irrevocable once given. Each such reduction of the Tranche B Revolver Commitments shall be in a minimum amount of $10,000,0005,000,000, or an increment of $5,000,000 1,000,000 in excess thereof.
Appears in 2 contracts
Samples: Loan and Security Agreement (Olympic Steel Inc), Loan and Security Agreement (Olympic Steel Inc)
Voluntary Reduction or Termination of Revolver Commitments. (a) The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon The FILO Commitments shall terminate on the FILO Termination Date, unless sooner terminated in accordance with this Agreement. At any time and from time to time, Borrowers may, at least 10 days prior their option, by written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion), Borrower may, at its optionAgent, terminate the Tranche A Revolver Commitments, the Tranche B Revolver FILO Commitments and this credit facility. Any If Borrowers revoke any notice of termination given by Borrower termination, they shall be irrevocable butresponsible for the amounts, subject if any, payable pursuant to Agent’s discretion, may be conditioned upon the closing of a refinancing transactionSection 3.8. On the termination dateCommitment Termination Date, Borrower Borrowers shall make Full Payment of all Obligations.
(b) Borrower Borrowers may permanently reduce the Tranche A Revolver Commitments or FILO Commitments, on a Pro Rata basis for each Tranche A Revolver Lender, from time to time upon at least 10 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion)Agent, which notice shall specify the type of commitment being reduced, the amount of the reduction reduction, and shall be irrevocable once givengiven at least five Business Days prior to the date of reduction. Each such reduction of the Tranche A Revolver Commitments shall be in a minimum amount of $50,000,000, 10,000,000 or an increment of $10,000,000 1,000,000 in excess thereof. Notwithstanding anything herein to the contrary, and Borrower may not permanently reduce the Tranche A Revolver Commitments by more than $400,000,000 in the aggregate.
(c) Borrower may permanently reduce the Tranche B Revolver Commitments, on a Pro Rata basis for each Tranche B Revolver Lender, upon at least 10 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion), which notice shall specify the amount of the reduction and shall be irrevocable once given. Each any such reduction of the Tranche B Revolver Commitments and FILO Commitments pursuant to this Section 2.1.3(b) shall be in a minimum amount of $10,000,000, or an increment of $5,000,000 in excess thereofnot affect Borrowers' ability to increase the Revolver Commitments pursuant to Section 2.2.
Appears in 2 contracts
Samples: Credit Agreement (Calumet Specialty Products Partners, L.P.), Credit Agreement (Calumet Specialty Products Partners, L.P.)
Voluntary Reduction or Termination of Revolver Commitments. (a) The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 10 days Business Days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion)at any time after the first Loan Year, Borrower Borrowers may, at its their option, terminate the Tranche A Revolver Commitments, the Tranche B Revolver Commitments and this credit facility. Any notice of termination given by Borrower Borrowers shall be irrevocable but, subject to Agent’s discretion, may be conditioned upon (unless given in connection with refinancing the closing of a refinancing transactionObligations). On the termination dateCommitment Termination Date, Borrower Borrowers shall make Full Payment of all Obligations.
(b) Borrower Borrowers may permanently reduce either the Tranche A Revolver Commitments or the Tranche B Revolver Commitments, in each case, on a Pro Rata basis for each Tranche A Revolver Lender, upon at least 10 days Business Days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion)Agent, which notice shall specify the amount of the reduction and shall be irrevocable once givengiven (unless given in connection with refinancing the Obligations). Each such reduction of the Tranche A Revolver Commitments shall be in a minimum amount of $50,000,000, or an increment of $10,000,000 in excess thereof, and Borrower may not permanently reduce the case of the Tranche A Revolver Commitments by more than and $400,000,000 2,000,000 in the aggregate.
(c) Borrower may permanently reduce the case of Tranche B Revolver Commitments, on a Pro Rata basis for and in each Tranche B Revolver Lendercase, upon at least 10 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion), which notice shall specify the amount of the reduction and shall be irrevocable once given. Each such reduction of the Tranche B Revolver Commitments shall be in a minimum amount of $10,000,000, or an increment of $5,000,000 1,000,000 in excess thereof.; provided, that in no event shall such permanent reduction reduce the Revolver Commitments, in the aggregate, to an amount less than $20,000,000 (other than in connection with refinancing the Obligations). 43 NAI-1507796678v9
Appears in 1 contract
Samples: Loan and Security Agreement (Commercial Vehicle Group, Inc.)
Voluntary Reduction or Termination of Revolver Commitments. (a) The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon At any time, Borrowers may, at least 10 days prior their option, by written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion), Borrower may, at its optionAgent, terminate the Tranche A Revolver Commitments, the Tranche B Revolver Commitments and this credit facility. Any notice of termination given by Borrower Borrowers shall be irrevocable butirrevocable; provided, subject to Agent’s discretion, that a notice of termination of the Revolver Commitments AMENDED AND RESTATED CREDIT AGREEMENT — Page 37 delivered by the Borrowers may be state that such notice is conditioned upon the closing effectiveness of a refinancing transactionother credit facilities, in which case such notice may be revoked by the Borrowers (with written notice to Agent on or prior to the specified effective date). If Borrowers revoke any notice of termination, they shall be responsible for the amounts, if any, payable pursuant to Section 3.9. On the termination dateCommitment Termination Date, Borrower Borrowers shall make Full Payment of all Obligations.
(b) Borrower Borrowers may permanently reduce the Tranche A Revolver Commitments, on a Pro Rata basis for each Tranche A Revolver Lender, from time to time upon at least 10 days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion)Agent, which notice shall specify the amount of the reduction and reduction, shall be irrevocable once given. Each such reduction of the Tranche A Revolver Commitments , shall be in a minimum amount of $50,000,000, or an increment of $10,000,000 in excess thereof, and Borrower may not permanently reduce the Tranche A Revolver Commitments by more than $400,000,000 in the aggregate.
(c) Borrower may permanently reduce the Tranche B Revolver Commitments, on a Pro Rata basis for each Tranche B Revolver Lender, upon given at least 10 days five Business Days prior written notice to Agent (or upon such shorter notice period as may be consented to by Agent in its sole discretion), which notice shall specify the amount end of the reduction a month and shall be irrevocable once giveneffective as of the first day of the next month. Each such reduction of the Tranche B Revolver Commitments shall be in a minimum amount of $10,000,000, or an increment of $5,000,000 1,000,000 in excess thereof.
Appears in 1 contract
Samples: Credit Agreement