Common use of Voluntary Reduction or Termination of the Revolving Commitment Amount Clause in Contracts

Voluntary Reduction or Termination of the Revolving Commitment Amount. The Company may from time to time on at least three Business Days' prior written notice received by the Agent (which shall promptly advise each Bank thereof) permanently reduce the Revolving Commitment Amount to an amount not less than the Revolving Outstandings. Any such reduction shall be in an amount not less than $500,000.00 or a higher integral multiple of $100,000.00. Concurrently with any reduction of the Revolving Commitment Amount to zero, the Company shall pay all interest on the Revolving Loans, all non-use fees and all letter of credit fees and shall Cash Collateralize in full all obligations arising with respect to the Letters of Credit.

Appears in 2 contracts

Samples: Credit Agreement (Fargo Electronics Inc), Credit Agreement (Fargo Electronics Inc)

AutoNDA by SimpleDocs

Voluntary Reduction or Termination of the Revolving Commitment Amount. The Company may from time to time on at least three Business Days' prior written notice received by the Administrative Agent (which shall promptly advise each Bank Lender thereof) permanently reduce the Revolving Commitment Amount to an amount not less than the Revolving Outstandings. Any such reduction shall be in an amount not less than $500,000.00 5,000,000 or a higher integral multiple of $100,000.001,000,000. Concurrently with any reduction of the Revolving Commitment Amount to zero, the Company shall pay all interest on the Revolving Loans and Swing Line Loans, all non-use fees and all letter of credit fees and shall Cash Collateralize in full all obligations arising with respect to the Letters of Credit.

Appears in 1 contract

Samples: Credit Agreement (Cupertino Electric Inc)

Voluntary Reduction or Termination of the Revolving Commitment Amount. The Company Companies may from time to time on at least three five Business Days' prior written notice received by the Administrative Agent (which shall promptly advise each Bank Lender thereof) permanently reduce the Revolving Commitment Amount to an amount not less than the Revolving Outstandings. Any such reduction shall be in an amount not less than $500,000.00 100,000 or a higher integral multiple of $100,000.0050,000. Concurrently with any reduction of the Revolving Commitment Amount to zero, the Company Companies shall pay all interest on the Revolving Loans, all non-use fees and all letter of credit fees and shall Cash Collateralize in full all obligations arising with respect to the Letters of Credit.

Appears in 1 contract

Samples: Credit Agreement (Akorn Inc)

Voluntary Reduction or Termination of the Revolving Commitment Amount. The Company may from time to time on at least three five Business Days' ’ prior written notice received by the Agent (which shall promptly advise each Bank thereof) permanently reduce the Revolving Commitment Amount to an amount not less than the Revolving Outstandings. Any such reduction shall be in an amount not less than $500,000.00 5,000,000 or a higher integral multiple of $100,000.001,000,000. Concurrently with any reduction of the Revolving Commitment Amount to zero, the Company shall pay all interest on the Revolving Loans, all non-use fees and all letter of credit fees and shall Cash Collateralize in full all obligations arising with respect to the Letters of Credit.

Appears in 1 contract

Samples: Credit Agreement (Nashua Corp)

AutoNDA by SimpleDocs

Voluntary Reduction or Termination of the Revolving Commitment Amount. The Company may from time to time on at least three five (5) Business Days' Days prior written notice received by the Agent (which shall promptly advise each Bank thereof) permanently reduce the Revolving Commitment Amount to an amount not less than the Revolving Outstandings. Any such reduction shall be in an amount not less than $500,000.00 1,000,000 or a higher integral multiple of $100,000.001,000,000. Concurrently with any reduction of the Revolving Commitment Amount to zerozero ($0), the Company shall pay all interest on the Revolving Loans, all non-use commitment fees and all letter of credit fees and shall Cash Collateralize in full all obligations arising with respect to the Letters of Credit.

Appears in 1 contract

Samples: Credit Agreement (Energy West Inc)

Voluntary Reduction or Termination of the Revolving Commitment Amount. The Company may from time to time on at least three five (5) Business Days' ’ prior written notice received by the Agent (which shall promptly advise each Bank Lender thereof) permanently reduce the Revolving Commitment Amount to an amount not less than the Revolving Outstandings. Any such reduction shall be in an amount not less than $500,000.00 1,000,000 or a higher integral multiple of $100,000.001,000,000. Concurrently with any reduction of the Revolving Commitment Amount to zero, the Company Borrowers shall pay all interest on the Revolving Loans, all non-use fees and all letter of credit fees and shall Cash Collateralize in full all obligations arising with respect to the Letters of Credit.

Appears in 1 contract

Samples: Credit Agreement (Ptek Holdings Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!