Common use of Voluntary Reduction or Termination Clause in Contracts

Voluntary Reduction or Termination. The Borrower shall have the right, subject to the terms and conditions set forth in Section 3.02, on at least three Business Days' notice to the Agent to terminate in whole or, from time to time, reduce ratably in part the unused portion of the Total Term Commitment without penalty or premium; provided that each partial reduction of the Total Term Commitment shall be in an aggregate amount equal to the lesser of (a) $5,000,000 or an integral multiple of $1,000,000 in excess thereof or (b) the entire unused portion of the Total Term Commitment. Upon receipt of any such notice, the Agent shall promptly notify each Lender of the contents thereof and the amount to which such Lender's Commitment is to be reduced.

Appears in 1 contract

Samples: Term Credit Agreement (Lyondell Chemical Co)

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Voluntary Reduction or Termination. The Borrower shall have the ---------------------------------- right, subject to the terms and conditions set forth in Section 3.02, on at least three Business Days' notice to the Agent to terminate in whole or, from time to time, reduce ratably in part the unused portion of the Total Term Commitment without penalty or premium; provided that each -------- partial reduction of the Total Term Commitment shall be in an aggregate amount equal to the lesser of (a) $5,000,000 or an integral multiple of $1,000,000 in excess thereof or (b) the entire unused portion of the Total Term Commitment. Upon receipt of any such notice, the Agent shall promptly notify each Lender of the contents thereof and the amount to which such Lender's Commitment is to be reduced. For purposes of this Section 2.04, the unused portion of the Total Commitment at any time is the amount equal to the Available Credit at that time.

Appears in 1 contract

Samples: Revolving Credit Agreement (Lyondell Chemical Co)

Voluntary Reduction or Termination. The Borrower shall have the right, subject to the terms and conditions set forth in Section 3.02, on at least three Business Days' ’ notice to the Agent to terminate in whole or, from time to time, reduce ratably in part the unused portion of the Total Term Revolving Commitment without penalty or premium; provided that each partial reduction of the Total Term Revolving Commitment shall be in an aggregate amount equal to the lesser of (a) $5,000,000 or an integral multiple of $1,000,000 in excess thereof or (b) the entire unused portion of the Total Term Revolving Commitment. Upon receipt of any such notice, the Agent shall promptly notify each Lender of the contents thereof and the amount to which such Lender's ’s Commitment is to be reduced. For purposes of this Section 2.04, the unused portion of the Total Revolving Commitment at any time is the amount equal to the Available Revolving Credit at that time.

Appears in 1 contract

Samples: Credit Agreement (Lyondell Chemical Co)

Voluntary Reduction or Termination. The Borrower shall have the right, subject to the terms and conditions set forth in Section 3.02, on at least three Business Days' notice to the Agent to terminate in whole or, from time to time, reduce ratably in part the unused portion of the Total Term Revolving Commitment without penalty or premium; provided that each partial reduction of the Total Term Revolving Commitment shall be in an aggregate amount equal to the lesser of (a) $5,000,000 or an integral multiple of $1,000,000 in excess thereof or (b) the entire unused portion of the Total Term Revolving Commitment. Upon receipt of any such notice, the Agent shall promptly notify each Lender of the contents thereof and the amount to which such Lender's Commitment is to be reduced. For purposes of this Section 2.04, the unused portion of the Total Revolving Commitment at any time is the amount equal to the Available Credit at that time.

Appears in 1 contract

Samples: Security Agreement (Lyondell Chemical Co)

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Voluntary Reduction or Termination. The Borrower shall have the ---------------------------------- right, subject to the terms and conditions set forth in Section 3.02, on at least three Business Days' notice to the Agent to terminate in whole or, from time to time, reduce ratably in part the unused portion of the Total Term Commitment without penalty or premiumCommitment; provided that each partial reduction of the -------- Total Term Commitment shall be in an aggregate amount equal to the lesser of (a) $5,000,000 or an integral multiple of $1,000,000 in excess thereof or (b) the entire unused portion of the Total Term Commitment. Upon receipt of any such notice, the Agent shall promptly notify each Lender of the contents thereof and the amount to which such Lender's Commitment is to be reduced. For purposes of this Section 2.04, the unused portion of the Total Commitment at any time is the amount equal to the Available Credit at that time.

Appears in 1 contract

Samples: Revolving Credit Agreement (Lyondell Chemical Co)

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