Common use of Voluntary Termination or Reduction of Commitments Clause in Contracts

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 or any multiple of $1,000,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations would exceed the amount of the combined Commitments then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 3 contracts

Samples: Credit Agreement (Precision Castparts Corp), Credit Agreement (Precision Castparts Corp), Credit Agreement (Precision Castparts Corp)

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Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five one Business Days' Day's prior written notice to the Administrative Agent, terminate the Commitments, Aggregate Commitment or permanently reduce the Commitments Aggregate Commitment by an aggregate minimum amount of $10,000,000 1,000,000 or any multiple of $1,000,000 in excess thereof; unlessprovided that no such reduction or termination shall be permitted if, after giving effect thereto and to any prepayments of Committed the Loans made on the effective date thereof, (a) the Effective Amount then outstanding principal amount of all Revolving Loans, Term Loans, Bid the Loans and L/C Obligations would exceed the amount of the combined Commitments Aggregate Commitment then in effecteffect and, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once provided, further, that once reduced in accordance with this SectionSection 2.6, the Commitments Aggregate Commitment may not be increased. Any reduction of the Commitments Aggregate Commitment shall be applied to each Bank according to its Bank's Commitment in accordance with such Bank's Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, including the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such termination. Any voluntary reduction or terminationof the Commitment under this Section shall be applied to reduce the Reduction Amount for the next following Reduction Date (to the extent of such reduction) and thereafter to subsequent Reduction Dates (to the extent not previously applied) in the order of their occurrence.

Appears in 2 contracts

Samples: Reducing Revolving Credit Agreement (Cinemark Usa Inc /Tx), Reducing Revolving Credit Agreement (Cinemark Usa Inc /Tx)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five three Business Days' prior notice to the Agent, terminate the Commitments, Commitments or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 1,000,000 or any multiple of $1,000,000 500,000 in excess thereof; unlessUNLESS, after giving effect thereto and to any prepayments of Committed Revolving Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Swing Line Loans and L/C Obligations together would exceed the amount of the combined Revolving Commitments then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment or (c) the Effective Amount of all Swing Line Loans then outstanding would exceed the Swing Line Loan Commitment. Once reduced in accordance with this Section, the Commitments Commitment so reduced may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata ShareShare of such Commitment. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Revolving Loan Commitments shall be applied to reduce the L/C Commitment and the Swing Line Loan Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, the Commitments shall be paid on the effective date of such reduction or termination.

Appears in 2 contracts

Samples: Credit Agreement (Waterlink Inc), Credit Agreement (Waterlink Inc)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than five Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 1,000,000 or any multiple of $1,000,000 in excess thereof; unless, ------ after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Commitments then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. A voluntary reduction in the Commitments shall not reduce the L/C Commitment to the extent the remaining Commitments, as so reduced, equal or exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 2 contracts

Samples: Credit Agreement (West Marine Inc), Credit Agreement (West Marine Inc)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five three (3) Business Days' prior written notice to the Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 1,000,000 or any multiple of $1,000,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Committed Revolving Loans made on the effective date thereof, (ai) the Effective Amount of all Revolving Loans, Term Loans, Bid Swing Line Loans and L/C Obligations would exceed the amount of the combined Commitments then in effect, (ii) the Effective Amount of all Swing Line Loans then outstanding would exceed the Swing Line Loan Commitment or (biii) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the Commitments shall be applied to reduce the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank Lender according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees Commitment Fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, the Commitments shall be paid on the effective date of such reduction or termination.

Appears in 2 contracts

Samples: Credit Agreement (CBIZ, Inc.), Credit Agreement (Century Business Services Inc)

Voluntary Termination or Reduction of Commitments. The Company (a) Each Borrower may, upon not less than five three Business Days' prior notice from the Borrowers' Designee to the Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount Dollar Equivalent Amount of at least $10,000,000 or any multiple of $1,000,000 in excess thereof5,000,000; unless, after giving effect thereto and to any ------ prepayments of Committed any Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Swingline Loans and L/C Obligations together would exceed the amount of the combined Commitments Aggregate Commitment then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this SectionSection 2.9, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company Borrowers' Designee in the notice to the Agent, some or all of the reduction in the combined Commitments Aggregate Commitment shall be applied to reduce the L/C Commitment and the Swingline Commitment. All accrued commitment fees facility and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, the Commitments shall be paid on the effective date of such reduction or termination. The Agent shall promptly forward a copy of any such notice received under this subsection 2.9(a) to each of the Banks.

Appears in 2 contracts

Samples: Revolving Multicurrency Credit Agreement (Johns Manville International Group Inc), Revolving Multicurrency Credit Agreement (Johns Manville Corp /New/)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five three Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 1,000,000 or any multiple of $1,000,000 in excess thereof; unlessUNLESS, after giving effect thereto and to any prepayments of Committed Revolving Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Swing Line Loans and L/C Obligations would exceed the amount of the combined Commitments then in effect, (b) the Effective Amount of all Swing Line Loans then outstanding would exceed the Swing Line Loan Commitment or (bc) the Effective Amount of all L/C Obligations then thus outstanding would exceed the Swing Line Loan Commitment and the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments shall be applied to reduce the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Lender according to its Pro Rata Share. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, the Commitments shall be paid on the effective date of such reduction or termination.

Appears in 2 contracts

Samples: Credit Agreement (Century Business Services Inc), Credit Agreement (Century Business Services Inc)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five three Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 2,000,000 or any multiple of $1,000,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Commitments then in effecteffect minus (unless otherwise agreed to by the Majority Banks) the maximum amount of the 1997 Senior Note Reserve, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination.. 2.06

Appears in 1 contract

Samples: Credit Agreement (Bucyrus International Inc)

Voluntary Termination or Reduction of Commitments. The Subject to ------------------------------------------------- Section 4.04, the Company may, upon not less than five three (3) Business Days' prior notice to the AgentAgent (and upon receipt of such notice the Agent shall promptly notify the Banks thereof), terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 in excess thereof; unless, after giving effect thereto and to any ------ prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Combined Commitments then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Pledge Agreement (Cb Richard Ellis Services Inc)

Voluntary Termination or Reduction of Commitments. (a) The Company may, upon not less than five three Business Days' prior notice to the AgentAdministrative Agent (which notice the Administrative Agent shall promptly deliver to Lenders), terminate the CommitmentsCommitments of all Lenders ratably, or permanently reduce the Commitments of all Lenders ratably by an aggregate minimum amount of the Dollar Equivalent of $10,000,000 5,000,000 or any multiple of the Dollar Equivalent $1,000,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Committed Loans plus Swing Line Loans plus L/C Obligations made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Swing Line Loans and L/C Obligations would exceed the amount of the combined Revolving Loan Commitments of all Revolving Lenders then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the amount of the L/C CommitmentCommitment then in effect or (c) the Effective Amount of all Swing Line Loans would exceed the Swing Line Loan Commitment then in effect. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank Lender according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees and interest, if applicable, to, but not including, the effective date of any reduction or termination of Commitments, the Commitments shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Multicurrency Credit Agreement (Macdermid Inc)

Voluntary Termination or Reduction of Commitments. The Subject to Section 4.04, the Company may, upon not less than five three (3) Business Days' prior notice to the AgentAgent (and upon receipt of such notice the Agent shall promptly notify the Banks thereof), terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 in excess thereof; unlessUNLESS, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Combined Commitments then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination. Any reduction of the Combined Commitments pursuant to this Section 2.05 shall reduce the next remaining reductions of the Combined Commitments pursuant to Section 2.07 scheduled to occur after the date of such reduction.

Appears in 1 contract

Samples: Credit Agreement (Cb Richard Ellis Services Inc)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five Business Days' prior notice to the Administrative Agent, terminate the Revolving Commitments, or permanently reduce the Revolving Commitments by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 100,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Committed Revolving Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Revolving Commitments then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Revolving Commitments 34 42 may not be increased. Any reduction of the Revolving Commitments shall be applied to each Bank Lender according to its Pro Rata ShareRevolving Percentage. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Administrative Agent, some or all of the reduction in the combined Revolving Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Nebco Evans Holding Co)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five Business Days' prior notice to the Agent, terminate the CommitmentsTotal Commitment, or permanently reduce the Commitments Total Commitment (or the L/C Commitment) by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 500,000 in excess thereof; unlessUNLESS, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Commitments Total Commitment then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments Total Commitment may not be increased. Any reduction of the Commitments Total Commitment shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments Total Commitment shall be applied to reduce the L/C Commitment. All accrued commitment fees Commitment Fees and letter of credit fees to, but not including, the effective date of any reduction or termination of CommitmentsTotal Commitment, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Midway Games Inc)

Voluntary Termination or Reduction of Commitments. The Company (a) Holdings may, upon not less than five three Business Days' prior notice to the Agent, terminate the Revolving Commitments, or permanently reduce the Commitments by an Revolving Commitments, PROVIDED that the aggregate minimum amount of $10,000,000 or any multiple of $1,000,000 partial reduction is in excess thereofa Minimum Amount; unless, after giving effect thereto and to any prepayments of Committed any Loans made on the effective date thereof, (ai) the Effective Amount of all Revolving Loans, Term Loans, Bid Swingline Loans and L/C Obligations together would exceed the amount of the combined Revolving Commitments of the Banks then in effect, or (bii) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this SectionSection 2.05, the Revolving Commitments may not be increased. Any reduction of the Revolving Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company Holdings in the notice to the Agent, some or all of the reduction in the combined Revolving Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Revolving Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Building Materials Holding Corp)

Voluntary Termination or Reduction of Commitments. (a) The Company may, upon not less than five Business Days' prior notice to the Administrative Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all outstanding Revolving Loans, Term Loans, Bid Swing Line Loans and L/C Obligations together would exceed the amount of the combined Commitments Aggregate Commitment then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C CommitmentCommitment or (c) the sum of the Effective Amount of all outstanding Offshore Currency Loans and the Effective Amount of all outstanding Swing Line Loans denominated in Offshore Currencies would exceed the Offshore Currency Loan Sublimit. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank Lender according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Administrative Agent, some or all of the reduction in the combined Commitments Aggregate Commitment shall be applied to reduce the L/C CommitmentCommitment and/or the Offshore Currency Loan Sublimit; provided that the L/C Commitment shall be reduced to the extent necessary to cause the L/C Commitment to be equal to 50% of the Aggregate Commitment after giving effect to any such reduction. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Regis Corp)

Voluntary Termination or Reduction of Commitments. The Subject to Section ------------------------------------------------- 4.04, the Company may, upon not less than five three (3) Business Days' prior notice to the AgentAgent (and upon receipt of such notice the Agent shall promptly notify the Banks thereof), terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 in excess thereof; unless, after giving effect thereto and to any ------ prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Combined Commitments then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Pledge Agreement (Cb Commercial Real Estate Services Group Inc)

Voluntary Termination or Reduction of Commitments. (a) (a) The Company may, upon not less than five three Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments by an Commitments, provided that the aggregate minimum amount of $10,000,000 or any multiple of $1,000,000 partial reduction is in excess thereofa Minimum Amount; unless, after giving effect thereto and to any prepayments of Committed any Loans made on the effective date thereof, (a) the Effective Amount then outstanding principal amount of all Revolving Loans, Term Loans, Bid the Loans and L/C Obligations would exceed the amount of the combined Aggregate Commitment. A notice of termination of the Commitments then delivered by the Company may state that such notice is conditioned upon the effectiveness of other credit facilities, in effect, which case such notice may be revoked by the Company by notice to the Agent on or (b) prior to the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitmentspecified date if such condition is not satisfied. Once reduced in accordance with this SectionSection 2.08, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments Aggregate Commitment shall be applied to reduce the L/C Swingline Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of the Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Albertsons Inc /De/)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five Business Days' prior notice to the Agent, terminate the CommitmentsCombined Commitment, or permanently reduce the Commitments Combined Commitment by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 500,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Commitments Combined Commitment then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Combined Commitments may not be increased. Any reduction of the Commitments Combined Commitment shall be applied to each Bank according to its Pro Rata Share; provided, that until such time as the aggregate Commitment of BofA and its Assignees shall be less than or equal to $75,000,000, any such reduction shall be applied pro rata against the Commitment of BofA and its Assignees. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments Combined Commitment shall be applied to reduce the L/C Commitment. All accrued commitment fees Commitment Fees and letter of credit fees to, but not including, the effective date of any reduction or termination of CommitmentsCombined Commitment, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Material Sciences Corp)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five Business Days' prior notice to the Agent, terminate the CommitmentsTotal Commitment, or permanently reduce the Commitments Total Commitment (or the L/C Commitment) by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 500,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Commitments Total Commitment then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments Total Commitment may not be increased. Any reduction of the Commitments Total Commitment shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments Total Commitment shall be applied to reduce the L/C Commitment. All accrued commitment fees Commitment Fees and letter of credit fees to, but not including, the effective date of any reduction or termination of CommitmentsTotal Commitment, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Midway Games Inc)

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Voluntary Termination or Reduction of Commitments. The ------------------------------------------------- Company may, upon not less than five Business Days' prior notice to the Agent, terminate the CommitmentsCombined Commitment, or permanently reduce the Commitments Combined Commitment by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 500,000 in excess thereof; unless, after giving ------ effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Commitments Combined Commitment then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Combined Commitments may not be increased. Any reduction of the Commitments Combined Commitment shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments Combined Commitment shall be applied to reduce the L/C Commitment. All accrued commitment fees Commitment Fees and letter of credit fees to, but not including, the effective date of any reduction or termination of CommitmentsCombined Commitment, shall be paid on the effective date of such reduction or termination."

Appears in 1 contract

Samples: Credit Agreement (Material Sciences Corp)

Voluntary Termination or Reduction of Commitments. The Company (a) Holdings may, upon not less than five three Business Days' prior notice to the Agent, terminate the Revolving Commitments, or permanently reduce the Commitments by an Revolving Commitments, provided that the aggregate minimum amount of $10,000,000 or any multiple of $1,000,000 partial reduction is in excess thereofa Minimum Amount; unless, after giving effect thereto and to any prepayments of Committed any Loans made on the effective date thereof, (ai) the Effective Amount of all Revolving Loans, Term Loans, Bid Swingline Loans and L/C Obligations together would exceed the amount of the combined Revolving Commitments of the Banks then in effect, or (bii) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this SectionSection 2.05, the Revolving Commitments may not be increased. Any reduction of the Revolving Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company Holdings in the notice to the Agent, some or all of the reduction in the combined Revolving Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Revolving Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Building Materials Holding Corp)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five three Business Days' prior written notice to the Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 1,000,000 or any multiple of $1,000,000 in excess thereof; unlessUNLESS, after giving effect thereto and to any prepayments of Committed Revolving Loans made on the effective date thereof, (ai) the Effective Amount of all Revolving Loans, Term Loans, Bid Swing Line Loans and L/C Obligations would exceed the amount of the combined Commitments then in effect, (ii) the Effective Amount of all Swing Line Loans then outstanding would exceed the Swing Line Loan Commitment or (biii) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the Commitments shall be applied to reduce the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank Lender according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees Commitment Fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, the Commitments shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Century Business Services Inc)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five Business Days' prior notice to the Agent, terminate the CommitmentsTotal Revolving Commitment, or permanently reduce the Commitments Total Revolving Commitment (or the L/C Commitment) by an aggregate minimum amount of $10,000,000 1,000,000 or any multiple of $1,000,000 250,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Commitments Total Revolving Commitment then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments Total Revolving Commitment may not be increased. Any reduction of the Commitments Total Revolving Commitment shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments Total Revolving Commitment shall be applied to reduce the L/C Commitment. All accrued commitment fees Commitment Fees and letter of credit fees to, but not including, the effective date of any reduction or termination of CommitmentsTotal Revolving Commitment, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (New Horizons Worldwide Inc)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five three Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 5,000,000 or any integral multiple of $1,000,000 in excess thereof; unlessUNLESS, after giving effect thereto and to any prepayments of Committed Loans made on or before the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Commitments then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank Bank's Commitment according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Genlyte Group Inc)

Voluntary Termination or Reduction of Commitments. (a) The Company may, upon not less than five Business Days' prior notice to the Administrative Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 1,000,000 or any multiple of $1,000,000 500,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Swingline Loans and L/C Obligations together would exceed the amount of the combined Commitments then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Administrative Agent, some or all of the reduction in the combined Commitments of the Banks shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Vista Eyecare Inc)

Voluntary Termination or Reduction of Commitments. The Company Borrower ------------------------------------------------- may, upon not less than five Business Days' prior notice to the Administrative Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 in excess thereof; , unless, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Commitments then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company Borrower in the notice to the Administrative Agent, some or all of the reduction in the combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (U S Rentals Inc)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five three Business Days' prior notice to the Agent, terminate the CommitmentsCommitments or the available Term Commitment, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 500,000 or any multiple of $1,000,000 500,000 in excess thereof; unlessUNLESS, after giving effect thereto and to any prepayments of Committed Revolving Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Commitments then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments or the available Term Commitment, as the case may be, may not be increased. Any reduction of the Commitments or the available Term Commitment, as the case may be, shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitmentsthe Commitments or the available Term Commitment, as the case may be, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Waterlink Inc)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five Business Days' prior notice to the Agent, terminate the CommitmentsTotal Commitment, or permanently reduce the Commitments Total Commitment (or the L/C Commitment) by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 500,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Commitments Total Commitment then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments Total Commitment may not be increased. Any reduction of the Commitments Total Commitment shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments Total Commitment shall be applied to reduce the L/C Commitment. All accrued commitment fees Commitment Fees and letter of credit fees to, but not including, the effective date of any reduction or termination of CommitmentsTotal Commitment, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (New Horizons Worldwide Inc)

Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five one Business Days' Day's prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 in excess thereof; unlessexcept to the extent that, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, of the Term Loans, Bid the Revolving Loans and the L/C Obligations together would exceed the amount of the combined Commitments then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Agent, some or all of the reduction in the combined Commitments shall be applied to reduce the L/C Commitment. All accrued commitment fees and letter of credit fees to, but not including, including the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Globalcenter Inc)

Voluntary Termination or Reduction of Commitments. (a) The Company may, upon not less than five Business Days' prior notice to the Administrative Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all outstanding Revolving Loans, Term Loans, Bid Swing Line Loans and L/C Obligations together would exceed the amount of the combined Commitments Aggregate Commitment then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C CommitmentCommitment or (c) the sum of the Effective Amount of all outstanding Offshore Currency Loans and the Effective Amount of all outstanding Swing Line Loans denominated in Offshore Currencies would exceed the Offshore Currency Loan Sublimit. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank Lender according to its Pro Rata Share. Subject to clause (b) of the first sentence of this Section, if If and to the extent specified by the Company in the notice to the Administrative Agent, some or all of the reduction in the combined Commitments Aggregate Commitment shall be applied to reduce the L/C CommitmentCommitment and/or the Offshore Currency Loan Sublimit. All accrued commitment fees and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Regis Corp)

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