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)
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 (Century Business Services Inc), Credit Agreement (CBIZ, 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 Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 100,000 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 Lender according to its Pro Rata SharePercentage. 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 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 (Nebco Evans Holding Co), Credit Agreement (Ameriserve Transportation 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 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 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)
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 $10,000,000 500,000 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 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, the Commitments 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 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 Business Days' β 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
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
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
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
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.
Appears in 1 contract
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. 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 $10,000,000 500,000 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 would exceed the amount of the combined Commitments then in effect, effect or (b) the Effective Amount of all L/C Obligations then thus 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 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 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, the Commitments shall be paid on the effective date of such reduction or termination.
Appears in 1 contract
Samples: Credit Agreement (International Alliance Services Inc)
Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five Business Days' β 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
Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five Business Days' prior notice to the Agent, terminate the Commitments, Aggregate Revolving Commitment or permanently reduce the Commitments Aggregate Revolving Commitment 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) provided that no such reduction or termination shall be permitted if the Effective Amount of all outstanding Revolving Loans, Term Loans, Bid Loans and L/C Obligations would exceed the amount of the combined Commitments Aggregate Revolving Commitment then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the Aggregate L/C Commitment. Once Commitment then in effect; and, provided, further, that once reduced in accordance with this SectionSection 2.05, the Commitments Aggregate Revolving Commitment and, if applicable the Aggregate L/C Commitment may not be increased. Any reduction of the Commitments Aggregate Revolving Commitment shall be applied to each Bank according to its Pro Rata ShareBank's Commitment in accordance with such Bank's Commitment 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 Agent, some or all of the reduction in the combined Commitments Aggregate Revolving Commitment shall be applied to reduce the Aggregate L/C Commitment, subject to the first proviso of the first sentence of this Section. All If any of the Commitments are terminated in their entirety, 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.fees
Appears in 1 contract
Voluntary Termination or Reduction of Commitments. The Company may, upon not less than five Business Days' prior notice to the Agent, (a) terminate all (and not less than all) of the Commitments prior to the Closing Date, and (b) terminate the Term Loan Commitment and the Revolving Commitments, or from time to time permanently reduce the Term Loan Commitments and/or the Revolving Commitments by an aggregate minimum amount of $10,000,000 3,000,000 or any multiple of $1,000,000 100,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Committed Loans made on the effective date thereof, (a) the Effective Amount of all Term Loans would exceed the Term Loan Commitments then in effect (b) the Effective Amount of all Revolving Loans, Term Loans, Bid Loans and L/C Obligations together would exceed the amount of the combined Revolving Loan Commitments then in effect, or (bc) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment38 47 Commitment then in effect. Once terminated or reduced in accordance with this Section, the Commitments may not be increased. Any termination or 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 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
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 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 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.
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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; 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.
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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.
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Samples: Credit Agreement (Genlyte Group 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.
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Samples: Credit Agreement (Cb Commercial Real Estate Services Group 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 2,000,000.00 or any multiple of $1,000,000 2,000,000.00 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 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, together with any amounts required pursuant to Section 4.04.
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