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 three Business Days' prior notice to the Agent, terminate or permanently reduce the Commitments, provided that any such permanent reduction shall be in 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 Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments 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 according to its Pro Rata Share. All accrued commitment 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 (McKesson Corp), Credit Agreement (McKesson Corp)

AutoNDA by SimpleDocs

Voluntary Termination or Reduction of Commitments. The Company Borrower may, ------------------------------------------------- upon not less than three five (5) Business Days' prior notice to the Agent, terminate the Combined Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Combined 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 Loans made on the effective date thereof, the then-then outstanding principal amount of the Loans would exceed the amount of the combined Combined Commitments then in effect. Once reduced in accordance with this SectionSection 2.5, the Combined Commitments may not be increased. Any reduction of the Combined Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued unused commitment fees due and owing, pursuant to Section 2.9(b) hereof, to, but not including, including the effective date of any reduction or termination of Commitments Combined Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 2 contracts

Samples: Credit Agreement (Gentle Dental Service Corp), Credit Agreement (Gentle Dental Service Corp)

Voluntary Termination or Reduction of Commitments. The Company Companies may, ------------------------------------------------- upon not less than three five Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 in excess thereof; unlessprovided, that no such termination or reduction shall be permitted if, after giving effect thereto and to any ------ prepayments of Committed Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be increasedincreased except as provided in Section 2.09. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment facility fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 2 contracts

Samples: Credit Agreement (St Jude Medical Inc), Credit Agreement (St Jude Medical Inc)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in 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 ------ payments or prepayments of Committed Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments then in effect. The Agent shall promptly notify the Banks of any such termination or reduction. 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. All accrued commitment fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 2 contracts

Samples: Credit Agreement (Deluxe Corp), Credit Agreement (Deluxe Corp)

Voluntary Termination or Reduction of Commitments. The Company -------------------------------------------------- may, ------------------------------------------------- upon not less than three Business Days' prior notice to the Administrative Agent, terminate or permanently reduce the Commitments, provided that any such permanent reduction shall be in 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 Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be increased, except as provided in Section 2.14. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment 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 (McKesson Hboc Inc)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three Business five Banking Days' prior notice to the Administrative Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments by an aggregate minimum amount of $10,000,000 or any multiple of $1,000,000 in excess thereofEXCESS THEREOF; unlessUNLESS, after giving effect thereto and to any ------ prepayments of Loans made on the effective date thereof, the then-outstanding principal amount of the Loans plus the L/C Obligations would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this SectionSection 2.11, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Revolving Credit Agreement (Ryland Group Inc)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three 3 Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments by an aggregate minimum amount of $10,000,000 or any multiple of $1,000,000 in excess thereof; unlessUNLESS, after giving effect thereto and to any ------ prepayments of Loans made on the effective date thereof, the then-outstanding principal amount Effective Amount of the all Revolving Loans and L/C Obligations together would exceed the amount of the combined Commitments 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 according to its Pro Rata Share. All accrued commitment and letter of credit fees to, but not including, the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Abm Industries Inc /De/)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three five (5) Business Days' prior notice to the Administrative Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in 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 Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments Aggregate 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. All accrued commitment fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Revolving Credit Agreement (Teletech Holdings Inc)

Voluntary Termination or Reduction of Commitments. The Company ------------------------------------------------- may, ------------------------------------------------- upon not less than three five Business Days' prior notice to the Administrative Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in 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, the then-outstanding principal amount Equivalent Amount of the Loans would exceed the amount of the combined Commitments 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 according to its Pro Rata Share. All accrued commitment facility fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments. shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Jacobs Engineering Group Inc /De/)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three one Business Days' Day's prior written notice to the Administrative Agent, terminate the Aggregate Commitment or permanently reduce the Commitments, provided that any such permanent reduction shall be in 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 the Loans made on the effective date thereof, the then-then outstanding principal amount of the Loans would exceed the amount of the combined Commitments Aggregate Commitment then in effect. Once effect and, provided, further, that once reduced in accordance with this SectionSection 2.06, 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. All accrued commitment fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Cinemark Usa Inc /Tx)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three Business 5 Banking Days' ’ prior notice to the Administrative Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in 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 Loans made on the effective date thereof, the then-outstanding principal amount of the Loans plus the L/C Obligations would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this SectionSection 2.11, the Commitments may not be increased, except pursuant to Section 2.10. Any reduction of the Commitments shall be applied to each Bank Lender according to its Pro Rata Share. All accrued commitment fees (including Non-use Fees and Facility Fees) to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Revolving Credit Agreement (Ryland Group Inc)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three Business (3) Banking Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in 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 Loans made on the effective date thereof, the then-outstanding principal amount of the Loans PLUS all outstanding L/C Obligations would exceed the amount of the combined Commitments 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 according to its Pro Rata Share. All accrued commitment facility fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Revolving Credit Agreement (Schuler Homes Inc)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three five Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in 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 Loans made on the effective date thereof, the then-outstanding principal amount of the Loans plus the aggregate amount of all Letter of Credit Outstandings would exceed the amount of the combined Commitments 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 according to its Pro Rata Share. All accrued commitment fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Ns Group Inc)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three five Business Days' prior notice to the U.S. Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments by an aggregate minimum Dollar Equivalent amount of $10,000,000 U.S.$5,000,000 or any Dollar Equivalent multiple of $1,000,000 U.S.$1,000,000 in excess thereof; unless, after giving effect thereto and to any ------ prepayments of Loans made on the effective date thereof, the then-outstanding principal Dollar Equivalent amount of the Loans would exceed the amount of the combined Commitments 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. All accrued commitment facility fees (under Section 2.13(b)) to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Multicurrency Credit Agreement (Alberto Culver Co)

AutoNDA by SimpleDocs

Voluntary Termination or Reduction of Commitments. The A Company may, ------------------------------------------------- upon not less than three five (5) Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments by an aggregate minimum Dollar Equivalent amount of One Million Dollars ($10,000,000 1,000,000) or any Dollar Equivalent multiple of One Million Dollars ($1,000,000 1,000,000) in excess thereof; unless, after giving effect thereto and to any ------ prepayments payments of Loans made on the effective date thereof, the then-outstanding principal Dollar Equivalent amount of the Loans would exceed the amount of the combined Commitments 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 according to its Pro Rata Share. All accrued commitment fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Multicurrency Credit Agreement (C P Clare Corp)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three Business five (5) Banking Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in 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 Loans made on the effective date thereof, the then-outstanding principal amount of the Loans PLUS all outstanding L/C Obligations would exceed the amount of the combined Commitments 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 according to its Pro Rata Share. All accrued commitment facility fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Revolving Credit Agreement (Castle & Cooke Inc/Hi/)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three five Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments by an aggregate minimum Dollar Equivalent amount of $10,000,000 5,000,000 or any Dollar Equivalent multiple of $1,000,000 in excess thereof; unless, after giving effect thereto and to any ------ prepayments of Loans made on the effective date thereof, the then-outstanding principal Dollar Equivalent amount of the Loans and L/C Obligations would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be increasedincreased except pursuant to Section 2.17 or 11. 01. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Idex Corp /De/)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments by an aggregate minimum Dollar Equivalent amount of $10,000,000 5,000,000 or any Dollar Equivalent multiple of $1,000,000 in excess thereof; unless, after giving effect thereto and to any ------ prepayments of Loans made on the effective date thereof, the then-then outstanding principal Dollar Equivalent amount of the Loans and L/C Obligations would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this SectionSection 2.06, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Multicurrency Credit Agreement (Payless Shoesource Holdings Inc)

Voluntary Termination or Reduction of Commitments. The Company Funds may, ------------------------------------------------- upon not less than three five Business Days' prior notice to the Operations Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in 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 Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments Commitment Amount then in effect. Once reduced in accordance with this Section, the Commitments Commitment Amount may not be increased. Any reduction or termination of the Commitments Commitment Amount shall be applied to each Bank according to its Pro Rata Share. All accrued commitment fees to, but not including, Any reduction of the effective date of any reduction or termination of Commitments Commitment Amount shall be paid subject to the payment on the effective date of such reduction or terminationtermination of an amount equal to the commitment fee that would have been payable on the amount of such reduction or termination to the Commitment Termination Date, if such reduction or termination had not occurred.

Appears in 1 contract

Samples: Credit Agreement (Russell Frank Investment Co)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three five Business Days' prior notice to the Administrative Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in an aggregate Commitments by a minimum amount of $10,000,000 5,000,000 or any a higher integral multiple of $1,000,000 in excess thereof500,000; unless, ------ after giving effect thereto and to any ------ prepayments of Loans made on the effective date thereof, the then-outstanding aggregate principal amount of all Loans (whether Committed Loans or Bid Loans) plus the Loans ---- Effective Amount of all L/C Obligations together would exceed the amount of the combined Commitments 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 reduce the Commitment of each Bank Lender according to its Pro Rata Share. All accrued commitment fees to, but not includingIf the Company terminates the Commitments or reduces the Commitments to zero, the effective date of any reduction or termination of Commitments Company shall be paid pay all accrued and unpaid interest, fees and other amounts payable hereunder on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Earthgrains Co /De/)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three ten (10) Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments and Total Credit Facility 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 Loans made on the effective date thereof, the then-outstanding principal amount of the Loans and the outstanding amount of LC Obligations would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be reinstated or increased. Any reduction of the Commitments shall be applied to each Bank Lender according to its Pro Rata Share. All accrued commitment facility fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Picturetel Corp)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three five Business Days' prior notice to the Agent, terminate the Commitments and this Agreement, or permanently reduce the Commitments, provided that any such permanent reduction shall be in 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 Loans made on the effective date thereof, the sum of the then-outstanding principal amount of the Loans Loans, plus the L/C Facility Commitment would exceed the amount of the combined Commitments 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 according to its Pro Rata Share. All accrued commitment fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination. Upon the termination of the Commitments, this Agreement shall terminate, except for the provisions of Article 3, Section 10.5 and such other provisions hereof which are specified as surviving the payment of the Obligations.

Appears in 1 contract

Samples: Credit Agreement (Specialty Equipment Companies Inc)

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