Example ContractsClausesTermination or Reduction of Revolving Credit Commitments
Termination or Reduction of Revolving Credit Commitments
Termination or Reduction of Revolving Credit Commitments contract clause examples
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SECTION # Termination and Reduction of Commitments. (a) Unless previously terminated, all Revolving Commitments shall terminate on the Revolving Credit Maturity Date.

SECTION # Termination or Reduction of Revolving Credit Commitments. The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving Credit Commitments or, from time to time, to reduce the amount of the Revolving Credit Commitments (it being understood and agreed that any such notice may be conditioned on the occurrence of a transaction and, if such condition is not satisfied on or prior to the date of such termination or reduction, may be revoked by the Borrower in a written notice to the Administrative Agent); provided that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Credit Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Credit Commitments. Any partial reduction shall be in an amount equal to $1,000,000, or a whole multiple of $1,000,000 in excess thereof, and shall reduce permanently the Revolving Credit Commitments then in effect.

Application of Commitment Reductions; Payment of Fees. The Administrative Agent will promptly notify the of any termination or reduction of the unused portions of the Letter of Credit Sublimit, the unused Revolving Credit Commitments or the unused Term Loan Commitments under this [Section 2.06]. Upon any reduction of unused Revolving Credit Commitments or unused Term Loan Commitments, the Revolving Credit Commitments or Term Loan Commitments, as applicable, of each shall be reduced by such ’s Pro Rata Share of the amount by which the applicable Facility is reduced. Optional reductions of the unused Revolving Credit Commitments shall be made on a pro rata basis among the outstanding Tranches of Revolving Credit Commitments. All Commitment Fees accrued until the effective date of any termination of the Total Revolving Credit Commitments shall be paid on the effective date of such termination.

Extension of Revolving Credit Commitments. The Borrower may at any time and from time to time, in its sole discretion, request that all or a portion of the Revolving Credit Commitments or Incremental Revolving Credit Commitments of a given Class (or series or tranche thereof) (each, an “Existing Revolver Tranche”) be amended to extend the Maturity Date with respect to all or a portion of any principal amount of such Revolving Credit Commitments or Incremental Revolving Credit Commitments (any such Revolving Credit Commitments or Incremental Revolving Credit Commitments which have been so amended, “Extending Revolving Credit Commitments”) and to provide for other terms consistent with this ‎Section 2.16. In order to establish any Extending Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the under the applicable Existing Revolver Tranche) (each, a “Revolver Extension Request”) setting forth the proposed terms of the Extending Revolving Credit Commitments to be established, which shall # be identical as offered to each Lender under such Existing Revolver Tranche (including as to the proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Revolver Tranche and # be identical to the Revolving Credit Commitments under the Existing Revolver Tranche from which such Extending Revolving Credit Commitments are to be amended, except that: # the Maturity Date of the Extending Revolving Credit Commitments may be delayed to a later date than the Maturity Date of the Revolving Credit Commitments of such Existing Revolver Tranche, to the extent provided in the applicable Extension Amendment; # the Effective Yield with respect to extensions of credit under the Extending Revolving Credit Commitments (whether in the form of interest rate margin, upfront fees, commitment fees, OID or otherwise) may be different than the Effective Yield for extensions of credit under the Revolving Credit Commitments of such Existing Revolver Tranche, in each case, to the extent provided in the applicable Extension Amendment; # the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extending Revolving Credit Commitments); and # all borrowings under the applicable Revolving Credit Commitments (i.e., the Existing Revolver Tranche and the Extending Revolving Credit Commitments of the applicable Revolver Extension Series) and repayments thereunder shall be made on a pro rata basis (except for # payments of interest and fees at different rates on Extending Revolving Credit Commitments (and related outstandings) and # repayments required upon the Maturity Date of the non-extending Revolving Credit Commitments); provided, further, that # in no event shall the final maturity date of any Extending Revolving Credit Commitments of a given Revolver Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Revolving Credit Commitments hereunder, # [reserved], and # all documentation in respect of such Extension Amendment shall be consistent with the foregoing. Any Extending Revolving Credit Commitments amended pursuant to any Revolver Extension Request shall be designated a series (each, a “Revolver Extension Series”) of Extending Revolving Credit Commitments for all purposes of this Agreement; provided that any Extending Revolving Credit Commitments amended from an Existing Revolver Tranche may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Revolver Extension Series with respect to such Existing Revolver Tranche. Each Revolver Extension Series of Extending Revolving Credit Commitments incurred under this ‎Section 2.16 shall be in an aggregate principal amount that is not less than $5,000,000.

Subject to the terms and conditions set forth herein, each of the Lenders party to this Amendment (which collectively constitute the Required Lenders under the Credit Agreement) hereby consents to the amendments set forth herein and to the increase of the Revolving Credit Commitments as set forth herein.

The Borrowers may at any time terminate, or from time to time reduce, the Revolving Commitments, provided that # the Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment or repayment of the Revolving Loans in accordance with [Section 2.6], the sum of the Revolving Exposures of all Lenders would exceed the aggregate Revolving Commitments, and # each such reduction of the Revolving Commitments shall be in an amount that is not less than an integral multiple of $1,000,000.00. If at any time, as a result of such a partial reduction or termination as provided in [Section 2.4(a)] or [Section 2.4(b)], the Revolving Exposure of all Lenders would exceed the aggregate Revolving Commitments, then the Borrowers shall on the date of such reduction or termination of Revolving Commitments, jointly and severally, repay or prepay Borrowings and/or Cash Collateralize Letters of Credit in an aggregate amount equal to such excess.

1.05Termination or Reduction of Revolving Credit Commitments; Increases of Facilities.

The may, upon at least three (3) Business Days’ prior notice to the [[Administrative Agent:Organization]], terminate in whole or reduce in part ratably the unused portions of any Class of Revolving Credit Commitments of the Revolving Credit Lenders without premium or penalty other than any amount required to be paid by the pursuant to Section 3.5; provided, however, that each partial reduction shall be in an aggregate amount of not less than $1,000,000 or an integral multiple of $500,000 in excess thereof provided, further, that no reduction or termination of the Revolving Credit Commitments having a later maturity shall be permitted on a greater than pro rata basis with commitments having an earlier maturity. Except as set forth in the following sentence, each such notice of reduction or termination shall be irrevocable when given. Notwithstanding the foregoing, the may rescind or postpone any notice of termination of the Revolving Credit Commitments if such termination would have resulted from a refinancing of all of the applicable Revolving Facility, which refinancing shall not be consummated or otherwise shall be delayed. The FILO Commitments shall terminate on the Third Amendment Effective Date upon the Borrowing of FILO Loans pursuant to [Section 2.1(d)].

If after giving effect to any reduction or termination of Revolving Commitments under this Section 2.08, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Revolving Commitments at such time, the Letter of Credit Sublimit or the Swing Line Sublimit, as the case may be, shall be automatically reduced by the amount of such excess.

Voluntary Reduction of Commitments. (on behalf of itself and the Subsidiary Borrower) may permanently reduce the Aggregate Revolving Loan Commitment in whole, or in part ratably among the Revolving Loan Lenders of such Class, in an aggregate minimum amount of $5,000,000 with respect thereto and integral multiples of $2,500,000 in excess of that amount with respect thereto (unless the Revolving Loan Commitments of a Class are reduced in whole), upon at least three (3) Business Days’ prior written notice to the Administrative Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the total Revolving Loan Commitments of any Class may not be reduced below the Dollar Amount of the Revolving Credit Obligations of such Class. All accrued commitment fees in respect of such Class shall be payable on the effective date of any termination of the obligations of any Revolving Loan Lenders of such Class to make Revolving Loans of such Class hereunder.

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