Changes of Commitments. The Borrower shall have the right to reduce or terminate the amount of unused Commitments for Loans at any time or from time to time; provided, however, that: (a) the Borrower shall give written notice of each such reduction or termination to the Agent as provided in Section 2.08; (b) each partial reduction shall be in an aggregate amount at least equal to $1,000,000, and if greater than $1,000,000, an integral multiple of $500,000; (c) each reduction and termination shall be applied to the Commitments of the Lenders pro rata according to the amounts of their Applicable Revolving Commitment Percentages; provided, however, that in no event shall the Commitments for Loans be partially reduced or terminated pursuant to this Section 2.07 if, as a result thereof, the Commitment for Loans of any Lender would thereby be reduced to an amount less than the sum of all Loans and Letter of Credit Outstandings of such Lender then currently outstanding. The Commitments once reduced or terminated may not be reinstated.
Appears in 4 contracts
Samples: Credit Agreement, Credit Agreement (QC Holdings, Inc.), Credit Agreement (QC Holdings, Inc.)
Changes of Commitments. The Borrower shall have the right to reduce or terminate the amount of unused Commitments for Loans at any time or from time to time; provided, however, that: (a) the Borrower shall give written notice of each such reduction or termination to the Agent as provided in Section 2.082.06; (b) each partial reduction shall be in an aggregate amount at least equal to $1,000,0001,000,000.00, and if greater than $1,000,0001,000,000.00, an integral multiple of $500,000500,000.00; (c) each reduction and termination shall be applied to the Commitments of the Lenders Banks pro rata according to the amounts of their Applicable Revolving Commitment Percentages; provided, however, that in no event shall the Commitments for Loans be partially reduced or terminated pursuant to this Section 2.07 2.05 if, as a result thereof, the Commitment for Loans of any Lender Bank would thereby be reduced to an amount less than the sum of all Loans and Letter of Credit Outstandings of such Lender Bank then currently outstanding. The Commitments once reduced or terminated may not be reinstated.
Appears in 1 contract
Samples: Credit Agreement (QC Holdings, Inc.)
