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

Reduction or Termination of the Commitments. (a) The Company may, upon not less than three Business Days' prior written notice to the Administrative Agent, (i) terminate the Commitments upon payment in full by the Borrowers of all outstanding obligations hereunder or (ii) permanently reduce the amount of the Commitments, by an amount equal to US$10,000,000 or a higher integral multiple of US$1,000,000, to an amount which is not less than the Total Outstandings.

Appears in 2 contracts

Samples: Credit Agreement (Pentair Inc), Long Term Credit Agreement (Pentair Inc)

AutoNDA by SimpleDocs

Reduction or Termination of the Commitments. (a) The Company may, upon not less than three Business Days' prior written notice to the Administrative Agent, (i) terminate the Commitments upon payment in full by the Borrowers Company of all outstanding obligations hereunder or (ii) permanently reduce the amount of the Commitments, by an amount equal to US$10,000,000 or a higher integral multiple of US$1,000,000, to an amount which is not less than the Total Outstandings.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Pentair Inc)

Reduction or Termination of the Commitments. (a) The Company may, upon not less than three two Business Days' ’ prior written notice to the Administrative Agent, (i) terminate the Commitments upon payment in full by the Borrowers of all outstanding obligations hereunder or (ii) permanently reduce the amount of the Commitments, by an amount equal to US$10,000,000 5,000,000 or a higher integral multiple of US$1,000,000, to an amount which is not less than the Total Outstandings.

Appears in 1 contract

Samples: Credit Agreement (Pentair Inc)

AutoNDA by SimpleDocs

Reduction or Termination of the Commitments. (a) The Company may, upon not less than three may from time to time on at least five Business Days' prior written notice to received by the Administrative Agent, Agent (iwhich shall promptly advise each Lender thereof) permanently reduce the amount of the Commitments to an amount not less than the aggregate unpaid principal amount of the Loans. Any such reduction shall be in an amount that is an integral multiple of $1,000,000 and shall be pro rata among the Lenders according to their respective Percentages. The Company may at any time on like notice terminate the Commitments upon payment in full by the Borrowers of all outstanding Loans and all other obligations hereunder or (ii) permanently reduce the amount of the Commitments, by an amount equal to US$10,000,000 or a higher integral multiple of US$1,000,000, to an amount which is not less than the Total OutstandingsCompany hereunder.

Appears in 1 contract

Samples: Credit Agreement (Illinova Corp)

Time is Money Join Law Insider Premium to draft better contracts faster.