Common use of Changes of Commitments Clause in Contracts

Changes of Commitments. (a) At any time, Borrower shall have the right, without premium or penalty, to terminate the unused Loan Commitments, in whole or in part, from time to time, provided that: (1) Borrower shall give notice of each such termination to Administrative Agent, specifying the amount of the termination, no later then 10:00 a.m. (Pittsburgh time) on the date which is fifteen (15) days prior to the effectiveness of such termination; (2) the Loan Commitments of each of the Banks must be terminated ratably and simultaneously with those of the other Banks; and (3) each partial termination of the Loan Commitments as a whole (and corresponding reduction of the Total Loan Commitment) shall be in an integral multiple of One Million Dollars ($1,000,000). (b) The Loan Commitments, to the extent terminated, may not be reinstated.

Appears in 2 contracts

Sources: Loan Agreement (Taubman Centers Inc), Loan Agreement (Taubman Realty Group LTD Partnership)

Changes of Commitments. (a) At any time, Borrower shall have the right, without premium or penalty, to terminate the unused Loan Commitments, in whole or in part, from time to time, provided that: (1) Borrower shall give notice of each such termination to the Administrative Agent, specifying the amount of the termination, no later then 10:00 a.m. (Pittsburgh New York time) on the date which is fifteen (15) days prior to the effectiveness of such termination; (2) the Loan Commitments of each of the Banks must be terminated ratably and simultaneously with those of the other Banks; and (3) each partial termination of the Loan Commitments as a whole (and corresponding reduction of the Total Loan Commitment) shall be in an integral multiple of One Million Dollars ($1,000,000). (b) The Loan Commitments, to the extent terminated, may not be reinstated.

Appears in 2 contracts

Sources: Revolving Loan Agreement (Taubman Centers Inc), Revolving Loan Agreement (Taubman Realty Group LTD Partnership)

Changes of Commitments. (a) At any time, Borrower shall have the right, without premium or penalty, to terminate the any unused Loan CommitmentsCommitments existing as of the date of such termination, in whole or in part, from time to time, provided that: : (1) Borrower shall give notice of each such termination to Administrative Agent, specifying the amount of the termination, Agent no later then 10:00 a.m. (Pittsburgh New York time) on the date which is fifteen (15) days Banking Days prior to the effectiveness of such termination; ; (2) the Loan Commitments of each of the Banks must be terminated ratably and simultaneously with those of the other Banks; and (3) each partial termination of the Loan Commitments as a whole (and corresponding reduction of the Total Loan Commitment) shall be in an integral multiple of One Million Dollars ($1,000,000). (b) The Loan Commitments, to the extent terminated, may not be reinstated.

Appears in 1 contract

Sources: Revolving Credit Agreement (Price Enterprises Inc)

Changes of Commitments. (a) At any time, Borrower shall have the right, without premium or penalty, to terminate the any unused Loan CommitmentsCommitments existing as of the date of such termination, in whole or in part, from time to time, provided that:, (1) Borrower shall give notice of each such termination to Administrative Agent, specifying the amount of the termination, Agent no later then 10:00 a.m. (Pittsburgh New York time) on the date which is fifteen (15) days Banking Days prior to the effectiveness of such termination; ; (2) the Loan Commitments of each of the Banks must be terminated ratably and simultaneously with those of the other Banks; and (3) each partial termination of the Loan Commitments as a whole (and corresponding reduction of the Total Loan Commitment) shall be in an integral multiple of One Million Dollars ($1,000,000). (b) The Loan Commitments, to the extent terminated, may not be reinstated.

Appears in 1 contract

Sources: Revolving Credit Agreement (Vornado Realty Lp)