Reduction and Termination of the Commitment Sample Clauses

Reduction and Termination of the Commitment. The Borrower may, upon at least three Business Days' prior notice to the Lender, terminate in whole or reduce in part the unused portions of the Commitment without premium or penalty; provided, however, that each partial reduction shall be in the aggregate amount of not less than $10,000,000.
Sample 1Sample 2Sample 3See All (10)
AutoNDA by SimpleDocs
Reduction and Termination of the Commitment. Subject to the Fee Agreement, the Authority may permanently reduce the Commitment in whole or in part upon at least 5 calendar days’ prior written notice to the Bank (a copy of which the Authority shall provide to the Dealer and to the Rating Agencies), which written notice shall identify the Commitment and the Bank Note and specify the amount and the effective date of any such reduction; provided that (i) any partial reduction must be in the amount of $1,000,000, or any integral multiple of $100,000 in excess of such amount and (ii) the amount of the Commitment may not be reduced below an amount equal, as of the date of the proposed permanent reduction in the Commitment, to the sum of (A) the outstanding Advances plus (B) the outstanding principal amount of and interest on the Notes. Upon any reduction in whole or termination of the Commitment pursuant hereto, all outstanding Advances, accrued interest, fees and other obligations of the Authority hereunder, under the Fee Agreement and under the Bank Note shall be promptly paid or repaid in full to the Bank.
Sample 1Sample 2
Reduction and Termination of the Commitment. Subject to the Fee Agreement, and payment of the Termination Fee if required, the Authority may permanently reduce the Commitment in whole or in part upon at least 5 calendar days’ prior written notice to the Bank (a copy of which the Authority shall provide to the Dealer and to the Rating Agencies), which written notice shall identify the Commitment and the Bank Note and specify the amount and the effective date of any such reduction; provided that (i) any partial reduction must be in the amount of $1,000,000, or any integral multiple of $100,000 in excess of such amount and (ii) the amount of the Commitment may not be reduced below an amount equal, as of the date of the proposed permanent reduction in the Commitment, to the sum of (A) the outstanding Advances plus (B) the outstanding principal amount of and interest on the Notes (calculated based on 270 days interest at the Maximum Interest Rate based on a year of 365 days). Upon any reduction in whole or termination of the Commitment pursuant hereto, all outstanding Advances, accrued interest, fees and other obligations of the Authority hereunder, under the Fee Agreement and under the Bank Note shall be promptly paid or repaid in full to the Bank.
Sample 1
Reduction and Termination of the Commitment. PREPAYMENTS 11 6.1 Reduction or Termination of the Commitment 11 6.2
Sample 1

Related to Reduction and Termination of the Commitment

  • Termination and Reduction of the Commitments (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.

  • Optional Reduction and Termination of Commitments (a) Unless previously terminated, all Revolving Commitments, Swingline Commitments and LC Commitments shall terminate on the Revolving Commitment Termination Date.

  • Reductions and Terminations In the event of the reduction, lapse, or termination of a policy or policies reinsured under this Agreement or any other agreement, the Ceding Company will, in order to maintain its full retention, reduce or terminate reinsurance on that life. If there is a reduction on a policy reinsured under this Agreement, the Ceding Company's Retained Share will be adjusted, if necessary, and Reinsured Net Amount at Risk will be recalculated, using the new Specified Amount. If the reduction is on a policy not reinsured under this Agreement, the reinsurance reduction will apply first to the policy or policies being reduced and then, on a chronological basis, to other reinsured policies on the life, beginning with the oldest policy. As a result of such reductions, to the extent necessary, the Ceding Company will recalculate the full available retention defined in Exhibit A for each policy reinsured under this Agreement and recalculate Ceding Company's Retained Share and Reinsured Net Amount at Risk for the policy. Reductions in reinsurance under this provision shall be proportionate to the Reinsurer's share of the total amount of reinsurance on the policy.

  • Termination or Reduction of the Commitments (a) The Borrower shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or reduce ratably in part the Available Commitments, provided that (i) each partial reduction shall be in a minimum amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof and (ii) no such termination or reduction shall be made that would reduce the aggregate Commitments to an amount less than the Outstanding Credits on the date of such termination or reduction.

  • Termination and Reduction of Commitments (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.

  • Term, Duration and Termination This Agreement shall become effective with respect to each Fund as of the date first written above (the "Effective Date") (or, if a particular Fund is not in existence on such date, on the earlier of the date an amendment to Schedule A to this Agreement relating to that Fund is executed or the Distributor begins providing services under this Agreement with respect to such Fund) and, unless sooner terminated as provided herein, shall continue for a two year period following the Effective Date. Thereafter, if not terminated, this Agreement shall continue with respect to a particular Fund automatically for successive one-year terms, provided that such continuance is specifically approved at least annually (a) by the vote of a majority of those members of the Trust's Board of Trustees who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting for the purpose of voting on such approval and (b) by the vote of the Trust's Board of Trustees or the vote of a majority of the outstanding voting securities of such Fund. This Agreement is terminable without penalty with sixty days' prior written notice, by the Trust's Board of Trustees, by vote of a majority of the outstanding voting securities of the Trust, or by the Distributor. This Agreement will also terminate automatically in the event of its assignment. (As used in this Agreement, the terms "majority of the outstanding voting securities," "interested persons" and "

  • Optional Termination or Reduction of the Commitments (a) The Borrower shall have the right, upon at least three Business Days’ notice to the Agent, to terminate in whole or permanently reduce ratably in part the Unused Commitments or the Unissued Letter of Credit Commitments, provided that each partial reduction shall be in the aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof.

  • Reduction of the Commitments (a) The Borrower shall have the right, upon at least five Business Days’ irrevocable notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portion of the Commitments; provided that each partial reduction shall be in the aggregate amount of $1,000,000 or in integral multiples of $1,000,000 in excess thereof.

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