Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrower may reduce the Revolver Commitments to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances not yet made as to which a request has been given by Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $1,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $1,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent and shall be irrevocable. Once reduced pursuant to this Section 2.4(c), the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its Pro Rata Share thereof.
Appears in 2 contracts
Sources: Credit Agreement (Stanadyne Holdings, Inc.), Exim Guarantied Credit Agreement (Stanadyne Holdings, Inc.)
Reduction of Commitments. The Revolver Commitments shall terminate on the earlier of the Maturity Date or the Required Prepayment Date. Borrower With not less than 5 Business Days written notice to Agent, Borrowers may reduce the Revolver Commitments Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances Revolving Loans not yet made as to which a request has been given by Borrower Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $1,000,000 20,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $1,000,00020,000,000), shall be made by providing not less than 10 5 Business Days prior written notice to Agent Agent, and shall be irrevocable. Once reduced pursuant to this Section 2.4(c)reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its Pro Rata Share ratable share thereof.
Appears in 2 contracts
Sources: Debtor in Possession Credit Agreement (School Specialty Inc), Debtor in Possession Credit Agreement (School Specialty Inc)
Reduction of Commitments. (i) The Revolver Commitments Total Revolving Credit Commitment shall terminate on the Revolving Maturity Date. Borrower shall pay, on the Revolving Maturity Date, any Applicable Prepayment Premium in connection with such reduction of the Total Revolving Credit Commitment.
(ii) The Borrower may reduce the Revolver Commitments Total Revolving Credit Commitment to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as aggregate unpaid principal amount of such dateall Revolving Loans then outstanding, plus and (B) the aggregate principal amount of all Advances Revolving Loans not yet made as to which a request Notice of Borrowing has been given by the Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower pursuant to Section 2.11(a)2.03. Each such reduction shall be in an amount which is not less than an integral multiple of $1,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments Total Revolving Credit Commitment in effect immediately prior to such reduction are is less than $1,000,000), shall be made by providing not less than 10 5 Business Days prior written notice to Agent the Administrative Agent, shall be irrevocable and shall be irrevocableaccompanied by the payment of the Applicable Prepayment Premium. Once reduced pursuant to this Section 2.4(c)reduced, the Revolver Commitments Total Revolving Credit Commitment may not be increased. Each such reduction of the Revolver Commitments Total Revolving Credit Commitment shall reduce the Revolver Commitments Revolving Credit Commitment of each Lender proportionately in accordance with its Revolving Pro Rata Share thereof.
(iii) The Total Term Commitments shall be automatically and permanently reduced to zero on the date the Term Loans are made.
Appears in 1 contract
Sources: Credit Agreement (Progressive Gaming International Corp)
Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrower Borrowers may reduce the Revolver Commitments Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances Revolving Loans not yet made as to which a request has been given by Borrower Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $1,000,000 20,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $1,000,00020,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent Agent, and shall be irrevocable. Once reduced pursuant to this Section 2.4(c)reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its Pro Rata Share ratable share thereof.
Appears in 1 contract
Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrower Borrowers may reduce the Revolver Commitments Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances not yet made as to which a request has been given by Borrower Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $1,000,000 10,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $1,000,000100,000,000), shall be made by providing not less than 10 5 Business Days prior written notice to Agent and shall be irrevocableirrevocable (provided that notice of termination of all Commitments made in accordance with Section 3.5 shall be permitted to be rescinded to the extent provided in Section 3.5). Once reduced pursuant to this Section 2.4(c)reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its Pro Rata Share thereof.
Appears in 1 contract
Sources: Credit Agreement (Stock Building Supply Holdings, Inc.)
Reduction of Commitments. (i) The Revolver Commitments shall terminate on the Maturity Date. Borrower Borrowers may reduce the Revolver Commitments Commitments, without premium or penalty, other than any payments required pursuant to Section 2.12(b)(ii), to an amount (which may be zero) (A) not less than the sum of (Ax) the Revolver Usage as of such date, plus (By) the principal amount of all Advances not yet made as to which a request has been given by Borrower Borrowers under Section 2.3(a), plus (Cz) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower Borrowers pursuant to Section 2.11(a), (B) that would not cause the Fixed Asset Availability to equal or exceed 30% of the Maximum Revolver Amount after giving effect to such reduction, and (C) that would not cause WFCF's Pro Rata Share of the Maximum Revolver Amount to be less than $30,000,000 or if WFCF has assigned all or any portion of its Revolver Commitment after the Closing Date, an amount equal to $30,000,000 minus such assigned amounts). Each such reduction shall be in an amount which is not less than $1,000,000 5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $1,000,0005,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent and shall be irrevocable. Once reduced pursuant to this Section 2.4(c)reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its Pro Rata Share thereof.
Appears in 1 contract
Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrower Borrowers may reduce the Revolver Commitments to an amount (which may be zero) not less than the greater of (1) $40,000,000 (unless the Commitments are being reduced to zero and this Agreement is being terminated in accordance with the terms hereof), and (2) the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances Revolving Loans not yet made as to which a request has been given by Borrower Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $1,000,000 5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $1,000,0005,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent together with payment of the Applicable Prepayment Premium, if applicable, and shall be irrevocable. Once reduced pursuant to this Section 2.4(c)reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its Pro Rata Share ratable share thereof.
Appears in 1 contract
Reduction of Commitments. (a) The Revolver Commitments shall terminate on the Maturity Date. Borrower Borrowers may reduce the Revolver Commitments Commitments, subject to payment of the Prepayment Premium, if applicable, in accordance with Section 4.04, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances Revolving Loans not yet made as to which a request has been given by a Borrower under Section 2.3(a2.02(a). Notwithstanding the foregoing, plus (C) the amount of all Letters of Credit Borrowers may not yet issued as to which a request has been given by Borrower pursuant to Section 2.11(a)terminate the Revolving Commitments unless the Term Loans and other Obligations are concurrently paid in full in cash. Each such reduction shall be in an aggregate amount which is not less than of $5,000,000 or any whole multiple of $1,000,000 in excess thereof (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $1,000,0005,000,000), shall be made by providing not less than 10 ten (10) Business Days prior written notice to Agent Revolving Agent, and shall be irrevocable. Once reduced pursuant to this Section 2.4(c)reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Revolving Lender proportionately in accordance with its Pro Rata Share ratable share thereof. All Unused Line Fees payable pursuant to Section 4.01(b) accrued until the effective date of any termination of the Revolver Commitments will be paid on the effective date of such termination with respect to the Revolver Commitments so terminated.
Appears in 1 contract
Reduction of Commitments. (i) Revolving Credit Commitments. The Revolver Commitments Total Revolving Credit Commitment shall terminate on the Final Maturity Date. Borrower The Borrowers may reduce the Revolver Commitments Total Revolving Credit Commitment to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as aggregate unpaid principal amount of such dateall Revolving Loans then outstanding, plus (B) the aggregate principal amount of all Advances Revolving Loans not yet made as to which a request Notice of Borrowing has been given by the Administrative Borrower under Section 2.3(a)2.02, plus (C) the Letter of Credit Obligations at such time and (D) the stated amount of all Letters of Credit not yet issued as to which a request has been given by Borrower pursuant to Section 2.11(a)made and not withdrawn. Each such reduction (w) shall be in an amount which is not less than an integral multiple of $1,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments Total Revolving Credit Commitment in effect immediately prior to such reduction are is less than $1,000,000), (x) shall be made by providing not less than 10 five (5) Business Days Days' prior written notice to the Administrative Agent and (y) shall be irrevocable. Once reduced pursuant to this Section 2.4(c)reduced, the Revolver Commitments Total Revolving Credit Commitment may not be increased. Each such reduction of the Revolver Commitments Total Revolving Credit Commitment shall reduce the Revolver Commitments Revolving Credit Commitment of each Lender proportionately in accordance with its Pro Rata Share thereof.
Appears in 1 contract
Sources: Financing Agreement (Aaipharma Inc)
Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date(a) Optional Reduction ofRevolving Commitments. Borrower may may, at any time prior to the Revolving Availability Termination Date, reduce the Revolver Revolving Commitments to an amount (which may be zero) not less than the sum of (Ai) the Revolver Usage as of such date, plus (B) the aggregate unpaid principal amount of all Revolving Advances then outstanding (after taking into account any payment of principal amount of Revolving Advances made in connection with such reduction of Revolving Commitments) and (ii) the aggregate principal amount of all Revolving Advances not yet made as to which a request notice has been given by Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower pursuant to Section 2.11(a). Each such reduction shall be (A) in an amount which is not less than an integral multiple of One Million Dollars ($1,000,000 1,000,000) (unless or by the Revolver Commitments are being reduced to zero and the full amount of the Revolver Revolving Commitments in effect immediately prior to such reduction are if such amount at that time is less than One Million Dollars ($1,000,000)), shall be (B) made by providing not less than 10 five (5) Business Days Days’ prior written notice to Agent the Administrative Agent, (C) irrevocable and shall be irrevocable(D) accompanied by the payment of the Applicable Premium payable in connection with such reduction of the Revolving Commitments. Once reduced pursuant to this Section 2.4(c)reduced, the Revolver Revolving Commitments may not be increased. Each such reduction of The Total Revolving Commitment shall terminate at 12:00 a.m. (New York City time) on the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its Pro Rata Share thereofRevolving Availability Termination Date.
Appears in 1 contract
Sources: Loan and Guaranty Agreement (Safeguard Scientifics Inc)
Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrower may reduce the Revolver Commitments Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances not yet made as to which a request has been given by Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $1,000,000 5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $1,000,0005,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent Agent, and shall be irrevocable. Once Unless the Revolver Commitments are being reduced to zero, in no event shall the Revolver Commitments be reduced pursuant to this Section 2.4(c)) to be less than $35,000,000. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its Pro Rata Share ratable share thereof.
Appears in 1 contract
Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrower may reduce the Revolver Commitments Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances not yet made as to which a request has been given by Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $1,000,000 5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $1,000,0005,000,000), shall be made by providing not less than 10 2 Business Days prior written notice to Agent and shall be irrevocable. Once reduced pursuant to this Section 2.4(c)reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its Pro Rata Share ratable share thereof.
Appears in 1 contract
Reduction of Commitments. (i) The Revolver Commitments shall terminate on the Maturity Date. Borrower Borrowers may reduce the Revolver Commitments Commitments, without premium or penalty, other than any payments required pursuant to Section 2.12(b)(ii), to an amount (which may be zero) (A) not less than the sum of (Ax) the Revolver Usage as of such date, plus (By) the principal amount of all Advances not yet made as to which a request has been given by Borrower Borrowers under Section 2.3(a), plus (Cz) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower Borrowers pursuant to Section 2.11(a), and (B) that would not cause WFCF's Pro Rata Share of the Maximum Revolver Amount to be less than $30,000,000 or if WFCF has assigned all or any portion of its Revolver Commitment after the Closing Date, an amount equal to $30,000,000 minus such assigned amounts. Each such reduction shall be in an amount which is not less than $1,000,000 5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $1,000,0005,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent and shall be irrevocable. Once reduced pursuant to this Section 2.4(c)reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its Pro Rata Share thereof.
Appears in 1 contract
Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrower Borrowers may reduce the Revolver Commitments Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances Revolving Loans not yet made as to which a request has been given made by Borrower under Borrowers pursuant to Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given made by Borrower Borrowers pursuant to Section 2.11(a); provided that the Maximum Revolver Amount shall not be voluntarily reduced to an amount that is less than $100,000,000. Each such reduction shall be in an amount which is not less than $1,000,000 10,000,000 and in integral multiples of $5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $1,000,00010,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent Agent, and shall be irrevocable. Once reduced pursuant to this Section 2.4(c)reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Revolving Lender proportionately in accordance with its Pro Rata Share ratable share thereof.
Appears in 1 contract