Reduction of Total Commitment. (a) The Borrower shall have the right at any time and from time to time upon three (3) Business Days' prior written notice to the Administrative Agent to reduce by $25,000,000 or a greater amount or terminate entirely, the Total Commitment, whereupon each Bank's Commitment shall be reduced pro rata in accordance with such Bank's Commitment Percentage of the amount specified in such notice or, as the case may be, terminated provided that at no time may (i) the Total Commitment be reduced to an amount less than the sum of (A) the Maximum Drawing Amount of all Letters of Credit, and (B) all Loans then outstanding.
Appears in 6 contracts
Samples: Revolving Credit Agreement, Revolving Credit Agreement, Revolving Credit Agreement (Usa Waste Services Inc)
Reduction of Total Commitment. (a) The Borrower shall have the right at any time and from time to time upon three (3) Business Days' ’ prior written notice to the Administrative Agent to reduce by $25,000,000 or a greater amount amount, or terminate entirely, the Total Commitment, whereupon each Bank's ’s Commitment shall be reduced pro rata in accordance with such Bank's ’s Commitment Percentage of the amount specified in such notice or, as the case may be, terminated terminated; provided that at no time may (i) the Total Commitment be reduced to an amount less than the sum of (A) the Maximum Drawing Amount of all Letters of Credit, and (B) all Loans then outstanding.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Waste Management Inc), Revolving Credit Agreement (Waste Management Inc)
Reduction of Total Commitment. (a) The Borrower shall have the right at any time and from time to time upon three (3) Business Days' prior written notice to the Administrative Agent to reduce by $25,000,000 or a greater amount or terminate entirely, the Total Commitment, whereupon each Bank's Commitment shall be reduced pro rata in accordance with such Bank's Commitment Percentage of the amount specified in such notice or, as the case may be, terminated provided that at no time may (i) the Total Commitment be reduced to an amount less than the sum of (A) the Maximum Drawing Amount of all Letters of Credit, and (B) all Revolving Credit Loans then outstanding.
Appears in 2 contracts
Samples: Loan Agreement (Waste Management Holdings Inc), Day Loan Agreement (Waste Management Inc)
Reduction of Total Commitment. (a) The Borrower shall have the right at any time and from time to time upon three (3) Business Days' prior written notice to the Administrative Agent to reduce by $25,000,000 or a greater amount or terminate entirely, the Total Commitment, whereupon each Bank's Commitment shall be reduced pro rata PRO RATA in accordance with such Bank's Commitment Percentage of the amount specified in such notice or, as the case may be, terminated provided PROVIDED that at no time may (i) the Total Commitment be reduced to an amount less than the sum of (A) the Maximum Drawing Amount of all Letters of Credit, and (B) all Loans then outstanding.
Appears in 2 contracts
Samples: Loan Agreement, Revolving Credit Agreement (Waste Management Inc)
Reduction of Total Commitment. (a) The Borrower shall have the right at any time and from time to time upon three (3) Business Days' prior written notice to the Administrative Agent to reduce by $25,000,000 or a greater amount or terminate entirely, the Total Commitment, whereupon each Bank's Commitment shall be reduced pro rata PRO RATA in accordance with such Bank's Commitment Percentage of the amount specified in such notice or, as the case may be, terminated provided PROVIDED that at no time may (i) the Total Commitment be reduced to an amount less than the sum of (A) the Maximum Drawing Amount of all Letters of Credit, and (B) all Revolving Credit Loans then outstanding.
Appears in 1 contract
