Revolving Credit Commitment Terminations Clause Samples

Revolving Credit Commitment Terminations. (a) The Company shall have the right at any time and from time to time, upon three (3) Business Days prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent), to terminate the Revolving Credit Commitments without premium or penalty and in whole or in part, any partial termination to be (i) in an amount not less than $5,000,000 and in integral multiples of $1,000,000 and (ii) allocated ratably among the Lenders in proportion to their respective Percentages, provided that the Revolving Credit Commitments may not be reduced to an amount less than the sum of the Original Dollar Amount of Revolving Loans, Swing Loans, and L/C Obligations then outstanding. Any termination of the Revolving Credit Commitments below the L/C Sublimit, Swing Line Sublimit or other sublimit applicable to a particular Borrower as provided in Section 1.1 hereof then in effect shall reduce the L/C Sublimit, Swing Line Sublimit or such other sublimit, as applicable, by a like amount. The Administrative Agent shall give prompt notice to each Lender of any such termination of the Revolving Credit Commitments. (b) Any termination of the Revolving Credit Commitments pursuant to this Section 1.12 may not be reinstated.

Revolving Credit Commitment Terminations. The Borrower shall have the right at any time and from time to time, upon five (5) Business Days’ prior written notice to the Lender, to terminate the Revolving Credit Commitment without premium or penalty, in whole or in part, any partial termination to be in an amount not less than $2,000,000 and integral multiples of $1,000,000 in excess thereof, provided that the Revolving Credit Commitment may not be reduced to an amount less than the sum of the amount of all Loans then outstanding. Any termination of Revolving Credit Commitment pursuant to this Section 2.12 may not be reinstated.

Revolving Credit Commitment Terminations. (a) The Borrower shall have the right at any time and from time to time, upon 30 days’ prior written notice to the Administrative Agent (which notice shall be irrevocable), to terminate the Revolving Credit Commitments. The Administrative Agent shall give prompt notice to each Lender of any such termination of the Revolving Credit Commitments. If the Borrower wishes to terminate the Revolving Credit Commitments, the Borrower shall prepay the Obligations in full on the date fixed for such termination, together with any amounts due the Lenders under Sections 1.12 and 2.1(c) hereof and the Borrower shall either cause all Letters of Credit to be returned for cancellation or provide the Administrative Agent with standby letters of credit in form satisfactory to the Administrative Agent (in the face amount of 105% of the applicable L/C Obligations) or cash collateral for existing Letters of Credit (in the amount of 105% of the applicable L/C Obligations). (b) Any termination of the Revolving Credit Commitments pursuant to this Section 1.13 may not be reinstated.

Revolving Credit Commitment Terminations