Common use of Voluntary Reduction of Revolving Credit Commitments Clause in Contracts

Voluntary Reduction of Revolving Credit Commitments. The Borrower shall have the right, upon not less than three (3) Business Days’ written irrevocable notice to the Agent provided no later than 11:00 a.m. on the date such notice is provided, to terminate the Revolving Credit Commitments or, from time to time, to reduce the amount of the Revolving Credit Commitments, which notice shall specify the date and amount of any such reduction and otherwise be substantially in the form of Exhibit 5.4.4 (a “Commitment Reduction Notice”). Any such reduction shall be in a minimum amount equal to $5,000,000.00 or in integral multiples of $1,000,000.00 thereabove, provided, that the Revolving Credit Commitments may not be reduced below the aggregate principal amount of all Dollar Equivalent Revolving Facility Usage. Each reduction of Revolving Credit Commitments shall ratably reduce the Revolving Credit Commitments of the Lenders.

Appears in 2 contracts

Samples: Credit Agreement (Covance Inc), Credit Agreement (Covance Inc)

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Voluntary Reduction of Revolving Credit Commitments. The Borrower shall have the right, upon not less than three (3) Business Days’ written irrevocable notice to the Agent provided no later than 11:00 a.m. on the date such notice is provided, to terminate the Revolving Credit Commitments or, from time to time, to reduce the amount of the Revolving Credit Commitments, which notice shall specify the date and amount of any such reduction and otherwise be substantially in the form of Exhibit 5.4.4 4.5.4 (a “Commitment Reduction Notice”). Any such reduction shall be in a minimum amount equal to $5,000,000.00 or in integral multiples of $1,000,000.00 thereabove, provided, that the Revolving Credit Commitments may not be reduced below the aggregate principal amount of all Dollar Equivalent Revolving Facility Usage. Each reduction of Revolving Credit Commitments shall ratably reduce the Revolving Credit Commitments of the Lenders.

Appears in 2 contracts

Samples: Credit Agreement (Covance Inc), Credit Agreement (Covance Inc)

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Voluntary Reduction of Revolving Credit Commitments. The Borrower shall have the right, upon not less than three (3) Business Days' written irrevocable notice to the Agent provided no later than 11:00 a.m. on the date such notice is provided, to terminate the Revolving Credit Commitments or, from time to time, to reduce the amount of the Revolving Credit Commitments, which notice shall specify the date and amount of any such reduction and otherwise be substantially in the form of Exhibit EXHIBIT 5.4.4 (a "Commitment Reduction Notice"). Any such reduction shall be in a minimum amount equal to $5,000,000.00 1,000,000 or in an integral multiples of $1,000,000.00 thereabovemultiple thereof, provided, that the Revolving Credit Commitments may not be reduced below the aggregate principal amount of all Dollar Equivalent Revolving Facility Usage. Each reduction of Revolving Credit Commitments shall ratably reduce the Revolving Credit Commitments of the LendersBanks.

Appears in 1 contract

Samples: Credit Agreement (Covance Inc)

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