Common use of Reduction of the Revolving Commitment Clause in Contracts

Reduction of the Revolving Commitment. The Borrower shall have the ------------------------------------- right, upon at least two Business Days' notice to the Bank, to terminate in whole or reduce in part the unused portion of the Revolving Commitment, without premium or penalty, provided that each partial reduction shall be in the aggregate amount of $100,000 or an integral multiple thereof and that such reduction shall not reduce the Revolving Commitment to an amount less than the amount outstanding hereunder on the effective date of the reduction. Such notice shall be irrevocable and such reduction shall not be reinstated.

Appears in 5 contracts

Samples: Credit Agreement (Southwest Water Co), Credit Agreement (Southwest Water Co), Credit Agreement (Southwest Water Co)

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Reduction of the Revolving Commitment. The Borrower shall have the ------------------------------------- right, upon at least two Business Days' ’ notice to the Bank, to terminate in whole or reduce in part the unused portion of the Revolving Commitment, without premium or penalty, provided that each partial reduction shall be in the aggregate amount of $100,000 or an integral multiple thereof and that such reduction shall not reduce the Revolving Commitment to an amount less than the amount outstanding hereunder on the effective date of the reduction. Such notice shall be irrevocable and such reduction shall not be reinstated.

Appears in 4 contracts

Samples: Credit Agreement (Southwest Water Co), Credit Agreement (Southwest Water Co), Credit Agreement (Southwest Water Co)

Reduction of the Revolving Commitment. The Borrower shall have ------------------------------------- the ------------------------------------- right, upon at least two Business Days' notice to the Bank, to terminate in whole or reduce in part the unused portion of the Revolving Commitment, without premium or penalty, provided that each partial reduction shall be in the aggregate amount of $100,000 or an integral multiple thereof and that such reduction shall not reduce the Revolving Commitment to an amount less than the amount outstanding hereunder on the effective date of the reduction. Such notice shall be irrevocable and such reduction shall not be reinstated.

Appears in 2 contracts

Samples: Credit Agreement (Southwest Water Co), Credit Agreement (Southwest Water Co)

Reduction of the Revolving Commitment. The Borrower shall have the ------------------------------------- right, upon at least two Business Days' notice to the Bank, to terminate in whole or reduce in part the unused portion of the Revolving Commitment, without premium or penalty, provided that each partial reduction shall be in the aggregate amount of One Hundred Thousand Dollars ($100,000 100,000) or an integral multiple thereof and that such reduction shall not reduce the Revolving Commitment to an amount less than the amount outstanding hereunder on the effective date of the reduction. Such notice shall be irrevocable and the amount of such reduction shall not be reinstated.

Appears in 2 contracts

Samples: Credit Agreement (Elite Information Group Inc), Credit Agreement (Elite Information Group Inc)

Reduction of the Revolving Commitment. The Borrower shall have ------------------------------------- the ------------------------------------- right, upon at least two Business Days' notice to the Bank, to terminate in whole or reduce permanently in part the unused portion of the Revolving Commitment, without premium or penalty, provided that each partial reduction shall be in the aggregate amount of One Million Dollars ($100,000 1,000,000) or an integral multiple thereof and that such reduction shall not reduce the Revolving Commitment to an amount less than the amount outstanding hereunder on the effective date of the reduction. Such notice shall be irrevocable and such reduction shall not be reinstated.

Appears in 1 contract

Samples: Credit Agreement (Keystone Automotive Industries Inc)

Reduction of the Revolving Commitment. The Borrower shall have the ------------------------------------- right, upon at least two (2) Business Days' notice to the BankAgent, to terminate in whole or reduce in part the unused portion of the Revolving Commitment, without premium or penalty, provided that each partial reduction shall be in the aggregate amount of $100,000 1,000,000 or an integral multiple of $100,000 in excess thereof and that such reduction shall not reduce the Revolving Commitment to an amount less than the amount of Revolving Loans outstanding hereunder on the effective date of the reduction. Such notice shall be irrevocable and such reduction shall not be reinstated.

Appears in 1 contract

Samples: Credit Agreement (Phase Metrics Inc)

Reduction of the Revolving Commitment. The Borrower shall have the ------------------------------------- right, upon at least two Business Days' notice to the BankAgent, to terminate in whole or reduce permanently in part the unused portion of the Revolving Commitment, without premium or penalty, provided that each partial reduction shall be in the aggregate amount of $100,000 or an integral multiple thereof and that such reduction shall not reduce the Revolving Commitment to an amount less than the amount outstanding hereunder on the effective date of the reduction. Such notice shall be irrevocable and such reduction shall not be reinstated. Upon the effectiveness of such reduction in the Revolving Commitment, each Lender's Commitment shall be reduced ratably.

Appears in 1 contract

Samples: Credit and Security Agreement (Sm&a Corp)

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Reduction of the Revolving Commitment. The Borrower shall have the ------------------------------------- right, upon at least two (2) Business Days' notice to the BankLender, to terminate in whole or reduce in part the unused portion of the Revolving Commitment, without premium or penalty, provided that each partial reduction shall be in the aggregate amount of $100,000 or an integral multiple thereof and PROVIDED that such reduction shall not reduce the Revolving Commitment to an amount less than the amount outstanding hereunder on the effective date of the reduction. Such notice shall be irrevocable and such reduction shall not be reinstated.

Appears in 1 contract

Samples: Credit Agreement (Ditech Corp)

Reduction of the Revolving Commitment. The Borrower shall have the ------------------------------------- right, upon at least two (2) Business Days' notice to the BankLender, to terminate in whole or reduce in part the unused portion of the Revolving Commitment, without premium or penalty, provided that each partial reduction shall be in the aggregate amount of $100,000 or an integral multiple thereof 20,000 and that such reduction shall not reduce the Revolving Commitment to an amount less than the amount outstanding hereunder on the effective date of the reduction. Such notice shall be irrevocable and such reduction shall not be reinstated.

Appears in 1 contract

Samples: Credit Agreement (Safetytek Corp)

Reduction of the Revolving Commitment. The Borrower shall have the ------------------------------------- right, upon at least two 2 Business Days' Days prior written notice to the Bank, to terminate in whole or reduce in part the unused portion of the Revolving Commitment, without premium or penalty, provided that each partial reduction shall be in the aggregate amount of $100,000 5,000,000 or an integral multiple thereof and that such reduction shall not reduce the Revolving Commitment to an amount less than the amount of the Revolving Loans outstanding hereunder on the effective date of the reduction. Such notice shall be irrevocable and such reduction shall not be reinstated.

Appears in 1 contract

Samples: Credit Agreement (Watson Pharmaceuticals Inc)

Reduction of the Revolving Commitment. The Borrower shall have the ------------------------------------- ----------------------------------------- right, upon at least two 2 Business Days' Days prior written notice to the Bank, to terminate in whole or reduce in part the unused portion of the Revolving Commitment, without premium or penalty, provided that each partial reduction shall be in the aggregate amount of $100,000 3,000,000 or an integral multiple thereof and that such reduction shall not reduce the Revolving Commitment to an amount less than the amount of the Revolving Loans and all L/Cs outstanding hereunder on the effective date of the reduction. Such notice shall be irrevocable and such reduction shall not be reinstated.

Appears in 1 contract

Samples: Credit Agreement (Watson Pharmaceuticals Inc)

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