Common use of Voluntary Termination or Reduction of Commitments Clause in Contracts

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three Business Days' prior notice to the Agent, terminate or permanently reduce the Commitments, provided that any such permanent reduction shall be in an aggregate minimum amount of $10,000,000 or any multiple of $1,000,000 in excess thereof; unless, after giving effect thereto and to any ------ prepayments of Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment fees to, but not including, the effective date of any reduction or termination of Commitments shall be paid on the effective date of such reduction or termination.

Appears in 2 contracts

Samples: Credit Agreement (McKesson Corp), Credit Agreement (McKesson Corp)

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Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 in excess thereof; unless, after giving effect thereto and to any ------ payments or prepayments of Committed Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments then in effect. The Agent shall promptly notify the Banks of any such termination or reduction. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 2 contracts

Samples: Credit Agreement (Deluxe Corp), Credit Agreement (Deluxe Corp)

Voluntary Termination or Reduction of Commitments. The Company Companies may, ------------------------------------------------- upon not less than three five Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments by an aggregate minimum amount of $10,000,000 5,000,000 or any multiple of $1,000,000 in excess thereof; unlessprovided, that no such termination or reduction shall be permitted if, after giving effect thereto and to any ------ prepayments of Committed Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be increasedincreased except as provided in Section 2.09. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment facility fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 2 contracts

Samples: Credit Agreement (St Jude Medical Inc), Day Credit Agreement (St Jude Medical Inc)

Voluntary Termination or Reduction of Commitments. The Subject to ------------------------------------------------- Section 3.04, the Company may, ------------------------------------------------- upon not less than three Business Days' prior notice to the AgentAgent by 9:00 a.m. (San Francisco time), terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments by an aggregate minimum amount of $10,000,000 10,000,000, or any multiple of $1,000,000 5,000,000 in excess thereof; unless, ------ after giving effect thereto and to any ------ prepayments of Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Revolving Credit Agreement (Micron Technology Inc)

Voluntary Termination or Reduction of Commitments. The Company -------------------------------------------------- may, ------------------------------------------------- upon not less than three Business Days' prior notice to the Administrative Agent, terminate or permanently reduce the Commitments, provided that any such permanent reduction shall be in an aggregate minimum amount of $10,000,000 or any multiple of $1,000,000 in excess thereof; unless, after giving effect ------ thereto and to any ------ prepayments of Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be increased, except as provided in Section 2.14. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment fees to, but not including, the effective date of any reduction or termination of Commitments shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (McKesson Hboc Inc)

Voluntary Termination or Reduction of Commitments. The Company ------------------------------------------------- may, ------------------------------------------------- upon not less than three five Business Days' prior notice to the Administrative Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in an aggregate Commitments by a minimum amount of $10,000,000 5,000,000 or any a higher integral multiple of $1,000,000 in excess thereof500,000; unless, after giving effect thereto and to any ------ prepayments of Loans made on ------ the effective date thereof, the then-outstanding principal amount of the Loans Total Outstandings would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to reduce the Commitment of each Bank Lender according to its Pro Rata Share. All accrued commitment fees to, but not includingIf the Company terminates the Commitments or reduces the Commitments to zero, the effective date of any reduction or termination of Commitments Company shall be paid pay all accrued and unpaid interest, fees and other amounts payable hereunder on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Earthgrains Co /De/)

Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three five Business Days' prior notice to the Administrative Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in an aggregate Commitments by a minimum amount of $10,000,000 5,000,000 or any a higher integral multiple of $1,000,000 in excess thereof500,000; unless, ------ after giving effect thereto and to any ------ prepayments of Loans made on the effective date thereof, the then-outstanding aggregate principal amount of all Loans (whether Committed Loans or Bid Loans) plus the Loans ---- Effective Amount of all L/C Obligations together would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to reduce the Commitment of each Bank Lender according to its Pro Rata Share. All accrued commitment fees to, but not includingIf the Company terminates the Commitments or reduces the Commitments to zero, the effective date of any reduction or termination of Commitments Company shall be paid pay all accrued and unpaid interest, fees and other amounts payable hereunder on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Earthgrains Co /De/)

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Voluntary Termination or Reduction of Commitments. The Company may, ------------------------------------------------- upon not less than three five Business Days' prior notice to the Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments by an aggregate minimum amount of $10,000,000 or any multiple of $1,000,000 5,000,000 in excess thereof; unless, ------ after giving effect thereto and to any ------ prepayments of Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments, shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Mentor Graphics Corp)

Voluntary Termination or Reduction of Commitments. (a) The Company may, ------------------------------------------------- upon not less than three Business Days' prior notice to the Administrative Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments by an aggregate minimum amount of $10,000,000 or any multiple of $1,000,000 5,000,000 in excess thereof; unless, after giving effect thereto and to any ------ prepayments of Committed Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments Aggregate Commitment then in effect. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment facility fees to, but not including, the effective date of any reduction or termination of Commitments shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Wallace Computer Services Inc)

Voluntary Termination or Reduction of Commitments. The Company ------------------------------------------------- may, ------------------------------------------------- upon not less than three five Business Days' prior notice to the Administrative Agent, terminate the Commitments, or permanently reduce the Commitments, provided that any such permanent reduction shall be in Commitments by an aggregate minimum amount of $10,000,000 or any multiple of $$ 1,000,000 in excess thereof; , unless, after giving effect thereto and to any ------ prepayments of Committed Loans made on the effective date thereof, the then-outstanding principal amount Equivalent Amount of the Loans would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment facility fees to, but not including, including the effective date of any reduction or termination of Commitments Commitments. shall be paid on the effective date of such reduction or termination.

Appears in 1 contract

Samples: Credit Agreement (Jacobs Engineering Group Inc /De/)

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