Facility Reduction. 3.4.1 The amount of the Facility available to the Borrowers, for drawing under this Agreement shall be the Maximum Amount. On the Reduction Dates the amount of the Facility available for drawing shall be reduced by the amounts set out in Schedule 8 (the “Initial Reduction Amounts”). On the Maturity Date the Facility available shall be reduced to zero. Subject to the proviso hereto, the mandatory reductions in the amount of the Facility available for drawing required pursuant to this Clause will be made in the amounts and at the times specified whether or not the Maximum Amount is reduced pursuant to Clause 3.4.2, Clause 3.4.3, Clause 3.4.4, Clause 3.4.5, Clause 6.1 or Clause 7.9, PROVIDED ALWAYS THAT any reductions pursuant to Clause 3.4.2 (voluntary reductions) shall be applied to the remaining mandatory reductions hereunder on a pro rata basis.
3.4.2 The Borrowers may voluntarily cancel the Maximum Amount in whole or in part (such cancellation to be against the Tranches in the proportions specified by the Borrowers) in an amount of not less than five million Dollars ($5,000,000) such amount to be in integral multiples of one million Dollars ($1,000,000) (or as otherwise may be agreed by the Agent), provided that they have first given to the Agent not fewer than five (5) Business Days’ prior written notice expiring on a Business Day (the “Cancellation Date”) of their desire to reduce the Maximum Amount and notification of which Tranche the cancellation is to be applied against; such notice once received by the Agent shall be irrevocable and shall oblige the Borrowers to make payment of all interest and Commitment Commission accrued on the amount so cancelled up to and including the Cancellation Date together with any Break Costs in respect of such cancelled amount if the Cancellation Date is not the final day of an Interest Period. Any such reduction in the Maximum Amount shall not be reversed. If, as a result of any such cancellation, the Facility Outstandings would exceed the Tranche Maximum Amounts, the Borrowers shall, on the Cancellation Date, prepay such amount of Tranche A and/or Tranche B as will ensure that the Facility Outstandings is not greater than the Tranche Maximum Amounts.
3.4.3 In the event of a sale or disposal of a Vessel, the relevant Tranche Maximum Amount shall be reduced to zero on the date falling thirty (30) days after such sale or disposal. The Borrowers shall, on or before such reduction date, prepay such Tranche in full. Any s...
Facility Reduction. Borrower may, at any time during the Term, elect to permanently reduce the Maximum Facility upon the following terms and conditions: (i) Xxxxxx shall provide Lender an irrevocable written notice no less than thirty (30) days prior to the intended effective date of the permanent reduction to the Maximum Facility (the “Facility Reduction Notice”); (ii) the Facility Reduction Notice shall state the total amount of the intended reduction to the Maximum Facility (“Maximum Facility Reduction”) and the effective date of the Maximum Facility Reduction; (iii) the aggregate outstanding principal balance of the Revolving Loan as of the date of the Facility Reduction Notice shall not exceed the Maximum Facility as reduced by the Maximum Facility Reduction (the “Reduced Maximum Facility”); and (iv) the aggregate outstanding principal balance of the Revolving Loan subsequent to the Facility Reduction Notice shall not at any time thereafter exceed the Reduced Maximum Facility. Notwithstanding anything to the contrary contained in this Section 3.2 to the contrary, the Maximum Facility Reduction shall in no event be less than five million dollars ($5,000,000.00).
Facility Reduction. 3.4.1 The amount of the Facility available (i) to the A Borrowers, for drawing under this Agreement shall, subject to the provisions of Clauses 2.1.1, 2.1.2, 3.4.5, 3.4.6 and 7.9.5, be the Tranche A Maximum Amount, (ii) to the B Borrowers for drawing under this Agreement shall, subject to the provisions of Clauses 2.1.1, 2.1.2, 3.4.5, 3.4.6 and 7.9.5, be the Tranche B Maximum Amount (the total being available to the Borrowers for drawing under this Agreement (subject to the provisions of Clauses 2.1.1, 2.1.2, 3.4.6 and 7.9.5) being eight hundred and twelve million Dollars ($812,000,000) (if the Tranche B Step Up Date has not occurred) or eight hundred and forty five million Dollars ($845,000,000) (if the Tranche B Step Up Date has occurred) until the first Reduction Date). On the Reduction Dates the amount of the Facility available for drawing shall be reduced by the amounts set out in Schedule 8 (the “Initial Reduction Amounts”). On the Maturity Date the Facility available shall be reduced to zero. Subject to the proviso hereto, the mandatory reductions in the amount of the Facility available for drawing required pursuant to this Clause will be made in the amounts and at the times specified whether or not the Maximum Amount is reduced pursuant to Clause 3.4.2, Clause 3.4.3, Clause 3.4.4, Clause 6.1 or Clause 7.9. PROVIDED ALWAYS THAT any reductions pursuant to Clause 3.4.2 (voluntary reductions), Clause 3.4.3 (sale) or Clause 3.4.4 (Total Loss) shall be applied to the remaining mandatory reductions hereunder on a pro rata basis.
3.4.2 The Borrowers may voluntarily cancel the Maximum Amount in whole or in part (such cancellation to be against the Tranches in the proportions specified by the Borrowers) in an amount of not less than five million Dollars ($5,000,000) such amount to be in integral multiples of one million Dollars ($1,000,000) (or as otherwise may be agreed by the Agent), provided that they have first given to the Agent not fewer than five (5) Business Days’ prior written notice expiring on a Business Day (the “Cancellation Date”) of their desire to reduce the Maximum Amount and notification of which Tranche the cancellation is to be applied against; such notice once received by the Agent shall be irrevocable and shall oblige the Borrowers to make payment of all interest and Commitment Commission accrued on the amount so cancelled up to and including the Cancellation Date together with any Break Costs in respect of such cancelled amount if the ...
Facility Reduction. The respective Commitment of each Lender for Revolving Credit Loans is hereby reduced by $2,000,000 (such that the aggregate Commitment for Revolving Credit Loans is reduced by $4,000,000 to a total of $8,000,000, with a yearly seasonal increase to an amount not to exceed $10,000,000 for the period of March 1 to October 1), the Total Facility under the Loan Agreement is hereby reduced to $19,000,000 less amortization on the Term Loan, the Revolving Loan line is hereby reduced to $8,000,000 (subject to the seasonal increase as permitted above) and subject to a Letter of Credit subline which is hereby reduced to $5,000,000, and an Inventory subline with respect to Eligible Inventory, which is hereby reduced to $6,000,000.
Facility Reduction. 2.4.1 The amount of the Facility available to the Borrower for drawing under this Agreement shall be one hundred million Dollars ($100,000,000) or the Equivalent Amount in any other Permitted Currency during the period from the Execution Date until the First Reduction Date. On each Reduction Date the amount of the Facility available for drawing shall reduce by ten million Dollars ($10,000,000). On the Termination Date the Facility available shall be reduced to zero. The mandatory reductions in the amount of the Facility available for drawing required pursuant to this Clause will be made in the amounts and at the times specified (subject to Clause 2.
Facility Reduction. 2.4.1 The amount of the Facility available to the Borrower for drawing under this Agreement shall be one hundred and fifty million Dollars ($150,000,000) during the period from the Execution Date until the Termination Date. On the Termination Date the Facility available shall be reduced to zero.
2.4.2 The Borrower may voluntarily reduce the Maximum Facility Amount in whole or in part in multiples of two million Dollars ($2,000,000), where applicable provided that it has first given to the Agent not fewer than fourteen (14) days' prior written notice expiring on a Business Day of its desire to reduce the Maximum Facility Amount. Any such reduction in the Maximum Facility Amount shall not be reversed.
2.4.3 To the extent that repayments or prepayments made by the Borrower to the Agent in accordance with this Agreement reduce the Facility Outstandings to less than the Maximum Facility Amount, the Borrower shall again be entitled to make Drawings in accordance with and subject to the terms of this Agreement.
2.4.4 Simultaneously with any reduction of the Maximum Facility Amount in accordance with Clause 2.4.2, the Commitment of each Bank will reduce so that the Commitments of the Banks in respect of the reduced Maximum Facility Amount remain in accordance with their respective Proportionate Shares.
Facility Reduction. 3.4.1 The amount of the Facility available to the Borrower for drawing under this Agreement shall, subject to the provisions of Clause 3.4.5, be five hundred and twenty million Dollars ($520,000,000) prior to the Step-up Date and nine hundred and forty million Dollars ($940,000,000) during the period from the Step-up Date until the first Reduction Date. On the Reduction Dates the amount of the Facility available for drawing shall be reduced by the amounts set out in Schedule 8 (the "INITIAL REDUCTION AMOUNTS"). On the Maturity Date the Facility available shall be reduced to zero. Subject to the proviso hereto, the mandatory reductions in the amount of the Facility available for drawing required pursuant to this Clause will be made in the amounts and at the times specified whether or not the Maximum Amount is reduced pursuant to Clause 3.4.2, Clause 3.4.3, Clause 3.4.4, Clause 6.1 or Clause 7.9. PROVIDED ALWAYS THAT any reductions pursuant to Clause 3.4.2 (voluntary reductions), Clause 3.4.3 (sale) or Clause 3.
Facility Reduction. 2.4.1 The amount of the Facility available to the Borrower for drawing under this Agreement shall be four hundred and fifty five million Dollars ($455,000,000) (reduced from the initial Facility of five hundred and fifty million Dollars $550,000,000) which shall be available for drawing from 5 October 2006 until the First Reduction Date. On the First Reduction Date and on each of the fifteen Subsequent Reduction Dates the amount of the Facility available for drawing shall be reduced in accordance with the schedule of reductions set forth in Schedule 8. In the event of a Change of Control the amount of the Facility available for drawing shall
Facility Reduction. (a) The aggregate amount of the Facility under this Agreement shall be the Facility Amount. On the First Reduction Date and on each of the Subsequent Reduction Dates the amount of the Facility available for drawing or that may be outstanding shall be reduced in accordance with the reduction schedule set out on Schedule VII, subject to change in such Schedule VII respecting any increase in the Facility due to the Accordion Amount. The Borrower shall also make a mandatory repayment of principal on the First Reduction Date and on each Subsequent Reduction Date such that the outstanding principal amount of the Loan is not in excess of the principal amount set forth on Schedule VII on and after such First Reduction Date and each Subsequent Reduction Date as set forth on Schedule VII, as such Schedule VII is modified if the Lenders agree to the Accordion Amount. On the Termination Date the Facility available shall be reduced to zero and the Borrower shall repay the Administrative Agent for the ratable account of the Lenders the aggregate principal amount of the Advances then outstanding.
Facility Reduction. The amount of the Facility is hereby reduced from One Hundred Seventy-Five Million Dollars ($175,000,000) to One Hundred Fifty Million Dollars ($150,000,000).
