Optional Reduction of Commitment. Borrower may at any time and from time to time permanently reduce in whole or ratably in part the Total Commitment Amount to an amount not less than the then existing Revolving Credit Exposure, by giving Agent not fewer than three Business Days’ written notice of such reduction, provided that any such partial reduction shall be in an aggregate amount, for all of the Lenders, of not less than Five Million Dollars ($5,000,000), increased by increments of One Million Dollars ($1,000,000). Agent shall promptly notify each Lender of the date of each such reduction and such Lender’s proportionate share thereof. After each such reduction, the commitment fees payable hereunder shall be calculated upon the Total Commitment Amount as so reduced. If Borrower reduces in whole the Commitment, on the effective date of such reduction (Borrower having prepaid in full the unpaid principal balance, if any, of the Loans, together with all interest and commitment and other fees accrued and unpaid, and provided that no Letter of Credit Exposure or Swing Line Exposure shall exist), all of the Notes shall be delivered to Agent marked “Canceled” and Agent shall redeliver such Notes to Borrower. Any partial reduction in the Total Commitment Amount shall be effective during the remainder of the Commitment Period.
Optional Reduction of Commitment. The Borrower shall have the right, upon at least three Business Days’ irrevocable notice to the Agent, to terminate in whole or reduce ratably in part the unused portion of the Commitments; provided that each partial reduction of the Commitments shall be in the aggregate amount of $5,000,000 or in integral multiples of $1,000,000 in excess thereof. Any reduction or termination of the Commitments pursuant to this Section 2.1(b) shall be permanent, with no obligation of the Banks to reinstate such Commitments, and the commitment fees provided for in Section 2.7(a) shall thereafter be computed on the basis of the Commitments, as so reduced.
Optional Reduction of Commitment. The Company may, upon not less than three Business Days' notice to Purchaser, terminate the unused Commitment at any time or reduce the unused Commitment from time to time in amounts equal to $5,000,000 or any larger multiple of $1,000,000.
Optional Reduction of Commitment. After the receipt of a New Borrowing Base Notice, the Borrower may reduce the Commitments of the Lenders (the “Reduced Commitment”), provided that (i) the reduction shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Credit Exposures do not exceed the Reduced Commitment. To effectuate a Reduced Commitment, within three (3) Business Days after the Administrative Agent sends the Borrower a New Borrowing Base Notice, the Borrower must submit a written notice to the Administrative Agent of its election to reduce the Commitments (the “Commitment Reduction Notice”). Each Commitment Reduction Notice shall be irrevocable. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with each Lender’s Pro Rata Share. Notwithstanding any Commitment Reduction Notice, all relevant determinations under this Agreement based upon the Borrowing Base shall use the Borrowing Base as set forth in the New Borrowing Base Notice until the next Scheduled Redetermination or Interim Redetermination. If the Borrower desires to later reinstate any Commitment reduction set forth in a Commitment Reduction Notice, the Borrower may do so only (1) with the written consent of all Lenders, and (2) after paying to the Lenders Commitment increase fees or upfront fees requested by the Lenders. For the avoidance of doubt, no Reduced Commitment of any Lender shall be increased by any subsequent increase, reaffirmation or reduction of the Borrowing Base (notwithstanding such Lender’s approval of such Borrowing Base) unless such Lender expressly consents in writing to such increased Commitment.
Optional Reduction of Commitment. The Company may, at any time, upon no less than 10 Business Days' prior written notice to the Bank, reduce the Commitment, with any such reduction in a minimum amount of $1,000,000 or an integral multiple thereof. Upon any reduction in the Commitment pursuant to this Section, the Company and the Designated Borrowing Subsidiaries shall pay to the Bank the amount, if any, by which the aggregate unpaid principal amount of outstanding Loans exceeds the Commitment as so reduced. Amounts so paid cannot be reborrowed.
Optional Reduction of Commitment. The Guarantor may reduce the unused portion of the Commitment at any time in whole, or in part by an amount equal to $5,000,000 or a multiple thereof, by delivering to the Bank written notice specifying the amount of such reduction and the date on which such reduction is to become effective (which date may not be earlier than the date of delivery of such notice). Any such reduction shall be irrevocable.
Optional Reduction of Commitment. The Borrower may, without premium or penalty, reduce the Commitment to an amount (which may be zero) not less than the sum of (i) the aggregate unpaid principal amount of all Loans then outstanding and (ii) the aggregate principal amount of all Loans not yet made as to which a Notice of Borrowing has been given by the Borrower under Section 2.02. Each such reduction shall be in an amount which is an integral multiple of $100,000, shall be made by providing not less than three Business Days' prior written notice to the Lender and shall be irrevocable. Once reduced the Commitment may not be increased.
Optional Reduction of Commitment. The Borrowers may, at their option from time to time, reduce the amount of the Maximum Commitment by an amount which is One Million Dollars ($1,000,000) or an integral multiple thereof; provided that (i) the Borrowers shall deliver to the Bank written notice of the amount and effective date of any requested reduction at least three (3) Banking Days prior to such proposed effective, and (ii) on or prior to the date on which such reduction is effective, the Borrowers shall have (a) paid to the Bank such portion of the principal of the Revolving Loans as may be required by the terms of Section 7.1(A) of this Agreement and (b) executed and delivered to the Bank such amendments to this Agreement, the Revolving Note and the Other Agreements as the Bank may reasonably request to reflect such reduction.
Optional Reduction of Commitment. The Company may, by notice to Purchaser on or before the effective date of termination or reduction, terminate the unused Commitment at any time or reduce the unused Commitment from time to time in amounts equal to $5,000,000 or any larger multiple of $1,000,000.
Optional Reduction of Commitment. (i) The Borrower may, from time to time, permanently reduce the Aggregate Commitment in whole, or in part ratably among the Banks, in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of the minimum amount (unless the Aggregate Commitment is reduced in whole), upon at least one (1) Business Day's written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the Aggregate Commitment may not be reduced below the aggregate principal amount of the outstanding Loans.
(ii) All accrued commitment fees shall be payable on the effective date of any termination of the obligations of the Banks to make Loans hereunder.
