Common use of Optional Reduction of Revolving Credit Commitment Clause in Contracts

Optional Reduction of Revolving Credit Commitment. Land Company shall have the right at any time and from time to time upon three Business Days’ prior written notice to the Agent to reduce by $5,000,000.00 or an integral multiple of $500,000.00 in excess thereof (provided that in no event shall the aggregate Revolving Credit Commitment be reduced to an amount less than $25,000,000.00) or to terminate entirely the unborrowed portion of the Revolving Credit Commitment, whereupon the Revolving Credit Commitment of the Revolving Credit Lenders shall be reduced pro rata in accordance with their respective Revolving Credit Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such reduction to be without penalty. Promptly after receiving any notice of Land Company delivered pursuant to this §2.3, the Agent will notify the Revolving Credit Lenders of the substance thereof. Upon the effective date of any such termination in full, the Borrowers shall pay to the Agent for the respective accounts of the Revolving Credit Lenders the full amount of any unused fee under §2.2 then accrued. No reduction or termination of the Revolving Credit Commitment may be reinstated. Any reduction of the Revolving Credit Commitment pursuant to this Agreement shall be allocated pro rata among the Revolving Credit Lenders in accordance with their Revolving Credit Commitment Percentages.

Optional Reduction of Revolving Credit Commitment. Land Company The U.S. Borrowers shall have the right at any time and from time to time upon three five (5) Business Days’ prior ' written notice given by an Authorized Officer of the Parent to the Managing Agent (which shall then give prompt notice thereof to each of the Lenders) to reduce by $5,000,000.00 5,000,000 or an integral multiple of $500,000.00 in excess thereof (provided that in no event shall the aggregate Revolving Credit Commitment be reduced to an amount less than $25,000,000.00) or to terminate entirely the amount of the unborrowed or unutilized portion of the Revolving Credit Commitment, whereupon provided that the U.S. Borrowers may not reduce the Revolving Credit Commitment to an amount less than the sum of the then outstanding Revolving Credit Loans plus the Maximum Drawing Amount of all U.S. L/Cs and provided further that the U.S. Borrowers may not reduce the Revolving Credit Lenders shall be reduced pro rata in accordance with their respective Revolving Credit Commitment Percentages of to an amount less than $75,000,000 (unless the amount specified in such notice or, as the case may be, terminated, any such reduction U.S. Borrowers elect to be without penalty. Promptly after receiving any notice of Land Company delivered pursuant to this §2.3, the Agent will notify terminate the Revolving Credit Lenders of the substance thereofCommitment). Upon the effective date of any such termination in fullreduction or termination, the U.S. Borrowers shall pay to the Managing Agent for the respective accounts of the Revolving Credit Lenders the full amount of any unused fee under §2.2 Commitment Fee then accruedaccrued on the amount of the reduction. No reduction or termination of the Revolving Credit Commitment may hereunder shall be reinstatedsubject to reinstatement. Any reduction of the Revolving Credit Commitment pursuant to this Agreement (S)2.2 shall be allocated pro rata among result in a corresponding reduction in the Revolving Credit Lenders in accordance with their Revolving Credit Commitment PercentagesTotal Commitment.

Optional Reduction of Revolving Credit Commitment. Land Company Each Borrower shall have the right at any time and from time to time upon three Business Days’ ' prior written notice to the Agent to reduce by $5,000,000.00 or an integral multiple of $500,000.00 in excess thereof (provided that in no event shall the aggregate Revolving Credit Commitment Commitments be reduced to an amount less than $25,000,000.0050,000,000.00) or to terminate entirely the unborrowed portion of the Commercial Company Revolving Credit CommitmentCommitments and the Land Company Revolving Credit Commitments, as applicable, whereupon the Commercial Company Revolving Credit Commitment Commitments or the Land Company Revolving Credit Commitments, as applicable, of the Revolving Credit Lenders Banks shall be reduced pro rata in accordance with their respective Commercial Company Revolving Credit Commitment Percentages and Land Company Revolving Credit Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such reduction to be without penalty. Promptly after receiving any notice of Land Company a Borrower delivered pursuant to this §Section 2.3, the Agent will notify the Revolving Credit Lenders Banks of the substance thereof. Upon the effective date of any such termination in full, the Borrowers shall pay to the Agent for the respective accounts of the Revolving Credit Lenders Banks the full amount of any unused facility fee under §2.2 then accrued. No reduction or termination of the Revolving Credit Commitment may be reinstated. Any reduction of the Revolving Credit Commitment pursuant to this Agreement shall be allocated pro rata among the Revolving Credit Lenders in accordance with their Revolving Credit Commitment Percentages.Section 2.2