Common use of Payments Related to a Commitment Reduction Clause in Contracts

Payments Related to a Commitment Reduction. Each permanent reduction of the Aggregate Revolving Credit Commitment made pursuant to this Section 2.7 or otherwise shall be accompanied, if necessary, by a payment of principal sufficient to reduce the aggregate outstanding Revolving Credit Loans and Swingline Loans and L/C Obligations, as applicable, to the amount of the new Revolving Credit Commitment after such reduction to the Aggregate Revolving Credit Commitment and, if the Aggregate Revolving Credit Commitment as so reduced is less than the aggregate amount of all outstanding Letters of Credit, the Borrowers shall be required to deposit in a cash collateral account opened by the Administrative Agent an amount equal to the amount by which the aggregate then undrawn and unexpired amount of such Letters of Credit exceeds the Aggregate Revolving Credit Commitment as so reduced. Such cash collateral shall be applied in accordance with Section 11.2(b). Any permanent reduction of the Aggregate Revolving Credit Commitment to zero (including upon termination of the Revolving Credit Facility on the Termination Date) shall be accompanied by payment of all outstanding Revolving Credit Loans and Swingline Loans (and furnishing of cash collateral satisfactory to the Administrative Agent for all L/C Obligations) and shall result in the termination of the Aggregate Revolving Credit Commitment. If the reduction of the Aggregate Revolving Credit Commitment requires the repayment of any Offshore Rate Loan, such repayment shall be accompanied by any amount required to be paid pursuant to Section 4.9 hereof. Notwithstanding anything herein to the contrary, the Aggregate Revolving Credit Commitment may not be permanently reduced by such an amount so that after such reduction, the Aggregate Revolving Credit Commitment is less than the aggregate amount of all unpaid principal of and interest on outstanding Competitive Bid Loans.

Payments Related to a Commitment Reduction. Each permanent reduction of the Aggregate Revolving Credit Commitment made pursuant to this Section 2.7 2.6 or otherwise shall be accompanied, if necessary, by a payment of principal sufficient to reduce the aggregate outstanding Revolving Credit Loans and Loans, Swingline Loans and L/C Obligations, as applicable, to the amount of the new Aggregate Revolving Credit Commitment after such reduction to the Aggregate Revolving Credit Commitment and, if the Aggregate Revolving Credit Commitment as so reduced is less than the aggregate amount of all outstanding Letters of Credit, the Borrowers Borrower shall be required to deposit in a cash collateral account opened by the Administrative Agent an amount equal to the amount by which the aggregate then undrawn and unexpired amount of such Letters of Credit exceeds the Aggregate Revolving Credit Commitment as so reduced. Such cash collateral shall be applied in accordance with Section 11.2(b). Any permanent reduction of the Aggregate Revolving Credit Commitment to zero (including upon termination of the Aggregate Revolving Credit Facility Commitment on the Termination Date) shall be accompanied by payment of all outstanding Revolving Credit Loans and Swingline Loans (and furnishing of cash collateral satisfactory to the Administrative Agent for all L/C Obligations) and shall result in the termination of the Aggregate Revolving Credit CommitmentFacility. If the reduction of the Aggregate Revolving Credit Commitment requires the repayment of any Offshore Rate Loan, such repayment shall be accompanied by any amount required to be paid pursuant to Section 4.9 hereof. Notwithstanding anything herein to the contrary, the Aggregate Revolving Credit Commitment may not be permanently reduced by such an amount so that after such reduction, the Aggregate Revolving Credit Commitment is less than the aggregate amount of all unpaid principal of and interest on outstanding Competitive Bid Loans.

Payments Related to a Commitment Reduction. (i) Each permanent reduction of the Aggregate 364 Day Facility Commitment made pursuant to this Section 2.7 or otherwise shall be accompanied, if necessary, by a payment of principal sufficient to reduce the aggregate outstanding Revolving Credit Loans made under the 364 Day Facility to the amount of the new 364 Day Facility Commitment after such reduction to the 364 Day Facility Commitment. Any permanent reduction of the 364 Day Facility Commitment to zero (including upon termination of the 364 Day Facility on the 364 Day Facility Termination Date) shall be accompanied by payment of all outstanding Revolving Credit Loans made under the 364 Day Facility and shall result in the termination of the 364 Day Facility Commitment and the 364 Day Facility. If the reduction of the 364 Day Facility Commitment requires the repayment of any Offshore Rate Loan, such repayment shall be accompanied by any amount required to be paid pursuant to Section 4.9 hereof. (ii) Each permanent reduction of the Multi-Year Facility Commitment made pursuant to this Section 2.7 or otherwise shall be accompanied, if necessary, by a payment of principal sufficient to reduce the aggregate outstanding Revolving Credit Loans and Swingline Loans made under the Multi-Year Facility and L/C Obligations, as applicable, to the amount of the new Revolving Credit Multi-Year Facility Commitment after such reduction to the Aggregate Revolving Credit Multi-Year Facility Commitment and, if the Aggregate Revolving Credit Multi-Year Facility Commitment as so reduced is less than the aggregate amount of all outstanding Letters of Credit, the Borrowers shall be required to deposit in a cash collateral account opened by the Administrative Agent an amount equal to the amount by which the aggregate then undrawn and unexpired amount of such Letters of Credit exceeds the Aggregate Revolving Credit Multi-Year Facility Commitment as so reduced. Such cash collateral shall be applied in accordance with Section 11.2(b). Any permanent reduction of the Aggregate Revolving Credit Multi-Year Facility Commitment to zero (including upon termination of the Revolving Credit Multi-Year Facility on the Multi-Year Facility Termination Date) shall be accompanied by payment of all outstanding Revolving Credit Loans and Swingline Loans made under the Multi-Year Facility (and furnishing of cash collateral satisfactory to the Administrative Agent for all L/C Obligations) and shall result in the termination of the Aggregate Revolving Credit CommitmentMulti-Year Facility Commitment and the Multi-Year Facility. If the reduction of the Aggregate Revolving Credit Multi-Year Facility Commitment requires the repayment of any Offshore Rate Loan, such repayment shall be accompanied by any amount required to be paid pursuant to Section 4.9 hereof. Notwithstanding anything herein to the contrary, the Aggregate Revolving Credit Multi-Year Facility Commitment may not be permanently reduced by such an amount so that after such reduction, the Aggregate Revolving Credit Multi-Year Facility Commitment is less than the aggregate amount of all unpaid principal of and interest on outstanding Competitive Bid LoansLoans made under the Multi-Year Facility.