Common use of Permanent Reduction of Facility Amount Clause in Contracts

Permanent Reduction of Facility Amount. (a) The Borrower may at any time upon five Business Days’ prior written notice to the Facility Agent (with a copy to the Collateral Agent), permanently reduce the Facility Amount (i) in whole or in part upon payment in full (in accordance with Section 2.4) of the aggregate outstanding principal amount of all Advances or (ii) in part by any pro rata amount that the Facility Amount exceeds the aggregate outstanding principal amount of all Advances (after giving effect to any concurrent prepayment thereof). In connection with any permanent reduction of the Facility Amount under this Section 2.5(a), the Commitment of each Lender shall automatically, and without any further action by any party, be reduced pro rata with all other Lenders such that the sum of all Commitments will equal the newly reduced Facility Amount. (b) As a condition precedent to any permanent reduction of the Facility Amount pursuant to Section 2.5(a), the Borrower shall pay to the Facility Agent, for the respective accounts of the Lenders, any applicable Prepayment Make-Whole Premium and Prepayment Fee; provided that no such Prepayment Fee shall be due during the continuation of a Non-Approval Event, but only if occurring after the one year anniversary of the Effective Date.

Permanent Reduction of Facility Amount. (a) The Borrower may at any time upon five Business Days’ prior written notice to the Facility Agent (with a copy to the Collateral and each Agent), permanently reduce the Facility Amount (i) in whole or in part upon payment in full (in accordance with Section 2.4) of the aggregate outstanding principal amount of all Advances or (ii) in part by any pro rata amount that the Facility Amount exceeds the aggregate outstanding principal amount of all Advances (after giving effect to any concurrent prepayment thereof). In connection with any permanent reduction of the Facility Amount under this Section 2.5(a), the Commitment of each Committed Lender shall automatically, and without any further action by any party, be reduced pro rata with all other Committed Lenders such that the sum of all Commitments will equal the newly reduced Facility Amount. (b) As a condition precedent i. Notwithstanding anything to any permanent reduction of the contrary herein, the Borrower may permanently reduce the Facility Amount pursuant to at any time, provided that if such reduction occurs at any time other than those specified in Section 2.5(a), the Borrower shall pay to the Facility Agentit shall, for the respective accounts of the Lenders, any applicable Prepayment Make-Whole Premium and Prepayment Fee; provided that no such Prepayment Fee shall be due during the continuation of a Non-Approval Event, but only if occurring unless (i) after the one year twelve-month anniversary of the Thirteenth Amendment Effective Date., any Lender has, prior to the date of such permanent reduction in whole or in part, declined an Extension Request or USActive 31506654.2531506654.28