Common use of Permanent Reduction of the Facility Limit Clause in Contracts

Permanent Reduction of the Facility Limit. The Borrower may, from time to time upon at least fifteen (15) calendar days’ prior written notice to each Facility Agent, elect to reduce the Facility Limit in whole or in part (a “Non-Seasonal Reduction”), provided that (x) any such Non-Seasonal Reduction shall be in a minimum amount of $5,000,000 and in integral multiples of $1,000,000 in excess thereof, (y) any such Non-Seasonal Reduction shall not decrease the Facility Limit to an amount that is less than $500,000,000 and (z) after giving effect to any such Non-Seasonal Reduction and any principal payments on such date, the Aggregate Exposure Amount shall not exceed the Facility Limit. Each Non-Seasonal Reduction shall reduce each Lender Group Limit hereunder ratably in accordance with their respective Lender Group Percentages. Following any Non-Seasonal Reduction, (x) the Facility Limit shall be reduced in accordance with Schedule I for any subsequent Period for which the Commitments are to be reduced as set forth in Schedule I and (y) the Facility Limit shall not be increased in any subsequent Period, notwithstanding that Schedule I sets forth an increase in Commitments for such Period.