Reduction in Commitment. Provided there is not then any Default or Unmatured Default hereunder or any other Loan Document, Borrower may, upon and subject to the terms and conditions set forth in this SECTION 2.10(f), elect permanently to reduce the Aggregate Commitment by providing Agent and each Lender with not less than thirty (30) days' prior written notice of its election to do so. Such notice shall specify the date on which such reduction is intended to become effective and the amount to which Borrower would propose to reduce the Aggregate Commitment. Provided that Borrower shall, on or prior to the effective date for such reduction specified in such notice, have made such payments or prepayments as may be necessary to cause the outstanding balance of all Loans to Borrower to be reduced to an amount equal to or less than the amount of the Aggregate Commitment (giving effect to the proposed reduction thereof contemplated in Borrower's notice), the Aggregate Commitment shall, on the date specified in Borrower's notice, be reduced to the amount stipulated in Borrower's notice. In the event that Borrower shall elect to reduce the Aggregate Commitment as aforesaid, each Lender's Commitment shall be reduced, pro rata, to reflect any such reduction in the Aggregate Commitment, and the amount of the Facility Fee payable during the quarter in which such reduction shall become effective shall be calculated so as to give effect to such reduction, as of the effective date thereof, on a per diem basis. Each reduction in the amount of the Aggregate Commitment effected pursuant to this SECTION 2.10(f) shall be in a multiple of Five Million Dollars ($5,000,000), and the minimum reduction shall be Twenty Million Dollars ($20,000,000). Each reduction in the amount of the Aggregate Commitment shall be permanent. Borrower may exercise their right permanently to reduce the amount of the Aggregate Commitment not more frequently than twice during any six-month period. Borrower shall pay all reasonable costs and expenses of Agent (including, without limitation, reasonable attorney's fees) incurred in connection with the exercise of Borrower's rights under this SECTION 2.10(f).
Reduction in Commitment. No drawdown or reduced drawdown by first repayment date), the previous reference to “17” will be replaced by “16”. Each subsequent repayment instalment under Tranche B will be equal to 1/16 of the aggregate principal amount of Tranche B outstanding on the second Tranche B Repayment Date prior to the repayment being made. If more than one repayment instalment under Tranche B falls due before the end of the Tranche B Commitment Period, such applicable differences shall be deemed to be repaid and cancelled in a similar manner as described in clause 2.3. The previous paragraph will then apply with the appropriate modifications. Repayment instalments will be allocated to repay all Tranche B Sub-Tranches pro rata.
Reduction in Commitment. Borrower may request a reduction in the Commitment in a minimum amount of $1,000,000 and multiples of $500,000 (unless the remaining balance is less than $500,000, in which case such lesser amount) thereafter in the same request upon not less than five (5) days’ notice to Lender.
Reduction in Commitment. At any time, the Borrower, on ten (10) days' advance written notice to the Lender, may reduce the Commitment under the Revolving Loan set forth in Section 2.1 provided that (a) the reduction is in increments of One Million and 00/100 ($1,000,000) Dollars, and (b) the reduction does not reduce the Commitment to an amount less than the current principal balance then outstanding hereunder. Any such notice of reduction shall be irrevocable and permanent, and the Borrower shall have no right to increase the Commitment under the Revolving Loan once reduced by the Borrower hereunder.
Reduction in Commitment. Subject to Sections 3.1 and 3.2, the Company may reduce the Commitment in whole, or in part, upon at least thirty (30) days' prior written notice to the Holder, which notice shall specify the amount of any such reduction. Upon any reduction in the Commitment, the Holder may elect to purchase an aggregate number of shares of Common Stock from the Company, equal to the amount of the proposed reduction of the Holder's Commitment (or any lesser amount designated in writing by the Holder), divided by the Conversion Price Per Share; provided, however, that if the Commitment is reduced by the Company within the first six (6) months after the Closing Date, the Holder may purchase only fifty percent (50%) of the Common Stock so purchasable as provided above. Any election by the Holder to purchase shares of Common Stock pursuant to this Section 2.3 must be in writing, delivered to the Company at the address set forth below within ninety (90) days of the date of the effectiveness of the reduction in the Holder's Commitment (the "Holder's Election Notice"). The closing of any such purchase shall take place on the date specified in the Holder's Election Notice, subject to the Company's receipt of the purchase price, by wire transfer or other method designated in writing by the Company, for such shares of Common Stock.
Reduction in Commitment. The definition of "Commitment" contained in Section ----------------------- 1.1 of the Credit Agreement is hereby deleted in its entirety and replaced with the following:
Reduction in Commitment. 5 2.06 Availability Period.............................................. 5
Reduction in Commitment. The Borrower shall have the right to terminate or reduce the aggregate unused amount of the Commitment subject to and in accordance with Section 2.03 of the Master Participation Agreement.
Reduction in Commitment. Borrower shall have the right to terminate or permanently reduce the unused portion of the Commitment at any time or from time to time, PROVIDED that Borrower may not decrease the Commitment to an amount less than the Current Sum. Each decrease in the Commitment pursuant to this Section shall be permanent and shall be an integral multiple of $1,000,000. Each notice of a decrease in the Commitment shall be effective upon the date specified therein; PROVIDED that the Agent must receive such notice at least five (5) Business Days prior to its effective date.
Reduction in Commitment. Borrowers may at any time on at least five (5) days' prior written notice by Borrower Representative to Agent voluntarily permanently reduce (but not terminate) the Revolving Loan Commitment; provided that (A) any such reductions shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of such amount and (B) the Revolving Loan Commitment shall not be reduced to an amount less than the L/C Sublimit. In addition, Borrowers may at any time on at least ten (10) days' prior written notice by Borrower Representative to Agent terminate the Revolving Loan Commitment; provided that upon such termination, all Loans and other Obligations shall be immediately due and payable in full and all Letters of Credit Obligations shall be cash collateralized or otherwise satisfied in accordance with Annex B hereto. Any voluntary reduction or termination of the Revolving Loan Commitment must be accompanied by payment of the Fee required by Section 1.9(c), if any, plus the payment of any LIBOR funding breakage costs in accordance with Section 1.13(b). Upon any such prepayment and reduction or termination of the Revolving Loan Commitment, each Borrower's right to request Revolving Credit Advances, or request that Letter of Credit Obligations be incurred on its behalf, shall simultaneously be permanently reduced or terminated, as the case may be; provided that a permanent reduction of the Revolving Loan Commitment shall not require a corresponding pro rata reduction in the L/C Sublimit. Each notice of partial prepayment shall designate the Loans or other Obligations to which such prepayment is to be applied.
