Common use of Reduction in Commitments Clause in Contracts

Reduction in Commitments. The Seller may, upon thirty days' notice to the Agent and each Purchaser Agent, reduce the Aggregate Commitment in increments of $1,000,000, so long as the Aggregate Commitment as so reduced is no less than the Matured Aggregate Investment. Each such reduction in the Aggregate Commitment shall reduce the Commitment of each Purchaser Group in accordance with its Ratable Share (and, in the case of each Committed Purchaser, its Commitment in accordance with its Commitment Percentage of its Purchaser Group's Ratable Share of such reduction).

Appears in 2 contracts

Samples: Receivables Sale Agreement (Arvinmeritor Inc), Receivables Sale Agreement (Arvinmeritor Inc)

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Reduction in Commitments. The Seller may, upon thirty days' notice to the Agent and each Purchaser Agent, reduce the Aggregate Commitment in increments of $1,000,000, so long as the Aggregate Commitment as so reduced is no less than at all times equals at least the outstanding Matured Aggregate Investment. Each such reduction in the Aggregate Commitment shall reduce the Commitment of each Purchaser Group in accordance with its Ratable Share (and, in and the case Commitment of each Committed Purchaser, its Commitment Related Bank Purchaser with a Purchaser Group in accordance with its Commitment Percentage and shall ratably reduce the Purchase Limit so that the Aggregate Commitment remains equal to 102% of its Purchaser Group's Ratable Share of such reduction)the Purchase Limit.

Appears in 1 contract

Samples: Receivables Sale Agreement (Chemtura CORP)

Reduction in Commitments. The Seller may, upon thirty days' notice to the Agent and each Purchaser Agent, reduce the Aggregate Commitment in increments of $1,000,000, so long as the Aggregate Commitment as so reduced is no less than at all times equal at least the outstanding Matured Aggregate Investment. Each such reduction in the Aggregate Commitment shall reduce the Commitment of each Committed Purchaser Group in accordance with its Ratable Share (and, in and shall ratably reduce the case of each Committed Purchaser, its Commitment in accordance with its Commitment Percentage of its Purchaser Group's Ratable Share of such reduction)Purchase Limit.

Appears in 1 contract

Samples: Receivables Sale Agreement (Ipalco Enterprises Inc)

Reduction in Commitments. The Seller may, upon thirty days' ’ notice to the Agent and each the Purchaser AgentAgents, reduce the Aggregate Commitment in increments of $1,000,000, so long as the Aggregate Commitment as so reduced is no less than at all times equals at least the outstanding Matured Aggregate Investment. Each such reduction in the Aggregate Commitment shall reduce the Commitment of each Related Bank Purchaser Group in accordance with its Ratable Share (and, in and shall ratably reduce the case Purchase Limit so that the Aggregate Commitment remains at least 102% of each Committed Purchaser, its Commitment in accordance with its Commitment Percentage of its Purchaser Group's Ratable Share of such reduction)the Purchase Limit.

Appears in 1 contract

Samples: Receivables Sale Agreement (Officemax Inc)

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Reduction in Commitments. The Seller may, upon thirty days' ’ notice to the Agent and each the Purchaser AgentAgents, reduce the Aggregate Commitment in increments of $1,000,000, so long as the Aggregate Commitment as so reduced is no less than at all times equals at least the Matured outstanding Aggregate Investment. Each such reduction in the Aggregate Commitment shall reduce the Commitment of each Related Bank Purchaser Group in accordance with its Ratable Share (and, in the case of each Committed Purchaser, its Commitment in accordance with its Commitment Percentage of its Purchaser Group's Ratable Share of such reduction)Share.

Appears in 1 contract

Samples: Receivables Sale Agreement (Officemax Inc)

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