Reduction in Maximum Revolving Advance Amount Sample Clauses

Reduction in Maximum Revolving Advance Amount. Borrowers may elect to permanently reduce the Maximum Revolving Advance Amount in increments of not less than $1,000,000 to be effective as of the next Business Day so long as: (i) Borrowing Agent provides Agent with not less than five (5) days written notice prior to the date of the proposed reduction; (ii) no Default or Event of Default has occurred or is continuing at the time of such reduction or would occur after giving effect to such reduction; (iii) after giving effect to any such requested reduction, the Maximum Revolving Advance Amount shall not be less than $40,000,000 (based on the low season Maximum Revolving Advance Amount); and (v) Borrowers reimburse Agent and Lenders for any and all losses and expenses that Agent and Lenders may incur as a result of a prepayment of any Eurodollar Rate Loan in accordance with Sections 2.2(e) and (f). For purposes of any voluntary reduction in the Maximum Revolving Advance Amount hereunder, the amount of any such reduction shall reduce on a dollar for dollar basis the lesser of the two amounts (referred to hereunder as the “lesser advance amount”) under the definition of Maximum Revolving Advance Amount and the higher Maximum Revolving Advance Amount shall automatically be adjusted to an amount equal to 150% of the adjusted “lesser advance amount”. By way of example, if Borrowers elect to reduce the Maximum Revolving Advance Amount by $6,000,000, the definition of Maximum Revolving Advance Amount shall be amended to read as follows: “Maximum Revolving Advance Amount” shall mean, subject to increases from time to time by the Incremental Revolving Facility as set forth in Section 2.1(f), (i) $40,000,000 for the period commencing on July 15th of each year through and including November 15th of each year, and (ii) $60,000,000 for the period commencing on November 16th of each year through and including July 14th of the immediately succeeding year. Borrowers acknowledge and agree that all sublimits set forth in Section 2.1(b) of this Agreement may be adjusted by Agent, in its Permitted Discretion, based on the amount of any such reduction requested by Borrowers.

Reduction in Maximum Revolving Advance Amount. Section 2.25 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

Reduction in Maximum Revolving Advance Amount. The definition of “Maximum Revolving Advance Amount” in Section 1.2 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: