Common use of Reduction of Commitments Clause in Contracts

Reduction of Commitments. The Commitments shall terminate on the Maturity Date. Borrowers may reduce the Commitments to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $5,000,000 (unless the Commitments are being reduced to zero and the amount of the Commitments in effect immediately prior to such reduction are less than $5,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent, and shall be irrevocable. Once reduced, the Commitments may not be increased. Each such reduction of the Commitments shall reduce the Commitments of each Lender proportionately in accordance with its ratable share thereof.

Appears in 2 contracts

Samples: Credit Agreement (Aventine Renewable Energy Holdings Inc), Credit Agreement (Aventine Renewable Energy Holdings Inc)

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Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers may reduce the Commitments Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $5,000,000 10,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Commitments in effect immediately prior to such reduction are less than $5,000,000zero), shall be made by providing not less than 10 five (5) Business Days prior written notice to Administrative Agent, and shall be irrevocable. Once reduced, reduced the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof.

Appears in 2 contracts

Samples: Credit Agreement (Thryv Holdings, Inc.), Credit Agreement (Thryv Holdings, Inc.)

Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers Borrower may reduce the Revolver Commitments to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers Borrower pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $5,000,000 1,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,0001,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent, Agent and shall be irrevocable. Once reducedreduced pursuant to this Section 2.4(c), the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share Pro Rata Share thereof.

Appears in 2 contracts

Samples: Credit Agreement (Stanadyne Holdings, Inc.), Guarantied Credit Agreement (Stanadyne Holdings, Inc.)

Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers Borrower may reduce the Commitments Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers Borrower pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,000), shall be made by providing not less than 10 2 Business Days prior written notice to Agent, Agent and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (Monotype Imaging Holdings Inc.)

Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers Borrower may reduce the Revolver Commitments to an amount (which may be zero) not less than the greater of (i) the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers Borrower pursuant to Section 2.11(a); and (ii) $10,000,000. Each such reduction shall be in an amount which is not less than an integral multiple of $5,000,000 (unless the Commitments are being reduced to zero and the amount of the Commitments in effect immediately prior to such reduction are less than $5,000,000)2,500,000, shall be made by providing not less than 10 Business Days prior written notice to Agent, and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share Pro Rata Share thereof.

Appears in 1 contract

Samples: Credit Agreement (Actuate Corp)

Reduction of Commitments. The Commitments shall terminate on the Maturity Date. Borrowers may reduce the Commitments Revolver Commitments, subject to payment of the Prepayment Premium, if applicable, in accordance with Section 4.04, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers a Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a2.02(a). Each such reduction shall be in an aggregate amount which is not less than of $5,000,000 or any whole multiple of $1,000,000 in excess thereof (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,000), shall be made by providing not less than 10 ten (10) Business Days prior written notice to Revolving Agent, and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Revolving Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (Evolent Health, Inc.)

Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers may reduce the Commitments Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $5,000,000 10,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,00040,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent, and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (Power Solutions International, Inc.)

Reduction of Commitments. (a) The Commitments shall terminate on the Maturity Date. Borrowers may reduce the Commitments Revolver Commitments, subject to payment of the Prepayment Premium, if applicable, in accordance with Section 4.04, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers a Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a2.02(a). Each such reduction shall be in an aggregate amount which is not less than of $5,000,000 or any whole multiple of $1,000,000 in excess thereof (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,000), shall be made by providing not less than 10 ten (10) Business Days prior written notice to Revolving Agent, and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Revolving Lender proportionately in accordance with its ratable share thereof. All Unused Line Fees payable pursuant to Section 4.01(b) accrued until the effective date of any termination of the Revolver Commitments will be paid on the effective date of such termination with respect to the Revolver Commitments so terminated.

Appears in 1 contract

Samples: Credit Agreement (Paragon 28, Inc.)

Reduction of Commitments. The Commitments shall terminate on the Maturity Date. Borrowers may reduce the Commitments Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (Ai) the Revolver Usage as of such date, plus (Bii) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (Ciii) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $5,000,000 (unless the Commitments are being reduced to zero and the amount of the Commitments in effect immediately prior to such reduction are is less than $5,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent, Agent and shall be irrevocable. Once reduced, the Commitments may not be increased, except to the extent permitted in accordance with Section 2.2(a). Each such reduction of the Commitments shall reduce the Commitments of each Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (Dixie Group Inc)

Reduction of Commitments. (i) The Commitments shall terminate on the Maturity Date. Borrowers may reduce the Revolver Commitments to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the Prepetition Obligations and Reinstated Prepetition Obligations then-outstanding, plus (C) the principal amount of all any Revolving Loans not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $5,000,000 (unless the applicable Commitments are being reduced to zero and the amount of the applicable Commitments in effect immediately prior to such reduction are less than $5,000,000), shall be made by providing not less than 10 5 Business Days prior written notice to Agent, and shall be be, except as provided in Section 3.5, irrevocable. Once reduced, the Commitments may not be increased. Each such reduction of the Commitments shall reduce (x) the Commitments of each Lender proportionately in accordance with its ratable share thereofthereof and (y) the Maximum Revolver Amount.

Appears in 1 contract

Samples: Possession Credit Agreement (Ciber Inc)

Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers may reduce the Commitments Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (Ai) the Revolver Usage as of such date, plus (Bii) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (Ciii) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $5,000,000 2,500,000 (unless the Revolver Commitments are being reduced to zero and the aggregate amount of the Revolver Commitments in effect immediately prior to such reduction are is less than $5,000,00030,000,000), shall be made by providing not less than 10 Business Days Days’ prior written notice to Agent, Agent and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (Supreme Industries Inc)

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Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers Borrower may reduce the Revolver Commitments to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers Borrower pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than an integral multiple of $5,000,000 1,000,000 (unless the Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,000), shall be made by providing not less than 10 5 Business Days prior written notice to Agent, Agent and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share Pro Rata Share thereof.

Appears in 1 contract

Samples: Credit Agreement (Utstarcom Inc)

Reduction of Commitments. The Commitments shall terminate on the Maturity Date. Borrowers may reduce the Commitments Revolver Commitments, subject to payment of the Prepayment Premium, if applicable, in accordance with Section 4.04, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers a Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a2.02(a). Each such reduction shall be in an aggregate amount which is not less than of $5,000,000 or any whole multiple of $1,000,000 in excess thereof (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,000), shall be made by providing not less than 10 ten (10) Business Days prior written notice to RevolverRevolving Agent, and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Revolving Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (Evolent Health, Inc.)

Reduction of Commitments. The Commitments shall terminate on the Maturity Date. Borrowers may reduce the Commitments Revolver Commitments, subject to payment of the Prepayment Premium, if applicable, in accordance with 66 Section 4.04, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers a Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a2.02(a). Each such reduction shall be in an aggregate amount which is not less than of $5,000,000 or any whole multiple of $1,000,000 in excess thereof (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,000), shall be made by providing not less than 10 ten (10) Business Days prior written notice to Revolver Agent, and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Revolving Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (Evolent Health, Inc.)

Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers Borrower may reduce the Revolver Commitments to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers Borrower pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $5,000,000 1,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are is less than $5,000,0001,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent, Agent and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share Pro Rata Share thereof.

Appears in 1 contract

Samples: Credit Agreement (Realpage Inc)

Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers Borrower may reduce the Revolver Commitments to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers Borrower under Section 2.3(aSECTION 2.3(A), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers Borrower pursuant to Section 2.11(aSECTION 2.11(A). Each such reduction shall be in an amount which is not less than an integral multiple of $5,000,000 1,000,000 (unless the Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,0001,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent, Agent and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share Pro Rata Share thereof.

Appears in 1 contract

Samples: Credit Agreement (Perkins & Marie Callender's Inc)

Reduction of Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers Borrower may reduce the Revolver Commitments to an amount (which may be zero) not less than the greater of (x) the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers Borrower pursuant to Section 2.11(a)) and (y) $25,000,000. Each such reduction shall be in an amount which is not less than $5,000,000 (unless the Revolver Commitments are being reduced to zero $25,000,000 and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,00030,000,000), shall be made by providing not less than 10 Business Days prior written notice to Agent, and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (THQ Inc)

Reduction of Commitments. The Commitments shall terminate on the Maturity Date. Borrowers Borrower may reduce the Commitments Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers Borrower pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $5,000,000 1,000,000 (unless the Commitments are being reduced to zero and the amount of the Commitments in effect immediately prior to such reduction are less than $5,000,0001,000,000), shall be made by providing not less than 10 5 Business Days prior written notice to Agent, and shall be irrevocable. Once reduced, the Commitments may not be increased. Each such reduction of the Commitments shall reduce the Commitments of each Lender proportionately in accordance with its ratable share thereof.

Appears in 1 contract

Samples: Credit Agreement (Diamond Foods Inc)

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