Reduction of Credit. The Borrower, from time to time, upon at least three (3) Business Days’ written notice to the Agent, may terminate the commitments, or permanently reduce the Commitments by an aggregate minimum amount of $10,000,000, without penalty or premium; unless after giving effect thereto and to any prepayments of Loans made on the effective date thereof, the Effective Amount of all Revolving Loans and Term Loans together would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Lender’s Commitment according to its Pro Rata Share. All accrued Commitment Fees to, but not including, the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination. During the continuation of the Credit, the computation of the Commitment Fee and the Lenders’ obligations to make Revolving Loans or Term Loans shall be based upon such reduced Commitments. In the event the Credit shall be reduced to zero pursuant to this Section, the Credit shall be deemed terminated, and any Commitment Fee or any other amount payable hereunder then accrued shall become immediately payable. Such termination of the Credit shall terminate the Borrower’s obligations with respect to the Commitment Fee to the extent not theretofore accrued and shall terminate the Lenders’ obligations to make any further Revolving Loans or Term Loans under this Agreement.
Reduction of Credit. 18 2.11 Termination Date; Extensions....................................
Reduction of Credit. Borrowers may from time to time, upon at least three (3) Business Day's prior telephonic notice (confirmed in writing) to Bank, permanently reduce the amount of the Commitment, provided that at no time may the Commitment be reduced by Borrowers to an amount less than the sum of the outstanding principal of all Advances and the undrawn amount of Letters of Credit. Any such reduction of the Commitment shall be in an amount of $100,000.00 or an integral multiple thereof.
Reduction of Credit. The Company may from time to time, upon at least five (5) Banking Days' prior written or telephonic notice received by the Agent (which shall promptly advise each Bank thereof), permanently reduce the amount of the Credit (such reduction to be made among the Banks according to their Percentages) to an amount not less than the principal amount of all outstanding Loans. Any such reduction shall be in a minimum amount of $250,000 or an integral multiple thereof. The Company may at any time on like notice terminate the Credit upon payment in full of the Loans and other liabilities of the Company hereunder. The Company shall promptly confirm any telephonic notice of reduction or termination of the Credit in writing.
Reduction of Credit. Subject to Section 3.6(i) above, Borrower may from time to time, upon at least three (3) Business Day's prior telephonic notice (confirmed in writing) to Agent, permanently reduce the amount of the maximum Revolving Commitment available under the Revolving Credit Facility, but only upon payment of the outstanding principal amount of each Note in excess of one-half (1/2) of the then reduced amount of the maximum Revolving Commitment available under the Revolving Credit Facility. Any such reduction of the Revolving Commitment shall be in an amount of $100,000.00 or an integral multiple thereof. Subject to Section 3.6(i) above, Borrower may at any time on like notice terminate the entire Revolving Commitment available under the Revolving Credit Facility upon payment in full of the Notes and other liabilities of Borrower relating to the Revolving Credit
Reduction of Credit. Borrower shall have the right, upon at least one (1) Business Day’s (as defined in Section 5), to terminate in whole or reduce in part the unused portion of the Credit; provided that no reduction shall be permitted if, after giving effect thereto, and to any prepayment made therewith, the outstanding and unpaid principal amount of the Advances shall exceed the Credit. The Credit once reduced or terminated may not be reinstated.
Reduction of Credit. Subject to Section 3.6(i) above, Borrower may from time to time, upon at least three (3) Business Day's prior telephonic notice (confirmed in writing) to Agent, permanently reduce the amount of the maximum Revolving Commitment available under the Revolving Credit Facility, but only upon payment of the outstanding principal amount of each Note in excess of one- half (1/2) of the then reduced amount of the maximum Revolving Commitment available under the Revolving Credit Facility. Any such reduction of the Revolving Commitment shall be in an amount of $100,000 or an integral multiple thereof. Subject to Section
Reduction of Credit. Subject to Section 3.6(i) above, Borrower may from time to time, upon at least three (3) Business Day's prior telephonic notice (confirmed in writing) to Agent, permanently reduce the amount of the maximum Revolving Commitment available under the Revolving Credit Facility, but only upon payment of the outstanding principal amount of each Note in excess of one-half ( 1/2 ) of the then reduced amount of the maximum Revolving Commitment available under the Revolving Credit
Reduction of Credit. 20 Section 5. Collateral...........................................21 5.1 Security for the Credit Facility 21
Reduction of Credit. Borrower may from time to time, upon at least three (3) Business Day's prior telephonic notice (confirmed in writing) to Agent, (a) permanently reduce the amount of the maximum Non-Revolving Commitment under the Term Credit Facility, but only upon payment of the outstanding principal amount of each Term Note in excess of the then reduced amount of the maximum Non-Revolving Commitment available under the Term Credit Facility and/or (b) permanently reduce the amount of the maximum Revolving Commitment available under the Revolving Credit Facility, but only upon payment of the outstanding principal amount of each Revolving Note in excess of the then reduced amount of the maximum Revolving Commitment available under the Revolving Credit Facility. Any such reduction of the Revolving Commitment shall be in an amount of $100,000.00 or an integral multiple thereof. Borrower may at any time on like notice (x) terminate the maximum Non-Revolving Commitment available under the Term Credit Facility upon payment in full of the Term Notes and other liabilities of Borrower relating to the Term Credit Facility and/or (y) terminate the maximum Revolving Commitment available under the Revolving Credit Facility upon payment in full of the Revolving Notes and other liabilities of Borrower relating to the Revolving Credit Facility.
