Reduction of Credit Limit. (a) The Borrower may, from time to time and at any time, by notice in writing to the Administrative Agent, permanently reduce the Credit Limit to the extent the Facility is not being utilized at the time such notice is given, provided that such reduction shall not become effective until five Banking Days after such notice has been given.
(b) The amount of the Credit Limit will not be reduced at the time, and in the amount, of any prepayment or repayment under the Facility pursuant to Section 9.4, but will be reduced at the time, and by the amount of, any repayment of the Facility pursuant to Sections 9.1 and will be reduced to zero on the Maturity Date.
(c) Upon any reduction of the Credit Limit, the Individual Commitment of each relevant Lender shall thereupon be reduced by an amount equal to such Lender’s Pro Rata Share of such reduction of the Credit Limit.
Reduction of Credit Limit. The Borrower may, from time to time and at any time, by notice in writing to the Administrative Agent, permanently reduce the Credit Limit to the extent it is not being utilized at the time such notice is given, provided that such reduction shall not become effective until three Banking Days after such notice has been given. The amount of the Credit Limit (i) will not be reduced by any prepayment or repayment under the Credit Facility pursuant to Sections 9.2 and/or 9.3, (ii) will be permanently reduced by any prepayment or repayment under the Credit Facility pursuant to Section 9.1, and (iii) will be reduced to zero on the Maturity Date. Upon any reduction of the Credit Limit, the Individual Commitment of each Lender with respect to the Credit Limit shall thereupon be reduced by an amount equal to such Lender’s Pro Rata Share of such reduction of the Credit Limit, and any reinstatement of the Credit Limit shall result in a reinstatement of such amount of each Individual Commitment.
Reduction of Credit Limit. Borrower may reduce the amount of the Revolving Credit Limit by any integral multiple of $1,000,000.00, effective not earlier than the expiration of five (5) Business Days prior written notice to Agent; provided, that Borrower may not execute a reduction of the Revolving Credit Limit more than one time during any Fiscal Quarter, and provided further, that the Revolving Credit Limit may not be increased following any such reduction.
Reduction of Credit Limit. The Borrower may, from time to time and at any time, by notice in writing to the Administrative Agent, permanently reduce the amount of the Credit Limit in whole or in part to the extent the Credit Facility is not being utilized at the time such notice is given, provided that such reduction shall not become effective until five Banking Days after such notice has been given. The amount of the Credit Facility shall be reduced by $25,000,000 on each of July 24, 2013 and July 24, 2014. The amount of the Credit Limit will be permanently reduced at the time, and in the amount, of any repayment or prepayment made in accordance with Sections 9.2 and 9.4 provided that any repayment or prepayment of credit outstanding under the Credit Facility (other than as set forth above) shall not cause a reduction in the Credit Limit. Upon any reduction of the Credit Limit, the Individual Commitment of each Lender with respect to the Credit Facility shall thereupon be reduced by an amount equal to such Lender's Pro Rata Share of such reduction of the Credit Limit.
Reduction of Credit Limit. The Borrower may, from time to time and at any time, by notice in writing to the Administrative Agent, permanently reduce the Credit Limit to the extent the Credit Facility is not being utilized at the time such notice is given, provided that such reduction shall not become effective until five Banking Days after such notice has been given. Immediately following the sole drawdown under the Credit Facility, the amount of the Credit Limit shall be permanently reduced to the amount of such drawdown (the “Drawn Amount”). The amount of the Credit
Reduction of Credit Limit. If at any time the Credit Limit is less than the then aggregate amounts of principal and interest owing under all Notes issued pursuant to this Agreement, the Company shall immediately (but in any event within ten (10) business days) redeem an amount of each of the Notes (pro rata from each Lender, based upon the amount of each Lender’s Note then outstanding) such that the aggregate principal and interest owing under all of the Notes is less than the Credit Limit.
Reduction of Credit Limit. To reflect the agreement of the parties to reduce the Credit Limit under the Credit Agreement, effective as of the Effective Date (as such term is defined in Paragraph 5 below) the parties hereto hereby agree as follows:
(a) The definition of the term "Credit Limit" set forth in Paragraph 12 of the Credit Agreement is hereby amended to read in its entirety as follows:
Reduction of Credit Limit. In the event that the tax costs are less than $630,000.00, the $00,000,000.00 total Revolving Credit Facility Limit shall be permanently reduced dollar for dollar, by the difference between $630,000.00 and the actual taxes owing and relating to the Sale. Similarly, if the Lease Obligations are less than $500,000.00, the $11,000,000.00 Revolving Credit Facility Limit shall be permanently reduced, dollar for dollar, by the difference between $500,000.00, and the actual costs; provided, however, in no event shall the maximum total Revolving Credit Facility Limit be reduced below $10,400,000.00, except that the Revolving Credit Facility Limit may be further reduced, without limitation, in the event that Borrower enters into a transaction whereby assets are sold outside of the ordinary course of business.
Reduction of Credit Limit. The Borrower may, from time to time and at any time, by notice in writing to the Administrative Agent, permanently reduce the amount of the Credit Limit in whole or in part to the extent it is not being utilized at the time such notice is given, provided that such reduction shall not become effective until five Banking Days after such notice has been given. The amount of the Credit Limit will be permanently reduced with respect to repayment made in accordance with Section 8.1. Any repayment or prepayment of credit outstanding under the Credit Limit (other than as set forth above) shall not cause a reduction in the amount of the Credit Limit. Any repayment of outstanding credit which forms part of any rollover under Article 5 shall not cause any reduction in the amount of the Credit Limit. Upon any reduction of the amount of the Credit Limit, the Individual Commitment of each Lender shall thereupon be reduced by an amount equal to such Lender’s Pro Rata Share of such reduction of the amount of the Credit Limit.
Reduction of Credit Limit. The Borrower may, from time to time and at any time, by notice in writing to the Administrative Agent, permanently reduce the Credit Limit to the extent it is not being utilized at the time such notice is given, provided that such reduction shall not become effective until three Banking Days after such notice has been given. The amount of the Credit Limit will not be permanently reduced by any prepayment or repayment under the Credit Facility pursuant to Section 9.2 or 9.6 but will be reduced at the time of and by the amount of any repayment of the Credit Facility pursuant to Section 9.1 and any reduction of the Credit Limit pursuant to Section 9.3. Any repayment of outstanding credit which forms part of any conversion from one type of credit to another type of credit under Article 6 shall not cause any reduction in the amount of the Credit Limit. Upon any reduction of the Credit Limit, the Individual Commitment of each Lender with respect to the Credit Facility shall thereupon be reduced by an amount equal to such Xxxxxx’s Pro Rata Share of the amount of such reduction of the Credit Limit.
