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.
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. In the event that the tax costs from the transaction referenced in the Sixth Amendment are less than $630,000.00, the $9,500,000.00 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 that transaction. Similarly, if the Lease Obligations as defined in the Sixth Amendment are less than $500,000.00, the $9,500,000.00 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 $8,900,000.00, 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. 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. 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 Limit will be permanently reduced with respect to repayment or prepayment made in accordance with Section 9.1 or 9.4. The Credit Limit shall also be permanently reduced, at the time of any Prepayment Trigger Event, by the amount, if any, of the Net Cash Proceeds not deployed by the Borrower as a mandatory prepayment under the Credit Facility pursuant to Section 9.4. Any repayment or prepayment of credit outstanding under the Credit Facility (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 conversion from one type of credit to another type of credit under Article 3 or Article 6 or 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. Credit Agreement - Primero Mining
Reduction of Credit Limit. Section 2.3 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: Sixth Amending Agreement “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 Limit will be permanently reduced with respect to repayment or prepayment made in accordance with Section 9.1 or Section 9.4. The Credit Limit shall also be permanently reduced, at the time of any Insurance Prepayment Trigger Event, by the amount, if any, of the Net Cash Proceeds resulting from such Insurance Prepayment Trigger Event not deployed by the Borrower, as a mandatory prepayment under the Credit Facility pursuant to Section 9.4. The Credit Limit shall also be permanently reduced, commencing at the time of a Blackfox Prepayment Trigger Event, by any amount received by the Borrower (or any Affiliate thereof) representing all or part of the Blackfox Repayment Amount (including the Closing Date Blackfox Repayment Amount), such reduction to be made as of the date on which each such amount is received by the Agent. Any repayment or prepayment of credit outstanding under the Credit Facility (other than as set forth above), including the repayment of credit outstanding under the Credit Facility with the proceeds of Primero Cash Collateral in accordance with Section 9.4(b), shall not cause a permanent reduction in the amount of the Credit Limit. Any repayment of outstanding credit which forms part of any conversion from one type of credit to another type of credit under Article 3 or Article 6 or of any rollover under Article 5 shall not cause any reduction in the amount of the Credit Limit. Upon any permanent 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 permanent reduction of the amount of the Credit Limit.”
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. 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:
