Common use of Reduction of Credit Limit Clause in Contracts

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. (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 9.4‎9.4, but will be reduced at the time, and by the amount of, any repayment of the Facility pursuant to Sections 9.1 ‎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.