Reduction of Facility Amount. The Borrower shall be entitled at its option, on any Business Day (i) prior to the occurrence of an Early Termination Event and (ii) on or prior to August 31, 2019, reduce the Facility Amount by $25,000,000; provided, that the Borrower shall give prior written notice of such reduction to the Administrative Agent and each Managing Agent. The Lenders hereby agree that such reduction shall be allocated in full to the Commitment of KeyBank National Association, until the same shall be reduced to $50,000,000. Any request for a reduction or termination pursuant to this Section 2.14 shall be irrevocable.
Reduction of Facility Amount. Notwithstanding anything herein to the contrary, in the event ARI issues additional shares of its common stock after the date hereof, other than the issuance of stock (i) to employees of ARI under employee benefit plans, (ii) to officers and directors under stock option plans or (iii) pursuant to outstanding warrants for the purchase of such stock, the amount available for borrowing hereunder shall be reduced, dollar for dollar, by an amount equal to the aggregate amount of net cash proceeds of such sales of stock, but only to the extent such aggregate net cash proceeds exceed Eight Hundred Thousand Dollars ($800,000) plus accrued interest on the WITECH facility. ARTICLE II -
Reduction of Facility Amount. Pursuant to Section 4.02(a) of the Liquidity Agreement, the Banks hereby permanently reduce the Facility Amount as set forth in Schedule A hereto. In connection therewith, Section 4.02(c) of the Liquidity Agreement is hereby amended to provide that (i) the Bank Commitment of each Bank shall be as set forth in Schedule A hereto and (ii) Danske Bank A/S shall have no Bank Commitment hereunder after the effective date of this Amendment.
Reduction of Facility Amount. On or after the Closing Date and prior to February 1, 1997, Borrower shall have the right to permanently reduce the Facility Amount in accordance with this Section 2.9. Borrower shall notify Lender, in writing, of its election to reduce the Facility Amount, and the amount of the reduction. The reduction shall be in an amount equal to at least $20,000,000.00 or an integral multiple thereof and shall not be more than $150,000,000.00. In no event shall the Facility Amount, after giving effect to such reduction, be less than the then outstanding principal balance of the Loan. Borrower shall pay to Lender, within five (5) Business Days after Lender's receipt of the written request, by wire transfer of immediately available federal funds, the portion of the Commitment Fee due pursuant to Section 2.15(a), and the reduced Facility Amount shall be effective as of Lender's receipt of the applicable Commitment Fee (the "Determination Date").
