Reduction of Indebtedness. If at any time and for any reason the aggregate outstanding principal amount of Advances hereunder to Borrower shall exceed the then applicable Revolving Credit Commitment, Borrower shall immediately reduce any pending request for an Advance on such day by the amount of such excess and, to the extent any excess remains thereafter, immediately repay an amount of the Indebtedness equal to such excess.
Reduction of Indebtedness. If at any time and for any reason the aggregate outstanding principal amount of Advances hereunder to Borrower shall exceed the then applicable Capex Credit Commitment, Borrower shall immediately reduce any pending request for an Advance on such day by the amount of such excess and, to the extent any excess remains thereafter, immediately repay an amount of the Indebtedness equal to such excess.
Reduction of Indebtedness. If at any time and for any reason the aggregate outstanding principal amount of Advances hereunder to Borrower plus the Foreign Exchange Reserve, shall exceed the lesser of (i) the Revolving Credit Amount or (ii) the then applicable Borrowing Base, then Borrower shall immediately reduce any pending request for an Advance on such day by the amount of such excess and, to the extent any excess remains thereafter, immediately repay an amount of the Indebtedness equal to such excess. Borrower acknowledges that, in connection with any repayment required hereunder, it shall also be responsible for the reimbursement of any prepayment or other costs required under the terms of the Revolving Credit Note.
Reduction of Indebtedness. If at any time and for any reason (a) the aggregate outstanding principal amount of Advances hereunder to Borrower, plus the outstanding Letter of Credit Reserve, shall exceed the Revolving Credit Commitment, or (b) the Letter of Credit Reserve exceeds the Letter of Credit Sublimit, then, in the case of (a), Borrower shall immediately reduce any pending request for an Advance on such day by the amount of such excess and, to the extent any excess remains thereafter, immediately repay an amount of the Indebtedness equal to such excess, and, to the extent any such excess Indebtedness, attributable to any Letters of Credit, remains outstanding after prepayment of the Advances, Borrower shall provide cash collateral upon demand in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit and, in the case of (b), upon Bank’s demand, Borrower shall deposit with Bank cash collateral in an amount equal to the excess. Borrower acknowledges that, in connection with any repayment required hereunder, it shall also be responsible for the reimbursement of any prepayment or other costs required under the terms of the Revolving Credit Note.
Reduction of Indebtedness. (1) In re- turn for the individual’s agreement to perform hours of services totaling not more than 40 times the number of weeks in the contract, VA will reduce the eligible person’s outstanding in- debtedness by an amount equal to the higher of—
(i) The hourly minimum wage in ef- fect under section 6(a) of the Fair Labor Standards Act of 1938 times the number of hours the individual works; or
(ii) The hourly minimum wage under comparable law of the State in which the services are performed times the number of hours the individual works.
(2) VA will reduce the individual’s debt by the amount of the money earned for the performance of work- study services after the completion of each 50 hours of services (or in the case of any remaining hours required by the contract, the amount for those hours). (Authority: 38 U.S.C. 3485(e); Pub. L. 102–16)
Reduction of Indebtedness. Optional Reduction or Termination of Revolving Credit Aggregate Commitment 2.11 Revolving Credit Commitment Fee
Reduction of Indebtedness. If at any time and for any reason (a) the aggregate outstanding principal amount of Advances hereunder (including, without duplication, any deemed Advances funded by Bank under Sections 3.5 and 4.3 in respect of the Company’s reimbursement obligations thereof), plus the Letter of Credit Reserve, plus the aggregate unpaid amount of any outstanding Acceptances shall exceed the Revolving Credit Aggregate Commitment, or (b) the aggregate outstanding principal amount of Advances hereunder (including, without duplication, any deemed Advances funded by Bank under Section 3.5 and 4.3 in respect of the Company’s reimbursement obligations thereof), plus the Letter of Credit Reserve with respect to Standby Letters of Credit and Xxxxx Fargo Letters of Credit only, plus the aggregate unpaid amount of any outstanding Acceptances shall exceed the lesser of the then applicable (i) Revolving Credit Aggregate Commitment and (ii) Borrowing Base, the Company shall immediately reduce any pending request for an Advance on such day by the amount of such excess and, to the extent any excess remains thereafter, immediately repay an amount of the Indebtedness equal to such excess and, to the extent such Indebtedness consists of obligations arising in connection with any Acceptances or Letters of Credit, as applicable, provide cash collateral upon demand in an amount equal to the sum of (i) the maximum amount that may be available to be drawn at any time prior to the stated expiry of all applicable Letters of Credit, and (ii) the aggregate face amount of such outstanding Acceptances. The Company acknowledges that, in connection with any repayment required hereunder, it shall also be responsible for the reimbursement of any prepayment or other costs required under Section 5.1 hereof; provided, however, that the Company shall, in order to reduce any such prepayment costs and expenses, first prepay such portion of the Indebtedness then carried as a Prime-based Advance, if any.
Reduction of Indebtedness. Borrower shall pay Lender $2,090,000, representing all but $10,000 of the principal and accrued but unpaid interest due Lender under the Note.
Reduction of Indebtedness. (a) On June 30, 1998, pay to Agent for distribution to the Revolving Credit Banks, pro rata based on each such Bank's Percentage of the Revolving Credit Aggregate Commitment, an amount equal to the amount by which the sum of the aggregate principal amount of Revolving Credit Advances outstanding on such date, the aggregate principal amount of Swing Line Advances outstanding on such date, the aggregate undrawn amount of any Letters of Credit outstanding on such date and the aggregate amount of all outstanding Letter of Credit Obligations on such date exceeds the Revolving Credit Aggregate Commitment as reduced automatically on such date pursuant to the terms of this Agreement.
(b) On June 30, 1998, pay to Agent for distribution to the Line of Credit Banks, pro rata based on each such Bank's percentage of the Line of Credit Aggregate Commitment, an amount equal to the amount by which the aggregate principal amount of Line of Credit Advances outstanding on such date exceeds the Line of Credit Aggregate Commitment as reduced automatically on such date pursuant to the terms of this Agreement."
11. Section 8.24 is added to the Agreement as follows:
Reduction of Indebtedness. Borrower, Obligor and Lender agree that upon the parties execution of this Agreement and the fulfillment by Borrower and Obligor of the conditions precedent to the effectiveness of this Agreement set forth in Section 8 hereof, the indebtedness evidenced by the Final Judgment shall be reduced to $4,700,000 (the "Restructured Loan").
