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. Subsequent to the voluntary surrender of the Collateral by K-Tel USA herein, upon its full performance under Section 2 hereof and based upon the representations, warranties and covenants of K-Tel USA herein, K-5 will apply funds in accordance with the Uniform Commercial Code and will reduce the amount of the Indebtedness by the amount actually received by K-5 upon K-5's disposition to third parties of the Collateral conveyed to K-5 hereunder; provided, however, that the Indebtedness shall not be so reduced until funds paid or to be paid upon such disposition are collected funds (subject to no rights of setoff, charges or other claims or reductions). Upon the collection by K-5 of the total amount of the Indebtedness, K-5 will terminate any financing statements, wherever filed, which name K-Tel USA as Debtor and K-5 as secured party.
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. Guarantor agrees that any Indebtedness from revolving loans will not be deemed repaid or reduced by collection and subsequent relending of the proceeds of accounts, chattel paper and similar Collateral.
Reduction of Indebtedness. Optional Reduction or Termination of Revolving Credit Commitment . . . . . . . . . . . . . . . . . . 19 2.14 Extension of Revolving Credit Maturity Date . . . . . . . . . . 20 2.15
Reduction of Indebtedness. Optional Reduction or Termination of Revolving Credit Aggregate Commitment 2.11 Revolving Credit Commitment Fee
