Reduction of Maximum Facility Amount. The Borrower may, upon five (5) Business Days’ written notice to the Agent, irrevocably reduce the Maximum Facility Amount, provided that after such reduction the Maximum Facility Amount shall not be less than the sum of the aggregate principal balance of the Loans that would be outstanding after the effectiveness of such reduction. Any such reduction shall reduce the unfunded Allocation, if [Warehouse Loan Agreement] any, of each Lender proportionately. Upon any such decrease in the Maximum Facility Amount, so long as such reduction occurs on or prior to the date that is six (6) months prior to the Availability Expiration Date, the Prefunded Equity Amount shall be decreased to maintain the initial relative proportion between the Maximum Facility Amount and the Prefunded Equity Amount; provided, however, that the Prefunded Equity Amount shall not be decreased below $180,000,000. In the event that the amount of the Prefunded Equity Amount funded at such time exceeds the reduced Prefunded Equity Amount, such excess shall be refunded as provided in clause seventh of Section 3.03(a). Notwithstanding the foregoing, the Maximum Facility Amount may only be reduced to the extent that such reduction does not cause a breach of (or any increase in any existing breach of) the criteria set forth in Schedule II hereto, such criteria to be tested on the date of the proposed reduction of Maximum Facility Amount based upon the proposed reduced Maximum Facility Amount.
Reduction of Maximum Facility Amount. The Borrower shall have the right, upon not less than three Business Days' notice to the Administrative Agent, to terminate the Facility Amounts or, from time to time, to reduce the amount of the Facility Amounts. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple of $500,000 in excess thereof, and shall reduce permanently the Facility Amounts then in effect pro rata in accordance with the Percentage Shares of the Lenders.
Reduction of Maximum Facility Amount. The Borrowers shall have the right, upon not less than three Business Days' notice to the Administrative Agent, to terminate 2.16 the Facility Amounts or, from time to time, to reduce the amount of the Facility Amounts; provided that no such termination or reduction of Facility Amounts shall be permitted if, after giving effect thereto and to any prepayments of the Loan Balance made on the effective date thereof, the Loan Balance plus the L/C Exposure would exceed the Maximum Facility Amount. Any such reduction shall be in an amount equal to $10,000,000, or a whole multiple of $1,000,000 in excess thereof, and shall reduce permanently the Facility Amounts then in effect pro rata in accordance with the Percentage Shares of the Lenders. If, after giving effect to any reduction of the Facility Amounts, the Letter of Credit Sublimit exceeds the Maximum Facility Amount, the Letter of Credit Sublimit shall be automatically reduced by the amount of such excess.
Reduction of Maximum Facility Amount. (a) Upon the consummation of the first Permitted 2002 Bond Transaction, the Maximum Facility Amount shall automatically and without further action by the Borrower, the Administrative Agent or the Banks, be reduced by an amount equal to the aggregate amount of notes issued under such Permitted 2002 Bond Transaction, provided that the Maximum Facility Amount shall not be reduced below $500,000,000.
Reduction of Maximum Facility Amount. The Borrowers may elect to reduce the Maximum Facility Amount to one hundred and eighteen million three hundred thousand Dollars ($118,300,000) by giving not less than 15 days’ prior written notice to the Facility Agent. Upon such notice, the Facility Agent will comply with the terms of Clause 20.7 (Release of Security) in respect of one of the Vessels and that Vessel will no longer be considered to be a Vessel for the purpose of this Facility.
Reduction of Maximum Facility Amount. The Borrower may, from time to time on any Business Day occurring after the time of the initial extension of credit hereunder, voluntarily reduce the Maximum Facility Amount; provided, however, that all such reductions shall require at least three (3) Business Days' prior notice to the Administrative Agent and shall be permanent, and any partial reduction of the Maximum Facility Amount shall be in a minimum amount of $1,000,000 and in an integral multiple of $500,000.
Reduction of Maximum Facility Amount. The Borrower may, upon five (5) days’ written notice to the Agent, reduce the Maximum Facility Amount (a) to a stated amount, provided that after such reduction the Maximum Facility Amount shall not be less than the sum of the aggregate principal balance of the Tranche A Loans, the aggregate principal balance of the Tranche B Loans and the Subscription Balance that would be outstanding after the effectiveness of such reduction or (b) to an amount equal to the aggregate of the then-outstanding principal balances of the Loans and the Subscription Balance, as such aggregate amount is reduced from time to time. Any such reduction shall reduce the unfunded Allocation, if any, of each Lender proportionately by Tranche to the extent such reduction can be applied to a Tranche, in order of priority commencing with the Senior Class.
