Reduction of Maximum Principal Amount. (a) On any Payment Date prior to the Rapid Pay Out Commencement Date, upon the written request of the Issuer, the “Maximum Principal Amount” (as defined in each VFN Series) may be permanently reduced (a “Reduction”), on a ratable basis with respect to each VFN Series and with respect to the Notes, by the Issuer; provided that the Issuer shall have given each applicable “Administrator” and the Funding Agent hereunder irrevocable written notice (effective upon receipt) of the amount of such Reduction prior to 10:00 a.m., New York time on a Business Day that is at least thirty (30) days prior to such Reduction; provided, that any such Reduction shall be in an amount equal to $5,000,000 in the aggregate for all VFN Series and integral multiples of $100,000 in excess thereof; and provided, further, that no Reduction may cause the aggregate of the “Maximum Principal Amounts” under all VFN Series to be lower than $0. Each Reduction effected pursuant to this Section 2.5 shall automatically and permanently, without any further action on the part of any party, reduce (i) the Commitment of each of (a) Three Pillars and (b) PARCO and the Committed Purchaser on a pro rata basis, in the amount of such Reduction (ii) the Tranche A Commitment and the Tranche B Commitment on a ratable basis with respect to the Commitment of Three Pillars and the Commitment of the Committed Purchaser; provided if requested by the Issuer and each of the Administrator and the Funding Agent agrees, in writing, in their sole discretion, the Tranche A Commitments and Tranche B Commitments of Three Pillars and the Committed Purchaser may be reduced in amounts agreed to by the Issuer, the Administrator and the Funding Agent (which may not be on a ratable basis);
Reduction of Maximum Principal Amount. (a) Reduction of Class A Maximum Principal Amount.
Reduction of Maximum Principal Amount. (a) On any Payment Date prior to the Rapid Pay Out Commencement Date, upon the written request of the Issuer, the "Maximum Principal Amount" (as defined in each VFN Series) may be permanently reduced (a "Reduction"), on a ratable basis with respect to each VFN Series and with respect to the Notes, by the Issuer; provided that the Issuer shall have given each applicable "Administrator" and the Funding Agent hereunder irrevocable written notice (effective upon receipt) of the amount of such Reduction prior to 10:00 a.m., New York time on a Business Day that is at least thirty (30) days prior to such Reduction; provided, further, that any such Reduction shall be in an amount equal to $25,000,000 in the aggregate for all VFN Series or integral multiples of $10,000,000 in excess thereof; and provided, further, that no Reduction may cause the aggregate of the "Maximum Principal Amounts" under all VFN Series to be lower than $150,000,000. Each Reduction effected pursuant to this Section 2.5 shall automatically and permanently, without any further action on the part of any party, reduce the Commitment of each of (i) Three Pillars, as a Conduit Purchaser, and (ii) PARCO, as a Conduit Purchaser, and the Committed Purchaser on a pro rata basis, in the amount of such Reduction.
Reduction of Maximum Principal Amount. (a) On any Payment Date during the Revolving Period, upon the written request of the Issuer, the Maximum Principal Amount may be permanently reduced, in full or in part (a “Reduction”), by the Issuer; provided that the Issuer shall have given the Agent and the Indenture Trustee irrevocable written notice (effective upon receipt) of the amount of such Reduction prior to 10:00 a.m. (New York City time) on a Business Day that is at least sixty (60) days prior to the date that such Reduction is to become effective; provided, further, that any such Reduction shall be in an amount equal to $10,000,000 or integral multiples of $5,000,000 in excess thereof; and provided, further, that no Reduction may cause the Maximum Principal Amount to be lower than the greater of (i) the Outstanding Principal Balance and (ii) in the case of any partial Reduction, $100,000,000.
Reduction of Maximum Principal Amount
