Reduction of Revolver Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers may reduce the Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (i) the Revolver Usage as of such date, plus (ii) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers under Section 2.2(a), plus (iii) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.10(a). Each such reduction shall be in an amount which is not less than $10,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $10,000,000), shall be made by providing not less than five (5) Business Days prior written notice to Agent (or such shorter time as the Agent may permit in its reasonable discretion), and shall be irrevocable; provided, that any such notice may state that such notice is contingent on the effectiveness of other credit facilities, in which case such notice may be revoked by Borrowers (by notice to Agent on or prior to the specified effective date) if such contingency is not satisfied. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof.
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Samples: Credit Agreement (Seventy Seven Energy Inc.), Credit Agreement (Seventy Seven Energy Inc.)
Reduction of Revolver Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers may reduce the Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (iA) the Revolver Usage as of such date, plus (iiB) the principal amount of all Revolving Loans not yet made as to which a request has been given by Borrowers under Section 2.2(a), ) plus (iiiC) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.10(a)). Each such reduction shall be in an amount which is not less than $10,000,000 5,000,000 (unless the Revolver Commitments are being reduced to zero and terminated and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $10,000,0005,000,000), shall be made by providing not less than five (5) 10 Business Days prior written notice to Agent (or such shorter time as the Agent may permit in its reasonable discretion)Agent, and shall be irrevocable; provided, that any such notice may state that such notice is contingent on the effectiveness of other credit facilities, in which case such notice may be revoked by Borrowers (by notice to Agent on or prior to the specified effective date) if such contingency is not satisfied. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof. Notwithstanding the foregoing, unless the Revolver Commitments are being reduced to zero and terminated, no such reduction shall result in the Revolver Commitments being reduced to an amount less than $55,000,000.
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Samples: Credit Agreement (MGP Ingredients Inc), Credit Agreement (MGP Ingredients Inc)
Reduction of Revolver Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers may reduce the Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (i) the Revolver Usage as of such date, plus (ii) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers under Section 2.2(a2.3(a), plus (iii) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.10(a2.11(a). Each such reduction shall be in an amount which is not less than $10,000,000 5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $10,000,0005,000,000), shall be made by providing not less than five ten (510) Business Days Days’ prior written notice to Agent (or such shorter time period as the is acceptable to Agent may permit in its reasonable discretion), ) and shall be irrevocable; provided, that any such notice may state irrevocable provided that such notice is contingent on the effectiveness of other credit facilities, in which case such notice reduction may be revoked by Borrowers (by notice subject to Agent on a condition consisting of the closing and availability of funds under any financing facility or prior to the specified effective date) if such contingency is not satisfiedsecurities issuable. Once reduced, the Revolver Commitments may not be increased, except in accordance with Section 2.4(g). Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof.
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Reduction of Revolver Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrowers may reduce the Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (iA) the Revolver Usage as of such date, plus (iiB) the principal amount of all Revolving Loans Advances not yet made as to which a request has been given by Borrowers under Section 2.2(a2.3(a), plus (iiiC) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.10(a2.11(a); provided, however, that, unless the Revolver Commitments are being reduced to zero, in no event shall the Revolver Commitments be reduced under this Section 2.4(c) to be less than $200,000,000. Each such reduction shall be in an amount which is not less than $10,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $10,000,000)25,000,000, shall be made by providing not less than five (5) 5 Business Days prior written notice to Agent (or such shorter time as the Agent may permit in its reasonable discretion), agree) prior written notice to Agent and shall be irrevocable; provided, that any such notice may state that such notice is contingent on the effectiveness of other credit facilities, in which case such notice may be revoked by Borrowers (by notice to Agent on or prior to the specified effective date) if such contingency is not satisfied. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share Pro Rata Share thereof; provided, however, the Borrowers shall be permitted to reduce the Revolver Commitments of any Defaulting Lender on a non- pro rata basis.
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