Common use of Reduction of Revolver Commitments Clause in Contracts

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 (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $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 $5,000,000), shall be made by providing not less than 3 Business Days prior written notice to Agent and shall be irrevocable, provided, however, that, if any such notice relating to a proposed reduction in the Revolver Commitments to zero in connection with a payment in full of the Obligations indicates that such reduction is conditioned on the consummation of a refinancing or the consummation of a Specified Transaction, such notice may be revoked if such financing or Specified Transaction is not consummated on or before the date of the proposed reduction (in which case, a new notice shall be required to be sent in connection with any subsequent reduction to zero). 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. In connection with any reduction in the Revolver Commitments prior to the Maturity Date, if any Loan Party or any of its Subsidiaries owns any Margin Stock (other than Equity Interests of Parent owned by Parent), Borrowers shall deliver to Agent an updated Form U-1 (with sufficient additional originals thereof for each Lender), duly executed and delivered by the Borrowers, together with such other documentation as Agent shall reasonably request, in order to enable Agent and the Lenders to comply with any of the requirements under Regulations T, U or X of the Federal Reserve Board.

Reduction of Revolver Commitments. The Revolver Commitments shall terminate on the Maturity DateDate or earlier termination thereof pursuant to the terms of this Agreement. Borrowers may reduce the Revolver Commitments, without premium or penalty, to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances Revolving Loans not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $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 $5,000,000), shall be made by providing not less than 3 ten Business Days prior written notice to Agent Agent, and shall be irrevocable, provided, however, that, if ; provided that (x) Borrowers may condition any such notice relating to a proposed of Revolver Commitment reduction in the Revolver Commitments to zero in connection with a payment in full of the Obligations indicates that such reduction is conditioned or termination on the consummation happening or occurrence of a refinancing or the consummation of a Specified Transactionan event, and may rescind any such notice may be revoked of Revolver Commitment reduction or termination if such financing event does not happen or Specified Transaction is not consummated occur on or before the date of the proposed Revolver Commitment reduction or termination (in which case, a new notice shall be required to be sent in connection with any subsequent Revolver Commitment reduction to zeroor termination), and (y) Borrowers may extend the date of Revolver Commitment reduction or termination at any time with the consent of Agent (which consent shall not be unreasonably withheld or delayed). Once The Revolver Commitments, 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. In connection with any reduction in the Revolver Commitments prior to the Maturity Date, if any Loan Party or any of its Subsidiaries owns any Margin Stock (other than Equity Interests of Parent owned by Parent)Stock, Borrowers shall deliver to Agent an updated Form U-1 (with sufficient additional originals thereof for each Lender), duly executed and delivered by the Borrowers, together with such other documentation as Agent shall reasonably request, in order to enable Agent and the Lenders to comply with any of the requirements under Regulations T, U or X of the Federal Reserve Board.