Common use of Reduction of Revolving Credit Commitment Clause in Contracts

Reduction of Revolving Credit Commitment. The Borrowers shall have the right at any time after the Closing Date upon five (5) calendar days’ prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent) to permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) the Revolving Credit Commitments, in a minimum amount of $500,000 and whole multiples of $500,000, or to terminate completely the Revolving Credit Commitments, without penalty or premium except as set forth herein, including without limitation, in Section 5.6.2 [Replacement of a Lender], Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]; provided that any such reduction or termination shall be accompanied by prepayment of the Notes, together with outstanding Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced or terminated. Any notice to reduce the Revolving Credit Commitments under this Section 2.11 shall be irrevocable; provided that a notice of termination of all Revolving Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

Reduction of Revolving Credit Commitment. The Borrowers shall have the right at any time after the Closing Effective Date upon five (5) calendar days’ prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent) to (x) permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) the Revolving Credit Commitments, in a minimum amount of $500,000 1,000,000 and whole multiples of $500,000, provided that the total Revolving Credit Commitments after giving effect to any such reduction shall not be less than $100,000,000, or (y) to terminate completely the Revolving Credit Commitments, in each case, without penalty or premium except as set forth herein, including without limitation, in Section 5.6.2 [Replacement of a Lender], Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]; provided that any such reduction or termination shall be accompanied by prepayment of the Notes, together with outstanding Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced or terminated. Any notice to reduce the Revolving Credit Commitments under this Section 2.11 shall be irrevocable; provided that a notice of termination of all Revolving Credit Commitments delivered by the Borrower Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

Reduction of Revolving Credit Commitment. The Borrowers shall have the right at any time after the Closing Date upon five (5) calendar days’ prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent) to (x) permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) the Revolving Credit Commitments, in a minimum amount of $500,000 1,000,000 and whole multiples of $500,000, provided that the total Revolving Commitments after giving effect to any such reduction shall not be less than $100,000,000, or (y) to terminate completely the Revolving Credit Commitments, in each case, without penalty or premium except as set forth herein, including without limitation, in Section 5.6.2 [Replacement of a Lender], Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]; provided that any such reduction or termination shall be accompanied by prepayment of the Notes, together with outstanding Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced or terminated. Any notice to reduce the Revolving Credit Commitments under this Section 2.11 shall be irrevocable; provided that a notice of termination of all Revolving Credit Commitments delivered by the Borrower Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

Reduction of Revolving Credit Commitment. The Borrowers shall have the right Upon at any time after the Closing Date upon least five (5) calendar days’ Business Days' prior written notice to the Administrative Agent (Agent, the Borrower may, without premium or such shorter period penalty, in accordance with the terms of time agreed to by the Administrative Agent) to permanently reduce (ratably among this Agreement, request that the Lenders permanently reduce, in proportion to their Ratable Shares) whole or in part, the aggregate Revolving Credit Commitments; provided, in a minimum amount of $500,000 and whole multiples of $500,000, or to terminate completely the Revolving Credit Commitments, without penalty or premium except as set forth herein, including without limitation, in Section 5.6.2 [Replacement of a Lender], Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]; provided that any such reduction or termination shall be accompanied by prepayment of subject to the Notes, together with outstanding Commitment Fees, and the full following conditions: (i) each such reduction shall be in an aggregate principal amount of interest accrued on not less than One Million Dollars ($1,000,000) or, if greater, a multiple of Five Hundred Thousand Dollars ($500,000) in excess thereof and (ii) concurrently with such reduction, the Borrower shall make a principal sum to be prepaid (and all amounts referred to in Section 5.10 [Indemnity] hereof) payment to the extent necessary Agent for the account of each Lender in an amount equal to cause the excess, if any, of such Lender's Revolving Credit Loans over the Revolving Credit Commitment of such Lender as reduced to reflect the reduction in the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than Credit Commitments. Each reduction in the Revolving Credit Commitments as so reduced or terminatedhereunder shall be made among the Lenders ratably in accordance with their Ratable Portion of the aggregate Revolving Credit Commitments. Any notice On the date of each reduction, the Borrower shall also pay to reduce the Agent for the account of the Lenders the commitment fees and interest accrued through the date of such reduction in respect of the Revolving Credit Commitments under this Section 2.11 shall be irrevocable; provided that a notice of termination of all the Lenders. Each reduction in the Revolving Credit Commitments delivered by the Borrower may state that shall be a permanent reduction and no amount in excess of such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice reduced Revolving Credit Commitment may be revoked by the Borrower (by notice to the Administrative Agent on borrowed or prior to the specified effective date) if such condition is not satisfiedreborrowed.

Reduction of Revolving Credit Commitment. The Borrowers shall have Mandatory Prepayment; --------------------------------------------------------------- Optional Prepayment. ------------------- (a) Optional Reduction of the right Revolving Credit Commitment. Subject to Section 2.04(e) hereof, the Borrower may at any time after the Closing Date upon five (5) calendar days’ prior written notice or from time to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent) to permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) the Revolving Credit Commitments, in a minimum amount of $500,000 and whole multiples of $500,000, or to terminate completely the Revolving Credit Commitments, without penalty or premium except as set forth herein, including without limitation, in Section 5.6.2 [Replacement of a Lender], Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]; provided that any such reduction or termination shall be accompanied by prepayment of the Notes, together with outstanding Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced or terminated. Any notice to reduce the Revolving Credit Commitments of the Lenders to an amount not less than the sum of the unpaid principal amount of all Revolving Loans then outstanding plus the principal amount of all Revolving Loans not yet made as to which notice has been given by the Borrower under this Section 2.11 2.03 hereof plus the Letter of Credit Exposure at such time plus the Stated Amount of all Letters of Credit not yet issued as to which a request has been made unless the request is withdrawn and the Letter of Credit is not issued by the Letter of Credit Issuer under Section 3.01 hereof. Any reduction shall be in an amount which is an integral multiple of $5,000,000. Reduction of the Revolving Credit Commitments of the Lenders shall be made by providing not less than two (2) Business Days' written notice (which notice shall be irrevocable; provided that a ) to such effect to the Agent (which notice the Agent shall promptly transmit to each Lender). Reductions of termination of all the Revolving Credit Commitments delivered by of the Borrower Lenders are irrevocable and may state that not be reinstated. Each such notice is conditioned upon reduction shall reduce the effectiveness Revolving Credit Commitment of other credit facilities, each Lender proportionately in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfiedaccordance with its Pro Rata Share.

Reduction of Revolving Credit Commitment. The Borrowers Borrower shall have the right at any time after the Closing Date upon five (5) calendar days’ prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent) to permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) the Revolving Credit Commitments, in a minimum amount of $500,000 2,000,000 and whole multiples of $500,000100,000, or to terminate completely the Revolving Credit Commitments, without penalty or premium except as set forth herein, including without limitation, in Section 5.6.2 [Replacement of a Lender], Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]premium; provided that any such reduction or termination shall be accompanied by prepayment of the NotesRevolving Credit Loans, Swing Loans, Reimbursement Obligations, Letter of Credit Borrowings and/or cash collateral with respect to any outstanding Letters of Credit, as the case may be, together with outstanding accrued and unpaid Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 [Indemnity] 4.9 hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced or terminated. Any notice to reduce the Revolving Credit Commitments under this Section 2.11 2.8.11 shall be irrevocable; provided that a notice of termination of all the Revolving Credit Commitments in full delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilitiesfacilities or debt or equity issuances, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

Reduction of Revolving Credit Commitment. The Borrowers Borrower shall have the right at any time after the Closing Date right, upon not less than five (5) calendar daysBusiness Days’ prior written notice to the Administrative Agent (or such shorter period Agent, to terminate the Revolving Credit Commitments or, from time to time, to reduce the aggregate amount of time agreed to by the Administrative Agent) to permanently reduce Revolving Credit Commitments (ratably among the Lenders in proportion to their Ratable Shares) ); provided that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Credit CommitmentsLoans made on the effective date thereof, the Revolving Facility Usage would exceed the aggregate Revolving Credit Commitments of the Lenders. Any such reduction shall be in a minimum an amount of equal to $500,000 and whole multiples of $500,0001,000,000, or to terminate completely a whole multiple thereof, and shall reduce permanently the Revolving Credit Commitments, without penalty or premium except as set forth herein, including without limitation, Commitments then in Section 5.6.2 [Replacement of a Lender], Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]; provided that any effect. Any such reduction or termination shall be accompanied by prepayment of the Notes, together with outstanding Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 5.9 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced or terminated. Any notice to reduce the Revolving Credit Commitments under this Section 2.11 2.9 shall be irrevocable; provided that a notice of termination of all Revolving Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

Reduction of Revolving Credit Commitment. The Borrowers shall have the right at any time after the Closing Date upon Upon five (5) calendar days’ Business Days prior written notice to the Administrative Agent (Agent, the Borrower may request that the Banks permanently reduce, in whole or such shorter period of time agreed to by in part, the Administrative Agent) to permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) the aggregate Revolving Credit Commitments, whereupon the aggregate Revolving Credit Commitments shall be so reduced. Each reduction shall be subject to the following: (i) each such reduction shall be in a minimum an aggregate principal amount of $500,000 and whole multiples of not less than Five Hundred Thousand Dollars ($500,000) or a multiple of One Hundred Thousand Dollars ($100,000) in excess thereof, or and (ii) the Borrower shall not be permitted to terminate completely reduce the aggregate Revolving Credit Commitments unless, concurrently with any reduction, the Borrower shall make a principal payment on each Bank's then outstanding Revolving Credit Advances in an amount equal to the excess, if any, of such Revolving Credit Advances over the Revolving Credit Commitment of such Bank as so reduced. Each reduction in the aggregate Revolving Credit Commitments hereunder shall be made among the Banks ratably in accordance with their Revolving Credit Commitments. On the date of each reduction, the Borrower shall pay to the Agent for the account of the Banks (x) the commitment fees and interest accrued through the date of such reduction in respect of the aggregate Revolving Credit Commitments, without penalty or premium except as set forth herein, including without limitation, in Section 5.6.2 [Replacement of a Lender], Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]; provided that (y) any such reduction or termination shall be accompanied by prepayment of the Notes, together with outstanding Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 [Indemnity] hereof) required pursuant to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than provisions of Section 13.4 of this Agreement. Each reduction in the Revolving Credit Commitments as so reduced or terminated. Any notice to reduce the Revolving Credit Commitments under this Section 2.11 hereunder, if any, shall be irrevocable; provided that a notice permanent reduction and no amount in excess of termination of all Revolving Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice reduced commitment may be revoked by the Borrower (by notice to the Administrative Agent on borrowed or prior to the specified effective date) if such condition is not satisfiedreborrowed.

Reduction of Revolving Credit Commitment. The Borrowers shall have the right at any time after the Closing Date upon Upon five (5) calendar days’ Business Days prior written notice to the Administrative Agent Agent, the Borrower Representative may in accordance with the terms of this Agreement request that the Banks permanently reduce, in whole or in part, the aggregate Revolving Credit Commitment. Each reduction shall be subject to the following: (i) each such reduction shall be in an aggregate principal amount of not less than Five Million Dollars ($5,000,000) or a multiple of One Hundred Thousand Dollars ($100,000) in excess thereof, (ii) the Borrower Representative shall not be permitted to reduce the aggregate Revolving Credit Commitments unless, concurrently with any reduction, the Borrowers shall make principal payments on each Bank's then outstanding Revolving Credit Advances such shorter period that the sum of time agreed to by the Administrative Agent) to permanently reduce (ratably Revolving Credit Advances plus the LC Exposure is no more than the Revolving Credit Commitment of such Bank as so reduced. Each reduction in the aggregate Revolving Credit Commitment hereunder shall be made among the Lenders Banks ratably in proportion to accordance with their Ratable Shares) the Revolving Credit Commitments, in a minimum amount as the case may be. On the date of $500,000 and whole multiples of $500,000each reduction, or to terminate completely the Revolving Credit Commitments, without penalty or premium except as set forth herein, including without limitation, in Section 5.6.2 [Replacement of a Lender], Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]; provided that any such reduction or termination Borrowers shall be accompanied by prepayment of the Notes, together with outstanding Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced or terminated. Any notice to reduce the Revolving Credit Commitments under this Section 2.11 shall be irrevocable; provided that a notice of termination of all Revolving Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice pay to the Administrative Agent on or prior for the account of the Banks (x) the facility fees and interest accrued through the date of such reduction in respect of the aggregate Revolving Credit Commitment and (y) any amounts required pursuant to the specified effective date) if provisions of Section 12.4 of this Agreement. Any reduction in the Revolving Credit Commitment shall be a permanent reduction and no amount in excess of such condition is not satisfiedreduced commitment may thereafter be borrowed or reborrowed.

Reduction of Revolving Credit Commitment. The Borrowers Borrower shall have the right at any time after the Closing Date upon five (5) calendar days’ prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent) to permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) the Revolving Credit Commitments, in a minimum amount of $500,000 5,000,000 and whole multiples of $500,0001,000,000, or to terminate completely the Revolving Credit Commitments, without penalty or premium except as hereinafter set forth herein, including without limitation, in Section 5.6.2 [Replacement of a Lender], Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]forth; provided that (i) any such reduction or termination shall be accompanied by prepayment of the Notes, together with outstanding Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced or terminated, (ii) after giving effect to such reduction Borrower has Undrawn Availability at all times thereafter in an amount equal to at least $10,000,000 and (iii) contemporaneously with any termination completely of the Revolving Credit Commitments, Borrower shall Cash Collateralize such Letter of Credit Obligations pursuant to Section 2.9.11. Any notice to reduce the Revolving Credit Commitments under this Section 2.11 2.1. shall be irrevocable; provided that a notice of termination of all Revolving Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

Reduction of Revolving Credit Commitment. The Borrowers shall have the right at any time after the Closing Date and from time to time upon five (5) calendar daysBusiness Days’ prior written notice to the Administrative Agent (to reduce by $1,000,000 or such shorter period an integral multiple thereof or terminate entirely the unused portion of time agreed to by the Administrative Agent) to permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) aggregate amount of the Revolving Credit Commitments, in a minimum amount of $500,000 and whole multiples of $500,000, or to terminate completely whereupon the Revolving Credit CommitmentsCommitments of the Banks shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice, without penalty or premium except or, as set forth hereinthe case may be, including without limitationterminated. Promptly after receiving any notice of the Borrowers delivered pursuant to this Section 2.3, in Section 5.6.2 [Replacement the Administrative Agent will notify the Banks of a Lender], Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]; provided that the substance thereof. Upon the effective date of any such reduction or termination termination, the Borrowers shall be accompanied by prepayment pay to the Administrative Agent for the account of the Notes, together with outstanding Commitment Fees, and Banks the full amount of interest any Commitment Fee then accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 [Indemnity] hereof) to amount of the extent necessary to cause reduction. If the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than Borrowers reduce the Revolving Credit Commitments Commitment hereunder, any Commitment Fee payable thereafter under Section 2.5.2 hereof shall be payable with respect to the Revolving Credit Commitment as so reduced or terminated. Any notice to reduce No reduction of the Revolving Credit Commitments under this Section 2.11 shall be irrevocable; provided that a notice of termination of all Revolving Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice Commitment may be revoked by reinstated. The Borrowers shall have the Borrower right at any time and from time to time upon five (by 5) Business Days’ prior written notice to the Administrative Agent on to reduce by $500,000 or prior to an integral multiple thereof or terminate entirely the specified effective date) if such condition is not satisfiedunborrowed portion of the Swingline Commitment. No reduction of the Swingline Commitment may be reinstated without the consent of the Swingline Lender.

Reduction of Revolving Credit Commitment. The Borrowers Borrower shall have the right at any time after the Closing Date upon five (5) calendar days’ ' prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent) to permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) the Revolving Credit Commitments, in a minimum amount of $500,000 5,000,000 and whole multiples of $500,0001,000,000, or to terminate completely the Revolving Credit Commitments, without penalty or premium except as hereinafter set forth herein, including without limitation, in Section 5.6.2 [Replacement of a Lender], Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]forth; provided that (i) any such reduction or termination shall be accompanied by prepayment of the Notes, together with outstanding Commitment Facility Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the lesser of the Borrowing Base and the Revolving Credit Commitments as so reduced or terminated. Any notice , (ii) after giving effect to reduce such reduction Borrower has Undrawn Availability at all times thereafter in an amount equal to at least $2,500,000, and (iii) contemporaneously with any termination completely of the Revolving Credit Commitments under this Commitments, Borrower shall Cash Collateralize such letter of Credit Obligations pursuant to Section 2.11 shall be irrevocable; provided that a notice of termination of all Revolving Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied2.9.