Common use of Reduction of Revolving Credit Commitments Clause in Contracts

Reduction of Revolving Credit Commitments. The Borrower shall have the right at any time after the Closing Date upon five (5) days' prior written notice to 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 $5,000,000 and whole multiples of $1,000,000, or to terminate completely the Revolving Credit Commitments, without penalty or premium except as hereinafter set forth; 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: (i) shall designate whether the reduction is applicable to Facility A, Facility B or both (and in the case of the both Facility A and Facility B, indicating the amount of reduction applicable to each such Facility), and (ii) shall be irrevocable.

Reduction of Revolving Credit Commitments. The Borrower shall have the right at any time after the Closing Date upon five (5) days' ’ prior written notice to 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 $5,000,000 and whole multiples of $1,000,000, or to terminate completely the Revolving Credit Commitments, without penalty or premium except as hereinafter set forth; 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: (i) shall designate whether the reduction is applicable to Facility A, Facility B or both (and in the case of the both Facility A and Facility B, indicating the amount of reduction applicable to each such Facility), and (ii) 2.11 shall be irrevocable.

Reduction of Revolving Credit Commitments. The Borrower Borrowers shall have the right at any time after the Closing Date upon five (5) days' ’ prior written notice to the Administrative Agent to permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) the Revolving Credit Commitments, in a minimum an amount not less than an integral multiple of $5,000,000 and whole multiples of $1,000,00010,000,000, or to terminate completely the Revolving Credit Commitments, without penalty or premium except as hereinafter set forth; provided that (a) any such reduction or termination shall be accompanied by prepayment of the Notes, together with outstanding Revolving Credit Loan Commitment Fees and Letter of Credit 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, and (b) upon such reduction or termination, the Borrowers shall Cash Collateralize all outstanding Letters of Credit. Any notice to reduce the Revolving Credit Commitments under this Section 2.11: (i) shall designate whether the reduction is applicable to Facility A, Facility B or both (and in the case of the both Facility A and Facility B, indicating the amount of reduction applicable to each such Facility), and (ii) 2.10 shall be irrevocable.

Reduction of Revolving Credit Commitments. (a) The Borrower shall have the right Borrowers may at any time after the Closing Date upon five (5) days' prior written notice terminate, or from time to the Administrative Agent to permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) time reduce, the Revolving Credit Commitments, in a minimum amount of $5,000,000 and whole multiples of $1,000,000, or to terminate completely the Revolving Credit Commitments, without penalty or premium except as hereinafter set forth; 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: (i) shall designate whether the each reduction is applicable to Facility A, Facility B or both (and in the case of the both Facility A Revolving Commitments shall be in an amount that is an integral multiple of $100,000 and Facility B, indicating the amount of reduction applicable to each such Facility)not less than $500,000, and (ii) the Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 4.3, Availability would be less than zero. (b) The Borrowers shall notify the Agent of any election to terminate or reduce the Revolving Commitments under paragraph (a) of this Section at least ten (10) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the 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 Borrowers (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Lenders with Revolving Commitments in accordance with their respective Revolving Commitments.