Reduction of Total Commitments. On each Reduction Date the Total Commitments shall be automatically reduced by an amount equal to five per cent. of the amount of the Total Commitments as at the beginning of the Reduction Period. The Commitment of each Bank shall be reduced proportionately. The Borrowers shall prepay or repay Advances in accordance with the terms of this Agreement on each Reduction Date so that the aggregate of the Loan does not exceed the aggregate of the Total Commitments as reduced on such Reduction Date.
Reduction of Total Commitments. (a) on the first eight Reduction Dates during the Reduction Period the Total Commitments shall be automatically reduced by an amount equal to five per cent. of the amount of the Total Commitments as at the beginning of the Reduction Period; and
(b) on the second eight Reduction Dates during the Reduction Period the Total Commitments shall be automatically reduced by an amount equal to seven and a half per cent. of the amount of the Total Commitments as at the beginning of the Reduction Period, and the Commitment of each Bank and the Working Capital Bank shall be reduced accordingly. Such reduction shall be applied first against that part of the Total Commitments which relates to the Revolving Credit Facility and, only when that part of the Total Commitments which relates to the Revolving Credit Facility has been reduced to zero, secondly against that part of the Total Commitments which relates to the Working Capital Facility. The Borrowers shall prepay or repay the Advances and/or procure the irrevocable discharge and return to the Working Capital Bank of the Bank Guarantees on each Reduction Date accordingly so that the Total Outstandings shall not thereafter exceed the aggregate of the Total Commitments as reduced on such Reduction Date.
Reduction of Total Commitments. Borrower may, upon not less than ten (10) days prior written notice to the affected Bank, reduce such Bank's Total Commitment in integral multiples of $100,000.00; provided, such reduction shall be accompanied by a prepayment of Loans made hereunder by such Bank, together with accrued interest on the amount so prepaid to the date of such prepayment, to the extent, if any, that the amount of Loans by such Bank then outstanding exceed the amount of such Bank's Total Commitment as then reduced. Once reduced pursuant to this provision, neither Bank's Total Commitment may thereafter be increased by Borrower.
Reduction of Total Commitments. The Tranche A and Tranche B Commitments are hereby reduced to the amounts that are equal to the aggregate Tranche A Extensions of Credit and aggregate Tranche B Extensions of Credit as of the date hereof, respectively.
Reduction of Total Commitments. The Borrowers hereby acknowledge that:
(a) until HSH Nordbank AG ("HSH") transfers (subject to and in accordance with the applicable provisions of Clause 26) 50 per cent. of the Total Commitments (or, as the case may be, a combination of a part of the Total Commitments and part of its Contribution) ("Transferable Commitment") to CDB or any other bank or financial institution ("Successful Syndication"):
(i) may only draw down the First Tranche in the maximum principal amount of $20,491,000; and
(ii) the reference to Total Commitments in this Agreement and the other Finance Documents shall be construed to mean $20,491,000;
(b) they shall, as from the date of this Agreement, assist HSH to achieve a Successful Syndication in order to permit the Borrowers to draw down the Second Tranche and the Third Tranche and to increase the maximum amount of the Total Commitments to $87,653,740; and
(c) the transfer of the Transferable Commitment shall result in the HSH's Contribution in the First Tranche being equal to 50 per cent. of that Tranche and HSH's Commitment in each of the Second Tranche and Third Tranche, being reduced to 50 per cent. of the Total Commitments.
Reduction of Total Commitments. The Borrower desires to reduce the Total Commitments by $350,000,000 as of the Amendment Effective Date (as defined below) upon effectiveness of this Amendment so that, after giving effect to such reduction, the Total Commitments shall equal $600,000,000 (the “Commitment Reduction”). The parties hereto hereby acknowledge and agree that the Commitment Reduction shall be effective as of the Amendment Effective Date, and each Bank and the Administrative Agent hereby waives the requirements contained in Section 4.5(b) of the Credit Agreement that the Borrower provide advance written notice to the Administrative Agent of the Commitment Reduction.
Reduction of Total Commitments. On 31st December, 2003, the Borrower shall repay (if necessary) an amount of the Loans to ensure that the Loans do not exceed the Total Commitments as if those Total Commitments have been reduced to £60,000,000 in accordance with Clause 7.1 (Automatic cancellation and reduction).
Reduction of Total Commitments. Borrower shall have the right, upon five (5) Business Days prior written notice specifying a date for reduction of the Total Commitments, which notice shall be irrevocable unless revoked in writing to the Agent at least two (2) Business Days prior to the date for such reduction, to reduce ratably in part, the Total Commitments; provided that, each partial reduction shall be in the minimum amount of $2,500,000 and in integral multiples of $1,000,000 in excess thereof. At the time of sending such written notice, Borrower (in consultation with the Agent) shall specify the amount of such decrease in the Total Commitments. Any reduction of the Total Commitments pursuant to this Section 2.12 shall automatically be applied ratably to each Lender's Commitment and shall be permanent, with no obligation of any Lender to reinstate such portion of its Commitment. The Borrower shall prepay any Loans outstanding on the date of reduction in the Total Commitments (and pay any additional amounts required pursuant to the terms and conditions of the Credit Agreement) to the extent necessary to remain in compliance with all of the terms, conditions and covenants of the Credit Agreement."
2.6 Section 5.1(a). Subparts (iii), (iv) and (v) of Section 5.1(a) of the Credit Agreement are hereby amended in their respective entireties to read as follows:
Reduction of Total Commitments. The Revolving Credit Notes.
Reduction of Total Commitments. The Borrower shall have the right at any time and from time to time upon five (5) Business Days prior written notice to the Agent to reduce by $1,000,000 or an integral multiple thereof or terminate entirely the Total Facility A Commitment and/or the Total Facility B Commitment, whereupon the applicable Commitments of the Banks shall be reduced pro rata in accordance with their respective Facility A Commitment Percentages or, as the case may be, their respective Facility B Commitment Percentages of the amount specified in such notice or, as the case may be, terminated. Promptly after receiving any notice of the Borrower delivered pursuant to this Section 2.3, the Agent will notify the Banks of the substance thereof. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Banks the full amount of any Commitment Fee then accrued on the amount of the reduction. No reduction or termination of any of the Commitments may be reinstated.
