Reductions in Commitments Sample Clauses
The "Reductions in Commitments" clause defines the process by which a party, typically a lender or borrower, can decrease the amount of a previously agreed-upon financial commitment under a contract. This clause outlines the conditions and procedures for reducing commitments, such as providing advance notice or meeting specific thresholds, and may specify whether reductions are permanent or temporary. Its core practical function is to provide flexibility for parties to adjust their obligations in response to changing circumstances, thereby managing risk and ensuring that commitments remain aligned with actual needs.
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Reductions in Commitments. (a) The Company shall have the right to terminate or reduce the unused portion of the Commitments at any time or from time to time upon not less than three Business Days' prior notice to the Administrative Agent (which shall notify the Lenders thereof as soon as practicable) of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction (which shall be in a minimum amount of $50,000,000 or a whole multiple of $5,000,000 in excess thereof) and shall be irrevocable and effective only upon receipt by the Administrative Agent, provided that no such reduction or termination shall be permitted if after giving effect thereto, and to any prepayments of the Committed Rate Loans made on the effective date thereof, the then outstanding principal amount of the Aggregate Loans would exceed the Aggregate Commitments then in effect.
(b) The Aggregate Commitments shall be reduced (I) (w) on the tenth Business Day following the date of receipt by the Company or any Subsidiary of any Net Cash Proceeds from any Designated Asset Sale, in an amount equal to 100% of such Net Cash Proceeds, (x) on the Business Day following the date of receipt by the Company or any Subsidiary of the Net Cash Proceeds of any sale, issuance or incurrence of Designated Equity or Designated Debt Securities, in an amount equal to 100% of such Net Cash Proceeds, (y) on the Business Day following the date of receipt by the Company or any Subsidiary of the Net Cash Proceeds of any Receivables Securitization, in an amount equal to 100% of such Net Cash Proceeds, provided that in connection with the receipt of any Net Cash Proceeds from any Receivables Securitization after the first reduction of the Aggregate Commitments as the result of the application of this clause (y), the Aggregate Commitments shall not be reduced by the amount of such Net Cash Proceeds as otherwise required above until the aggregate amount of all such Net Cash Proceeds received whose application is deferred by virtue of this proviso equals $50,000,000 (whereupon the full amount of such Net Cash Proceeds (and not just the excess over $50,000,000) shall be applied as otherwise required by this clause (y) (without regard to this proviso)) and (z) and on the Business Day following the date of receipt by the Company or any Subsidiary of any Net Cash Proceeds from any sale or other disposition by it of the capital stock of Amgen Inc., in an amount equal to the amount by wh...
Reductions in Commitments. The Borrower may at any time upon at least one (1) Business Day’s (or such shorter period as is acceptable to Agent) prior written notice by the Borrower to Agent permanently reduce the Aggregate Revolving Loan Commitment without premium or penalty; provided that such reductions shall be in an amount greater than or equal to $250,000 or any multiple in excess thereof. All reductions of the Aggregate Revolving Loan Commitment shall be allocated pro rata among all Lenders with a Revolving Loan Commitment. A permanent reduction of the Aggregate Revolving Loan Commitment shall not require a corresponding pro rata reduction in the L/C Sublimit or the Swingline Commitment; provided that the L/C Sublimit and/or the Swingline Commitment, as applicable, shall be permanently reduced by the amount thereof in excess of the Aggregate Revolving Loan Commitment.
Reductions in Commitments. The Borrower may, at its option, permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in accordance with their Pro Rata Shares, in a minimum amount of $1,000,000 and in integral multiples of $1,000,000, upon at least three Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure.
Reductions in Commitments. (i) The Borrower may at any time upon at least two (2) Business Days’ (or such shorter period as is acceptable to the Revolver Agent) prior written notice by the Borrower to the Revolver Agent permanently reduce the Aggregate Revolving Loan Commitment, without premium or penalty; provided that (i) such reductions shall be in an amount greater than or equal to $1,000,000, and (ii) other than on the Facility Termination Date, after giving effect to such reduction, Availability shall be not less than $2,500,000. All reductions of the Aggregate Revolving Loan Commitment shall be allocated pro rata among all Lenders with a Revolving Loan Commitment. A permanent reduction of the Aggregate Revolving Loan Commitment shall not require a corresponding pro rata reduction in the L/C Sublimit or the Swingline Commitment; provided that the L/C Sublimit and/or the Swingline Commitment, as applicable, shall be permanently reduced by the amount thereof in excess of the Aggregate Revolving Loan Commitment.
Reductions in Commitments. The Borrower may permanently reduce the Working Capital Revolving Credit Commitment or the Acquisition Loan Commitment, in whole or in part, in integral multiples of $1,000,000, upon at least three Business Days' written notice to the Lender, which notice shall specify the amount of any such reduction; provided, however, that (i) the amount of the Working Capital Revolving Credit Commitment may not be reduced below the Outstanding Working Capital Credit Exposure, and (ii) the amount of the Acquisition Loan Commitment may not be reduced below the aggregate principal amount of the outstanding Acquisition Loans and Acquisition Term Loans.
Reductions in Commitments. Subject to the limitations set forth below, the Borrower may permanently reduce the aggregate Commitments, in whole, or ratably among the Groups, in part, in a minimum amount of $10,000,000 (or a larger integral multiple of $1,000,000), upon at least fifteen (15) Business Days’ written notice to the Co-Agents (each, a “Commitment Reduction Notice”), which notice shall specify the aggregate amount of any such reduction of the aggregate Commitments 7
Reductions in Commitments. The Borrower may from time to time permanently reduce the Revolving Committed Amount in whole or in part without premium or penalty except as provided in Section 3.10 upon three (3) Business Days’ prior written notice to the Agent (which notice may be conditioned upon the consummation of replacement financing); provided that after giving effect to any such voluntary reduction the sum of Revolving Loans plus Swing Line Loans plus LC Obligations then outstanding shall not exceed the Aggregate Revolving Committed Amount, as reduced. Except as otherwise specified herein, partial reductions in the Revolving Committed Amount shall in each case be in a minimum aggregate amount of $5,000,000 and integral multiples of $500,000 in excess thereof.
Reductions in Commitments. The Borrower may permanently reduce pro rata among the Lenders the Aggregate Short Term Facility Commitment and/or the Aggregate Multi-Year Facility Commitment, with a concomitant reduction in the Aggregate Combined Commitment, in whole, or in part in the minimum amount of $25,000,000, upon at least three Business Days' written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Short Term Facility Commitment may not be reduced below the aggregate principal amount of the outstanding Short Term Loans and the Aggregate Multi-Year Facility Commitment may not be reduced below the aggregate principal amount of the outstanding Multi-Year Loans.
Reductions in Commitments. The Borrower may at any time upon at least two (2) Business Days’ (or such shorter period as is acceptable to Agent) prior written notice by the Borrower to Agent permanently reduce the Aggregate Revolving Loan Commitment; provided that such reductions shall be in an amount greater than or equal to $500,000. All reductions of the Aggregate Revolving Loan Commitment shall be allocated pro rata among all Lenders with a Revolving Loan Commitment. A permanent reduction of the Aggregate Revolving Loan Commitment shall not require a corresponding pro rata reduction in the L/C Sublimit or the Swingline Commitment; provided that the L/C Sublimit and/or the Swingline Commitment, as applicable, shall be permanently reduced by the amount thereof in excess of the Aggregate Revolving Loan Commitment.
Reductions in Commitments. The Company may permanently reduce the Aggregate Revolving Loan Commitment in whole, or in part ratably among the Lenders, in an aggregate minimum amount of $10,000,000 and in integral multiples of $5,000,000 in excess of that amount (unless the Aggregate Revolving Loan Commitment is reduced in whole), provided, however, that the amount of the Aggregate Revolving Loan Commitment may not be reduced below the aggregate principal amount of the outstanding Revolving Credit Obligations. All accrued commitment fees shall be payable on the effective date of any termination of all or any part the obligations of the Lenders to make Loans hereunder.