Common use of Reductions to Aggregate Commitment Clause in Contracts

Reductions to Aggregate Commitment. The Borrower may from time to time permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in integral multiples of $5,000,000, upon at least ten Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction. On or before the effective date of any such reduction, the Borrower shall, if necessary, repay sufficient Loans to prevent the remaining outstanding Loans hereunder, after giving effect to such permanent reduction, from exceeding the Lending Sublimits. Upon any reduction of the Aggregate Commitment, upon the election of the Swingline Lender, the reduction in such Lender's Commitment may also reduce its Swingline Commitment on a pro rata basis.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Pulte Homes Inc/Mi/), Revolving Credit Agreement (Pulte Homes Inc/Mi/)

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Reductions to Aggregate Commitment. The Borrower may from time to time permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in integral multiples of $5,000,00010,000,000, upon at least ten (10) Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction. On or before the effective date of any such reduction, the Borrower shall, if necessary, repay sufficient Loans to prevent the remaining outstanding Loans hereunder, after giving effect to such permanent reduction, from exceeding the Lending Sublimits. Upon any reduction of the Aggregate Commitment, upon the election of the Swingline Lender, the reduction in such Lender's Commitment may also reduce be allocated either solely to such Lender's Primary Commitment or in part to its Primary Commitment and in part to its Swingline Commitment on a pro rata basis.

Appears in 1 contract

Samples: Credit Agreement (Prism Financial Corp)

Reductions to Aggregate Commitment. The Borrower Borrowers may from time to time permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in integral multiples of $5,000,000, upon at least ten three Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction. On or before the effective date of any such reduction, the Borrower Borrowers shall, if necessary, repay sufficient Loans to prevent the remaining outstanding Loans hereunder, after giving effect to such permanent reduction, from exceeding the Lending Sublimits. Upon any reduction of the Aggregate Commitment, upon the election of the any Swingline Lender, the reduction in such Lender's Commitment may also reduce be allocated either solely to such Lender's Primary Commitment or in part to its Primary Commitment and in part to its Swingline Commitment on a pro rata basis.

Appears in 1 contract

Samples: Revolving Credit Agreement (Hovnanian Enterprises Inc)

Reductions to Aggregate Commitment. The Borrower may from time to time permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in integral multiples of $5,000,000, upon at least ten five (5) Business Days' Days written notice to the Agent, which notice shall specify the amount of any such reduction. On or before the effective date of any such reduction, the Borrower shall, if necessary, repay sufficient Loans to prevent the remaining outstanding Loans hereunder, after giving effect to such permanent reduction, from exceeding the Lending Sublimits. Upon any reduction of the Aggregate Commitment, upon the election of the Swingline Lender, the reduction in such Lender's Commitment may also reduce its Swingline Commitment on a pro rata basis.

Appears in 1 contract

Samples: Revolving Credit Agreement (Pulte Homes Inc/Mi/)

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Reductions to Aggregate Commitment. The Borrower may from time to time permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in integral multiples of $5,000,000, upon at least ten three Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction. On or before the effective date of any such reduction, the Borrower shall, if necessary, repay sufficient Loans to prevent the remaining outstanding Loans hereunder, after giving effect to such permanent reduction, from exceeding the Lending Sublimits. Upon any reduction of the Aggregate Commitment, upon the election of the any Swingline Lender, the reduction in such Lender's Commitment may also reduce be allocated either solely to such Lender's Primary Commitment or in part to its Primary Commitment and in part to its Swingline Commitment on a pro rata basis.

Appears in 1 contract

Samples: Revolving Credit Agreement (Hovnanian Enterprises Inc)

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