Common use of Voluntary Reduction of Commitment Clause in Contracts

Voluntary Reduction of Commitment. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to Agent to permanently and ratably reduce, in whole multiples of $1,000,000 of principal, or terminate the Revolving Credit Commitments without penalty or premium, except as hereinafter set forth, provided that any such reduction or termination shall be accompanied by (i) the payment in full of any Commitment Fee and other fees then accrued on the amount of such reduction or termination, (ii) prepayment of the Revolving Credit Loans (and the Borrower shall Cash Collateralize, if necessary, any Letters of Credit and pay, if necessary, any Swing Loans), together with the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.6), to the extent that the aggregate amount thereof then outstanding exceeds the Commitments as so reduced or terminated. From the effective date of any such reduction or termination, the obligations of Borrower to pay the Commitment Fee shall correspondingly be reduced or cease, as the case may be.

Voluntary Reduction of Commitment. The Borrower Borrowers shall have the right at any time and from time to time upon five (5) Business Days’ ' prior written notice to the Agent to permanently and ratably reduce, in minimum amount of $5,000,000 and whole multiples of $1,000,000 of principal, or terminate the Revolving Credit Commitments without penalty or premium, except as hereinafter set forth, provided that any such reduction or termination shall be accompanied by (ia) the payment in full of any Commitment Fee and other fees then accrued on the amount of such reduction or termination, termination and (iib) prepayment of the Revolving Credit Loans (and the Borrower shall Cash Collateralize, if necessary, any Letters of Credit and pay, if necessary, any Swing Loans)Notes, together with the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.65.06 hereof), to the extent that the aggregate amount thereof then outstanding exceeds the Revolving Credit Commitments as so reduced or terminated. Except as provided in Section 5.04(b) each Bank's Revolving Credit Commitment shall be reduced by its Ratable Share of the reduction in the Revolving Credit Commitments. From the effective date of any such reduction or termination, the obligations of Borrower the Borrowers to pay the Commitment Fee pursuant to Section 2.03 shall correspondingly be reduced or cease, as the case may be.

Voluntary Reduction of Commitment. The Borrower Borrowers shall have the right at any time and from time to time upon five (5) Business Days’ ' prior written notice to the Agent to permanently and ratably reduce, in minimum amount of $5,000,000 and whole multiples of $1,000,000 of principal, or terminate the Revolving Credit Commitments without penalty or premium, except as hereinafter set forth, provided that any such reduction or termination shall be accompanied by (ia) the payment in full of any Commitment Fee and other fees then accrued on the amount of such reduction or termination, termination and (iib) prepayment of the Revolving Credit Loans (and the Borrower shall Cash Collateralize, if necessary, any Letters of Credit and pay, if necessary, any Swing Loans)Notes, together with the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.65.06 hereof), to the extent that the aggregate amount thereof then outstanding exceeds the Revolving - 26 - 73 Credit Commitments as so reduced or terminated. Except as provided in Section 5.04(b) each Bank's Revolving Credit Commitment shall be reduced by its Ratable Share of the reduction in the Revolving Credit Commitments. From the effective date of any such reduction or termination, the obligations of Borrower the Borrowers to pay the Commitment Fee pursuant to Section 2.03 shall correspondingly be reduced or cease, as the case may be.

Voluntary Reduction of Commitment. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to Agent to permanently and ratably reduce, in whole multiples of One Million and 00/100 Dollars ($1,000,000 1,000,000.00) and not less than Five Million and 00/100 Dollars ($5,000,000.00) of principal, or terminate the Revolving Credit Commitments without penalty or premium, except as hereinafter set forth, provided that any such reduction or termination shall be accompanied by (i) the payment in full of any Commitment Fee and other fees then accrued on the amount of such reduction or termination, (ii) prepayment of the Revolving Credit Loans (and the Borrower shall Cash Collateralize, if necessary, any Letters of Credit and pay, if necessary, any Swing Loans), together with the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.64.6), to the extent that the aggregate amount thereof then outstanding exceeds the Commitments as so reduced or terminated. From the effective date of any such reduction or termination, the obligations of Borrower to pay the Commitment Fee shall correspondingly be reduced or cease, as the case may be.