Common use of Voluntary Reduction of the Revolving Credit Commitment Clause in Contracts

Voluntary Reduction of the Revolving Credit Commitment. The Borrower shall have the right at any time and from time to time, upon prior written notice to the Lender, to permanently reduce, without premium or penalty, the Revolving Credit Commitment in an aggregate principal amount not less than $3,000,000 or any whole multiple of $1,000,000 in excess thereof. Each such reduction shall be accompanied by a payment of principal sufficient to reduce the aggregate outstanding Revolving Credit Loans and L/C Obligations, as applicable, after such reduction, and if the aggregate amount of all outstanding Letters of Credit exceeds the Revolving Credit Commitment as so reduced, the Borrower shall be required to deposit Cash Collateral in a Cash Collateral account opened by the Lender in an amount equal to such excess.

Voluntary Reduction of the Revolving Credit Commitment. The Borrower shall have the right at any time and from time to time, upon prior written notice to the Lender, to permanently reduce, without premium or penalty, the Revolving Credit Commitment in an aggregate principal amount not less than $3,000,000 500,000 or any whole multiple of $1,000,000 500,000 in excess thereof. Each such reduction shall be accompanied by a payment of principal sufficient to reduce the aggregate outstanding Revolving Credit Loans and L/C Obligations, as applicable, after such reductionreduction to the Revolving Credit Commitment as so reduced, and if the aggregate amount of all outstanding Letters of Credit exceeds the Revolving Credit Commitment as so reduced, the Borrower shall be required to deposit Cash Collateral in a Cash Collateral account opened by the Lender in an amount equal to such excess.