Common use of Voluntary Reduction or Termination of the Revolving Commitment Clause in Contracts

Voluntary Reduction or Termination of the Revolving Commitment. Borrowers may from time to time on at least five Business Days’ prior written notice received by Lender permanently reduce the Revolving Commitment to an amount not less than the Revolving Outstandings. Any such reduction shall be in an amount not less than $100,000 or a higher integral multiple of $50,000. Concurrently with any reduction of the Revolving Commitment to zero, Borrowers shall pay all unpaid interest accrued on the Loans, and all letter of credit fees. 3193012v9/28370-0031

Appears in 1 contract

Samples: Loan and Security Agreement (Pernix Group, Inc.)

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Voluntary Reduction or Termination of the Revolving Commitment. Borrowers may from time to time on at least five Business Days' prior written notice received by Lender permanently reduce the Revolving Commitment to an amount not less than the Revolving Outstandings. Any such reduction shall be in an amount not less than $100,000 250,000 or a higher integral multiple of $50,000. Concurrently with any reduction of the Revolving Commitment to zero, Borrowers shall pay all unpaid interest accrued on the Revolving Loans, all non-use fees and all letter of credit fees. 3193012v9/28370-0031fees and shall Cash Collateralize in full all obligations arising with respect to the Letters of Credit.

Appears in 1 contract

Samples: Loan and Security Agreement (Kingsway Financial Services Inc)

Voluntary Reduction or Termination of the Revolving Commitment. Borrowers Borrower may from time to time on at least five Business Days’ prior written notice received by Lender permanently reduce the Revolving Commitment to an amount not less than the Revolving Outstandings. Any such reduction shall be in an amount not less than $100,000 5,000,000 or a higher integral multiple of $50,0001,000,000. Concurrently with any reduction of the Revolving Commitment to zero, Borrowers Borrower shall pay all unpaid interest accrued on the Revolving Loans, all non-use fees and all letter of credit fees. 3193012v9/28370-0031fees and shall Cash Collateralize all outstanding Letters of Credit.

Appears in 1 contract

Samples: Loan and Security Agreement (Mattersight Corp)

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Voluntary Reduction or Termination of the Revolving Commitment. Borrowers Amount. The Company may from time to time on at least five Business Days' prior ------ written notice received by Lender permanently reduce the Revolving Commitment Amount to an amount not less than the Revolving Outstandings. Any such reduction shall be in an amount not less than $100,000 500,000 or a higher integral multiple of $50,000100,000. Concurrently with any reduction of the Revolving Commitment Amount to zero, Borrowers the Company shall pay all unpaid interest accrued on the Revolving Loans, and all letter of credit non-use fees. 3193012v9/28370-0031.

Appears in 1 contract

Samples: Credit Agreement (College Television Network Inc)

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