Voluntary Reductions in Aggregate Commitment Sample Clauses
The Voluntary Reductions in Aggregate Commitment clause allows a borrower to reduce the total amount of credit available under a loan agreement at their discretion. Typically, the borrower must provide advance written notice to the lender, and any reduction is usually permanent, meaning the commitment cannot be reinstated once reduced. This clause gives borrowers flexibility to manage their borrowing needs and reduce unnecessary fees on unused credit, while also providing lenders with clarity on the maximum exposure they may face.
Voluntary Reductions in Aggregate Commitment. The Borrower shall have the right, upon same day written notice to the Administrative Agent delivered prior to 11:00 a.m. (New York time) on any Business Day, to terminate in whole or reduce in part the unused portions of the Commitments of the Lenders at the election of the Borrower. Each partial reduction of the Commitments shall be in the aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof and, once terminated, a Commitment may not be reinstated. The Administrative Agent will promptly notify the Lenders of any termination or reduction of the Commitments under this Section 2.05(c). Each voluntary reduction of the Commitments pursuant to this Section 2.05(c) will be applied to the outstanding Commitments of each Lender in accordance with such Lender’s Pro Rata Share of the Revolving Facility. All fees in respect of the Commitments (including any Commitment Fees) accrued until the effective date of any termination of such Commitments shall be paid on the effective date of such termination. For the avoidance of doubt, the Borrower shall not be permitted to terminate in whole or reduce in part the Commitments to the extent that, after giving effect to such termination, the then outstanding Dollar Equivalent of Loans would exceed the Aggregate Commitment.
Voluntary Reductions in Aggregate Commitment. During the Availability Period, WBA shall have the right, upon same day written notice to the Administrative Agent delivered prior to 11:00 a.m. (New York time) on any Business Day, to terminate in whole or reduce in part the unused portions of the Commitments of the Lenders at the election of WBA. Each partial reduction of the Commitments shall be in the aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof and, once terminated, a Commitment may not be reinstated. The Administrative Agent will promptly notify the Lenders of any termination or reduction of the Commitments under this Section 2.05(c). Each voluntary reduction of the Commitments pursuant to this Section 2.05(c) will be applied to the outstanding Commitments of each Lender in accordance with such Lender’s Pro Rata Share of the Term Facility. All fees in respect of the Commitments (including any Commitment Fees) accrued until the effective date of any termination of such Commitments shall be paid on the effective date of such termination.
Voluntary Reductions in Aggregate Commitment. During the Availability Period, the Borrower shall have the right, upon same day written notice to the Administrative Agent delivered prior to 11:00 a.m. (New York time) on any Business Day, to terminate in whole or reduce in part the unused portions of the Commitments of the Lenders at the election of the Borrower. Each partial reduction of the Commitments shall be in the aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof and, once terminated, a Commitment may not be reinstated. The Administrative Agent will promptly notify the Lenders of any termination or reduction of the Commitments under this Section 2.05(c). Each voluntary reduction of the Commitments pursuant to this Section 2.05(c) will be applied to the outstanding Commitments of each Lender in accordance with such Lender’s Pro Rata Share of the Term Facility. All fees in respect of the Commitments accrued until the effective date of any termination of such Commitments shall be paid on the effective date of such termination.
Voluntary Reductions in Aggregate Commitment. The Borrower may -------------------------------------------- permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum amount of $1,000,000 and in integral multiples of $500,000, 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 principal amount of the outstanding Advances.
Voluntary Reductions in Aggregate Commitment. The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in integral multiples of $2,000,000, upon at least three (3) Business Days' prior written notice to -27 the 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 sum of (a) the aggregate principal amount of the outstanding Advances, plus (b) the aggregate amount of the outstanding Facility Letter of Credit Obligations. All accrued commitment fees in respect of any terminated portion of the Aggregate Commitment shall be payable on the effective date of the termination thereof. Any voluntary reductions in the Aggregate Commitment shall be applied to the scheduled reductions in the Aggregate Commitment described in SECTION 2.5.3(a) in the direct order of maturity.
Voluntary Reductions in Aggregate Commitment. The Borrower may permanently reduce the Facility A Aggregate Commitment or the Facility B Aggregate Commitment in whole, or in part ratably among the Lenders in integral multiples of $10,000,000, upon at least three Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction; PROVIDED, HOWEVER, that the amount of the Facility A Aggregate Commitment may not be reduced below the sum of the aggregate principal amount of the outstanding Facility A Advances and Swing Line Loans and the aggregate outstanding L/C Obligations, and, PROVIDED FURTHER, that the amount of the Facility B Aggregate Commitment may not be reduced below the aggregate principal amount of the outstanding Facility B Advances.
Voluntary Reductions in Aggregate Commitment. During the Availability Period, WBA shall have the right, upon same day written notice to the Administrative Agent delivered prior to 11:00 a.m. (New York time) on any Business Day, to terminate in whole or reduce in part the unused portions of the Commitments of the Lenders at the election of WBA. Each partial reduction of the Commitments shall be in the aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof and, once terminated, a Commitment may not be reinstated. The Administrative Agent will promptly notify the Lenders of any termination or reduction of the Commitments under this Section 2.05(c). Each voluntary reduction of the Commitments pursuant to this Section 2.05(c) will be applied to the outstanding Commitments of each Lender in accordance with such Lender’s Pro Rata Share of the Term Facility.