Common use of Voluntary Reductions of Revolver Commitments Clause in Contracts

Voluntary Reductions of Revolver Commitments. Borrowers shall have the right to permanently reduce the amount of the Revolver Commitments, on a Pro Rata basis for each Lender, at any time and from time to time upon 3 Business Days written notice to Agent of such reduction, which notice shall specify the amount of such reduction, shall be irrevocable once given, and shall be effective on the fourth day after Agent's receipt of such notice. Agent shall promptly transmit such notice to each Lender. If on the effective date of any such reduction in the Revolver Commitments and after giving effect thereto an Out-of-Formula Condition exists, then the provisions of Section 5.2.1(iii) shall apply, except that such repayment shall be due immediately upon such effective date without further notice to or demand upon Borrowers. If the Revolver Commitments are reduced to zero, then such reduction shall be deemed a termination of the Commitments by Borrowers pursuant to Section 6.2.2. The Revolver Commitments, once reduced, may not be reinstated without the written consent of all Lenders.

Voluntary Reductions of Revolver Commitments. Borrowers Borrower shall have the right to reduce permanently reduce the amount of the Revolver Commitments, on a Pro Rata basis for each Lender, at any time and from time to time upon 3 Business Days prior written notice to Agent of such reductionAgent, which notice shall specify the amount of such reductionreduction (which shall be in a minimum amount of $200,000 and increments of $50,000), shall be irrevocable once given, and shall be effective on the fourth day after only upon Agent's receipt of such noticethereof. Agent shall promptly transmit such notice to each Lender. The effective date of any optional reduction of the Revolver Commitments shall be the first day of a month following the month in which such notice is received by Agent. If on the effective date of any such reduction in the Revolver Commitments and after giving effect thereto an Out-of-Formula Condition exists, then the provisions of Section 5.2.1(iii4.2.1(iii) hereof shall apply, except that such repayment shall be due immediately upon such effective date without further notice to or demand upon BorrowersBorrower. If the Revolver Commitments are reduced to zero, then such reduction shall be deemed a termination of the Revolver Commitments by Borrowers Borrower pursuant to Section 6.2.25.2.2 hereof. The Revolver Commitments, Commitments once reduced, reduced may not be reinstated without the written consent of all Lenders.

Voluntary Reductions of Revolver Commitments. Borrowers Borrower Agent (on behalf of Borrowers) shall have the right to permanently reduce the amount of the Revolver Commitments, on a Pro Rata basis for each Lender, at any time and from time to time upon 3 Business Days written notice to Administrative Agent of such reduction, which notice shall specify the amount of such reduction, shall be irrevocable once given, shall be given at least five (5) Business Days prior to the date on which the reduction will become effective and shall be effective on the fourth day after only upon Administrative Agent's ’s receipt of such noticethereof. Administrative Agent shall promptly transmit such notice to each Lender. If on the effective date of any such reduction in the Revolver Commitments and after giving effect thereto an Out-of-Formula Condition exists, then the provisions of Section 5.2.1(iii) hereof shall apply, except that such repayment shall be due immediately upon such effective date without further notice to or demand upon Borrowers. If the Revolver Commitments are reduced to zero, then such reduction shall be deemed a termination of the Commitments by Borrowers pursuant to Section 6.2.26.2.2 hereof. The Revolver Commitments, once reducedvoluntarily reduced by Borrower Agent on behalf of Borrowers, may not be reinstated without the written consent of all Lenders.

Voluntary Reductions of Revolver Commitments. The Borrowers shall have the right to permanently reduce the amount of the Revolver Commitments, on a Pro Rata basis for each Lender, Commitments at any time and from time to time upon 3 Business Days written notice to Agent of such reduction, which notice shall specify the amount of such reduction, reduction shall be irrevocable once given, and shall be effective on given at least 10 Domestic Business Days prior to the fourth day after Agent's receipt date of such noticereduction; provided, however, that any partial reduction shall be made in an amount not less than $5,000,000 and in the integral multiples of $1,000,000 in excess thereof. Agent The effective date of any voluntary reduction of the Revolver Commitments shall promptly transmit be 10 Domestic Business Days after such notice to each Lenderis received by Agent. Each such voluntary reduction shall be applied ratably among the Lenders’ Revolver Commitments. If on the effective date of any such reduction in the Revolver Commitments and after giving effect thereto an Out-of-Formula Condition exists, then the provisions of Section 5.2.1(iii) hereof shall apply, except that such repayment shall be due immediately upon such effective date without further notice to or demand upon Borrowers. If the Revolver Commitments are reduced to zero, then such reduction shall be deemed a termination of the Revolver Commitments by Borrowers pursuant to Section 6.2.26.2.2 hereof. The Revolver Commitments, Commitments once reduced, reduced may not be reinstated without the written consent of all Lenders.

Voluntary Reductions of Revolver Commitments. Borrowers shall have the right to permanently reduce the amount of the Revolver Commitments, on a Pro Rata basis for each Lender, at any time and from time to time upon 3 Business Days written notice to Administrative Agent of such reduction, which notice shall specify the amount of such reduction, shall be irrevocable once given, and shall be effective on given at least 5 Business Days prior to the fourth day after Agent's receipt of such noticerequested reduction. Administrative Agent shall promptly transmit such notice to each Lender. If on the effective date of any such reduction in the Revolver Commitments and after giving effect thereto an Out-of-Formula Condition exists, then the provisions of Section 5.2.1(iiiSECTION 5.2.1(III) shall apply, except that such repayment shall be due immediately upon such effective date without further notice to or demand upon Borrowers. If the Revolver Commitments are reduced to zero, then such reduction shall be deemed a termination of the Commitments by Borrowers pursuant to Section SECTION 6.2.2. The Revolver Commitments, once reduced, may not be reinstated without the written consent of all Lenders.

Voluntary Reductions of Revolver Commitments. Borrowers shall have the right to permanently reduce the amount of the Revolver Commitments, on a Pro Rata basis for each Lender, at any time and from time to time upon 3 Business Days written notice to Agent of such reduction, which notice shall specify the amount of such reduction, shall be irrevocable once given, shall be given at least 5 Business Days prior to the end of a month and shall be effective on the fourth day after only upon Agent's ’s receipt of such noticethereof. Agent shall promptly transmit such notice to each Lender. The effective date of any voluntary reduction of the Revolver Commitments shall be the first day of the month following the month in which such notice is timely received by Agent. If on the effective date of any such reduction in the Revolver Commitments and after giving effect thereto an Out-of-Formula Condition exists, then the provisions of Section 5.2.1(iii) shall apply, except that such repayment shall be due immediately upon such effective date without further notice to or demand upon Borrowers. If the Revolver Commitments are reduced to zero, then such reduction shall be deemed a termination of the Commitments by Borrowers pursuant to Section 6.2.2. The Revolver Commitments, once reduced, may not be reinstated without the written consent of all Lenders.

Voluntary Reductions of Revolver Commitments. Borrowers shall have the right to permanently reduce the amount of the Revolver Commitments, on a Pro Rata basis for each Lender, at any time and from time to time upon 3 Business Days written notice to Administrative Agent of such reduction, which notice shall specify the amount of such reduction, shall be irrevocable once given, and shall be effective on given at least 5 Business Days prior to the fourth day after Agent's receipt of such noticerequested reduction. Administrative Agent shall promptly transmit such notice to each Lender. If on the effective date of any such reduction in the Revolver Commitments and after giving effect thereto an Out-of-Formula Condition exists, then the provisions of Section 5.2.1(iii) shall apply, except that such repayment shall be due immediately upon such effective date without further notice to or demand upon Borrowers. If the Revolver Commitments are reduced to zero, then such reduction shall be deemed a termination of the Commitments by Borrowers pursuant to Section 6.2.2. The Revolver Commitments, once reduced, may not be reinstated without the written consent of all Lenders.