Examples of Commitment Reduction Amount in a sentence
Such notice of reduction (1) shall be effective only upon receipt by the Administrative Agent, (2) shall permanently reduce (and, in the case of a reduction in full, shall terminate) the Revolving Commitments of each Revolving Lender on the date specified in such notice and (3) shall specify the Commitment Reduction Amount; provided that no such reduction shall reduce the Total Revolving Commitment below the aggregate principal amount of the Revolving Loans at such time.
Promptly (and in any event not later than the next succeeding Business Day) after receiving such notice, the Administrative Agent shall reduce the Aggregate Revolving Credit Commitment by an amount equal to such Commitment Reduction Amount.
In accordance with Section 2.7 of the Credit Agreement, we hereby provide notice that as of [●], 20[●], the [Revolving Loans][Term Loans]3 will be prepaid in the principal amount of $[●] together with accrued interest thereon to the date of prepayment [and the Commitment Reduction Amount shall be $[●]]4.
Notwithstanding anything to the contrary herein, on each Commitment Reduction Date, the aggregate Commitments then in effect shall be permanently reduced by an amount equal to the Commitment Reduction Amount applicable to such Commitment Reduction Date (or, if the amount of the aggregate Commitments at such time is less than the Commitment Reduction Amount, an amount equal to such Commitments).
For the avoidance of doubt, in no event shall the Class A-1R Commitment Reduction Amount result in a Commitment Shortfall.