Common use of Partial Reductions Clause in Contracts

Partial Reductions. So long as no Default or Event of Default then exists or would result therefrom and after giving effect thereto, the Administrative Borrower may permanently and irrevocably reduce the Maximum Revolver Facility Amount by giving the Agent at least 10 Business Days’ prior irrevocable written notice thereof (or such lesser time as the Agent may consent to) from a Senior Officer of the Administrative Borrower, which notice shall specify the date (which shall be a Business Day) and amount of such reduction (which shall be in a minimum amount of $5,000,000 and increments of $1,000,000 in excess thereof), which reduction shall be allocated to the Revolver Commitments of the Revolver Lenders on a Pro Rata basis at the time of such reduction. Without limiting the foregoing, each reduction in the Maximum Revolver Facility Amount may not exceed Excess Availability.

Partial Reductions. So long as no Default or Event of Default then exists or would result therefrom and after giving effect thereto, the Administrative Borrower may permanently and irrevocably reduce the Maximum Revolver Facility Amount by giving the Agent at least 10 Business Days’ prior irrevocable written notice thereof (or such lesser time as the Agent may consent to) from a Senior Officer of the Administrative Borrower, which notice shall specify the date (which shall be a Business Day) and amount of such reduction (which shall be in a minimum amount of $5,000,000 and increments of $1,000,000 in excess thereof), which reduction shall be allocated to the Revolver Commitments of the Revolver Lenders on a Pro Rata basis at the time of such reduction). Without limiting the foregoing, each reduction in the Maximum Revolver Facility Amount may not exceed Excess Availability.