Common use of Permanent Reduction of the Committed Amount of the Credit Facility Clause in Contracts

Permanent Reduction of the Committed Amount of the Credit Facility. (i) The Borrower shall have the right, at any time and from time to time, to request, without penalty, a permanent partial or whole reduction of the Committed Amount, provided that (a) the Agent receives three (3) Banking Days' prior written notice of such request and (b) if the then outstanding Credit Facility Balance exceeds the Committed Amount as so reduced, such requested reduction occurs on the last day of the applicable Interest Period(s) for Advances (or portions thereof) outstanding under this Agreement at least equal to the excess of the Credit Facility Balance over the reduced Committed Amount. Each such partial permanent reduction shall be equal to or shall exceed One Million Dollars ($1,000,000) and shall be an integral multiple of One Million Dollars ($1,000,000).