Permanent Reductions. The Borrower shall have the right, at any time from time to time, without premium or penalty, to permanently reduce the Total Facility and the Commitments (each a "Reduction"), and the Commitment of each Lender shall be reduced by its Pro Rata Share of each Reduction, if all of the following conditions are met as to each requested Reduction: (i) The Borrower shall give the Agent at least five (5) days' prior written notice of the requested Reduction; (ii) The aggregate amount of such Reduction and all prior Reductions shall not exceed $25,000,000; (iii) Each requested Reduction must be in an amount not less than $5,000,000 or that is an integral multiple of $5,000,000 in excess thereof; (iv) The requested Reduction shall not cause the Availability to be exceeded; (v) The amount of each requested Reduction shall be applied at the option of the Borrower (as designated to the Agent in the written notice required under clause (i) above) to reduce (A) the Maximum Revolver Amount, (B) the Unused Letter of Credit Facility, or (C) any combination thereof, provided, that, each Reduction in (A) or (B) shall: (x) be in an amount of $5,000,000 or an integral multiple thereof, (y) not cause the Maximum Revolver Amount, if so reduced, to be less than the sum of the unpaid balance of all Revolving Loans at such time and the aggregate amount of Pending Loans at such time; and (z) not cause the Unused Letter of Credit Facility, if so reduced, to be less than the sum of the aggregate undrawn amount of all letters of credit at such time and the aggregate amount of any unpaid reimbursement obligations in respect of Letters of Credit at such time.
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Sources: Loan and Security Agreement (Consolidated Freightways Corp)
Permanent Reductions. The Borrower shall have the right, at any time from time to time, without premium or penalty, to permanently reduce the Total Facility Facility, the Maximum Revolver Amount and the Commitments (each a "Reduction"), and the Commitment of each Lender shall be reduced by its Pro Rata Share of each Reduction, if all of the following conditions are met as to each requested Reduction:
(i) The Borrower shall give the Agent at least five (5) days' prior written notice of the requested Reduction;
(ii) The aggregate amount of such Reduction and all prior Reductions shall not exceed $25,000,000;.
(iii) Each requested Reduction must be in an amount not less than $5,000,000 or that is an integral multiple of $5,000,000 1,000,000 in excess thereof;
(iv) The requested Reduction shall not cause the Availability require a payment to be exceeded;made pursuant to the last sentence of Section 4.1.
(v) The amount of each requested Reduction shall be applied at the option of the Borrower (as designated to the Agent in the written notice required under clause (i) above) to reduce (A) the Maximum Revolver Amount, (B) the Unused Letter of Credit Facility, or (C) any combination thereof, provided, that, each Reduction in (A) or (B) shall: (x) be in an amount of $5,000,000 or an integral multiple thereof, (y) not cause the Maximum Revolver Amount, if so reduced, to be less than the sum of the unpaid balance of all Revolving Loans at such time and the aggregate amount of Pending Loans Aggregate Revolver Outstandings at such time; and (z) not cause the Unused Letter of Credit FacilitySubfacility, if so reduced, to be less than the sum of the aggregate undrawn amount of all letters Letters of credit Credit at such time and the aggregate amount of any unpaid reimbursement obligations in respect of Letters of Credit at such time.
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