Common use of Permanent Reductions Clause in Contracts

Permanent Reductions. Upon three (3) Business Days prior written notice delivered from the Borrower to Agent, the Borrower may permanently reduce the Maximum Total Amount; provided that such permanent principal reduction shall be in a principal amount of at least $5,000,000 and in integral amounts of $1,000,000, and provided that such permanent principal reduction shall not reduce the Maximum Total Amount below an amount equal to the sum of all outstanding Advances. In the event that a permanent reduction is made hereunder, then the Maximum Total Amount shall permanently be reduced on a pro rata basis. Any amounts so reduced may not be reinstated.

Permanent Reductions. Upon three (3) Business Days prior written notice delivered from the Borrower to Administrative Agent, the Borrower may permanently reduce the Maximum Total Amount; provided that such permanent principal reduction shall be in a principal amount of at least $5,000,000 and in integral amounts of $1,000,000, and provided that such permanent principal reduction shall not reduce the Maximum Total Amount below an amount equal to the sum of all outstanding Advances. In the event that a permanent reduction is made hereunder, then the Maximum Total Amount shall permanently be reduced on a pro rata basis. Any amounts so reduced may not be reinstated.