Reduction in Commitments Sample Clauses
The 'Reduction in Commitments' clause allows a borrower to decrease the amount of unused credit or loan commitments available under a financing agreement. Typically, this clause outlines the process by which the borrower notifies the lender of their intention to reduce the commitment, specifies any minimum reduction amounts, and addresses the effect on fees or future borrowing capacity. Its core function is to provide flexibility for the borrower to adjust their borrowing needs and reduce associated costs, while also clarifying the lender’s obligations after the reduction.
Reduction in Commitments. (a) The Co-Issuers may, upon at least three (3) Business Days’ notice to the Series 2021-1 Class A-1 Administrative Agent, the Indenture Trustee and each Funding Agent (which will promptly notify the related Investor), effect a permanent reduction in the Series 2021-1 Class A-1 Notes Maximum Principal Amount and a corresponding reduction in each Commitment Amount and Maximum Investor Group Principal Amount on a pro rata basis according to the Maximum Investor Group Principal Amount of each Investor Group; provided that (i) any such reduction will be limited to the undrawn portion of the Commitments such that the Series 2021-1 Class A-1 Outstanding Principal Amount shall not exceed the Series 2021-1 Class A-1 Notes Maximum Principal Amount (after giving effect to any Voluntary Decrease effected pursuant to and in accordance with Section 2.02(d) on such date), (ii) any such reduction must be in a minimum amount of $1,000,000 and (iii) after giving effect to such reduction, the Series 2021-1 Class A-1 Notes Maximum Principal Amount equals or exceeds $5,000,000, unless reduced to zero, and (iv) no such reduction shall be permitted if, after giving effect thereto, (w) the aggregate L/C Commitments (after giving effect to any decrease thereof on such date) would exceed 10% of the Series 2021-1 Class A-1 Notes Maximum Principal Amount, (x) the aggregate Commitment Amounts would be less than the Series 2021-1 Class A-1 Outstanding Principal Amount (excluding any Undrawn L/C Face Amounts with respect to which cash collateral is held by the Letter of Credit Provider pursuant to Section 4.03(b)) or (y) the aggregate Commitment Amounts would be less than the L/C Commitment.
(b) If any of the following events shall occur, then the Commitment Amounts shall be automatically and permanently reduced on the dates and in the amounts set forth below with respect to the applicable event and the other consequences set forth below with respect to the applicable event shall ensue (and the Co-Issuers shall give the Indenture Trustee, each Funding Agent and the Series 2021-1 Class A-1 Administrative Agent prompt written notice thereof):
(i) if the Outstanding Principal Amount of the Series 2021-1 Class A-1 Notes has not been paid in full or otherwise refinanced in full (which refinancing may also include an extension thereof) by the Business Day immediately preceding the Series 2021-1 Class A-1 Anticipated Repayment Date, (A) on such Business Day, (x) the principal amount of all th...
Reduction in Commitments. The Seller may, upon thirty days’ notice to the Agent, reduce the Aggregate Commitment in increments of $1,000,000, so long as the Aggregate Commitment at all times equal at least the outstanding Matured Aggregate Investment. Each such reduction in the Aggregate Commitment shall reduce the Commitment of each Liquidity Provider in accordance with its Ratable Share and shall ratably reduce the Purchase Limit.
Reduction in Commitments. The Seller may, upon thirty days' notice to the Agent and each Purchaser Agent, reduce the Aggregate Commitment in increments of $1,000,000, so long as the Aggregate Commitment as so reduced equals at least the outstanding Matured Aggregate Investment. Each such reduction in the Aggregate Commitment shall reduce the Commitment of each Committed Purchaser in accordance with its Ratable Share and shall ratably reduce the Purchase Limit so that the Aggregate Commitment remains at least 102% of the Purchase Limit and the Purchase Limit is not less than the outstanding Aggregate Investment.
Reduction in Commitments. Paragraph 7 of the Tenth Amendment and Forbearance Agreement is hereby amended to the extent necessary to provide that the Commitment terminations provided therein shall not apply during the Standstill Period.
Reduction in Commitments. (a) The Seller may, upon thirty days’ notice to the Agent, reduce the Aggregate Class A Commitment in increments of $5,000,000, so long as the Aggregate Class A Commitment at all times equals or exceeds the outstanding Aggregate Class A Investment. Each such reduction in the Aggregate Class A Commitment shall reduce the Class A Commitment of each Class A Purchaser in accordance with its Class A Commitment Percentage and shall reduce the Class A Purchase Limit by a corresponding amount.
(b) The Seller may, upon thirty days’ notice to the Agent, reduce the Aggregate Class B Commitment in increments of $5,000,000, so long as the Aggregate Class B Commitment at all times equals or exceeds the outstanding Aggregate Class B Investment. Each such reduction in the Aggregate Class B Commitment shall reduce the Class B Commitment of each Class B Purchaser in accordance with its Class B Commitment Percentage and shall reduce the Class B Purchase Limit by a corresponding amount.
Reduction in Commitments. The Borrower may, upon 30 days' notice to the Agent, reduce the Aggregate Commitment in increments of $1,000,000, so long as the Aggregate Commitment at all times equals at least the outstanding Matured Aggregate Loan Amount. Each such reduction in the Aggregate Commitment shall reduce the Commitment of each Committed Lender in accordance with its Ratable Share and shall ratably reduce the Loan Limit so that the Aggregate Commitment remains equal to 102% of the Loan Limit.
Reduction in Commitments. Pursuant to Section 2.08 of the Credit Agreement, the Borrower hereby notifies the Administrative Agent of its election to reduce the Commitments to the aggregate amount of $600,000,000, which reduction shall become effective as of the Amendment Effective Date (as defined below). For purposes hereof only, the Lenders party hereto waive the advance notice requirement set forth in the first sentence of Section 2.08(c) of the Credit Agreement.
Reduction in Commitments. Borrowers may terminate or reduce the amount of the Commitments at any time and from time to time without penalty or premium upon not less than five (5) Business Days prior notice to Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction (which in the case of any partial reduction of the Commitments shall not be less than $500,000 and integral multiples of $100,000 in excess of that amount in the aggregate) and shall be irrevocable once given and effective only upon receipt by Administrative Agent (“Reduction Notice”). Promptly after receipt of a Reduction Notice Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed termination or Commitment reduction. The Commitments, once reduced pursuant to this Section, may not be increased. Borrowers shall pay all interest and fees, on the Borrowings accrued to the date of such reduction or termination of the Commitments to Administrative Agent for the account of the Lenders, including but not limited to any applicable compensation due to each Lender in accordance with Section 3.18 of this Agreement.
Reduction in Commitments. A portion of the Commitments shall terminate on the Business Day on which the Borrower or any of its Subsidiaries receives (i) the proceeds of any sale, transfer or other disposition (whether voluntary or involuntary) by the Borrower or any of its Subsidiaries of any asset or on account any of damage, destruction or condemnation of any asset (other than sales, transfers or other dispositions of inventory in the ordinary course of business), (ii) the proceeds of any insurance policy or any insurance settlements, or (iii) any tax refund (the sums described in the immediately proceeding clauses (i), (ii) and (iii) being hereinafter referred to collectively as "LIQUIDATION PROCEEDS"), in each case by an amount equal to 43.6% of such Liquidation Proceeds; PROVIDED, HOWEVER, that no such termination in the Commitments shall be made with respect to the first $750,000 of net proceeds (with "NET
Reduction in Commitments. Pursuant to Section 2.1(c) of the Credit Agreement, the Borrowers hereby elect to (a) permanently reduce the US Commitments by $25,000,000 to $25,000,000; provided that, the foregoing shall in no way limit the ability of the Borrowers to exercise any one or more Commitment Increases under Section 2.17 of the Credit Agreement in accordance with the terms and