Reduction of Commitment Clause Samples

Reduction of Commitment. Borrower shall have the right, at any time and from time to time, without penalty or charge, upon at least 5 Business Days prior written notice voluntarily to reduce or terminate permanently and irrevocably, in aggregate principal amounts in an integral multiple of $1,000,000 but not less than $5,000,000 (unless all of the unused Commitment is being terminated), all or a portion of the unused Commitment. Borrower shall pay to the Administrative Agent (for the account of each Bank, pro rata according to that Bank’s Pro Rata Share) on the date of such termination all unpaid commitment fees which have accrued to such date in respect of the terminated portion of the Commitment.

Reduction of Commitment. On each Settlement Date, the Investor’s Total Commitment under this Agreement automatically shall be reduced, on a dollar-for-dollar basis, by the total Draw Down Amount paid to the Company on such Settlement Date.

Reduction of Commitment. The Borrower shall have the right, upon at least five (5) Business Days' notice to the Bank, to terminate in whole or reduce in part the unused portion of the Commitment, provided that each partial reduction shall be in the amount of not less than One Million and 00/100 Dollars ($1,000,000.00). The Commitment, once reduced or terminated, may not be reinstated.

Reduction of Commitment. The Borrower shall have the right at any time and from time to time upon five Business Days' prior written notice to the Agent to reduce by $1,000,000 or an integral multiple of $1,000,000 in excess thereof or to terminate entirely the unborrowed portion of the Commitments, whereupon the Commitments of the Banks shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such reduction to be without penalty (unless such reduction requires repayment of a Eurodollar Rate Loan). Promptly after receiving any notice of the Borrower delivered pursuant to this Section 2.3, the Agent will notify the Banks of the substance thereof. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Banks the full amount of any facility fee under Section 2.2 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated. Notwithstanding the foregoing, in no event shall the aggregate Commitments be reduced to less than $50,000,000.00.

Reduction of Commitment. Any Borrower may permanently reduce the Commitment, in whole or in part ratably among the Lenders in integral multiples of $2,000,000, upon at least five Business Day’s written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Commitment may not be reduced below the aggregate principal amount of the outstanding Advances.

Reduction of Commitment. (a) Prior to the Activation Date, Borrower may at any time or from time to time permanently reduce in whole or ratably in part the Commitment of the Banks to an amount not less than the aggregate principal amount of the Loans and Letters of Credit then outstanding, by giving Agent not fewer than three (3) Business Days' notice, provided that any such partial reduction shall be in an aggregate amount, for all of the Banks, of Five Million Dollars ($5,000,000), or any integral multiple thereof. Agent shall promptly notify each Bank of the date of each such reduction and such Bank's proportionate share thereof. If required by Agent, Borrower, Canadian Borrowers, the Banks and Agent shall execute an amendment to this Agreement to make any conforming changes deemed necessary or appropriate by Agent as a result of any such reduction of Commitment. After each such reduction, the facility fees payable hereunder shall be calculated upon the Commitment of the Banks as so reduced. (b) On and after the Activation Date: (i) Borrower may at any time or from time to time permanently reduce in whole or ratably in part the Revolving Credit Commitments of the Domestic Banks to an amount not less than the Revolving Credit Exposure, by giving Agent not fewer than three (3) Business Days' notice, provided that any such partial reduction shall be in an aggregate amount, for all of the Domestic Banks, of Five Million Dollars ($5,000,000), or any integral multiple thereof. Agent shall promptly notify each Domestic Bank of the date of each such reduction and such Domestic Bank's proportionate share thereof. If required by Agent, Borrower, Canadian Borrowers, the Banks and Agent shall execute an amendment to this Agreement to make any conforming changes deemed necessary or appropriate by Agent as a result of any such reduction of the Revolving Credit Commitments. After each such reduction, the facility fees payable with respect to the Revolving Credit Commitments shall be calculated upon the Revolving Credit Commitments of the Domestic Banks as so reduced; or (ii) Canadian Borrowers may at any time or from time to time permanently reduce in whole or ratably in part the Canadian Commitments of the Canadian Banks to an amount not less than the CAD Exposure, by giving Agent not fewer than three (3) Business Days' notice, provided that any such partial reduction shall be in an aggregate amount, for all of the Canadian Banks, of Five Million Canadian Dollars (CAD 5,000,000), or any inte...

Reduction of Commitment. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to Agent to permanently and ratably reduce, in whole multiples of $1,000,000 of principal, or terminate the Commitments without penalty or premium, except as hereinafter set forth, provided, that any such reduction or termination shall be accompanied by (i) the payment in full of any Commitment Fee and other fees then accrued on the amount of such reduction or termination and (ii) prepayment of the Notes (together with cash collateralization, if necessary, of the Letters of Credit), together with the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 4.6 [Additional Compensation in Certain Circumstances]), to the extent that the aggregate amount thereof then outstanding exceeds the Commitments as so reduced or terminated. From the effective date of any such reduction or termination, the obligations of the Borrower to pay the Commitment Fee shall correspondingly be reduced or cease, as the case may be.

Reduction of Commitment. The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Administrative Agent to permanently reduce, in whole multiples of $1,000,000 of principal, or terminate the Revolving Credit Commitment without penalty or premium, except as hereinafter set forth, provided that any such reduction or termination shall be accompanied by (a) the payment in full of any Commitment Fee then accrued on the amount of such reduction or termination and (b) prepayment of the Revolving Credit Notes, together with the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.6 hereof), to the extent that the aggregate amount thereof then outstanding exceeds the Revolving Credit Commitment as so reduced or terminated. From the effective date of any such reduction or termination the obligations of Borrower to pay the Commitment Fee pursuant to Section 2.3 shall correspondingly be reduced or cease.

Reduction of Commitment. The Borrowers shall have the right, at any time and from time to time upon five (5) Business Days written notice to the Administrative Agent, to reduce by $5,000,000 or an integral multiple of $1,000,000 in excess thereof, or terminate entirely the Total Commitment, whereupon the Commitments of the Revolving Credit Lenders shall be reduced PRO RATA in accordance with their respective Commitment Percentages of the amount specified in such notice, or as the case may be, terminated. Promptly after receiving any notice of the Borrowers delivered pursuant to this ss.2.4, the Administrative Agent will notify the Revolving Credit Lenders of the substance thereof. If the Borrowers repay or prepay all outstanding Revolving Credit Loans or the Total Commitment is reduced or terminated during the period commencing on the Closing Date and ending on the second anniversary of the Closing Date in a single transaction or series of related transactions, the Borrowers shall pay to the Administrative Agent a premium in an amount equal to the Commitment Reduction Fee of the amount of the reduction of the Total Commitment or on the amount of the Total Commitment immediately prior to such repayment or prepayment or the first of a related series of prepayments or repayments, as the case may be (the "REVOLVING CREDIT EARLY TERMINATION FEE"); PROVIDED, HOWEVER, no Revolver Early Termination Fee shall be due if the Total Commitment is terminated in connection with the Borrowers entering into a new credit facility agented by the FRFI. No reduction or termination of the Total Commitment may be reinstated. The "COMMITMENT REDUCTION FEE" shall be one percent (1%); PROVIDED, HOWEVER, if an Approved Recapitalization has occurred, the Commitment Reduction Fee shall be one-half of one percent (0.5%) during the period from the date of the Approved Recapitalization through the day which is ninety (90) days following the Closing Date.