Reduction of the Commitment Clause Samples

Reduction of the Commitment. The Borrower may, upon at least two (2) Business Days’ notice to the Deal Agent and each Lender, terminate in whole or reduce in part the portion of the Aggregate Commitments that exceeds the Aggregate Loan Amount; provided, however, that each partial reduction of the Aggregate Commitments shall be in an aggregate amount equal to $1,000,000 or an integral multiple thereof; and provided, further, however, that any such partial reduction shall effect a ratable reduction of the Commitment of each Lender. Each notice of reduction or termination pursuant to this Section 2.5 shall be irrevocable.

Reduction of the Commitment. The Borrower shall have the right, upon at least five Business Days’ notice to the Bank, to terminate in whole or reduce in part permanently the unused portion of the Commitment, provided that each partial reduction shall be in the amount of $100,000 or an integral multiple thereof.

Reduction of the Commitment. (a) The Borrower shall have the right, upon at least three Business Days' notice to the Lender, to terminate in whole or reduce in part the unused portions of the Commitment, PROVIDED that the aggregate amount of the Commitment shall not be reduced to an amount that is less than the aggregate principal amount of the Advances then outstanding and PROVIDED, FURTHER, that each partial reduction of the Commitment shall be in the aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof. (b) The Commitment shall automatically be terminated on the Termination Date. (c) Once terminated or reduced, the Commitment may not be reinstated.

Reduction of the Commitment. 3.2.1 Subject to Clause 3.2.4 below, the amount of the Commitment shall, solely for the purpose of any future draw down and provided that no draw down has been made under this Subscription Agreement until that time, be irrevocably reduced as follows: (i) provided that the Issuer can demonstrate to the Facility Agent that the ratio of Total Net Rental Income to the aggregate of (a) Finance Costs, and (b) scheduled or actual repayments of principal on the Advances under Clause 6 (Repayment) of the Senior Credit Agreement, is not less than or equal to 1.2:1: (a) on the two consecutive Quarter Dates falling immediately before the proposed Commitment Reduction Date; (b) on the proposed Commitment Reduction Date; and (c) on each Quarter Date following the proposed Commitment Reduction Date up to and including the Senior Credit Final Repayment Date according to projections based on reasonable assumptions, the amount of the EUR Commitment shall be reduced by EUR 6,700,000; and (ii) provided that: (a) the Issuer can demonstrate to the Facility Agent that the ratio of Total Net Rental Income to the aggregate of (a) Finance Costs, and (b) scheduled or actual repayments of principal on the Advances under Clause 6 (Repayment) of the Senior Credit Agreement, is not less than or equal to 1.4:1: (I) on the two consecutive Quarter Dates falling immediately before the proposed Commitment Reduction Date; (II) on the proposed Commitment Reduction Date; and (III) on each Quarter Date following the proposed Commitment Reduction Date up to and including the Senior Credit Final Repayment Date according to projections based on reasonable assumptions; and (b) at least EUR 2,000,000 is standing to the credit of the Master Proceeds Account of the Issuer or First Shurgard and that such amount is available to be applied to meet the liabilities of the Subsidiaries of Shurgard Europe to the relevant Group Members in connection with the Joint Employer Agreements and the Split Payroll Agreements, the amount of the EUR Commitment shall be reduced by a further EUR 800,000 and the amount of the USD Commitment shall be reduced by USD 11,045,000. 3.2.2 For the avoidance of doubt, the Parties explicitly agree that once the conditions for reduction of the Commitment as set out in either Clause 3.2.1(i) or 3.2.1(ii) above are satisfied, the Commitment shall never again be increased up to the higher amount, even if the ratio of Total Net Rental Income to the aggregate of (a) Finance Costs, and (b) ...

Reduction of the Commitment. (a) The Commitments shall automatically and permanently be reduced to $0 upon the making of the Advances on the Effective Date.

Reduction of the Commitment. (i) The Borrower shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portion of the Commitment; provided that each partial reduction shall be in the aggregate amount of $3,000,000 or in integral multiples of $1,000,000 in excess thereof. (ii) Other than as provided in Section 2.04(c) below, any reduction and termination of the Commitments pursuant to this Section 2.04 shall be applied ratably to each Lender’s Commitment and shall be permanent, with no obligation of the Lenders to reinstate such Commitments. (iii) In the event of a Defaulting Lender, the Borrower, at the Borrower’s election may (with the consent of the Administrative Agent) elect to terminate such Defaulting Lender’s Commitment hereunder; provided that (i) such termination must be of the Defaulting Lender’s entire Commitment, (ii) the Borrower shall pay all amounts owed by the Borrower to such Defaulting Lender under this Agreement and under the other Loan Documents (including principal of and interest on the Advances owed to such Defaulting Lender, accrued commitment fees, and letter of credit fees but specifically excluding any amounts owing under Section 2.12 as result of such payment of Advances), (iii) a Defaulting Lender’s Commitment may be terminated by the Borrower under this Section 2.04(c) if and only if at such time, the Borrower has elected, or is then electing, to terminate the Commitments of all then existing Defaulting Lenders. Upon written notice to the Defaulting Lender and Administrative Agent of the Borrower’s election to terminate a Defaulting Lender’s Commitment pursuant to this clause (c) and the payment and deposit of amounts required to be made by the Borrower under clause (ii) above, (A) such Defaulting Lender shall cease to be a “Lender” hereunder for all purposes except that such Lender’s rights under Sections 2.13, 2.14, and 9.07 shall continue with respect to events and occurrences occurring before or concurrently with its ceasing to be a “Lender” hereunder, (B) such Defaulting Lender’s Commitment shall be deemed terminated, and (C) such Defaulting Lender shall be relieved of its obligations hereunder

Reduction of the Commitment. 1. Upon the occurrence of a Change in Control, then, in such event the Lender may, at its sole option upon written notice to the Borrower (a "Termination Notice"), declare the obligation of the Lender to make Advances to be terminated, whereupon the same shall forthwith terminate and the Commitment shall reduce to zero. 2. The Borrower may, upon at least two Business Days' prior notice to the Lender, permanently terminate in whole or permanently reduce ratably in part the Commitment of the Lender; provided, however, that (i) each partial reduction shall be in the aggregate amount of not less than $1,000,000 or an integral multiple of $100,000 in excess thereof, and (ii) no such reduction shall result in an overdraft status as provided in Section 2.06(c)(ii). 3. If the Borrower receives a commitment from a Financial Institution Lender for Financial Institution Senior Indebtedness, then, upon the funding of the first advance under such Financial Institution Senior Indebtedness, the Lender may, at its sole discretion, reduce the amount of its Commitment pro rata in an amount equal to the amount of the commitment for Financial Institution Senior Indebtedness received by the Borrower.

Reduction of the Commitment. Repayment of Loans and Letter of ------------------------------------------------------------- Credit Drawings. --------------- (a) The Borrower may, upon at least five Business Days' notice, terminate or permanently reduce the unused portion of the commitment, provided that each partial reduction must be in a minimum amount of -------- $1,000,000 and an integral multiple of $1,000,000. On the Maturity Date, the then aggregate outstanding principal amount of all Loans will be due and payable in full. (b) The Borrower agrees to reimburse the Bank for each draft that is paid under any Letter of Credit for the amount of (a) such draft and (b) any reasonable taxes (excluding taxes imposed on the Bank's income), fees, charges or other costs and expenses incurred by the Bank in connection with such payment. If the Bank shall notify the Borrower prior to 11:30 a.m., Chicago time on any day that payment has been made under any Letter of Credit, the Borrower shall reimburse the Bank on the third Business Day following the date of such payment. If such notice to the Borrower shall be given after 11:30 a.m., Chicago time, the Borrower shall reimburse the Bank not later than the fourth Business Day following the date of such payment. Each payment by the Borrower shall be made to the Bank in immediately available funds and subject to all other terms of this Agreement. Interest shall be payable on any and all unreimbursed amounts advanced by the Bank under this Section from the date such amounts have been advanced by the Bank until payable at the Alternative Reference Rate. After such amounts have become payable (whether at stated maturity, by acceleration or otherwise), such amounts shall accrue interest until paid in full at the Default Rate. The payment obligations of the Borrower under this Agreement shall be unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including without limitation, the following circumstances: (i) the existence of any claim, set-off, defense or other right which the Borrower may have at any time against any beneficiary, or any transferee, of any Letter of Credit (or any Persons for whom any such beneficiary or any such transferee may be acting), the Bank or any other Person, whether in connection with this Agreement, the transactions contemplated herein, or any unrelated transaction; (ii) any statement or any other document presented under any Letter of Credit provi...

Reduction of the Commitment. International shall have the right, upon at least three (3) Business Days' notice to the Bank, to terminate in whole or reduce in part the Unutilized Commitment; PROVIDED, that each partial reduction shall be in the aggregate amount of $250,000.00 and an integral multiple of $250,000.00 in excess thereof.