Reduction of the Facility Sample Clauses

The 'Reduction of the Facility' clause defines the process by which the total amount available under a loan or credit facility can be decreased during the term of the agreement. Typically, this clause outlines the circumstances under which the borrower may voluntarily reduce the facility amount, such as by providing advance notice to the lender, and may also specify mandatory reductions triggered by certain events like asset sales or excess cash flow. Its core practical function is to provide flexibility for the borrower to manage their borrowing needs and obligations, while also protecting the lender by ensuring clear procedures for reducing their exposure.
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Reduction of the Facility. On each date specified in Column 1 below (each such date being a "Reduction Date") the Total Commitments shall be reduced such that they are equal to the amount set opposite such Reduction Date in Column 2 below less the aggregate amount of Commitments that have been previously cancelled under this Agreement prior to that Reduction Date otherwise than solely as a result of the operation of this Clause 11.1 or Clause 7, whereupon the Revolving Commitment of each Bank (including, for the avoidance of doubt, the Revolving Commitment of each Ancillary Bank disregarding, for this purpose its Ancillary Commitment) shall be reduced by a proportionate amount and pro rata to their respective Revolving Commitments at such time and the Standby L/C Commitments of the Banks shall be reduced by a proportionate amount pro rata and the Company shall procure that the aggregate Deutschmark Amount of all outstanding Advances, Standby L/Cs Ancillary Facilities and amounts owing under Clause 11.3 (if any) shall on such date (and at all times thereafter) not exceed the Total Commitments on such date.
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Reduction of the Facility. The Borrower may, on giving not less than ten Business Days prior notice to the Agent, permanently reduce the amount of the Facility by amounts of not less than $1,000,000 and which are multiples of $100,000. The notice of reduction must specify the amount of the reduction, and the Business Day when the reduction will be become effective.
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Reduction of the Facility. Cascades may, on giving not less than ten Business Days prior notice to the Administrative Agent, permanently reduce the aggregate amount of the Facility by amounts of not less than $5,000,000. Any such reduction will result in a corresponding reduction of each of Tranche A, Tranche B and Tranche C, on a pro rata basis (such reduction to also apply on a pro rata basis as to each Lender). The notice of reduction must specify the amount of the reduction, and the Business Day when the reduction will be become effective. On such date, the Borrowers must make repayments in amounts sufficient for the outstanding Borrowings under any Tranche not to exceed the new amount of such Tranche.
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Reduction of the Facility. Cascades may, on giving not less than ten Business Days prior notice to the Agent, permanently reduce the aggregate amount of the Facility by amounts of not less than $5,000,000. Any such reduction will result in a corresponding reduction of each of Tranche A, Tranche B and Tranche C, on a pro rata basis. The notice of reduction must specify the amount of the reduction, and the Business Day when the reduction will be become effective. On such date, the Borrowers must make repayments in amounts sufficient for the outstanding Borrowings under any Tranche not to exceed the new amount of such Tranche.
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Reduction of the Facility. On each date specified in Column 1 below (each such date being a "Reduction Date") the Total Commitments shall be reduced such that they are equal to the amount set opposite such Reduction Date in Column 2 below less the aggregate amount of the Commitments that have been previously cancelled under this Agreement prior to that Reduction Date otherwise than solely as a result of the operation of this Clause 11.1 or Clause 7, whereupon the Revolving Commitment of each Bank (including, for the avoidance of doubt, the Revolving Commitment of each Ancillary Bank and without double counting a Bank's Ancillary Commitment) shall be reduced by a proportionate amount and pro rata to their respective Revolving Commitments at such time and the Standby L/C Commitments of the Banks shall be reduced by a proportionate amount pro rata and the Company shall procure that the aggregate Deutschmark Amount of all outstanding Advances, Standby L/Cs, Ancillary Facilities and amounts owing under Clause 11.3 (if any) shall on such date (and at all times thereafter) not exceed the Total Commitments on such date. Column 1 Column 2 Reduction Date Total Commitments on or before 30 June 2000 DM214,000,000 minus the Deutschmark Equivalent of (Pounds)8,400,000 computed as at the date falling 4 Business Days before the Reduction Date Fifth Anniversary of the date of this Agreement DM194,000,000 Sixth Anniversary of the date of this Agreement DM169,000,000 Final Repayment Date Zero"
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Reduction of the Facility. (a) The Total Commitments shall be reduced in instalments by an amount equal to twenty million dollars ($20,000,000) on each Reduction Date. (b) Each Borrower shall ensure that sufficient Loans are repaid on a Reduction Date to the extent necessary so that the aggregate of the Dollar Amounts of the outstanding Loans (after that repayment) is equal to or less than the reduced amount of the Total Commitments. (c) Any reduction of the Total Commitments shall reduce rateably the Commitment of each Lender. (d) If the Principal Company cancels the whole or any part of the Commitments in accordance with Clause 8.3 (Voluntary cancellation), Clause 8.5 (Right of repayment and cancellation in relation to a single Lender) or if the Commitment of any Lender is reduced under Clause 8.1 (Illegality), then the amount of the Reduction Instalment for each Reduction Date falling after that cancellation will reduced pro rata by the amount cancelled.
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Reduction of the Facility. (a) Norampac may, on giving not less than ten Business Days prior notice to the Agent, reduce the amount of the Facility by amounts of not less than $5,000,000. The notice of reduction must specify the amount of the reduction, and the Business Day when the reduction will be become effective. (b) On the 360th day following the receipt by any Credit Party of any net proceeds from insurance covering the loss of any Charged Fixed Assets, the amount of the Facility will be reduced by the amount of such net proceeds less the portion of same that the Credit Parties have used or reserved (pursuant to binding commitments) to purchase or repair assets. However, no such use or reserve of net insurance proceeds exceeding $10,000,000 may be made without the consent of the Majority Lenders and such use or reserve must be on terms and conditions acceptable to the Majority Lenders. If the consent of the Majority Lenders is not obtained, the amount of the Facility will be reduced by the amount of such net proceeds 30 days following the receipt of such proceeds. (c) The amount of the Facility will also be reduced further to a disposition of assets contemplated in Section 13.3(b)(iii) but only to the extent and after the expiry of the 360-day period specified in said Section.
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Reduction of the Facility. (a) The Total Commitments shall be reduced in instalments on each Reduction Date: (i) in relation to the Tranche A Commitment, by 20 equal consecutive quarterly instalments, each in an amount of $1,375,000, the first of which shall be repaid on the date falling three Months after the earlier of (i) the Utilisation Date in respect of the Tranche A and (ii) 30 September 2024 and a balloon instalment in an amount of $17,500,000 payable with the last reduction instalment relating to the Tranche A Commitment; and (ii) in relation to the Tranche B Commitment, by 20 equal consecutive quarterly instalments, each in an amount of $1,500,000, the first of which shall be repaid on the date falling three Months after the earlier of (i) the Utilisation Date of the third Advance in respect of Tranche B and (ii) 31 January 2025 and a balloon instalment in an amount of $20,000,000 payable with the last reduction instalment relating to the Tranche B Commitment. (b) The Borrowers shall ensure that sufficient Advances are repaid on a Reduction Date to the extent necessary so that the aggregate of the outstanding Advances (after that repayment) is equal to or less than the reduced amount of the Total Commitments. (c) Any reduction of the Total Commitments in accordance with this Clause shall reduce rateably the Commitment of each Lender.
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Reduction of the Facility. On each date specified in Column 1 below (each such date being a "Reduction Date") the Total Commitments shall be reduced such that they are equal to the amount set opposite such Reduction Date in Column 2 below less the aggregate amount of the Commitments that have been previously cancelled under this Agreement prior to that Reduction Date otherwise than solely as a result of the operation of this Clause 11.1 or Clause 7, whereupon the Revolving Commitment of each Bank (including, for the avoidance of doubt, the Revolving Commitment of each Ancillary Bank and without double counting a Bank's Ancillary Commitment) shall be reduced by a proportionate amount and pro rata to their respective Revolving Commitments at such time and the Standby L/C Commitments of the Banks shall be reduced by a proportionate amount pro rata and the Company shall procure that the aggregate Deutschmark Amount of all outstanding Advances, Standby L/Cs, Ancillary Facilities and amounts owing under Clause 11.3 (if any) shall on such date (and at all times thereafter) not exceed the Total Commitments on such date. Column 1 Column 2 Reduction Date Total Commitments on or before 30 June 2000 DM214,000,000 minus (i) the Deutschmark Equivalent of (Pounds)8,400,000 and (ii) the Deutschmark Equivalent of (Pounds)1,576,000, in each case computed as at the date falling 4 Business Days before -------------------------------------------------------------------------------- the relevant Reduction Date Fifth Anniversary of the date of this DM194,000,000 Agreement Sixth Anniversary of the date of this DM169,000,000 Agreement Final Repayment Date Zero" -------------------------------------------------------------------------------- SCHEDULE 5 Conditions Precedent to Further Amendments to the Facility Agreement which take effect on the First Effective Date 1. An opinion, addressed to the Facility Agent, the Security Agent and the Banks of Wragge & Co., legal advisors to the Sturmey-▇▇▇▇▇▇ Group, as to such matters relating to the United Kingdom, the Sturmey-▇▇▇▇▇▇ Group and their obligations under the Sale Transaction Documents to which they are party as the Facility Agent may require; 2. An opinion, addressed to the Facility Agent, the Security Agent and the Banks of Trenite Van Doorne,, legal advisors to the Sturmey-▇▇▇▇▇▇ Group, as to such matters relating to the Netherlands, the Sturmey-▇▇▇▇▇▇ Group and their obligations under the Sale Transaction Documents to which they are party as the Facilit...
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Related to Reduction of the Facility

  • Reduction of the Commitments (a) The Borrower shall have the right, upon at least three Business Days’ irrevocable notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portion of the Commitments; provided that each partial reduction shall be in the aggregate amount of $500,000 or in integral multiples of $100,000 in excess thereof. (b) 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. (c) 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) and shall deposit with the Administrative Agent into the Cash Collateral Account cash collateral in the amount equal to such Defaulting Lender’s ratable share of the Letter of Credit Exposure, (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 Total 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 Agent to reduce by $2,500,000 or an integral multiple of $500,000 in excess thereof or terminate entirely the Total Commitment, 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. Promptly after receiving any notice of the Borrower delivered pursuant to this (S)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 commitment fee then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

  • Modification of the Small Generating Facility The Interconnection Customer must receive written authorization from the NYISO and Connecting Transmission Owner before making any change to the Small Generating Facility that may have a material impact on the safety or reliability of the New York State Transmission System or the Distribution System. Such authorization shall not be unreasonably withheld. Modifications shall be done in accordance with Good Utility Practice. If the Interconnection Customer makes such modification without the prior written authorization of the NYISO and Connecting Transmission Owner, the Connecting Transmission Owner shall have the right to temporarily disconnect the Small Generating Facility. If disconnected, the Small Generating Facility will not be reconnected until the unauthorized modifications are authorized or removed.

  • Termination or Reduction of the Commitments (a) 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 Available Commitments, provided that (i) each partial reduction shall be in the aggregate amount of $10,000,000 or an integral multiple of $5,000,000 in excess thereof and (ii) no such termination or reduction shall be made that would reduce the aggregate Commitments to an amount less than the Outstanding Credits on the date of such termination or reduction. Subject to the foregoing, any reduction of the Commitments to an amount below $500,000,000 shall also result in a reduction of the LC Commitment Amount to the extent of such deficit (and if such reduction would cause the LC Commitment Amount to be less than the aggregate Fronting Commitments, with automatic reductions in the amount of each Fronting Commitment ratably in proportion to the amount of such reduction of the LC Commitment Amount unless, in the case of any LC Issuing Bank, such LC Issuing Bank consents otherwise). Each such notice of termination or reduction shall be irrevocable; provided, however, that a notice of termination delivered pursuant to this Section 2.08 may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the effective date specified in the notice of termination) if such condition is not satisfied. (b) The Borrower may terminate the unused amount of the Commitment of any Lender that is a Defaulting Lender upon not less than three Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of Section 2.21(a)(ii) will apply to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that (i) no Event of Default shall have occurred and be continuing, and (ii) such termination shall not be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent, any LC Issuing Bank or any Lender may have against such Defaulting Lender. (c) The Commitment of each Lender shall automatically terminate on the Termination Date applicable to such Lender as provided in Section 2.06. (d) Once terminated, a Commitment or any portion thereof may not be reinstated.

  • Optional Termination or Reduction of the Commitments The Borrower shall have the right, upon at least three Business Days' notice to the Agent, to terminate in whole or reduce in part the unused Commitments of the Lenders, provided that each partial reduction shall be in the amount of $1,000,000 or an integral multiple of $1,000,000 in excess thereof.