Common use of Reduction of the Facility Clause in Contracts

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.

Reduction of the Facility. The Borrower may, on giving not less than ten Business Days prior notice to the AgentLender, permanently reduce the amount of the Facility by amounts of not less than $1,000,000 and which are multiples of $100,0001,000,000. The notice of reduction must specify the amount of the reduction, and the Business Day when the reduction will be become effective.