Voluntary Reduction of Revolving Commitments Clause Samples

Voluntary Reduction of Revolving Commitments. Borrowers may permanently reduce the Revolving Commitments, on a Pro Rata basis for each Lender, upon at least three (3) Business Days prior written notice to Agent, which notice shall specify the amount of the reduction and shall be irrevocable once given. Each reduction shall be in a minimum amount of $1,000,000, or an increment of $250,000 in excess thereof; provided, that, in no event shall the Revolving Commitments be reduced to less than $50,000,000.

Voluntary Reduction of Revolving Commitments. The Borrower shall have the right to terminate or reduce the aggregate unused amount of the Revolving Commitments (for which purpose use of the Revolving Commitments shall be deemed to include the aggregate amount of all Letter of Credit Liabilities and the aggregate principal amount of all outstanding Competitive Loans) at any time and from time to time without penalty or premium upon not less than five (5) Business Days prior written notice to the 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 Revolving Commitments shall not be less than $10,000,000 and integral multiples of $5,000,000 in excess of that amount in the aggregate) and shall be effective only upon receipt by the Administrative Agent (“Revolving Commitment Reduction Notice”); provided, however, (a) the Borrower may not reduce the aggregate amount of the Revolving Commitments below $100,000,000 unless the Borrower terminates the Revolving Commitments in full and (b) if such reduction or termination is being made in connection with the closing of another transaction, then it may be made conditional on the closing of such other transaction. Promptly after receipt of a Revolving Commitment Reduction Notice, the Administrative Agent shall notify each Revolving Lender of the proposed termination or Revolving Commitment reduction. The Revolving Commitments, once reduced or terminated pursuant to this Section, may not be increased (except pursuant to Section 2.15(a)) or reinstated. The Borrower shall pay all interest and fees on the Revolving Loans accrued to the date of such reduction or termination of the Revolving Commitments to the Administrative Agent for the account of the Revolving Lenders, including any applicable compensation due to each Revolving Lender in accordance with Section 5.4. Each notice delivered by the Borrower pursuant to this Section 2.11(a) shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower 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 specified effective date) if such condition is not satisfied.

Voluntary Reduction of Revolving Commitments. The Revolving Commitments may be terminated or permanently reduced in whole or in part upon three (3) Business Days' prior written notice to the Administrative Agent, provided that (i) after giving effect to any voluntary reduction, the aggregate amount of Revolving Obligations shall not exceed the Aggregate Revolving Committed Amount, as reduced, and (ii) partial reductions shall be in a minimum principal amount of $5,000,000 and in integral multiples of $1,000,000 in excess thereof.

Voluntary Reduction of Revolving Commitments. The Parent Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments of any Class; provided that (i) each reduction of the Revolving Commitments of any Class shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Parent Borrower shall not terminate or reduce the Revolving Commitments of any Class if, after giving effect to any concurrent prepayment of Loans in accordance with Section 2.10, the Aggregate Global Tranche Revolving Credit Exposures would exceed the Aggregate Global Tranche Revolving Commitments, the Aggregate Mexican Tranche Revolving Credit Exposure would exceed the Aggregate Mexican Tranche Revolving Commitments or the Aggregate Singaporean Tranche Revolving Credit Exposure would exceed the Aggregate Singaporean Tranche Revolving Commitments, as applicable. All commitment fees with respect to any Class of Revolving Commitments accrued until the effective date of any termination of such Class of Revolving Commitments shall be paid on the effective date of such termination.

Voluntary Reduction of Revolving Commitments. Borrower shall have the right, at any time and from time to time, to reduce permanently, in whole or in part, the unused and unreserved portion of the Revolving Commitments. Borrower shall give Administrative Agent not less than five Business Days prior written notice designating the date (which shall be a Business Day) of such reduction and the amount of such reduction. Such reduction shall be effective on the date specified in Borrower's notice given in compliance herewith. Any reduction shall be in a minimum amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof and shall reduce each Revolving Lender's Revolving Commitment ratably according to its Commitment Percentage extant immediately prior to such reduction.

Voluntary Reduction of Revolving Commitments. Borrowers shall have the right, at any time and from time to time, without penalty or charge, upon at least three (3) Banking Days' prior written notice by a Responsible Official of Borrowers to the Administrative Agent, voluntarily to reduce, permanently and irrevocably, in aggregate principal amounts in an integral multiple of $1,000,000 but not less than $5,000,000, or to terminate, all or a portion of the then undisbursed portion of the Revolving Commitments, provided that the Line A Commitment may not be reduced or terminated so long as any portion of the Line B Commitment remains in effect. The Administrative Agent shall promptly notify the Lenders of any reduction or termination of the Revolving Commitments under this Section. Any voluntary reduction of the Revolving Commitments under this Section shall be applied to reduce the Reduction Amount for the next following Reduction Date (to the extent of such reduction) and thereafter to subsequent Reduction Dates (to the extent not previously applied) in the order of their occurrence.

Voluntary Reduction of Revolving Commitments. Upon at least three Business Days’ prior written notice to the Agent at the Notice Office (which notice the Agent shall promptly transmit to each of the Lenders), Workflow shall have the right, without premium or penalty, to terminate or partially reduce the Unutilized Total Revolving Commitment, provided that any partial reduction pursuant to this Section 3.02 shall be in the amount of at least $5,000,000 or any integral multiple of $1,000,000 in excess thereof, and provided further that the Borrower shall have no right to make any such reduction or termination until the Term Loans have been repaid in full. Each reduction to the Unutilized Total Revolving Commitment pursuant to this Section 3.02 shall apply to reduce permanently the Revolving Commitments of the various Lenders pro rata based on their respective Dollar Percentages.

Voluntary Reduction of Revolving Commitments. The Revolving Commitments may be terminated or permanently reduced in whole or in part upon three (3) Business Days’ prior written notice to the Administrative Agent, provided that (i) after giving effect to any voluntary reduction the aggregate amount of Revolving Obligations shall not exceed the Aggregate Revolving Committed Amount, as reduced, (ii) if, after giving effect to any reductions of the Revolving Commitments, the Alternative Currency Sublimit, the LOC Committed Amount or the Swingline Committed Amount exceeds the Aggregate Revolving Commitment, such sublimit or amount will be automatically reduced by the amount of such excess and (iii) partial reductions shall be in a minimum principal amount of $5.0 million, and in integral multiples of $1.0 million in excess thereof.

Voluntary Reduction of Revolving Commitments. Upon at least three Business Days’ prior written notice (or telephonic notice confirmed in writing) to the Administrative Agent at its Notice Office (which notice shall be deemed to be given on a certain day only if given before 2:00 P.M. (New York time) on such day and shall be promptly transmitted by the Administrative Agent to each of the Lenders), the Borrowers shall have the right, without premium or penalty, to reduce, in whole or in part, the Total Unutilized Revolving Commitment; provided that (w) any such partial reduction shall apply to proportionately and permanently reduce the Revolving Commitments of each Lender, (x) no such reduction shall reduce any Lender’s Revolving Commitment by an amount greater than the then Unutilized Revolving Commitment of such Lender and (y) any partial reduction pursuant to this Section 2.02 shall be in integral multiples of $500,000.