Voluntary Reduction or Termination of the Revolving Commitment. (a) Borrowers may from time to time on at least three (3) Business Days’ prior written notice received from the Borrower Representative to Administrative Agent (which shall promptly advise each applicable Lender thereof) permanently reduce the Revolving Commitments to an amount not less than the sum of the Revolving Outstandings. Any such reduction shall be in an amount not less than $500,000. (b) Concurrently with any reduction of the Revolving Commitments to zero, Borrowers shall pay (i) all interest on the Revolving Loans, (ii) all accrued and unpaid Unused Revolving Commitment Fees and letter of credit fees, and (iii) Cash Collateralize in full all obligations arising with respect to the Letters of Credit. (c) Concurrently with any reduction of the Revolving Commitments to zero, Borrowers shall pay (i) all interest on the Revolving Loans, (ii) all accrued and unpaid Unused Fees, and (iii) any applicable Prepayment Fee.
Appears in 3 contracts
Sources: Credit Agreement (AgileThought, Inc.), Credit Agreement (AgileThought, Inc.), Credit Agreement (LIV Capital Acquisition Corp.)