Commitment Reduction Notice Sample Clauses
A Commitment Reduction Notice clause defines the process by which a party can formally notify the other party of its intention to reduce its financial or contractual commitment under an agreement. Typically, this clause outlines the required form and timing of the notice, such as providing written notification a certain number of days in advance, and may specify the minimum amount by which commitments can be reduced or any conditions that must be met. Its core practical function is to provide a clear and orderly mechanism for adjusting obligations, thereby offering flexibility to the parties while ensuring transparency and predictability in the management of commitments.
Commitment Reduction Notice. See Section 1.06.
Commitment Reduction Notice. On the Effective Date, the Borrower shall deliver to the Administrative Agent the Commitment Reduction Notice, which shall permanently and irrevocably reduce the Total Commitments, in accordance with Section 2.6 of the Credit Agreement, in the amounts and on the dates specified therein.
Commitment Reduction Notice. On or before April 30, 1996, the Company shall deliver to the Agent, the Trustee and the Purchasers either (i) a notice of its intent to eliminate, from the Financed Improvements, the Excluded Assets and to reduce correspondingly the Series 2 Note Commitment and the Series 2 Certificate Commitment (the "COMMITMENT REDUCTION") to reflect the decrease in the cost of the construction and installation of the Financed Improvements resulting from such elimination (the "COMMITMENT REDUCTION NOTICE") in the form of Exhibit I hereto or (ii) its written confirmation that it will not deliver a Commitment Reduction Notice.
Commitment Reduction Notice. See SECTION 1.06.
Commitment Reduction Notice. The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments or the CapEx Loan Commitments under Section 2.9(b) at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Revolving Lenders or the CapEx Lenders, as applicable, of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable;
Commitment Reduction Notice. This Amendment shall satisfy the Revolving Facility Commitment reduction notice, together with the related notice timing delivery requirement, in each case otherwise required under Section 2.08 of the Credit Agreement.