Common use of Commitment Reduction Clause in Contracts

Commitment Reduction. At the option of Lessee, exercisable from time to time by written notice to Certificate Trustee and Administrative Agent, Lessee may request Administrative Agent to reduce the aggregate unused portion of the Participants' respective Commitments, whereupon Administrative Agent shall notify the Participants of such request, and the Commitment of each Participant shall thereby be so reduced, subject to the following provisions: (i) Such notice from Lessee shall specify the aggregate amount of such reduction for all Participants, which amount shall be $1,000,000 or an integral multiple thereof; (ii) Such notice shall specify the effective date of such reduction, such effective date to be a date not earlier than three (3) Business Days after the date of such notice; (iii) The remaining unused portions of the Commitments, after giving effect to such reduction, shall be sufficient to fund fully the remaining acquisition and construction costs, including Capitalized Interest and Capitalized Yield, to be funded under this Agreement and the other Operative Documents in respect of Systems as to which Advances for construction have theretofore been made, and Lessee shall so certify in such notice; (iv) Any reduction of the unused portions of Commitments shall be made pro rata among the Participants based upon each Participant's Commitment Percentage; and Participation Agreement (v) No such reduction of the Commitments shall be undertaken that would reduce the aggregate amount of the Commitments, after giving effect to such requested reduction, below the outstanding aggregate amount of the Advances, including all Capitalized Interest and Capitalized Yield.