Facility Reduction. 2.4.1 The aggregate amount of the Facility available to the Borrower for drawing under this Agreement shall be three hundred and thirty million Dollars ($330,000,000) during the period from the Execution Date until the First Reduction Date. On the First Reduction Date and on each of the Subsequent Reduction Dates the amount of the Facility available for drawing shall be reduced in accordance with the reduction schedule set out in Schedule 3. On the Termination Date the Facility available shall be reduced to zero. Subject to the proviso hereto, the mandatory reductions in the amount of the Facility available for drawing required pursuant to this Clause will be made in the amounts and at the times specified whether or not the Maximum Facility Amount is reduced pursuant to Clause 2.4.2, Clause 2.4.3, Clause 2.4.4, Clause 15.7 or Clause 15.8. PROVIDED ALWAYS THAT any reductions pursuant to Clause 2.4.2 (voluntary reductions), Clause 2.4.3 (sale) or Clause 2.4.4 (Total Loss) shall be applied to the remaining mandatory reductions hereunder on a pro rata basis. \P1\3522333.10
Facility Reduction. 3.4.1 The amount of the Facility available to the Borrower for drawing under this Agreement shall, subject to the provisions of Clause 3.4.5, be five hundred and twenty million Dollars ($520,000,000) prior to the Step-up Date and nine hundred and forty million Dollars ($940,000,000) during the period from the Step-up Date until the first Reduction Date. On the Reduction Dates the amount of the Facility available for drawing shall be reduced by the amounts set out in Schedule 8 (the "INITIAL REDUCTION AMOUNTS"). On the Maturity Date the Facility available shall be reduced to zero. Subject to the proviso hereto, the mandatory reductions in the amount of the Facility available for drawing required pursuant to this Clause will be made in the amounts and at the times specified whether or not the Maximum Amount is reduced pursuant to Clause 3.4.2, Clause 3.4.3, Clause 3.4.4, Clause 6.1 or Clause 7.9. PROVIDED ALWAYS THAT any reductions pursuant to Clause 3.4.2 (voluntary reductions), Clause 3.4.3 (sale) or Clause 3.4.4 (Total Loss) shall be applied to the remaining mandatory reductions hereunder on a pro rata basis.
Facility Reduction. Borrower may, at any time during the Term, elect to permanently reduce the Maximum Facility upon the following terms and conditions: (i) Xxxxxx shall provide Lender an irrevocable written notice no less than thirty (30) days prior to the intended effective date of the permanent reduction to the Maximum Facility (the “Facility Reduction Notice”); (ii) the Facility Reduction Notice shall state the total amount of the intended reduction to the Maximum Facility (“Maximum Facility Reduction”) and the effective date of the Maximum Facility Reduction; (iii) the aggregate outstanding principal balance of the Revolving Loan as of the date of the Facility Reduction Notice shall not exceed the Maximum Facility as reduced by the Maximum Facility Reduction (the “Reduced Maximum Facility”); and (iv) the aggregate outstanding principal balance of the Revolving Loan subsequent to the Facility Reduction Notice shall not at any time thereafter exceed the Reduced Maximum Facility. Notwithstanding anything to the contrary contained in this Section 3.2 to the contrary, the Maximum Facility Reduction shall in no event be less than five million dollars ($5,000,000.00).
Facility Reduction. 3.4.1 The amount of the Facility available (i) to the A Borrowers, for drawing under this Agreement shall, subject to the provisions of Clauses 2.1.1, 2.1.2, 3.4.5, 3.4.6 and 7.9.5, be the Tranche A Maximum Amount, (ii) to the B Borrowers for drawing under this Agreement shall, subject to the provisions of Clauses 2.1.1, 2.1.2, 3.4.5, 3.4.6 and 7.9.5, be the Tranche B Maximum Amount (the total being available to the Borrowers for drawing under this Agreement (subject to the provisions of Clauses 2.1.1, 2.1.2, 3.4.6 and 7.9.5) being eight hundred and twelve million Dollars ($812,000,000) (if the Tranche B Step Up Date has not occurred) or eight hundred and forty five million Dollars ($845,000,000) (if the Tranche B Step Up Date has occurred) until the first Reduction Date). On the Reduction Dates the amount of the Facility available for drawing shall be reduced by the amounts set out in Schedule 8 (the “Initial Reduction Amounts”). On the Maturity Date the Facility available shall be reduced to zero. Subject to the proviso hereto, the mandatory reductions in the amount of the Facility available for drawing required pursuant to this Clause will be made in the amounts and at the times specified whether or not the Maximum Amount is reduced pursuant to Clause 3.4.2, Clause 3.4.3, Clause 3.4.4, Clause 6.1 or Clause 7.9. PROVIDED ALWAYS THAT any reductions pursuant to Clause 3.4.2 (voluntary reductions), Clause 3.4.3 (sale) or Clause 3.4.4 (Total Loss) shall be applied to the remaining mandatory reductions hereunder on a pro rata basis.
Facility Reduction. 3.4.1 The amount of the Facility available to the Borrowers, for drawing under this Agreement shall be the Maximum Amount. On the Reduction Dates the amount of the Facility available for drawing shall be reduced by the amounts set out in Schedule 8 (the “Initial Reduction Amounts”). On the Maturity Date the Facility available shall be reduced to zero. Subject to the proviso hereto, the mandatory reductions in the amount of the Facility available for drawing required pursuant to this Clause will be made in the amounts and at the times specified whether or not the Maximum Amount is reduced pursuant to Clause 3.4.2, Clause 3.4.3, Clause 3.4.4, Clause 3.4.5, Clause 6.1 or Clause 7.9, PROVIDED ALWAYS THAT any reductions pursuant to Clause 3.4.2 (voluntary reductions) shall be applied to the remaining mandatory reductions hereunder on a pro rata basis.
Facility Reduction. 3.4.1 The Maximum Amount shall be reduced on each Reduction Date by the relevant Initial Reduction Amount. On the Maturity Date, the Maximum Amount shall be reduced to zero. If, as a result of any such reduction, the Loan outstanding would exceed the Maximum Amount, the Borrower shall, on the Reduction Date, prepay such amount of the Loan as will ensure that the Loan outstanding is not greater than the Maximum Amount. The mandatory reductions in the amount of the Loan available for drawing required pursuant to this Clause will be made in the amounts and at the times specified whether or not the Maximum Amount is reduced pursuant to Clause 3.4.2, Clause 3.4.3, Clause 3.4.4, Clause 3.4.5, Clause 6.1 or Clause 7.10. PROVIDED ALWAYS THAT any reductions pursuant to Clause 3.4.2, Clause 3.4.3, Clause 3.4.4 or Clause 3.4.5 shall be applied to the remaining mandatory reductions hereunder on a pro rata basis.
Facility Reduction. The respective Commitment of each Lender for Revolving Credit Loans is hereby reduced by $2,000,000 (such that the aggregate Commitment for Revolving Credit Loans is reduced by $4,000,000 to a total of $8,000,000, with a yearly seasonal increase to an amount not to exceed $10,000,000 for the period of March 1 to October 1), the Total Facility under the Loan Agreement is hereby reduced to $19,000,000 less amortization on the Term Loan, the Revolving Loan line is hereby reduced to $8,000,000 (subject to the seasonal increase as permitted above) and subject to a Letter of Credit subline which is hereby reduced to $5,000,000, and an Inventory subline with respect to Eligible Inventory, which is hereby reduced to $6,000,000.
Facility Reduction. 2.4.1 The amount of the Facility available to the Borrowers for drawing under this Agreement shall be one hundred and thirty seven million five hundred thousand Dollars ($137,500,000) during the period from the Execution Date until the First Reduction Date. On the First Reduction Date and on each of the seventeen (17) Subsequent Reduction Dates the amount of the Facility available for drawing shall be reduced by an amount equal to one thirty first (1/31st) of the Maximum Facility Amount as at the Execution Date. In the event of a Change of Control the amount of the Facility available for drawing shall be reduced to zero and any outstanding Drawings shall be immediately repayable. On the Termination Date the Facility available shall be reduced to zero. The mandatory reductions in the amount of the Facility available for drawing required pursuant to this Clause will be made in the amounts and at the times specified whether or not the Maximum Facility Amount is reduced pursuant to Clause 2.4.3, Clause 2.4.4, Clause 5.2, Clause 15.7 or Clause 15.8. Any mandatory reductions pursuant to Clause 2.4.3 (sale) or Clause 2.4.4 (Total Loss) shall be applied to the remaining mandatory reductions hereunder on a pro rata basis.
Facility Reduction. 2.4.1 The amount of the Facility available to the Borrower for drawing under this Agreement shall be one hundred and fifty million Dollars ($150,000,000) or the Equivalent Amount in any other Permitted Currency during the period from the Execution Date until the First Reduction Date. On the First Reduction Date and on each subsequent Reduction Date until the Termination Date, the amount of the Facility available for drawing shall decrease by twelve million five hundred thousand Dollars ($12,500,000). On the Termination Date the Facility available shall be reduced to zero. The mandatory decreases in the amount of the Facility available for drawing required pursuant to this Clause will be made in the amounts and at the times specified whether or not the Borrower voluntarily reduces the Maximum Facility Amount pursuant to Clause 2.4.2, or the Maximum Facility Amount is reduced pursuant to Clause 2.4.3, Clause 6.6 or Clause 17.8.
Facility Reduction. 2.4.1 The amount of the Facility available to the Borrower for drawing under this Agreement shall be one hundred and fifty million Dollars ($150,000,000) during the period from the Execution Date until the Termination Date. On the Termination Date the Facility available shall be reduced to zero.
