Common use of Facility Reductions Clause in Contracts

Facility Reductions. On the Effective Date, the committed amounts of the Covered Facilities shall be reduced and certain amounts reallocated as described in Schedule 7.1 (which Schedule will specify in detail the allocations to be made in respect of each Covered Facility). To the extent the aggregate outstanding credit extensions under any Covered Facility exceed the aggregate commitments thereunder (as so reduced), such credit extensions constituting loans shall be prepaid by depositing sufficient funds with the Administrative Agent in the Administrative Agent's Account on the Effective Date in the amount of such excess, and the Administrative Agent will distribute such funds to the Lender Parties not later than the next succeeding Business Day thereafter.