Maximum Committed Credit Clause Samples

Maximum Committed Credit. (a) At any time, so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower may once reduce the amount of the Maximum Committed Credit to an amount no less than $250,000,000, by delivering to the Lender a notice of its election to reduce the amount of the Maximum Committed Credit executed by a duly authorized Responsible Officer of the Borrower, which notice must be received by the Lender at least ten (10) days prior to the requested effective date of such reduction; provided, that any election by the Borrower to reduce the Maximum Committed Credit shall be subject, without limitation, to the right of first refusal given to the Lender pursuant to Section 7.20. (b) So long as no Default or Event of Default shall have occurred and then be continuing at the time of request and at the time of effectiveness, and provided that the Borrower shall not have previously elected to reduce the amount of the Maximum Committed Credit pursuant to the preceding subparagraph (a), the Borrower may once increase the amount of the Maximum Committed Credit to an amount no greater than $325,000,000, by delivering to the Lender a notice of its election to increase the amount of the Maximum Committed Credit executed by a duly authorized Responsible Officer of the Borrower, which notice must be received by the Lender at least ten (10) days prior to the requested effective date of such increase. (c) Except as provided in the preceding subparagraph (b), the amount of the Maximum Committed Credit shall not be increased, except with the prior written consent of the Lender.” (n) Section 3.03 of the Existing Loan Agreement is hereby amended by (i) deleting the “and” that appears at the end of clause (a), (ii) replacing the semicolon at the end of clause (b) with “, and” and (iii) inserting in proper alphabetical order the following new clause (c):