Optional Changes of Commitment. Subject to Section 2.04(b), the Borrower shall have the right at any time or from time to time to reduce the aggregate unused amount of the Loan Commitments; provided, that (i) the Borrower shall give notice of each such termination or reduction as provided in Section 4.05(a), (ii) each reduction of Loan Commitments shall be in an aggregate amount at least equal to $1,000,000 (or, if less, the full amount of such Loan Commitments outstanding), and if greater, in integral multiples of $500,000 in excess thereof, (iii) the Term Loan Commitments may not be reduced below an amount which, together with the unfunded portion of the Equity Contribution Amount (and other funds committed in a form reasonably satisfactory to the Supermajority Lenders) is available and sufficient, in the reasonable judgment of the Supermajority Lenders and the Independent Engineer, to achieve Final Completion in accordance with the Construction Budget and Schedule and (iv) the Working Capital Commitments may not be reduced unless a working capital reserve account is established and funded in an amount equal to the aggregate amount of the reduced Working Capital Commitments.
Appears in 2 contracts
Sources: Credit Agreement (GreenHunter Energy, Inc.), Credit Agreement (GreenHunter Energy, Inc.)