Permanent Reductions Clause Samples
Permanent Reductions. Optional permanent reductions of the Revolving Loan Commitment hereunder may be made by the Borrower, at any time and from time to time, following irrevocable written notice to the Administrative Agent prior to 11:00 a.m. (New York time) on the date three (3) Business Days prior thereto, without premium or penalty, on a pro rata basis among the Lenders, provided that the Borrower shall reimburse the Lenders and the other Credit Parties, on the earlier of demand or the Maturity Date, for any loss or out-of-pocket expense incurred by the Lenders or the other Credit Parties in connection with such reduction as set forth in Section 2.11 hereof. Each notice of reduction shall be irrevocable. Partial reductions shall be in a principal amount of not less than $500,000 or an integral multiple of $100,000 in excess thereof. Upon receipt of any notice of reduction, the Administrative Agent shall promptly notify each Lender of the contents thereof by telephone or telecopy and of such Lender's portion of the reduction.
Permanent Reductions. The Borrower shall have the right, at any time from time to time, without premium or penalty, to permanently reduce the Total Facility and the Commitments (each a "Reduction"), and the Commitment of each Lender shall be reduced by its Pro Rata Share of each Reduction, if all of the following conditions are met as to each requested Reduction:
(i) The Borrower shall give the Agent at least five (5) days' prior written notice of the requested Reduction;
(ii) The aggregate amount of such Reduction and all prior Reductions shall not exceed $25,000,000;
(iii) Each requested Reduction must be in an amount not less than $5,000,000 or that is an integral multiple of $5,000,000 in excess thereof;
(iv) The requested Reduction shall not cause the Availability to be exceeded;
(v) The amount of each requested Reduction shall be applied at the option of the Borrower (as designated to the Agent in the written notice required under clause (i) above) to reduce (A) the Maximum Revolver Amount, (B) the Unused Letter of Credit Facility, or (C) any combination thereof, provided, that, each Reduction in (A) or (B) shall: (x) be in an amount of $5,000,000 or an integral multiple thereof, (y) not cause the Maximum Revolver Amount, if so reduced, to be less than the sum of the unpaid balance of all Revolving Loans at such time and the aggregate amount of Pending Loans at such time; and (z) not cause the Unused Letter of Credit Facility, if so reduced, to be less than the sum of the aggregate undrawn amount of all letters of credit at such time and the aggregate amount of any unpaid reimbursement obligations in respect of Letters of Credit at such time.
Permanent Reductions. Upon three (3) Business Days prior written notice delivered from the Borrower to Agent, the Borrower may permanently reduce the Maximum Total Amount; provided that such permanent principal reduction shall be in a principal amount of at least $5,000,000 and in integral amounts of $1,000,000, and provided that such permanent principal reduction shall not reduce the Maximum Total Amount below an amount equal to the sum of all outstanding Advances. In the event that a permanent reduction is made hereunder, then the Maximum Total Amount shall permanently be reduced on a pro rata basis. Any amounts so reduced may not be reinstated.
Permanent Reductions. All reductions of the Commitment pursuant to Section 2.1(c), Section 2.5(c) or any other provision of this Agreement shall be permanent reductions, and the Commitment shall not be increased.
Permanent Reductions. Upon three (3) Business Days prior written notice delivered from the Borrower to Agent, the Borrower may permanently reduce the
Permanent Reductions. The economic benefit of permanent commitment reductions and permanent repayments of principal (collectively, “Permanent Reductions”) shall be allocated as provided in Section 4, “Purchase Price Calculation,” below.