REDUCED COMMITMENT Sample Clauses
The Reduced Commitment clause allows one or both parties to decrease their obligations under a contract, typically in response to specific circumstances or triggers. In practice, this might mean a supplier can lower the quantity of goods delivered if demand drops, or a buyer can reduce their purchase volume if their needs change, often with advance notice or within agreed limits. This clause provides flexibility and helps manage risk by ensuring that parties are not locked into commitments that may become impractical or unnecessary due to changing conditions.
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REDUCED COMMITMENT. Notwithstanding anything else to the contrary in the Loan Documents, following the Required Principal Payment (as defined below), as of the Effective Date, the maximum loan amount available to Borrowers under the Loan shall be reduced from $14,328,990.67 to $6,828,990.67 (the “Reduced Commitment”), and Borrowers shall not be entitled to any further disbursements of Loan proceeds. At no time during the term of the Loan shall the outstanding amounts owing under the Loan exceed the Reduced Commitment. Any amounts repaid under the Loan may not be re-borrowed.
REDUCED COMMITMENT. In the event that at any time the aggregate principal amount of Facility C Loans then outstanding shall exceed the Facility C Commitments then in effect, the Company shall thereupon prepay Facility C Loans in an aggregate amount equal to such excess.