Common use of Reduction in Availability Clause in Contracts

Reduction in Availability. Upon issuance of a Letter of Credit under the Letter of Credit subfacility provided pursuant to this Article III of this Agreement, the amount of availability under the Revolving Credit Facility shall be reduced by an equivalent amount, but no interest shall be payable by TIMET on such amount unless and until a drawing is made on such Letter of Credit.

Reduction in Availability. Upon issuance of a Letter of Credit under the Letter of Credit subfacility provided pursuant to this Article III of this AgreementCredit, the amount of availability under the Revolving Credit Facility shall be reduced by an equivalent amountthe principal amount of the Letter of Credit (as determined in accordance with Section 4.5 of this Agreement), but no interest shall be payable by TIMET on such amount unless and until a drawing is made on such Letter of Credit.

Reduction in Availability. Upon issuance of a Letter of Credit under the Letter of Credit subfacility provided pursuant to this Article Section III of this Agreement, the amount of availability under the Revolving Credit Facility shall be reduced by in an equivalent amount, but no interest shall be payable by TIMET Contran on such amount unless and until a drawing is made on such Letter of Credit.