Reduction in Commitments Sample Clauses
The 'Reduction in Commitments' clause allows a borrower to decrease the amount of unused credit or loan commitments available under a financing agreement. Typically, this clause outlines the process by which the borrower notifies the lender of their intention to reduce the commitment, specifies any minimum reduction amounts, and addresses the effect on fees or future borrowing capacity. Its core function is to provide flexibility for the borrower to adjust their borrowing needs and reduce associated costs, while also clarifying the lender’s obligations after the reduction.
Reduction in Commitments. (a) The Master Issuer may, upon three (3) Business Days’ notice to the Administrative Agent (who shall promptly notify the Trustee, the Control Party, each Funding Agent and each Investor), effect a permanent reduction in the Series 2021-1 Class A-1 Maximum Principal Amount and a corresponding reduction in each Commitment Amount and Maximum Investor Group Principal Amount on a pro rata basis; provided that (i) any such reduction will be limited to the undrawn portion of the Commitments, although any such reduction may be combined with a Voluntary Decrease effected pursuant to and in accordance with Section 2.2(b) of the Series 2021-1 Supplement, (ii) any such reduction must be in a minimum amount of $1,000,000, (iii) after giving effect to such reduction, the Series 2021-1 Class A-1 Maximum Principal Amount equals or exceeds $5,000,000, unless reduced to zero, and (iv) no such reduction shall be permitted if, after giving effect thereto, (x) the aggregate Commitment Amounts would be less than the Series 2021-1 Class A-1 Outstanding Principal Amount (excluding any Undrawn L/C Face Amounts with respect to which cash collateral is held by the L/C Provider pursuant to Section 4.03(b)) or (y) the aggregate Commitment Amounts would be less than the sum of the Swingline Commitment and the L/C Commitment. Any reduction made pursuant to this Section 2.05(a) shall be made ratably among the Investor Groups on the basis of their respective Maximum Investor Group Principal Amounts.
(b) If any of the following events shall occur, then the Commitment Amounts shall be automatically reduced on the dates and in the amounts set forth below with respect to the applicable event and the other consequences set forth below with respect to the applicable event shall ensue (and the Master Issuer shall give the Trustee, the Control Party, each Funding Agent and the Administrative Agent prompt written notice thereof):
(i) (A) if the Outstanding Principal Amount of the Series 2021-1 Class A-1 Notes has not been paid in full or otherwise refinanced in full (which refinancing may also include an extension thereof) by the Business Day immediately preceding the Series 2021-1 Class A-1 Anticipated Repayment Date, on such Business Day, (x) the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings shall be repaid in full with proceeds of Advances made on such date (and the Master Issuer shall be deemed to have delivered such Advance Requests under Section 2.0...
Reduction in Commitments. The Seller may, upon thirty days’ notice to the Agent, reduce the Aggregate Commitment in increments of $1,000,000, so long as the Aggregate Commitment at all times equal at least the outstanding Matured Aggregate Investment. Each such reduction in the Aggregate Commitment shall reduce the Commitment of each Liquidity Provider in accordance with its Ratable Share and shall ratably reduce the Purchase Limit.
Reduction in Commitments. The Seller may, upon thirty days’ notice to the Agent and each Purchaser Agent, reduce the Aggregate Commitment in increments of $1,000,000, so long as the Aggregate Commitment at all times equals at least the Credit Exposure. Each such reduction in the Aggregate Commitment shall reduce the Commitment of each Purchaser Group in accordance with its Ratable Share and the Commitment of each Related Bank Purchaser with a Purchaser Group in accordance with its Commitment Percentage and shall ratably reduce the Purchase Limit so that the Aggregate Commitment remains equal to 102% of the Purchase Limit.
Reduction in Commitments. The Seller may, upon thirty days’ notice to the Agent and the Purchaser Agents, reduce the Aggregate Commitment in increments of $1,000,000, so long as the Aggregate Commitment at all times equals at least the outstanding Matured Aggregate Investment. Each such reduction in the Aggregate Commitment shall reduce the Commitment of each Related Bank Purchaser in accordance with its Ratable Share and shall ratably reduce the Purchase Limit so that the Aggregate Commitment remains at least 102% of the Purchase Limit.
Reduction in Commitments. Paragraph 7 of the Tenth Amendment and Forbearance Agreement is hereby amended to the extent necessary to provide that the Commitment terminations provided therein shall not apply during the Standstill Period.
Reduction in Commitments. (a) The Seller may, upon thirty days’ notice to the Agent, reduce the Aggregate Class A Commitment in increments of $5,000,000, so long as the Aggregate Class A Commitment at all times equals or exceeds the outstanding Aggregate Class A Investment. Each such reduction in the Aggregate Class A Commitment shall reduce the Class A Commitment of each Class A Purchaser in accordance with its Class A Commitment Percentage and shall reduce the Class A Purchase Limit by a corresponding amount.
(b) The Seller may, upon thirty days’ notice to the Agent, reduce the Aggregate Class B Commitment in increments of $5,000,000, so long as the Aggregate Class B Commitment at all times equals or exceeds the outstanding Aggregate Class B Investment. Each such reduction in the Aggregate Class B Commitment shall reduce the Class B Commitment of each Class B Purchaser in accordance with its Class B Commitment Percentage and shall reduce the Class B Purchase Limit by a corresponding amount.
Reduction in Commitments. The Borrower may, upon 30 days' notice to the Agent, reduce the Aggregate Commitment in increments of $1,000,000, so long as the Aggregate Commitment at all times equals at least the outstanding Matured Aggregate Loan Amount. Each such reduction in the Aggregate Commitment shall reduce the Commitment of each Committed Lender in accordance with its Ratable Share and shall ratably reduce the Loan Limit so that the Aggregate Commitment remains equal to 102% of the Loan Limit.
Reduction in Commitments. Pursuant to Section 2.08 of the Credit Agreement, the Borrower hereby notifies the Administrative Agent of its election to reduce the Commitments to the aggregate amount of $550,000,000, which reduction shall become effective as of the Amendment Effective Date (as defined below). For purposes hereof only, the Lenders party hereto waive the advance notice requirement set forth in the first sentence of Section 2.08(c) of the Credit Agreement.
Reduction in Commitments. Each reduction in the Total Commitment pursuant to this Section 8.3 shall rateably reduce each Commitment of each Lender.
Reduction in Commitments. The Borrower may, upon thirty days' notice to the Agent and each Lender Agent, reduce the Aggregate Commitment in increments of $1,000,000, so long as the Aggregate Commitment as so reduced is no less than the Matured Aggregate Loan Amount. Each such reduction in the Aggregate Commitment shall reduce the Commitment of each Lender Group in accordance with its Ratable Share (and, in the case of each Committed Lender, its Commitment Percentage of its Lender Group's Ratable Share of such reduction) and shall reduce the Loan Limit so that the Aggregate Commitment remains at least 102% of the Loan Limit and the Loan Limit is no less than the outstanding Aggregate Loan Amount.