Reduction of Facility Amount Sample Clauses

Reduction of Facility Amount. The Borrower shall be entitled at its option, on any Business Day (i) prior to the occurrence of an Early Termination Event and (ii) on or prior to August 31, 2019, reduce the Facility Amount by $25,000,000; provided, that the Borrower shall give prior written notice of such reduction to the Agent and each Managing Agent. The Lenders hereby agree that such reduction shall be allocated in full to the Commitment of KeyBank National Association, until the same shall be reduced to $50,000,000. Any request for a reduction or termination pursuant to this Section 2.14 shall be irrevocable.
Sample 1
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Reduction of Facility Amount. Notwithstanding anything herein to the contrary, in the event ARI issues additional shares of its common stock after the date hereof, other than the issuance of stock (i) to employees of ARI under employee benefit plans, (ii) to officers and directors under stock option plans or (iii) pursuant to outstanding warrants for the purchase of such stock, the amount available for borrowing hereunder shall be reduced, dollar for dollar, by an amount equal to the aggregate amount of net cash proceeds of such sales of stock, but only to the extent such aggregate net cash proceeds exceed Eight Hundred Thousand Dollars ($800,000) plus accrued interest on the WITECH facility. ARTICLE II -
Sample 1
Reduction of Facility Amount. Pursuant to Section 4.02(a) of the Liquidity Agreement, the Banks hereby permanently reduce the Facility Amount as set forth in Schedule A hereto. In connection therewith, Section 4.02(c) of the Liquidity Agreement is hereby amended to provide that (i) the Bank Commitment of each Bank shall be as set forth in Schedule A hereto and (ii) Danske Bank A/S shall have no Bank Commitment hereunder after the effective date of this Amendment.
Sample 1
Reduction of Facility Amount. On or after the Closing Date and prior to February 1, 1997, Borrower shall have the right to permanently reduce the Facility Amount in accordance with this Section 2.9. Borrower shall notify Lender, in writing, of its election to reduce the Facility Amount, and the amount of the reduction. The reduction shall be in an amount equal to at least $20,000,000.00 or an integral multiple thereof and shall not be more than $150,000,000.00. In no event shall the Facility Amount, after giving effect to such reduction, be less than the then outstanding principal balance of the Loan. Borrower shall pay to Lender, within five (5) Business Days after Lender's receipt of the written request, by wire transfer of immediately available federal funds, the portion of the Commitment Fee due pursuant to Section 2.15(a), and the reduced Facility Amount shall be effective as of Lender's receipt of the applicable Commitment Fee (the "Determination Date").
Sample 1

Related to Reduction of Facility Amount

  • Termination and Reduction of Aggregate Maximum Credit Amounts (a) Scheduled Termination of Commitments. Unless previously terminated, the Commitments shall terminate on the Maturity Date. If at any time the Aggregate Maximum Credit Amounts are terminated or reduced to zero, then the Commitments shall terminate on the effective date of such termination or reduction.

  • Reduction of Total Commitment The Borrower shall have the right at ----------------------------- any time and from time to time upon five (5) Business Days prior written notice to the Agent to reduce by $2,500,000 or an integral multiple of $500,000 in excess thereof or terminate entirely the Total Commitment, whereupon the Commitments of the Banks shall be reduced pro rata in accordance with their --- ---- respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated. Promptly after receiving any notice of the Borrower delivered pursuant to this (S)2.3, the Agent will notify the Banks of the substance thereof. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Banks the full amount of any commitment fee then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

  • Reduction of the Commitment Amounts The Commitment Amounts are subject to reduction from time to time pursuant to this Section 2.2.

  • Reduction of Commitment On the last Trading Day of each Pricing Period, the Investor’s Total Commitment under this Agreement automatically (and without the need for any amendment to this Agreement) shall be reduced, on a dollar-for-dollar basis, by the total amount of the Fixed Request Amount and the Optional Amount Dollar Amount, if any, for such Pricing Period paid to the Company at the Settlement Date.

  • Reduction of Commitments The Revolver Commitments shall terminate on the Maturity Date. Borrowers may reduce the Revolver Commitments of either Class, without premium or penalty, to an amount not less than the sum of (A) the Revolver Usage of such Class as of such date, plus (B) the principal amount of all Revolving Loans of such Class not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (C) the amount of all Letters of Credit of such Class not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a). Each such reduction shall be in an amount which is not less than $5,000,000 (unless the Revolver Commitments are being reduced to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,000), shall be made by providing not less than five (5) Business Days prior written notice to Agent or such shorter period as the Agent may agree in its reasonable discretion, and shall be irrevocable; provided that such notice of termination may state that such notice is conditioned upon the effectiveness of other credit facilities or the closing of one or more securities offerings or other transactions, in which case such notice may be revoked by Borrowers (by notice to Agent from Parent on or prior to the specified effective date) if such condition is not satisfied. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Revolving Lender proportionately in accordance with its ratable share thereof.

  • Reduction of Revolving Credit Commitment The Borrower shall have the right at any time after the Closing Date upon five (5) days’ prior written notice to the Administrative Agent to permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) the Revolving Credit Commitments, in a minimum amount of $5,000,000 and whole multiples of $1,000,000, or to terminate completely the Revolving Credit Commitments, without penalty or premium except as hereinafter set forth; provided that any such reduction or termination shall be accompanied by prepayment of the Notes, together with outstanding Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced or terminated. Any notice to reduce the Revolving Credit Commitments under this Section 2.11 shall be irrevocable.

  • Payments Reductions of Commitments Prepayments 16 2.5. Promise to Pay; Promissory Notes. 26

  • Termination or Reduction of Aggregate Revolving Commitments The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Revolving Commitments, or from time to time permanently reduce the Aggregate Revolving Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrower shall not terminate or reduce the Aggregate Revolving Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Aggregate Revolving Commitments and (iv) if, after giving effect to any reduction of the Aggregate Revolving Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Revolving Commitments, such sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Revolving Commitments. Any reduction of the Aggregate Revolving Commitments shall be applied to the Revolving Commitment of each Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of the Aggregate Revolving Commitments shall be paid on the effective date of such termination.

  • Notification of Advances, Interest Rates, Prepayments and Commitment Reductions Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

  • Termination or Reduction of Revolving Commitments The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce the amount of the Revolving Commitments; provided that no such termination or reduction of Revolving Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans and Swingline Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Commitments then in effect.

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