Common use of Borrower’s Right to Elect Reduced Variable Amount Clause in Contracts

Borrower’s Right to Elect Reduced Variable Amount. Within three Business Days of its receipt of an Adjusted Variable Amount Notice, the Borrower may provide written notice to the Administrative Agent and the Lenders that specifies for the period from the effective date of the Adjusted Variable Amount Notice until the next succeeding Scheduled Redetermination Date, the Variable Amount will be a lesser amount than the amount set forth in such Adjusted Variable Amount Notice, whereupon such specified lesser amount (the “Draw Limit”) will become the new Borrowing Base. The Borrower’s notice under this Section 2.14(h) shall be irrevocable, but without prejudice to its rights to initiate Interim Redeterminations.