Common use of Mandatory Payment of Revolving Loans; Reductions of Commitments Clause in Contracts

Mandatory Payment of Revolving Loans; Reductions of Commitments. (a) Except during the period described in SECTION 2.2(b)(ii), the aggregate outstanding principal amount of Revolving Loans PLUS Letter of Credit Obligations at any time in excess of the lesser at such time of (i) the Line of Credit and (ii) the Borrowing Base, shall be immediately due and payable without the necessity of any demand. (b) On the Expiration Date, the Commitment of each Lender shall automatically reduce to zero (-0-). (c) The Borrowers may reduce or terminate the Line of Credit in whole, or in part at any time and from time to time; PROVIDED, that each such reduction must be in an amount not less than $5,000,000 (and in increments of $1,000,000 in excess thereof). Once reduced, no portion of the Line of Credit may be reinstated. If the Borrowers seek to reduce the Line of Credit to less than $25,000,000, then the Line of Credit shall be automatically and permanently reduced to zero ($0).

Mandatory Payment of Revolving Loans; Reductions of Commitments. (a) Except during the period described in SECTION 2.2(b)(ii), the aggregate outstanding principal amount of Revolving Loans PLUS Letter of Credit Obligations at any time in excess of the lesser at such time of (i) the Line of Credit and or (ii) the Borrowing Base, shall be immediately due and payable without the necessity of any demand. (b) On the Expiration Date, the Commitment of each Lender shall automatically reduce to zero (-0-). (c) The Borrowers may reduce or terminate the Line of Credit in whole, or in part at any time and from time to time; PROVIDED, that each such reduction must be in an amount not less than $5,000,000 (and in increments of $1,000,000 in excess thereof). Once reduced, no portion of the Line of Credit may be reinstated. If the Borrowers seek to reduce the Line of Credit to less than $25,000,000, then the Line of Credit shall be automatically and permanently reduced to zero ($0).

Mandatory Payment of Revolving Loans; Reductions of Commitments. (a) Except during the period described in SECTION 2.2(b)(ii), the The aggregate outstanding principal amount of Revolving Loans PLUS plus Letter of Credit Obligations at any time in excess of the lesser at such time aggregate Commitments of (i) the Line of Credit and (ii) the Borrowing Base, Lenders shall be immediately due and payable without the necessity of any demand. (b) On the Expiration Date, the Commitment of each Lender shall automatically reduce to zero (-0-). (c) The Borrowers may reduce or terminate the Line of Credit in whole, or in part at any time and from time to time; PROVIDEDprovided, that each such reduction must be in an amount not less than $5,000,000 (and in increments of $1,000,000 in excess thereof). Once reduced, no portion of the Line of Credit may be reinstated. If the Borrowers seek to reduce the Line of Credit to less than $25,000,000, then the Line of Credit shall be automatically and permanently reduced to zero ($0).

Mandatory Payment of Revolving Loans; Reductions of Commitments. (a) Except during the period described in SECTION 2.2(b)(iiSection 2.2.2(b), the aggregate outstanding principal amount of Revolving Loans PLUS plus Letter of Credit Obligations at any time in excess of the lesser at such time of (i) the Line aggregate Commitments of Credit and the Lenders or (ii) the Borrowing Base, shall be immediately due and payable without the necessity of any demand. (b) On the Expiration Date, the Commitment of each Lender shall automatically reduce to zero (-0-). (c) The Borrowers may reduce or terminate the Line of Credit in whole, or in part at any time and from time to time; PROVIDEDprovided, that each such reduction must be in an amount not less than $5,000,000 (and in increments of $1,000,000 in excess thereof). Once reduced, no portion of the Line of Credit may be reinstated. If the Borrowers seek to reduce the Line of Credit to less than $25,000,000, then the Line of Credit shall be automatically and permanently reduced to zero ($0).