Common use of Notice of Termination or Reduction Clause in Contracts

Notice of Termination or Reduction. The Borrower shall notify the Administrative Agent of any election to terminate or reduce Commitments under paragraph (b) of this Section 2.08 at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.08 shall be irrevocable; provided that a notice of termination of Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the occurrence of other events specified in such notice, in which case such notice may be revoked or extended by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of Commitments shall be permanent. Each reduction of Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class. In connection with any such termination and repayment in full of the facilities outstanding under this Agreement, if requested by the Borrower, the Administrative Agent shall enter into a payoff letter with the Borrower, which shall include customary per-diem provisions for extended termination events, in form and substance reasonably satisfactory to the Administrative Agent (and the Lenders hereby authorize the Administrative Agent to so enter into such letter).

Notice of Termination or Reduction. The Borrower Company shall notify the Administrative Agent of (i) any election to terminate or reduce the Commitments and the Multicurrency Commitments under paragraph (b) or (c) of this Section 2.08 2.09 and (ii) in the case of a reduction, the amount of such reduction, at least three Business Days prior to the effective date of such termination or reduction, specifying such election election, the aggregate amount of a reduction and any allocation as aforesaid, and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower Company pursuant to this Section 2.08 2.09(d) shall be irrevocable; provided provided, that a notice of termination of the Commitments and Multicurrency Commitments delivered by the Borrower Company may state that such notice is conditioned upon the effectiveness of other credit facilities or the occurrence of other events specified in such noticefacilities, in which case such notice may be revoked or extended by the Borrower Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such ClassCommitments. In connection with any such termination and repayment in full Each reduction of the facilities outstanding under this Agreement, if requested by Multicurrency Commitments shall be made ratably among the Borrower, the Administrative Agent shall enter into a payoff letter Multicurrency Lenders in accordance with the Borrower, which shall include customary per-diem provisions for extended termination events, in form and substance reasonably satisfactory to the Administrative Agent (and the Lenders hereby authorize the Administrative Agent to so enter into such letter)their respective Multicurrency Commitments.