Common use of Notice of Voluntary Termination or Reduction Clause in Contracts

Notice of Voluntary Termination or Reduction. ODEC shall notify the Administrative Agent of any election to terminate or reduce the Commitments under Section 2.07(b) at least ten (10) 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 such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by ODEC pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by ODEC may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by ODEC (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

Notice of Voluntary Termination or Reduction. ODEC The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.07(b) at least ten (10) 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 such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by ODEC the Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by ODEC the Company may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by ODEC the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.. Credit Agreement