Common use of Optional Reduction or Termination of Commitments Clause in Contracts

Optional Reduction or Termination of Commitments. Borrower may, upon notice to Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by 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 $1,000,000 or any whole multiple of $500,000 in excess thereof, (iii) Borrower shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments and (iv) if, after giving effect to any reduction of the Aggregate Commitments, the Letter of Credit Sublimit exceeds the amount of the Aggregate Commitments, the Letter of Credit Sublimit shall be automatically reduced by the amount of such excess. Agent will promptly notify Lenders of any such notice of termination or reduction of the Aggregate Commitments. Once reduced in accordance with this Section, the Aggregate Commitments may not be increased. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Pro Rata Share. All commitment fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.

Optional Reduction or Termination of Commitments. The Borrower may, at any time or from time to time upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate CommitmentsCommitments to an amount not less than the then Outstanding Amount of all Loans and L/C Obligations; provided that (ia) the Borrower shall not be obligated to pay any amount as a penalty in connection with any such reduction or termination of the Aggregate Commitments, except as required by Section 3.05 due to any repayment of Loans arising from such reduction or termination, (b) any such notice shall be received by the Administrative Agent not later than 11:00 a.m., five New York time, three Business Days prior to the date of termination or reduction, and (iic) any such partial reduction shall be in an aggregate amount of $1,000,000 5,000,000 or any whole multiple of $500,000 1,000,000 in excess thereof, (iii) Borrower . The Administrative Agent shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments and (iv) if, after giving effect to any reduction of the Aggregate Commitments, the Letter of Credit Sublimit exceeds the amount of the Aggregate Commitments, the Letter of Credit Sublimit shall be automatically reduced by the amount of such excess. Agent will promptly notify the Lenders of any such notice of reduction or termination or reduction of the Aggregate Commitments. Once reduced in accordance with this Section, the Aggregate Commitments may not be increased. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Pro Rata Share. All commitment facility fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination. Unless otherwise agreed to by the Swingline Lender or the L/C Issuer, as the case may be, any reduction in the Aggregate Commitments shall result in a proportionate reduction in the Swingline Commitment and the Letter of Credit Sublimit. The Commitment of a Lender may also be terminated under the provisions of Section 10.15.

Optional Reduction or Termination of Commitments. The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate CommitmentsCommitments to an amount not less than the then Outstanding Amount of all Loans and L/C Obligations; provided that (ia) the Borrower shall not be obligated to pay any amount as a penalty in connection with any such reduction or termination of the Aggregate Commitments, except as required by Section 3.05 due to any repayment of Loans arising from such reduction or termination, (b) any such notice shall be received by the Administrative Agent not later than 11:00 a.m., New York time, five Business Days prior to the date of termination or reduction, and (iic) any such partial reduction shall be in an aggregate amount of $1,000,000 5,000,000 or any whole multiple of $500,000 1,000,000 in excess thereof, (iii) Borrower . The Administrative Agent shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments and (iv) if, after giving effect to any reduction of the Aggregate Commitments, the Letter of Credit Sublimit exceeds the amount of the Aggregate Commitments, the Letter of Credit Sublimit shall be automatically reduced by the amount of such excess. Agent will promptly notify the Lenders of any such notice of reduction or termination or reduction of the Aggregate Commitments. Once reduced in accordance with this Section, the Aggregate Commitments may not be increased. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Pro Rata Share. All commitment facility fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination. Unless otherwise agreed to by the Swingline Lender or the L/C Issuer, as the case may be, any reduction in the Aggregate Commitments shall result in a proportionate reduction in the Swingline Commitment and the Letter of Credit Sublimit.