Optional Reduction or Termination of Revolving Credit Commitments. Borrower may, upon at least three (3) Business Days’ prior written notice to Administrative Agent, at any time terminate, or from time to time permanently reduce, the Maximum Facility Amount, the Revolving Credit Elected Commitments or the Borrowing Base in whole or in part, without premium or penalty, provided that: (i) each partial reduction of the Maximum Facility Amount, the Revolving Credit Elected Commitments or the Borrowing Base, as applicable, shall be in an aggregate amount equal to at least One Million Dollars ($1,000,000); (ii) Borrower shall prepay in accordance with the terms hereof the amount, if any, by which the Aggregate Revolving Credit Exposure exceeds eitherany or bothall of (A) the Maximum Facility Amount, (B) the Revolving Credit Elected Commitments, and/or (BC) the Borrowing Base, in each case after such reduction, together with interest thereon to the date of prepayment; and (iii) no reduction shall reduce the Maximum Facility Amount, the Revolving Credit Elected Commitments or the Borrowing Base to an amount which is less than the aggregate undrawn amount of any Letters of Credit outstanding at such time; provided, however that if the termination or reduction of the Maximum Facility Amount, the Revolving Credit Elected Commitments or the Borrowing Base requires the prepayment of a SOFR Advance and such termination or reduction is made on a day other than the last Business Day of the then current Interest Period applicable to such SOFR Advance, then Borrower shall compensate the Revolving Credit Lenders in accordance with Section 11.1 or, so long as no Default or Event of Default has occurred and is continuing, Borrower may deposit the amount of such prepayment in a non-interest bearing cash collateral account as provided in Section 2.10(f). Any reductions of the Maximum Facility Amount, the Revolving Credit Elected Commitments or the Borrowing Base pursuant to this Section 2.11 shall be permanent and irrevocable; provided that a notice of termination of the Revolving Credit Elected Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the closing of a specified transaction, in which case notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date of such termination) if such condition is not satisfied. Any payments made pursuant to this Section shall be applied first to outstanding ABR Advance...
Optional Reduction or Termination of Revolving Credit Commitments. (a) The Company shall have the right, upon receipt by the Agent of notice thereof prior to 11:00 A.M., New York City time, on the date which is one Business Day prior to the date thereof, to terminate the Revolving Credit Commitments or, from time to time, to reduce the amount of the Revolving Credit Commitments to an amount not less than the aggregate principal amount of the Revolving Credit Loans outstanding after giving effect to any contemporaneous prepayment thereof. Any termination of the Revolving Credit Commitments shall be accompanied by the payment of any unpaid commitment fee payable pursuant to subsection 2.8(a) and any amounts due pursuant to the provisions of subsection 2.17. Any such reduction of the Revolving Credit Commitments shall be in an amount equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and shall reduce permanently the amount of the Revolving Credit Commitments then in effect.
