Common use of Optional Termination of Commitment Clause in Contracts

Optional Termination of Commitment. Following the occurrence of a Change in Control, the Requisite Banks may in their sole and absolute discretion elect to terminate the Commitment during the sixty day period immediately subsequent to the later of (a) such occurrence or (b) the earlier of (i) receipt of written notice to the Administrative Agent of the Change in Control from Borrower and the Co-Borrowers, or (ii) if no such notice has been received by the Administrative Agent, the date upon which the Administrative Agent has actual knowledge thereof. In the event that the Banks elect to so terminate the Commitment, the Commitment shall be terminated effective on the date which is sixty days subsequent to written notice from the Administrative Agent to Borrower and the Co-Borrowers thereof.

Optional Termination of Commitment. Following the occurrence of ---------------------------------- a Change in Control, the Requisite Banks may in their sole and absolute discretion elect to terminate the Commitment during the sixty day period immediately subsequent to the later of (a) such occurrence or (b) the earlier of -------- ---------- (i) receipt of written notice to the Administrative Agent of the Change in Control from Borrower and the Co-Borrowers, or (ii) if no such notice has been received by the Administrative Agent, the date upon which the Administrative Agent has actual knowledge thereof. In the event that the Banks elect to so terminate the Commitment, the Commitment shall be terminated effective on the date which is sixty days subsequent to written notice from the Administrative Agent to Borrower and the Co-Borrowers thereof.