Common use of Permanent Reduction of the Term Loan Commitment Clause in Contracts

Permanent Reduction of the Term Loan Commitment. The Borrower shall have the right at any time and from time to time, upon at least two (2) Business Days prior written notice to the Administrative Agent, to permanently reduce, without premium or penalty, (i) the entire Term Loan Commitment at any time or (ii) portions of the Term Loan Commitment, from time to time, in an aggregate principal amount not less than $10,000,000 or any whole multiple of $5,000,000 in excess thereof. Any reduction of the Term Loan Commitment shall be applied to the Term Loan Commitment of each Lender according to its Term Loan Percentage. All Ticking Fees accrued with respect to any portion of the Term Loan Commitment terminated pursuant to this Section 3.5 shall be paid on the effective date of such termination.

Permanent Reduction of the Term Loan Commitment. The Borrower shall have the right at any time and from time to time, upon at least two five (25) Business Days prior written notice to the Administrative Agent, to permanently reduce, without premium or penalty, (i) the entire Term Loan Commitment at any time or (ii) portions of the Term Loan Commitment, from time to time, in an aggregate principal amount not less than $10,000,000 or any whole multiple of $5,000,000 in excess thereof. Any reduction of the Term Loan Commitment shall be applied to the Term Loan Commitment of each Lender according to its Term Loan Percentage. All Ticking Fees accrued with respect to any portion of the Term Loan Commitment terminated pursuant to this Section 3.5 shall be paid on the effective date of such termination.

Permanent Reduction of the Term Loan Commitment. The Borrower shall have the right at any time and from time to time, upon at least two (2) Business Days prior written notice to the Administrative Agent, to permanently reduce, without premium or penalty, (i) the entire Term Loan Commitment at any time or (ii) portions of the Term Loan Commitment, from time to time, in an aggregate principal amount not less than $10,000,000 or any whole multiple of $5,000,000 in excess thereof. The Term Loan Commitment shall be permanently reduced in accordance with Section 3.6(b). Any reduction of the Term Loan Commitment shall be applied to the Term Loan Commitment of each Lender according to its Term Loan Percentage. All Ticking Fees accrued with respect to any portion of the Term Loan Commitment terminated pursuant to this Section 3.5 shall be paid on the effective date of such termination.