Common use of Termination and Reduction of Revolving Facility Commitments Clause in Contracts

Termination and Reduction of Revolving Facility Commitments. (a) Unless previously terminated, the Revolving Facility Commitments shall terminate on the Revolving Facility Maturity Date. (b) The Borrowers may reduce the Revolving Facility Commitments to an amount (which may be zero) not less than the sum of (A) the aggregate unpaid principal amount of all Loans then outstanding, (B) the aggregate principal amount of all Loans not yet made as to which a Committed Loan Notice has been given by the Parent Borrower under Section 2.02, (C) the L/C Obligations at such time, (D) the stated amount of all Letters of Credit not yet issued as to which a request has been made and not withdrawn, (E) the Swing Line Obligations at such time and (F) $10,000,000, unless the total Revolving Facility Commitment is reduced to zero in accordance with the preceding clauses (A) through (E) hereof. Each such reduction (1) shall be in an amount which is an integral multiple of $1,000,000 (or by the full amount of the Revolving Facility Commitment in effect immediately prior to such reduction if such amount at that time is less than $1,000,000) and (2) shall be made by providing not less than five Business Days’ prior written notice to the Administrative Agent, provided, that a notice of termination of the Revolving Facility Commitment may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Parent Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Once reduced, the Revolving Facility Commitment may not be increased. Each such reduction of the Revolving Facility Commitment shall reduce the Revolving Facility Commitment of each Lender proportionately in accordance with its Revolving Facility Percentage thereof.