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

Voluntary Reduction or Termination of Commitments. Upon Requisite Notice to the Administrative Agent not later than the Requisite Time therefor, Borrower shall have the right, at any time and from time to time, without penalty or charge, upon giving Requisite Notice not later than the Requisite Time therefor, to reduce, permanently and irrevocably, reduce the Commitments in the Minimum Amount therefor, or terminate, the then unused portion of the Commitments, provided that any such reduction or termination shall be accompanied by payment of all accrued and unpaid commitment fees with respect to the portion of the Commitments being reduced or terminated. The Administrative Agent shall promptly notify the Banks of any request for reduction or termination of the Commitments under this Section. Each Bank's Commitment shall be reduced by an amount equal to such Bank's Pro Rata Share times the amount of such reduction. Any voluntary reduction in the combined Commitments shall become effective on the date requested by Borrower and shall be applied against future Reduction Amounts as selected by Borrower at time of such reduction.

Voluntary Reduction or Termination of Commitments. Upon Requisite Notice to the Administrative Agent not later than the Requisite Time therefor, Borrower Borrowers shall have the right, at any time and from time to time, without penalty or charge, upon giving Requisite Notice not later than the Requisite Time therefor, to reduce, permanently and irrevocably, irrevocably reduce the Commitments in the a Minimum Amount therefor, or terminate, terminate the then unused portion of the Commitments, provided, that Borrowers shall not terminate or reduce the Commitments if, after giving effect thereto and any concurrent prepayment hereunder, the Outstanding Obligations would exceed the Aggregate Commitments; provided further, that any such reduction or termination shall be accompanied by payment of all accrued and unpaid commitment fees with respect to the portion of the Commitments being reduced or terminated. The Administrative Agent shall promptly notify the Banks Lenders of any request for reduction or termination of the Commitments under this Section. Each Bank's Lender’s Commitment shall be reduced by an amount equal to such Bank's Lender’s Pro Rata Share times the amount of such reduction. Any voluntary reduction in the combined Commitments shall become effective on the date requested by Borrower and shall be applied against future Reduction Amounts as selected by Borrower at time of such reduction.