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

Voluntary Reduction or Termination of Revolver Commitments. (a) The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 20 Business Days prior written notice to Agent at any time after the first Loan Year, Borrowers may, at their option, terminate the Revolver Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable. On the termination date, Borrowers shall make Full Payment of all Obligations. (b) Borrowers may permanently reduce the Revolver Commitments, on a Pro Rata basis for each Lender, upon at least 20 Business Days prior written notice to Agent, which notice shall specify the amount of the reduction and shall be irrevocable once given. Each reduction shall be in a minimum amount of $1,000,000, or an increment of $1,000,000 in excess thereof. (c) Concurrently with any reduction in or termination of the Revolver Commitments, for whatever reason (including an Event of Default), Borrowers shall pay to Agent, for the Pro Rata benefit of Lenders and as liquidated damages for loss of bargain (and not as a penalty), an amount equal to (i) if the reduction or termination occurs during the first Loan Year, 1.00% of the Revolver Commitments being reduced or terminated; and (ii) if it occurs during the second Loan Year, 0.50% of the Revolver Commitments being reduced or terminated. No termination charge shall be payable if termination occurs on the Revolver Termination Date.

Voluntary Reduction or Termination of Revolver Commitments. (a) The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 20 10 Business Days prior written notice to Agent at any time after the first Loan YearAgent, Borrowers Borrower may, at their its option, terminate the Revolver Commitments and this credit facility. Any notice of termination given by Borrowers Borrower shall be irrevocable. On the termination dateRevolver Termination Date, Borrowers Borrower shall make Full Payment of all Obligations. (b) Borrowers Borrower may permanently reduce the Revolver Commitments, on a Pro Rata basis for each Lender, upon at least 20 10 Business Days prior written notice to Agent, which notice shall specify the amount of the reduction and shall be irrevocable once given. Each reduction shall be in a minimum amount of $1,000,0005,000,000, or an increment of $1,000,000 in excess thereof. (c) Concurrently with any reduction in or termination of the Revolver Commitments, for whatever reason (including an Event of Default), Borrowers Borrower shall pay to Agent, for the Pro Rata benefit of Lenders and as liquidated damages for loss of bargain (and not as a penalty), an amount equal to (i) if the reduction or termination occurs during the first Loan Year, 1.000.50% of the Revolver Commitments being reduced or terminated; and (ii) if it occurs during the second Loan Year, 0.500.25% of the Revolver Commitments being reduced or terminated. No termination charge shall be payable if termination occurs on the Revolver Termination DateDate or in connection with a refinancing of this credit facility by Bank of America or any of its Affiliates.