Common use of Voluntary Reductions of Commitments Clause in Contracts

Voluntary Reductions of Commitments. The Borrowers may, upon not less than three Business Days’ prior written or telephonic notice confirmed in writing to the Administrative Agent (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile or telephone to each Lender), at any time and from time to time terminate in whole or permanently reduce in part any then remaining and unutilized Term Delayed Draw Loan Commitments; provided that any such partial reduction of such Commitments shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess of that amount. The Borrowers’ notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of such Commitments shall be effective on the date specified in Borrowers’ notice (unless such notice is in connection with a refinancing of the Loans in which case such notice may be conditioned on consummation of such refinancing) and shall reduce such Commitment of each Lender proportionately to its Pro Rata Share. Any such voluntary reduction of the Commitments shall be applied as specified in subsection 2.4B(iv). Any such voluntary termination or reduction of the Term Delayed Draw Loan Commitments must be accompanied by the payment of any prepayment fee required by subsection 2.3(c).

Voluntary Reductions of Commitments. The Borrowers Borrower may, upon not less than three one Business Days’ Day’s prior written or telephonic notice confirmed in writing to Administrative Agent, provided that failure to give such written confirmation shall not affect the Administrative Agent validity of such telephonic notice, (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile facsimile or telephone to each Lender), at any time and from time to time terminate in whole or permanently reduce in part any then remaining and unutilized Term Delayed Draw part, without premium or penalty, the Revolving Loan CommitmentsCommitments in an amount up to the amount by which the Revolving Loan Commitments exceed the Total Utilization of Revolving Loan Commitments at the time of such proposed termination or reduction; provided that any such partial reduction of such the Revolving Loan Commitments shall be in an aggregate minimum amount of Five Hundred Thousand Dollars ($1,000,000 500,000) and integral multiples of One Hundred Thousand Dollars ($500,000 100,000) in excess of that amount. The Borrowers’ Borrower’s notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of such the Revolving Loan Commitments shall be effective on the date specified in Borrowers’ Borrower’s notice (unless such notice is in connection with a refinancing of the Loans in which case such notice may be conditioned on consummation of such refinancing) and shall reduce such the Revolving Loan Commitment of each Revolving Lender proportionately to its Pro Rata Share. Any such voluntary reduction of the Commitments shall be applied as specified in subsection 2.4B(iv). Any such voluntary termination or reduction of the Term Delayed Draw Loan Commitments must be accompanied by the payment of any prepayment fee required by subsection 2.3(c).

Voluntary Reductions of Commitments. The Borrowers Borrower may, upon not less than three one Business Days’ Day’s prior written or telephonic notice confirmed in writing to Administrative Agent, provided that failure to give such written confirmation shall not affect the Administrative Agent validity of such telephonic notice, (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile e-mail, facsimile or telephone to each Lender), at any time and from time to time terminate in whole or permanently reduce in part any then remaining and unutilized Term Delayed Draw part, without premium or penalty, the Revolving Loan CommitmentsCommitments in an amount up to the amount by which the Revolving Loan Commitments exceed the Total Utilization of Revolving Loan Commitments at the time of such proposed termination or reduction; provided that any such partial reduction of such the Revolving Loan Commitments shall be in an aggregate minimum amount of Five Hundred Thousand Dollars ($1,000,000 500,000) and integral multiples of One Hundred Thousand Dollars ($500,000 100,000) in excess of that amount. The Borrowers’ Borrower’s notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of such the Revolving Loan Commitments shall be effective on the date specified in Borrowers’ Borrower’s notice (unless such notice is in connection with a refinancing of the Loans in which case such notice may be conditioned on consummation of such refinancing) and shall reduce such the Revolving Loan Commitment of each Revolving Lender proportionately to its Pro Rata Share. Any such voluntary reduction of the Commitments shall be applied as specified in subsection 2.4B(iv). Any such voluntary termination or reduction of the Term Delayed Draw Loan Commitments must be accompanied by the payment of any prepayment fee required by subsection 2.3(c).

Voluntary Reductions of Commitments. The Borrowers may, upon not less than three Business Days’ ' prior written or telephonic notice confirmed in writing to the Administrative Agent (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile or telephone to each Lender), Lender at any time and from time to time terminate in whole or permanently reduce in part any then remaining and unutilized Term Delayed Draw part, without premium or penalty, (i) the Borrowing Base Loan CommitmentsCommitment in an amount up to the amount by which the Borrowing Base Loan Commitment exceeds the principal amount of the Borrowing Base Loans outstanding at the time of such proposed termination or reduction and/or (ii) the Overadvance Loan Commitment in an amount up to the amount by which the Overadvance Loan Commitment exceeds the principal amount of the Overadvance Loans outstanding at the time of such proposed termination or reduction; provided that any such partial reduction of such the Commitments shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 1,000,000 in excess of that amount; and provided further that, the aggregate Commitments shall not be reduced to less than $20,000,000 pursuant to this subsection 2.4A(ii) except pursuant to a termination in whole of the Commitments. The Borrowers’ ' notice to the Administrative Agent Lender shall designate (i) the date (which shall be a Business Day) of such termination or reduction, (ii) the Type(s) of Commitment(s) to which each reduction applies and (iii) the amount of any partial reductionreduction of the applicable Type(s) of Commitments, and such termination or reduction of such the Commitments shall be effective on the date specified in Borrowers’ notice (unless such notice is in connection with a refinancing of the Loans in which case such notice may be conditioned on consummation of such refinancing) and shall reduce such Commitment of each Lender proportionately to its Pro Rata Share. Any such voluntary reduction of the Commitments shall be applied as specified in subsection 2.4B(iv). Any such voluntary termination or reduction of the Term Delayed Draw Loan Commitments must be accompanied by the payment of any prepayment fee required by subsection 2.3(c)' notice.

Voluntary Reductions of Commitments. The Borrowers Borrower may, upon not less than three one Business Days’ Day’s prior written or telephonic notice confirmed in writing to Administrative Agent, provided that failure to give such written confirmation shall not affect the Administrative Agent validity of such telephonic notice, (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile or telephone to each Lender), at any time and from time to time terminate in whole or permanently reduce in part any then remaining and unutilized Term Delayed Draw part, without premium or penalty, the Revolving Loan CommitmentsCommitments in an amount up to the amount by which the Revolving Loan Commitments exceed the Total Utilization of Revolving Loan Commitments at the time of such proposed termination or reduction; provided that any such partial reduction of such the Revolving Loan Commitments shall be in an aggregate minimum amount of $1,000,000 500,000 and integral multiples of $500,000 100,000 in excess of that amount. The Borrowers’ Borrower’s notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of such the Revolving Loan Commitments shall be effective on the date specified in Borrowers’ Borrower’s notice (unless such notice is in connection with a refinancing of the Loans in which case such notice may be conditioned on consummation of such refinancing) and shall reduce such the Revolving Loan Commitment of each Revolving Lender proportionately to its Pro Rata Share. Any such voluntary reduction of the Revolving Loan Commitments shall be applied as specified in subsection 2.4B(iv). Any such voluntary termination or reduction of the Term Delayed Draw Loan Commitments must be accompanied by the payment of any prepayment fee required by subsection 2.3(c).40

Voluntary Reductions of Commitments. The Borrowers Borrower may, upon not less than three one Business Days’ Day’s prior written or telephonic notice confirmed in writing to Administrative Agent, provided that failure to give such written confirmation shall not affect the Administrative Agent validity of such telephonic notice, (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile or telephone to each Lender), at any time and from time to time terminate in whole or permanently reduce in part any then remaining and unutilized Term Delayed Draw part, without premium or penalty, the Revolving Loan CommitmentsCommitments in an amount up to the amount by which the Revolving Loan Commitments exceed the Total Utilization of Revolving Loan Commitments at the time of such proposed termination or reduction; provided that any such partial reduction of such the Revolving Loan Commitments shall be in an aggregate minimum amount of Five Hundred Thousand Dollars ($1,000,000 500,000) and integral multiples of One Hundred Thousand Dollars ($500,000 100,000) in excess of that amount. The Borrowers’ Borrower’s notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of such the Revolving Loan Commitments shall be effective on the date specified in Borrowers’ Borrower’s notice (unless such notice is in connection with a refinancing of the Loans in which case such notice may be conditioned on consummation of such refinancing) and shall reduce such the Revolving Loan Commitment of each Revolving Lender proportionately to its Pro Rata Share. Any such voluntary reduction of the Revolving Loan Commitments shall be applied as specified in subsection 2.4B(iv). Any such voluntary termination or reduction of the Term Delayed Draw Loan Commitments must be accompanied by the payment of any prepayment fee required by subsection 2.3(c).