Common use of Voluntary Reductions of Revolver Commitments Clause in Contracts

Voluntary Reductions of Revolver Commitments. The Borrowers shall have the right to reduce the amount of the Revolver Commitments at any time and from time to time upon written notice to Agent of such reduction, which notice shall specify the amount of such reduction shall be irrevocable once given, and shall be given at least 10 Domestic Business Days prior to the date of such reduction; provided, however, that any partial reduction shall be made in an amount not less than $5,000,000 and in the integral multiples of $1,000,000 in excess thereof. The effective date of any voluntary reduction of the Revolver Commitments shall be 10 Domestic Business Days after such notice is received by Agent. Each such voluntary reduction shall be applied ratably among the Lenders' Revolver Commitments. If on the effective date of any such reduction in the Revolver Commitments and after giving effect thereto an Out-of-Formula Condition exists, then the provisions of Section 5.2.1(iii) hereof shall apply, except that such repayment shall be due immediately upon such effective date without further notice to or demand upon Borrowers. If the Revolver Commitments are reduced to zero, then such reduction shall be deemed a termination of the Revolver Commitments by Borrowers pursuant to Section 6.2.2 hereof. The Revolver Commitments once reduced may not be reinstated without the written consent of all Lenders.

Voluntary Reductions of Revolver Commitments. The Borrowers Borrower Agent (on behalf of Borrowers) shall have the right to permanently reduce the amount of the Revolver Commitments Commitments, on a Pro Rata basis for each Lender, at any time and from time to time upon written notice to Administrative Agent of such reduction, which notice shall specify the amount of such reduction reduction, shall be irrevocable once given, and shall be given at least 10 Domestic 5 Business Days prior to the date end of such reductionthe month; provided, howeverthat, that (i) any partial such reduction of the Revolver Commitments shall be made in an a minimum amount not less than of $5,000,000 1,000,000 and in the integral multiples of $1,000,000 in excess thereofof that amount, (ii) any such reduction shall not cause the Revolver Commitments to be less than $45,000,000, and (iii) if any such reduction is made during the first Loan Year, Borrowers shall pay to Administrative Agent, for the Pro Rata benefit of Lenders, as liquidated damages for the loss of the bargain, an amount equal to 0.50% of the amount by which the Commitments are so reduced. Administrative Agent shall promptly transmit such notice to each Lender. The effective date of any voluntary reduction of the Revolver Commitments shall be 10 Domestic Business Days after the first day of a month following the month in which such notice is timely received (as required above) by Administrative Agent. Each such voluntary reduction shall be applied ratably among the Lenders' Revolver Commitments. If on the effective date of any such reduction in the Revolver Commitments and after giving effect thereto an Out-of-Formula Condition exists, then the provisions of Section 5.2.1(iii4.2.1(iii) hereof shall apply, except that such repayment shall be due immediately upon such effective date without further notice to or demand upon Borrowers. If the Revolver Commitments are reduced to zero, then such reduction shall be deemed a termination of the Revolver Commitments by Borrowers pursuant to Section 6.2.2 hereof. The Revolver Commitments Commitments, once reduced reduced, may not be reinstated without the written consent of all Lenders.

Voluntary Reductions of Revolver Commitments. The Borrowers Borrower shall have the right to permanently reduce the amount of the Revolver Commitments in amounts of not less than $5,000,000 and in integral multiples of $1,000,000 in excess thereof, on a Pro Rata basis for each Lender, at any time and from time to time upon written notice to Agent of such reduction, which notice shall specify the amount of such reduction reduction, shall be irrevocable once given, and shall be given at least 10 Domestic 3 Business Days prior to the date end of such reduction; provided, however, that any partial reduction the month and shall be made in an amount not less than $5,000,000 and in the integral multiples of $1,000,000 in excess effective only upon Agent's receipt thereof. Agent shall promptly transmit such notice to each Lender. The effective date of any voluntary reduction of the Revolver Commitments shall be 10 Domestic Business Days after the last day of the month in which such notice is timely received by Agent. Each such voluntary reduction shall be applied ratably among the Lenders' Revolver Commitments. If If, on the effective date of any such reduction in the Revolver Commitments and after giving effect thereto thereto, an Out-of-Formula Condition exists, then the provisions of Section 5.2.1(iii4.2.1(iii) hereof shall apply, except that such repayment shall be due immediately upon such effective date without further notice to or demand upon BorrowersBorrower. If the Revolver Commitments are reduced to zero, then such reduction shall be deemed a termination of the Revolver Commitments by Borrowers Borrower pursuant to Section 6.2.2 5.2.2 hereof. Borrower shall pay all interest and fees then due on the amount of the Revolver Commitment reduction accrued to the date of such reduction of the Revolver Commitments to Agent for the Pro Rata benefit of the Lenders. The Revolver Commitments once reduced may not be reinstated without the prior written consent of all Lenders.

Voluntary Reductions of Revolver Commitments. The Borrowers Borrower shall have the right to permanently reduce the amount of the Revolver Commitments in amounts of not less than $5,000,000 and in integral multiples of $1,000,000 in excess thereof, on a Pro Rata basis for each Lender, at any time and from time to time upon written notice to Agent of such reduction, which notice shall specify the amount of such reduction reduction, shall be irrevocable once given, and shall be given at least 10 Domestic 3 Business Days prior to the date end of such reduction; provided, however, that any partial reduction the month and shall be made in an amount not less than $5,000,000 and in the integral multiples of $1,000,000 in excess effective only upon Agent's receipt thereof. Agent shall promptly transmit such notice to each Lender. The effective date of any voluntary reduction of the Revolver Commitments shall be 10 Domestic Business Days after the first day of a month following the month in which such notice is timely received by Agent. Each such voluntary reduction shall be applied ratably among the Lenders' Revolver Commitments. If If, on the effective date of any such reduction in the Revolver Commitments and after giving effect thereto thereto, an Out-of-Formula Condition exists, then the provisions of Section 5.2.1(iii4.2.1(iii) hereof shall apply, except that such repayment shall be due immediately upon such effective date without further notice to or demand upon BorrowersBorrower. If the Revolver Commitments are reduced to zero, then such reduction shall be deemed a termination of the Revolver Commitments by Borrowers Borrower pursuant to Section 6.2.2 5.2.2 hereof. Borrower shall pay all interest and fees then due on the amount of the Revolver Commitment reduction accrued to the date of such reduction of the Revolver Commitments to Agent for the Pro Rata benefit of the Lenders, and if the Revolver Commitments are reduced by Borrower pursuant to this Section during the first or second Loan Year for any reason, Borrower shall pay to Agent, for the Pro Rata benefit of Lenders, as liquidated damages for the loss of the bargain and not as a penalty, an amount equal to (i) 1.0% of the total amount of the reduction in the Revolver Commitments if any such reduction is made during the first Loan Year and (ii) .50% of the total amount of the reduction in the Revolver Commitments if any such reduction is made during the second Loan Year. The Revolver Commitments once reduced may not be reinstated without the prior written consent of all Lenders.