Common use of Optional Changes in Facility Amount; Prepayments Clause in Contracts

Optional Changes in Facility Amount; Prepayments. (a) The Borrower shall be entitled at its option, on any Payment Date prior to the occurrence of an Early Termination Event, to reduce the Facility Amount in whole or in part; provided that (i) the Borrower shall give prior written notice of such reduction to the Administrative Agent and each Managing Agent as provided in paragraph (b) of this Section 2.3, (ii) that any partial reduction of the Facility Amount shall be in an amount equal to $3,000,000 with integral multiples of $500,000 above such amount and (iii) if such reduction shall occur on or prior to November 16, 2018, the Borrower shall, on the effective date of such reduction, pay to each Managing Agent, for the benefit of the related Lenders in its Lender Group, an amount (the “Termination Premium”) equal to the product of (x) the amount of such reduction and (y) 0.50%, to be paid ratably to in accordance with the amount of such Lender Group’s Commitment on the Business Day immediately preceding such reduction. Unless otherwise agreed by the Lenders, the Commitment of each Lender shall be reduced ratably in proportion to such reduction in the Facility Amount. Each such optional prepayment shall be applied first to any Swing Line Advances outstanding and then to prepay ratably the Revolver Advances. Any request for a reduction or termination pursuant to this Section 2.3 shall be irrevocable.

Optional Changes in Facility Amount; Prepayments. (a) The Borrower shall be entitled at its option, on any Payment Date prior to the occurrence of an Early Termination Event, to reduce the Facility Amount in whole or in part; provided that (i) the Borrower shall give prior written notice of such reduction to the Administrative Agent and each Managing Agent as provided in paragraph (b) of this Section 2.3, (ii) that any partial reduction of the Facility Amount shall be in an amount equal to $3,000,000 with integral multiples of $500,000 above such amount and (iii) if such reduction shall occur on or prior to November 16, 2018, the Borrower shall, on the effective date of such reduction, pay to each Managing Agent, for the benefit of the related Lenders in its Lender Group, an amount (the “Termination Premium”) equal to the product of (x) the amount of such reduction and (y) 0.50%, to be paid ratably to in accordance with the amount of such Lender Group’s Commitment on the Business Day immediately preceding such reduction. Unless otherwise agreed by the Lenders, the Commitment of each Lender shall be reduced ratably in proportion to such reduction in the Facility Amount. Each such optional prepayment shall be applied first to any Swing Line Advances outstanding and then to prepay ratably the Revolver Advances. Any request for a reduction or termination pursuant to this Section 2.3 shall be irrevocable.56