Common use of Optional Commitment Reductions Clause in Contracts

Optional Commitment Reductions. The Borrower shall, by notice from an Responsible Officer, have the right from time to time but not more frequently than once each calendar month, upon not less than three (3) Business Days' written notice to Agent, effective upon receipt, to permanently reduce the total Commitments. Agent shall give each Lender, within one (1) Business Day of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing), of such reduction. Each such reduction shall be in the aggregate amount of $5,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining total Commitments, and shall permanently reduce the total Commitments. Each reduction of the total Commitments shall be accompanied by payment of the Revolving Loans to the extent that the principal amount of Revolving Loans outstanding, plus Non-Ratable Loans outstanding, plus Letters of Credit outstanding exceeds the lesser of (i) the total Commitments or (ii) the Borrowing Base, after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any LIBOR Rate Loans other than on the last day of the Interest Period of such LIBOR Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.4 hereof. Notwithstanding the foregoing, if any of the Commitments are reduced at any time or times prior to the Stated Termination Date, the Borrower shall pay to the Agent in each instance, for the account of the Lenders, an early termination fee on the portion of the Commitments so reduced (the "Commitment Reduction Amount") in accordance with the applicable provisions of Section 3.2; provided, however, that the reference to "Maximum Revolver Amount" as used therein shall be deemed to refer to the Commitment Reduction Amount for purposes of calculating the amount of such early termination fees.

Optional Commitment Reductions. The Borrower shall, by notice from an a Responsible Officer, have the right from time to time but not more frequently than once each calendar month, upon not less than three (3) Business Days' written notice to Agent, effective upon receipt, to permanently reduce the total Commitments. Agent shall give each Lender, within one (1) Business Day of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing), of such reduction. Each such reduction shall be in the aggregate amount of $5,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining total Commitments, and shall permanently reduce the total Commitments. Each reduction of the total Commitments shall be accompanied by payment of the Revolving Loans to the extent that the principal amount of Revolving Loans outstanding, plus Non-Ratable Loans outstanding, plus Letters of Credit outstanding exceeds the lesser of (i) the total Commitments or (ii) the Borrowing Base, after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any LIBOR Rate Loans other than on the last day of the Interest Period of such LIBOR Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.4 hereof. Notwithstanding the foregoing, if any of the Commitments are reduced at any time or times prior to the Stated Termination Date, the Borrower shall pay to the Agent in each instance, for the account of the Lenders, an early termination fee on the portion of the Commitments so reduced (the "Commitment Reduction Amount") in accordance with the applicable provisions of Section 3.2; provided, however, that the reference to "Maximum Revolver Amount" as used therein shall be deemed to refer to the Commitment Reduction Amount for purposes of calculating the amount of such early termination fees.

Optional Commitment Reductions. The Borrower shall, by notice from an Responsible Officer, shall have the right right, at any time and from time to time but not more frequently than once each calendar monthafter the ClosingRestatement Effective Date, upon not less than at least three (3) Business Days' ’ prior written notice which written notice shall be a Notice of Conversions, Continuations or Prepayments in substantially the form set forth on Exhibit G attached hereto to the Administrative Agent, effective upon receiptwithout premium or penalty, to cancel or reduce permanently all or a portion of the Revolving Commitment on a pro rata basis among the Lenders holding Revolving Commitments; provided, however, that any such partial reduction shall be made in an amount not less than $250,000 and in integral multiples of not less than $100,000 (unless reducing the applicable Commitment to zero); provided, further, that the Borrower may permanently reduce the total CommitmentsRevolving Commitment of any Defaulting Lender or Non-Consenting Lender in accordance with Section 2.2(e)(iv) and Section 11.12(b), respectively. Agent shall give each Lender, within one (1) Business Day As of receipt the date of cancellation or reduction set forth in such notice, telefacsimile notice, or telephonic notice (confirmed in writing), of such reduction. Each such reduction the Revolving Commitment shall be permanently reduced to the amount stated in the aggregate amount of $5,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining total CommitmentsBorrower’s notice for all purposes herein, and the Borrower shall permanently pay to the Administrative Agent for the Lenders the amount necessary to reduce the total Commitments. Each reduction of the total Commitments shall be accompanied by payment principal amount of the Revolving Loans and the Letter of Credit Obligations, then outstanding, to not more than the extent that the principal amount of the Revolving Loans outstandingCommitment, plus Non-Ratable Loans outstanding, plus Letters of Credit outstanding exceeds the lesser of (i) the total Commitments or (ii) the Borrowing Base, after giving effect to such reductionas so reduced, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any LIBOR Rate Loans other than amount so prepaid and, on the last day of the Interest Period of calendar quarter in which such LIBOR Rate Loan unless such prepayment reduction is accompanied by amounts duemade, if any, under Section 4.4 hereof. Notwithstanding commitment fees accrued through the foregoing, if any date of the Commitments are reduced at any time or times prior reduction with respect to the Stated Termination Date, the Borrower shall pay to the Agent in each instance, for the account of the Lenders, an early termination fee on the portion of the Commitments so reduced (the "Commitment Reduction Amount") in accordance with the applicable provisions of Section 3.2; provided, however, that the reference to "Maximum Revolver Amount" as used therein shall be deemed to refer to the Commitment Reduction Amount for purposes of calculating the amount of such early termination feesreduced.

Optional Commitment Reductions. The Borrower shall, by notice from an a Responsible Officer, have the right from time to time but not more frequently than once each calendar month, upon not less than three (3) Business Days' Days written notice to Agent, effective upon receipt, to permanently reduce the total Commitments. Agent shall give each Lender, within one (1) Business Day of receipt of such notice, telefacsimile notice, or telephonic notice (confirmed in writing), of such reduction. Each such reduction shall be in the aggregate amount of $5,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining total Commitments, and shall permanently reduce the total Commitments. Each reduction of the total Commitments shall be accompanied by payment of the Revolving Loans to the extent that the principal amount of Revolving Loans outstanding, plus including Non-Ratable Loans outstanding, plus Letters of Credit outstanding exceeds the lesser of (i) the total Commitments or (ii) the Borrowing Base, after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. No such reduction shall result in the payment of any LIBOR Rate Loans other than on the last day of the Interest Period of such LIBOR Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.4 hereof. Notwithstanding the foregoing, if any of the Commitments are reduced at any time or times prior to the Stated Termination Date, the Borrower shall pay to the Agent in each instance, for the account of the Lenders, an early termination fee on the portion of the Commitments so reduced (the "“Commitment Reduction Amount"”) in accordance with the applicable provisions of Section 3.2; provided, however, that the reference to "“Maximum Revolver Amount" ” as used therein shall be deemed to refer to the Commitment Reduction Amount for purposes of calculating the amount of such early termination fees.