Common use of Optional Reduction or Cancellation of Commitments Clause in Contracts

Optional Reduction or Cancellation of Commitments. Borrower may, upon three (3) Business Days written notice to Agent, permanently reduce the Total Revolving Loan Commitment by the amount of Five Hundred Thousand Dollars ($500,000) or an integral multiple thereof or cancel the Total Revolving Loan Commitment in its entirety; provided, however, that: (i) Borrower may not reduce the Total Revolving Loan Commitment if, after giving effect to such reduction, the aggregate principal amount of all Revolving Loans then outstanding, the aggregate amount available for drawings under all Letters of Credit then outstanding, and the aggregate amount of all Reimbursement Obligations then outstanding (such sum to be referred to herein as the “Outstanding Revolving Facilities Credit”) would exceed the Total Revolving Loan Commitment as so reduced; and (ii) Borrower may not cancel the Total Revolving Loan Commitment if, after giving effect to such cancellation, any Revolving Loan or Letter of Credit would remain outstanding.

Optional Reduction or Cancellation of Commitments. Borrower may, upon three (3) Business Days written notice to Agent, permanently reduce the Total Revolving Loan Commitment by the amount of Five Hundred Thousand Dollars ($500,000500,000.00) or an integral multiple thereof or cancel the Total Revolving Loan Commitment in its entirety; provided, however, that: (i) Borrower may not reduce the Total Revolving Loan Commitment if, after giving effect to such reduction, the aggregate principal amount of all Revolving Loans then outstanding, the aggregate amount available for drawings under all Letters of Credit then outstanding, and the aggregate amount of all Reimbursement Obligations then outstanding (such sum to be referred to herein as the “Outstanding Revolving Facilities Credit”) would exceed the Total Revolving Loan Commitment as so reduced; and (ii) Borrower may not cancel the Total Revolving Loan Commitment if, after giving effect to such cancellation, any Revolving Loan or Loan, Letter of Credit or Reimbursement Obligation would remain outstanding.