Common use of Optional Reduction or Termination of Commitment Clause in Contracts

Optional Reduction or Termination of Commitment. The Borrower may, at any time, upon no less than one (1) Business Day prior written or telephonic notice received by the Agent, reduce the Commitment, with any such reduction in a minimum amount of $500,000 or an integral multiple thereof. In the event that the Loans are being refinanced, any such notice may be made contingent upon the closing of such refinancing. Upon any reduction in the Commitment pursuant to this Section, the Borrower shall pay to the Agent for the account of the Banks the amount, if any, by which the aggregate unpaid principal amount of outstanding Loans plus the Letter of Credit Obligations exceeds the Commitment as so reduced. Amounts so paid cannot be reborrowed. The Borrower may, at any time, upon not less than one (1) Business Day prior written notice to the Agent, terminate the Commitment in its entirety. Upon termination of the Commitment pursuant to this Section, the Borrower shall pay to the Agent for the account of the Banks the full amount of all outstanding Loans, all accrued and unpaid interest thereon, all unpaid Commitment Fees accrued to the date of such termination and all other unpaid obligations of the Borrower to the Banks hereunder. All payment described in this Section is subject to the provisions of Section 2.6. Notwithstanding the foregoing, the Commitment may not be reduced to an amount below outstanding Letter of Credit Obligations, or terminated if Letters of Credit are outstanding (unless the Borrower has provided cash collateral or a backstop letter of credit issued by a financial institution reasonably satisfactory to the Agent, or otherwise entered into an alternative arrangement reasonably satisfactory to the Agent with respect to any outstanding Letters of Credit).

Optional Reduction or Termination of Commitment. The Borrower may, at any time, upon no less than one (1) Business Day prior written or telephonic notice received by 39 the Agent, reduce the Commitment, with any such reduction in a minimum amount of $500,000 or an integral multiple thereof. In the event that the Loans are being refinanced, any such notice may be made contingent upon the closing of such refinancing. Upon any reduction in the Commitment pursuant to this Section, the Borrower shall pay to the Agent for the account of the Banks the amount, if any, by which the aggregate unpaid principal amount of outstanding Loans plus the Letter of Credit Obligations exceeds the Commitment as so reduced. Amounts so paid cannot be reborrowed. The Borrower may, at any time, upon not less than one (1) Business Day prior written notice to the Agent, terminate the Commitment in its entirety. Upon termination of the Commitment pursuant to this Section, the Borrower shall pay to the Agent for the account of the Banks the full amount of all outstanding Loans, all accrued and unpaid interest thereon, all unpaid Commitment Fees accrued to the date of such termination and all other unpaid obligations of the Borrower to the Banks hereunder. All payment described in this Section is subject to the provisions of Section 2.6. Notwithstanding the foregoing, the Commitment may not be reduced to an amount below outstanding Letter of Credit Obligations, or terminated if Letters of Credit are outstanding (unless the Borrower has provided cash collateral or a backstop letter of credit issued by a financial institution reasonably satisfactory to the Agent, or otherwise entered into an alternative arrangement reasonably satisfactory to the Agent with respect to any outstanding Letters of Credit).

Optional Reduction or Termination of Commitment. The Borrower may, at any time, upon no less than one three (13) Business Day Days prior written or telephonic notice received by the AgentBank, reduce the CommitmentCommitment of the Bank, with any such reduction to be in a minimum amount of $500,000 2,500,000 or an integral multiple thereof. In the event that the Loans are being refinanced, any such notice may be made contingent upon the closing of such refinancing$500,000 if more. Upon any reduction in the Commitment pursuant to this Section, the Borrower shall pay to the Agent for the account of the Banks Bank the amount, if any, by which the aggregate unpaid principal amount of outstanding Loans Advances plus the Letter of Credit Obligations exceeds the Commitment as so reduced. Amounts so paid cannot be reborrowed. The Borrower may, at any time, upon not less than one three (13) Business Day Days prior written notice to the AgentBank, terminate the Commitment in its entirety. Upon termination of the Commitment pursuant to this Section, the Borrower shall pay to the Agent for the account of the Banks Bank the full amount of all outstanding LoansAdvances, all accrued and unpaid interest thereon, all unpaid Commitment Unused Line Fees accrued to the date of such termination and all other unpaid obligations of the Borrower to the Banks hereundertermination. All payment payments described in this Section is are subject to the provisions of Section 2.6. The foregoing termination or reduction fee shall be automatically waived by Bank and shall not apply if the Borrower refinances the Credit Facility with a new bank credit facility provided by Bank or an Affiliate of Bank so long as such new bank credit facility is the same size or larger than the existing Credit Facility. Notwithstanding the foregoing, the Commitment may not be reduced to an amount below the sum of the outstanding Letter of Credit Obligations, or terminated if Letters of Credit are outstanding (outstanding, unless the Borrower has provided cash collateral or a backstop letter of credit issued by a financial institution and the Bank otherwise reasonably satisfactory to the Agent, or otherwise entered into an alternative arrangement reasonably satisfactory to the Agent with respect to any outstanding Letters of Credit)agree in writing.