Common use of Optional Reduction Clause in Contracts

Optional Reduction. Each Borrower may, at any time and from time to time on any Business Day after the date of the initial Credit Extension, voluntarily reduce the unused amount of any remaining Commitment Amount; provided, however, that (i) all such reductions shall be made on not less than one Business Day’s prior notice to the Administrative Agent and be permanent, (ii) any partial reduction of any unused amount of the Revolving Loan Commitment Amount or Delayed Draw Term Loan Commitment Amount shall be in a minimum amount of $1,000,000 and in an integral multiple of $100,000, (iii) the Revolving Loans shall have been prepaid to the extent required by Section 3.1.2 and (iv) any partial reduction of the unused amount of the Swing Line Loan Commitment shall be in a minimum amount of $500,000 and in an integral multiple of $100,000; provided that a notice of a Commitment reduction delivered by either Borrower may state that such notice is conditioned upon the effectiveness of other transactions, in which case such notice may be revoked or delayed by either Borrower (by notice to the Administrative Agent on or prior to the date of the requested Commitment reduction) if (x) such condition is not satisfied and (y) the Borrowers pay all amounts that are required to be paid in accordance with Section 4.4. Any reduction of the Revolving Loan Commitment Amount which reduces the Revolving Loan Commitment Amount below the then current amount of the Swing Line Loan Commitment Amount or the Letter of Credit Commitment Amount shall result in an automatic and corresponding reduction of the Swing Line Loan Commitment Amount and Letter of Credit Commitment Amount, as the case may be, to the amount of the Revolving Loan Commitment Amount, as reduced, without any further action on the part of any Lender Party or otherwise.

Optional Reduction. Each The Borrower may, at any time and from time to time on any Business Day occurring after the date time of the initial Credit ExtensionExtension hereunder, voluntarily reduce the unused amount of any remaining either the Revolving Loan Commitment Amount, the Swing Line Loan Commitment Amount or the Letter of Credit Commitment Amount; provided, however, that (i) all such reductions shall be made on not less than one require at least three Business Day’s Days' prior written irrevocable notice to the Administrative Agent and be permanent, (ii) any partial reduction of any unused amount of (A) the Revolving Loan Commitment Amount or Delayed Draw Term Loan Commitment Amount shall be in a minimum amount of $1,000,000 and in an integral multiple of $100,0001,000,000, (iiiB) the Revolving Loans shall have been prepaid to the extent required by Section 3.1.2 and (iv) any partial reduction of the unused amount of the Swing Line Loan Commitment Amount shall be in a minimum amount of $500,000 100,000 and in an integral multiple of $100,000; provided that , and (C) the Letter of Credit Commitment Amount shall be in a notice of a Commitment reduction delivered by either Borrower may state that such notice is conditioned upon the effectiveness of other transactions, in which case such notice may be revoked or delayed by either Borrower (by notice minimum amount equal to the Administrative Agent on or prior Dollar Equivalent of $1,000,000 and in an integral multiple amount equal to the date Dollar Equivalent of $1,000,000, (iii) except as provided below, (A) the requested Revolving Loan Commitment reduction) if Amount may not be reduced to an amount less than (x) such condition is not satisfied the aggregate outstanding principal amount of all Revolving Loans, Swing Line Loans and Letter of Credit Outstandings, or (y) the Borrowers pay all amounts that are required to be paid in accordance with Section 4.4. Any then existing Letter of Credit Commitment Amount, and (B) any reduction of the Revolving Loan Commitment Amount which reduces the Revolving Loan Commitment Amount below the then current amount of the Swing Line Loan Commitment Amount or the Letter of Credit Commitment Amount shall result in an automatic and corresponding reduction of the Swing Line Loan Commitment Amount and Letter of Credit Commitment Amount, as the case may be, to the amount of the Revolving Loan Commitment Amount, as so reduced, without any further action on the part of any Lender Party Scotiabank or otherwise, and (iv) except as provided below, the Borrower may not reduce the Letter of Credit Commitment Amount to an amount less than the then existing Letter of Credit Outstandings. The Borrower may terminate the Commitments in whole if, at the time of and as a condition of such termination, the Borrower shall have repaid in full the aggregate outstanding principal amount of all Loans and Reimbursement Obligations, together with all accrued interest and fees thereon to the date of termination, and all unexpired Letters of Credit shall have been returned to the Issuer for cancellation.