Common use of Optional Termination or Reductions Clause in Contracts

Optional Termination or Reductions. Prior to the Final Maturity Date, the Borrower shall have the right to terminate or reduce the unused amount of the Facility Amount at any time or from time to time without any fee or penalty upon not less than three (3) Business Days’ prior notice to the Administrative Agent, the Collateral Agent, the Lenders, the Collateral Administrator and the Custodian of each such termination or reduction, which notice shall specify the effective date of such termination or reduction and the amount of any such reduction; provided that any notice received after 3:00 p.m. shall be deemed to be received on the next Business Day; provided, further, that (i) the amount of any such reduction of the Facility Amount shall be equal to at least $5,000,000 or an integral multiple of $100,000 in excess thereof or, if less, the remaining unused portion thereof (or an amount less than $5,000,000 if the Commitments are being reduced to zero), and (ii) no such reduction will reduce the Facility Amount below the sum of (x) the aggregate principal amount of Advances Outstanding at such time and (y) the Aggregate Unfunded Exposure Amount. Such notice of termination or reduction shall be irrevocable and shall be effective only upon receipt by the Administrative Agent, the Collateral Agent, the Lenders, the Collateral Administrator and the Custodian, and shall attach, in the case of a reduction of the Commitments, a Borrowing Base Calculation Statement.

Optional Termination or Reductions. Prior to the Final Maturity Commitment Termination Date, the Borrower shall have the right to terminate or reduce the unused amount of the Facility Amount at any time or from time to time without any fee or penalty penalty, except as specified in Section 2.12(b), upon not less than three (3) Business Days’ prior notice to the Administrative Agent, the Collateral Agent, the Lenders, the Collateral Administrator and the Custodian of each such termination or reduction, which notice shall specify the effective date of such termination or reduction and the amount of any such reduction; provided that any notice received after 3:00 p.m. shall be deemed to be received on the next Business Day; provided, further, that (i) the amount of any such reduction of the Facility Amount (other than with respect to repayments of Advances outstanding made by the Borrower to eliminate a Coverage Test Failure) shall be equal to at least $5,000,000 500,000 or an integral multiple of $100,000 in excess thereof or, if less, the remaining unused portion thereof (or an amount less than $5,000,000 if the Commitments are being reduced to zero)thereof, and (ii) no such reduction will reduce the Facility Amount below the sum of (x) the aggregate principal amount of Advances Outstanding at such time and (y) the Net Aggregate Unfunded Exposure Amount. Such notice of termination or reduction shall be irrevocable and shall be effective only upon receipt by the Administrative Agent, the Collateral Agent, the Lenders, the Collateral Administrator and the Custodian, and shall attachbe applied pro rata to reduce the respective Commitments of each Lender and shall, in if applicable, be subject to the case of a reduction payment of the Commitments, a Borrowing Base Calculation StatementPrepayment Fee.

Optional Termination or Reductions. Prior to the Final Maturity Commitment Termination Date, the Borrower shall have the right to terminate or reduce the unused amount of the Facility Amount at any time or from time to time without any fee or penalty penalty, except as specified in Section 2.12(b), upon not less than three five (35) Business Days’ prior notice to the Administrative Agent, the Collateral Agent, the Lenders, the Collateral Administrator and the Custodian of each such termination or reduction, which notice shall specify the effective date of such termination or reduction and the amount of any such reduction; provided that any notice received after 3:00 p.m. shall be deemed to be received on the next Business Day; provided, further, that (i) the amount of any such reduction of the Facility Amount (other than with respect to repayments of Advances outstanding made by the Borrower to reduce a Borrowing Base Deficiency Amount to zero) shall be equal to at least $5,000,000 500,000 or an integral multiple of $100,000 in excess thereof or, if less, the remaining unused portion thereof (or an amount less than $5,000,000 if the Commitments are being reduced to zero)thereof, and (ii) no such reduction will reduce the Facility Amount below the sum of (x) the aggregate principal amount of Advances Outstanding outstanding at such time and (y) the Aggregate aggregate unfunded commitments under all of the Borrower’s Delayed Drawdown Collateral Loans and Revolving Collateral Loans (less amounts on deposit in the Unfunded Exposure AmountReserve Account). Such notice of termination or reduction shall be irrevocable and shall be effective only upon receipt by the Administrative Agent, the Collateral Agent, the Lenders, the Collateral Administrator and the Custodian, and shall attach, in be applied pro rata to reduce the case respective Commitments of a reduction of the Commitments, a Borrowing Base Calculation Statementeach Lender.