Common use of Reduction in the Aggregate Commitment Clause in Contracts

Reduction in the Aggregate Commitment. The Borrower may, by delivering irrevocable written notice (which shall include a Borrowing Base Certificate) to the Administrative Agents by 9:30 a.m. (New York City time) no later than three (3) Business Days prior to any Settlement Date prior to the earlier of the Commitment Termination Date or the Scheduled Final Maturity Date, (a) prepay in whole all of the outstanding Borrower Obligations, together with any additional amount as may be necessary to pay all amounts, including any termination payments, due to the Hedge Counterparties on such Settlement Date as a result of such prepayment, or (b) permanently reduce in part (ratably among the Committed Lenders) that portion of the Aggregate Commitment that exceeds the Aggregate Principal Balance (the “Unused Commitment”). Any such reduction in the Aggregate Commitment shall be applied ratably to the Lenders and shall result in reductions of each of the Commitments, the Conduit Lending Limits and the Lender Group Limits based on their respective Pro Rata Shares of the applicable reduction. Notwithstanding the foregoing, the Borrower may elect to reduce the Unused Commitment of any Defaulting Lender prior to reducing the Aggregate Commitment ratably among the non-defaulting Committed Lenders.

Reduction in the Aggregate Commitment. The Borrower may, by delivering irrevocable written notice (which shall include a Borrowing Base Certificate) to the Administrative Agents by 9:30 a.m. (New York City time) no later than three (3) Business Days prior to any Settlement Date prior to the earlier of the Commitment Termination Date or the Scheduled Final Maturity Date, (ai) prepay in whole all of the outstanding Borrower Obligations, together with any additional amount as may be necessary to pay all amounts, including any termination payments, due to the Hedge Counterparties on such Settlement Date as a result of such prepayment, or (bii) permanently reduce in part (ratably among the Committed Lenders) that portion of the Aggregate Commitment that exceeds the Aggregate Principal Balance (the “Unused Commitment”). Any such reduction in the Aggregate Commitment shall be applied ratably to the Lenders and shall result in reductions of each of the Commitments, the Conduit Lending Limits and the Lender Group Limits based on their respective Pro Rata Shares of the applicable reduction. Notwithstanding the foregoing, the Borrower may elect to reduce the Unused Commitment of any Defaulting Lender prior to reducing the Aggregate Commitment ratably among the non-defaulting Committed Lenders.