Common use of Reduction of the Commitments Clause in Contracts

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days’ irrevocable notice (which notice shall specify such election and the effective date thereof) to the Administrative Agent, to terminate in whole or reduce in part the unused portion of the Commitments; provided that each partial reduction shall be in a minimum amount of $5,000,000 and in integral multiples of $1,000,000 in excess thereof. Any reduction or termination of the Commitments pursuant to this Section 2.1(b) shall be applied ratably to each Lender’s Commitment and shall be permanent, with no obligation of the Lenders to reinstate such Commitments, and the applicable Commitment Fees shall thereafter be computed on the basis of the Commitments, as so reduced. Notwithstanding the foregoing, the Borrower may (subject to payment to the Lenders of any applicable amounts under Section 2.9 hereof) rescind or postpone any notice to terminate in whole the Commitments if such termination would have resulted from a refinancing of this Agreement, which refinancing shall not be consummated or shall otherwise be delayed.

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days’ ' irrevocable notice (which notice shall specify such election and the effective date thereof) to the Administrative Agent, to terminate in whole or reduce in part the unused portion of the Commitments; provided that each partial reduction shall be in a minimum amount of $5,000,000 500,000 and in integral multiples of $1,000,000 100,000 in excess thereof; provided further that a notice of termination or reduction of the Commitments pursuant to this section may state that such notice is conditioned upon the effectiveness of new credit facilities or other debt or equity financing, in which case such notice may be revoked by the Borrower if such condition is not satisfied. Any reduction or termination of the Commitments pursuant to this Section 2.1(b2.1(c) shall be applied ratably to each Lender’s 's Commitment and shall be permanent, with no obligation of the Lenders to reinstate such Commitments, and the applicable Commitment Fees shall thereafter be computed on the basis of the Commitments, as so reduced. Notwithstanding the foregoing, the Borrower may (subject to payment to the Lenders of any applicable amounts under Section 2.9 hereof) rescind or postpone any notice to terminate in whole the Commitments if such termination would have resulted from a refinancing of this Agreement, which refinancing shall not be consummated or shall otherwise be delayed.

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days’ irrevocable notice (which notice shall specify such election and the effective date thereof) to the Administrative Agent, to terminate in whole or reduce in part the unused portion of the Commitments; provided that each partial reduction shall be in a minimum amount of $5,000,000 500,000 and in integral multiples of $1,000,000 100,000 in excess thereof; provided further that a notice of termination or reduction of the Commitments pursuant to this section may state that such notice is conditioned upon the effectiveness of new credit facilities or other debt or equity financing, in which case such notice may be revoked by the Borrower if such condition is not satisfied. Any reduction or termination of the Commitments pursuant to this Section 2.1(b2.1(c) shall be applied ratably to each Lender’s Commitment and shall be permanent, with no obligation of the Lenders to reinstate such Commitments, and the applicable Commitment Fees shall thereafter be computed on the basis of the Commitments, as so reduced. Notwithstanding the foregoing, the Borrower may (subject to payment to the Lenders of any applicable amounts under Section 2.9 hereof) rescind or postpone any notice to terminate in whole the Commitments if such termination would have resulted from a refinancing of this Agreement, which refinancing shall not be consummated or shall otherwise be delayed.

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days’ irrevocable notice (which notice shall specify such election and the effective date thereof) to the Administrative Agent, Agent to terminate in whole or reduce ratably in part the unused portion portions of the Commitments; provided respective Commitments of the Banks, provided, that (i) each partial reduction shall be in a minimum the aggregate amount of $5,000,000 and in 1,000,000 or an integral multiples multiple of $1,000,000 in excess thereof and (ii) the Borrower shall not reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.08, the Revolving Credit Exposure would exceed the Total Commitments. Promptly following receipt of any such notice, the Agent shall advise the Banks of the contents thereof. Any reduction or termination of Each notice delivered by the Commitments Borrower pursuant to this Section 2.1(b) shall be applied ratably to each Lender’s Commitment and shall be permanentirrevocable; provided that, with no obligation in the case of the Lenders to reinstate such Commitments, and the applicable Commitment Fees shall thereafter be computed on the basis a termination of all of the Commitments, as so reduced. Notwithstanding the foregoing, the Borrower may (subject to payment to provide that such notice is conditioned on the Lenders occurrence or non-occurrence of any applicable amounts under Section 2.9 hereof) rescind event specified therein (including the consummation of any acquisition, receipt of proceeds from the incurrence of Debt or postpone any notice to terminate in whole the refinancing of the Loans and Commitments hereunder). Any reduction of the Commitments if such termination would have resulted from a refinancing shall be permanent. Each reduction of this Agreement, which refinancing the Commitments shall not be consummated or shall otherwise be delayedmade ratably among the Banks in accordance with their respective Commitments.

Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days’ irrevocable notice (which notice shall specify such election and the effective date thereof) to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portion of the Revolving Commitments; provided that each partial reduction shall be in a minimum the aggregate amount of $5,000,000 1,000,000.00 and in integral multiples of $1,000,000 500,000.00 in excess thereof. Any reduction or termination of the Revolving Commitments pursuant to this Section 2.1(b) shall be applied ratably to each Lender’s Commitment and shall be permanent, with no obligation of the Lenders to reinstate such Commitments, and the applicable Commitment Fees shall thereafter be computed on the basis of the Revolving Commitments, as so reduced. Notwithstanding the foregoing, the Borrower may (subject to payment to the Lenders of any applicable amounts under Section 2.9 2.10 hereof) rescind or postpone any notice to terminate in whole the Revolving Commitments if such termination would have resulted from a refinancing of this Agreement, which refinancing shall not be consummated or shall otherwise be delayed.

Reduction of the Commitments. The Borrower shall have the right, upon at least three (3) Business Days’ irrevocable notice (which notice shall specify such election and the effective date thereof) to the Administrative Agent, to terminate in whole or reduce in part the unused portion of the Commitments; provided that each partial reduction shall be in a minimum amount of $5,000,000 and in integral multiples of $1,000,000 in excess thereof. Any reduction or termination of the Commitments pursuant to this Section 2.1(b) shall be applied ratably to each Lender’s Commitment and shall be permanent, with no obligation of the Lenders to reinstate such Commitments, and the applicable Commitment Fees shall thereafter be computed on the basis of the Commitments, as so reduced. Notwithstanding the foregoing, the Borrower may (subject to payment to the Lenders of any applicable amounts under Section 2.9 hereof) rescind or postpone any notice to terminate in whole the Commitments if such termination would have resulted from a refinancing of this Agreement, which refinancing shall not be consummated or shall otherwise be delayed.