Common use of Termination and Reduction of Commitment Clause in Contracts

Termination and Reduction of Commitment. (a) Unless previously terminated, the Revolving Commitment shall terminate on the Revolving Credit Maturity Date. (b) The Borrowers may at any time terminate the Revolving Commitment upon the Payment in Full of the Secured Obligations. (c) The Borrowers may from time to time reduce the Revolving Commitment; provided that (i) each reduction of the Revolving Commitment shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) the Borrowers shall not terminate or reduce the Revolving Commitment if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.09, the Revolving Exposure would exceed the Revolving Commitment. (d) The Borrower Representative shall notify the Lender of any election to terminate or reduce the Revolving Commitment under paragraph (b) or (c) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower Representative pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Revolving Commitment delivered by the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilities or consummation of other events, in which case such notice may be revoked by the Borrower Representative (by notice to the Lender on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitment shall be permanent. SECTION 2.08

Termination and Reduction of Commitment. (a) Unless previously terminated, the Revolving Commitment shall terminate on the Revolving Credit Maturity Date. (b) The Borrowers Borrower may at any time terminate the Revolving Commitment upon the Payment in Full of the Secured Obligations. (c) The Borrowers may terminate, or from time to time reduce reduce, the Revolving Commitment; provided that (i) each reduction of the Revolving Commitment shall be in an amount that is an integral multiple of $500,000 100,000 and not less than $1,000,000 and (ii) the Borrowers Borrower shall not terminate or reduce the Revolving Commitment if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.09, the Revolving Credit Exposure would exceed the Revolving total Commitment. (dc) The Borrower Representative shall notify the Lender of any election to terminate or reduce the Revolving Commitment under paragraph (b) or (c) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower Representative pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Revolving Commitment delivered by the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilities or consummation of other eventsfacilities, in which case such notice may be revoked by the Borrower Representative (by notice to the Lender on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitment shall be permanent. SECTION 2.08.

Termination and Reduction of Commitment. (a) Unless previously terminated, the Revolving Commitment shall automatically terminate on the Revolving Credit date specified in clause (a)(i) of the definition of “Maturity Date” (as may be extended pursuant to Section 2.19. (b) The Borrowers may Borrower may, without premium or penalty (but subject to break funding payments required by Section 2.17), at any time terminate the Revolving Commitment upon the Payment in Full of the Secured Obligations. (c) The Borrowers may terminate, or from time to time reduce reduce, the Revolving Commitment; provided that (i) each reduction of the Revolving Commitment shall be in an amount that is an integral multiple of $500,000 1,000,000 and not less than $1,000,000 5,000,000 and (ii) the Borrowers Borrower shall not terminate or reduce the Revolving Commitment if, after giving effect to such termination or reduction and any concurrent prepayment of the Revolving Loans in accordance with Section 2.092.15, the Revolving Exposure Total Outstandings would exceed the Revolving Commitment. (dc) The Borrower Representative shall notify the Lender of any election to terminate or reduce the Revolving Commitment under paragraph (b) or (c) of this Section 2.07 at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower Representative pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Revolving Commitment delivered by the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilities or consummation of other eventsalternative financing or other transactions specified therein, in which case such notice may be revoked by the Borrower Representative (by notice to the Lender on or without penalty prior to the specified effective date) time if such condition is not satisfiedsatisfied (each such notice a “Conditional Termination Notice”). Any termination or reduction of the Revolving Commitment shall be permanent. SECTION 2.08.