Common use of Voluntary Reductions of Commitments Clause in Contracts

Voluntary Reductions of Commitments. After Substantial Completion, the Borrowers may, upon not less than three Business Days’ prior written or telephonic notice confirmed in writing to the Administrative Agent (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile or telephone to each Lender), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, the Loan Commitments; provided that any such partial reduction of such Commitments shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess of that amount; and further provided that the Borrowers may terminate in whole the Loan Commitments prior to Substantial Completion upon payment in full of the Obligations (other than those which survive the expiration or earlier termination of the Loan Documents). The Borrowers’ notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of such Commitments shall be effective on the date specified in Borrowers’ notice and shall reduce such Commitment of each Lender proportionately to its unfunded Commitment. Any such voluntary reduction of the Commitments shall be applied as specified in subsection 2.4B(iv).

Voluntary Reductions of Commitments. After Substantial Completion, the Borrowers Borrower may, upon not less than three one Business Days’ Day’s prior written or telephonic notice confirmed in writing to Administrative Agent, provided that failure to give such written confirmation shall not affect the Administrative Agent validity of such telephonic notice, (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile e-mail, facsimile or telephone to each Lender), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, the Revolving Loan CommitmentsCommitments in an amount up to the amount by which the Revolving Loan Commitments exceed the Total Utilization of Revolving Loan Commitments at the time of such proposed termination or reduction; provided that any such partial reduction of such the Revolving Loan Commitments shall be in an aggregate minimum amount of Five Hundred Thousand Dollars ($1,000,000 500,000) and integral multiples of One Hundred Thousand Dollars ($500,000 100,000) in excess of that amount; and further provided that the Borrowers may terminate in whole the Loan Commitments prior to Substantial Completion upon payment in full of the Obligations (other than those which survive the expiration or earlier termination of the Loan Documents). The Borrowers’ Borrower’s notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of such the Revolving Loan Commitments shall be effective on the date specified in Borrowers’ Borrower’s notice and shall reduce such the Revolving Loan Commitment of each Revolving Lender proportionately to its unfunded Commitment. Any such voluntary reduction of the Commitments shall be applied as specified in subsection 2.4B(iv)Pro Rata Share.

Voluntary Reductions of Commitments. After Substantial Completion, the Borrowers Company may, upon not less than three Business Days’ ' prior written or telephonic notice confirmed in writing to the Administrative Agent (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile or telephone to each Lender), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, (a) the Working Capital Revolving Loan CommitmentsCommitments in an amount up to the amount by which the Working Capital Revolving Loan Commitments exceed the Total Utilization of Working Capital Revolving Loan Commitments at the time of such proposed termination or reduction and (b) the Acquisition Revolving Loan Commitments in an amount up to the amount by which the Acquisition Revolving Loan Commitments exceed the aggregate principal amount of outstanding Acquisition Revolving Loans; provided that any such partial reduction of such Commitments shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess of that amount; and further provided that the Borrowers may terminate in whole the Loan Commitments prior to Substantial Completion upon payment in full of the Obligations (other than those which survive the expiration or earlier termination of the Loan Documents). The Borrowers’ Company's notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of such Commitments shall be effective on the date specified in Borrowers’ Company's notice and shall reduce such Commitment of each Lender proportionately to its unfunded Commitment. Any such voluntary reduction of the Commitments shall be applied as specified in subsection 2.4B(iv)Pro Rata Share.

Voluntary Reductions of Commitments. After Substantial Completion, the The Borrowers may, upon not less than three Business Days’ ' prior written or telephonic notice confirmed in writing to the Administrative Agent (which original written or telephonic notice the Administrative Agent will promptly transmit by telefacsimile or telephone to each Lender), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, the Revolving Loan CommitmentsCommitments in an amount up to the amount by which the Revolving Loan Commitments exceed the Total Utilization at the time of such proposed termination or reduction; provided that any such partial reduction of such the Revolving Loan Commitments shall be in an aggregate minimum amount of $1,000,000 1,000,- 000 and integral multiples of $500,000 100,000 in excess of that amount; and further provided that the Borrowers may terminate in whole the Loan Commitments prior to Substantial Completion upon payment in full of the Obligations (other than those which survive the expiration or earlier termination of the Loan Documents). The Borrowers’ Company's notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of such the Revolving Loan Commitments shall be effective on the date specified in the Borrowers’ ' notice and shall reduce such the Commitment of each Lender proportionately to its unfunded CommitmentPro Rata Share. Any such voluntary reduction of the Revolving Loan Commitments shall be applied as specified in subsection 2.4B(iv2.4A(iv).

Voluntary Reductions of Commitments. After Substantial Completion, the The Borrowers may, upon not less than three Business Days’ ' prior written or telephonic notice confirmed in writing to the Administrative Agent (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile or telephone to each EACH Lender), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, (A) the Revolving Loan Commitments in an amount up to the amount by which the Revolving Loan Commitments exceed the Total Utilization of Revolving Loan Commitments at the time of such proposed termination or reduction or (B) the Term A Loan Commitments; provided PROVIDED that any such partial reduction of such Commitments shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess of that amount; and further provided that the Borrowers may terminate in whole the Loan Commitments prior to Substantial Completion upon payment in full of the Obligations (other than those which survive the expiration or earlier termination of the Loan Documents). The Borrowers’ ' notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of such Commitments shall be effective on the date specified in Borrowers’ ' notice and shall reduce such Commitment of each Lender proportionately to its unfunded CommitmentPro Rata Share. Any such voluntary reduction of the Commitments shall be applied as specified in subsection 2.4B(iv).

Voluntary Reductions of Commitments. After Substantial Completion, the Borrowers Borrower may, upon not less than three Business Days’ ' prior written or telephonic notice confirmed in writing to the Administrative Managing Agent (which original written or telephonic notice Administrative Managing Agent will promptly transmit by telefacsimile telegram, telex or telephone to each Lender), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, the Loan Commitments in an amount up to the amount by which the Commitments would otherwise exceed the Total Utilization of Tranche A Revolving Commitments or the Total Utilization of Tranche B Revolving Commitments, as the case may be, at the time of such proposed termination or reduction; provided that any such partial reduction of such the Commitments shall be in an aggregate minimum amount of $1,000,000 5,000,000 and integral multiples of $500,000 1,000,000 in excess of that amount; and further provided that the Borrowers may terminate in whole the Loan Commitments prior to Substantial Completion upon payment in full of the Obligations (other than those which survive the expiration or earlier termination of the Loan Documents). The Borrowers’ Borrower's notice to the Administrative Managing Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of such the Commitments shall be effective on the date specified in Borrowers’ Borrower's notice and shall reduce such the Commitment of each Lender proportionately to its unfunded Commitment. Any such voluntary Pro Rata Share; provided further that no reduction of the Tranche A Revolving Loan Commitments shall be applied permitted until such time as specified in subsection 2.4B(iv)the Tranche B Revolving Loan Commitments have been reduced to zero.

Voluntary Reductions of Commitments. After Substantial Completion, the The Borrowers may, upon not less than three Business Days’ prior written or telephonic notice confirmed in writing to the Administrative Agent (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile or telephone to each Lender), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, the part any then remaining and unutilized Term Delayed Draw Loan Commitments; provided that any such partial reduction of such Commitments shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess of that amount; and further provided that the Borrowers may terminate in whole the Loan Commitments prior to Substantial Completion upon payment in full of the Obligations (other than those which survive the expiration or earlier termination of the Loan Documents). The Borrowers’ notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of such Commitments shall be effective on the date specified in Borrowers’ notice (unless such notice is in connection with a refinancing of the Loans in which case such notice may be conditioned on consummation of such refinancing) and shall reduce such Commitment of each Lender proportionately to its unfunded CommitmentPro Rata Share. Any such voluntary reduction of the Commitments shall be applied as specified in subsection 2.4B(iv). Any such voluntary termination or reduction of the Term Delayed Draw Loan Commitments must be accompanied by the payment of any prepayment fee required by subsection 2.3(c).

Voluntary Reductions of Commitments. After Substantial Completion, the Borrowers Company may, upon not ----------------------------------- less than three Business Days’ ' prior written or telephonic notice confirmed in writing to the Administrative Agent (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile or telephone to each Lender), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, (a) the Revolving Loan Commitments in an amount up to the amount by which the Revolving Loan Commitments exceed the Total Utilization of Revolving Loan Commitments at the time of such proposed termination or reduction or (b) the Acquisition Term Loan Commitments; provided that any such partial reduction of such the Revolving Loan -------- Commitments or the Acquisition Term Loan Commitments shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess of that amount; and further provided that the Borrowers may terminate in whole the Loan Commitments prior to Substantial Completion upon payment in full of the Obligations (other than those which survive the expiration or earlier termination of the Loan Documents). The Borrowers’ Company's notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of such the Revolving Loan Commitments or the Acquisition Term Loan Commitments shall be effective on the date specified in Borrowers’ Company's notice and shall reduce such the Revolving Loan Commitment or the Acquisition Term Loan Commitments, as applicable, of each Lender proportionately to its unfunded Commitment. Any such voluntary reduction of the Commitments shall be applied as specified in subsection 2.4B(iv)Pro Rata Share.