Common use of Optional Delayed Draw Term Loan Commitment Terminations Clause in Contracts

Optional Delayed Draw Term Loan Commitment Terminations. The Borrower shall have the right at any time and from time to time, upon five (5) Business Days prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent), to terminate the Delayed Draw Term Loan Commitments without premium or penalty and in whole or in part, any partial termination to be (i) in an amount not less than $1,000,000 and in integral multiples of $100,000 (or the remainder of the then available Commitment) and (ii) allocated ratably among the Lenders in proportion to their respective Delayed Draw Term Loan Percentages. The Administrative Agent shall give prompt notice to each Lender of any such reduction or termination of the Delayed Draw Term Loan Commitments.

Appears in 2 contracts

Sources: Credit Agreement (Postal Realty Trust, Inc.), Credit Agreement (Postal Realty Trust, Inc.)