Common use of Optional Termination and Reduction of Commitments Clause in Contracts

Optional Termination and Reduction of Commitments. (i) The Borrower may at any time terminate, or from time to time reduce, the aggregate Commitments; provided that each reduction of the aggregate Commitments shall be in an amount that is an integral multiple of $1.0 million and not less than $1.0 million. (ii) The Borrower shall notify the Administrative Agent in writing of any election to terminate or reduce the aggregate Commitments under Section 2.06(b)(i) at least three (3) Business Days prior to the effective date of such termination or reduction or such shorter time as the Administrative Agent may agree in writing, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.06(b)(ii) shall be irrevocable; provided that a notice of termination of the aggregate Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit or debt facilities or any other transaction, in which case such notice may be revoked by the Borrower (by written notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the aggregate Commitments shall be permanent and may not be reinstated. Each reduction of the aggregate Commitments shall be made ratably among the Lenders in accordance with each Lender’s Applicable Percentage.

Optional Termination and Reduction of Commitments. (ia) The Borrower WIL may at any time terminate, or from time to time reduce, the aggregate CommitmentsCommit▇▇▇▇▇; provided that (i) each reduction of the aggregate Commitments shall be in an amount that is an integral multiple of $1.0 million 1,000,000 and not less than $1.0 million5,000,000 and (ii) WIL shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.07, the Revolving Credit Exposures would exceed the total Commitments. (iib) The Borrower WIL shall notify the Administrative Agent in writing of any election to terminate or reduce the aggregate Commitments under paragraph (b) of this Section 2.06(b)(i) at least three (3) Business Days prior to the effective date of such termination or reduction or such shorter time as the Administrative Agent may agree in writingreduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower WIL pursuant to this Section 2.06(b)(ii) shall be irrevocable; provided that a notice of termination of the aggregate Commitments delivered by the Borrower WIL may state that such notice is conditioned upon the effectiveness of other o▇ ▇▇▇▇▇ credit or debt facilities or any other transactionfacilities, in which case such notice may be revoked by the Borrower WIL (by written notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the aggregate Commitments shall be permanent and may not be reinstatedpermanent. Each reduction of the aggregate Commitments shall be made ratably among the Lenders in accordance with each Lender’s Applicable Percentagetheir respective Commitments.