Common use of Ratable Reduction or Termination Clause in Contracts

Ratable Reduction or Termination. The Borrower shall have the right, upon at least three Business Days’ notice (or, if later, upon notice provided substantially concurrently with the delivery of a Notice of Borrowing pursuant to Section 2.02(a)(x)) to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the unused portions of Commitments of the Lenders; provided that each partial reduction shall be in an aggregate amount of not less than $50,000,000 and an integral multiple of $5,000,000 in excess thereof; provided further that any such notice may state that such notice is conditioned upon the effectiveness of other credit facilities or the consummation of a specific transaction, in which case such notice may be revoked by the Borrower if such condition is not satisfied; provided further that, for the avoidance of doubt and for purposes of the Ticking Fee Letter, the Commitments shall, if not yet drawn upon, expire and terminate at 11:59 p.m. (Chicago time) on June 30, 2018.