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

Reduction and Termination of Revolving Commitments. (a) Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to Agent to reduce by $1,000,000 or an integral multiple of $1,000,000 in excess thereof (provided that in no event shall the aggregate Revolving Commitments be reduced in such manner to an amount less than the greatest of (i) $10,000,000, (ii) the LC Sublimit and (iii) the Swing Line Sublimit) whereupon the Revolving Commitments of Lenders shall be reduced pro rata in accordance with their respective Percentages of the amount specified in such notice, any such reduction to be without penalty except as otherwise set forth in §4.8. Promptly after receiving any notice from Borrower delivered pursuant to this §2.9(a), Agent will notify Lenders of the substance thereof. Upon the effective date of any such reduction, Borrower shall pay to Agent for the respective accounts of Lenders the amount, if any, by which the then Outstanding Revolving Loans exceed the Revolving Commitments of all Lenders as so reduced and the full amount of the Facility Fee under §2.4 then accrued on the amount of the reduction. No reduction of the Revolving Commitments may be reinstated. (b) Borrower shall have the right at any time upon five (5) Business Days prior written notice to Agent to terminate the Revolving Commitments of Lenders to make any Loans under this Agreement. Upon the effective date of such termination, Borrower shall pay in full the principal and interest on the Outstanding Revolving Loans, if any, without penalty except as otherwise set forth in §4.8, and pay the full amount of the Facility Fee under §2.4 then accrued, whereupon this Agreement shall terminate and the obligations of the parties hereto shall terminate except for such obligations that survive termination of this Agreement as specifically provided herein.