Common use of Reductions of the Commitments Clause in Contracts

Reductions of the Commitments. Borrower shall have the right to terminate or reduce the aggregate unused amount of the Commitments of Lenders (other than the portion of the Commitments applicable to Swing Line Loans or issued and outstanding LCs) at any time and from time to time without penalty or premium upon not less than two Business Days prior written notice to Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction and shall be irrevocable once given and effective only upon receipt by Administrative Agent. Administrative Agent will promptly transmit such notice to each Lender. If a Commitment reduction is effected pursuant to this Section 2.12 at a time when the LC Commitment exceeds $100,000,000, or the Swing Line Commitment exceeds $50,000,000, then (a) the LC Commitment shall be automatically and permanently reduced by an amount equal to the lesser of (i) 16.66% of the amount of such Commitment reduction and (ii) the amount by which the LC Commitment exceeds $100,000,000 and (b) the Swing Line Commitment shall be automatically and permanently reduced by an amount equal to the lesser of (i) 8.33% of such Commitment reduction and (ii) the amount by which the Swing Line Commitment exceeds $50,000,000. Additionally, the Swing Line Commitment and the LC Commitment (as the case may be) shall be automatically and permanently reduced from time to time, on the date of any reduction in the Commitments of Lenders, by the amount, if any, by which the applicable Subfacility exceeds the aggregate Commitments of Lenders then in effect, after giving effect to such reduction of the Commitments. Additionally, the Commitments, once terminated or reduced, may not be increased or reinstated.

Reductions of the Commitments. Borrower shall have the right to terminate or reduce the aggregate unused amount of the Commitments of Lenders (other than the portion of the Commitments applicable to Swing Line Loans or issued and outstanding LCs) at any time and from time to time without penalty or premium upon not less than two Business Days prior written notice to Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction and shall be irrevocable once given and effective only upon receipt by Administrative Agent. Administrative Agent will promptly transmit such notice to each Lender. If a Commitment reduction is effected pursuant to this Section 2.12 at a time when the LC Commitment exceeds $100,000,000, or the Swing Line Commitment exceeds $50,000,000175,000,000, then (a) the LC Commitment shall be automatically and permanently reduced by an amount equal to the lesser of (i) 16.6615.0% of the amount of such Commitment reduction and (ii) the amount by which the LC Commitment exceeds $100,000,000 and (b) the Swing Line Commitment shall be automatically and permanently reduced by an amount equal to the lesser of (i) 8.33% of such Commitment reduction and (ii) the amount by which the Swing Line Commitment exceeds $50,000,000175,000,000. Additionally, the Swing Line Commitment and the LC Commitment (as the case may be) shall be automatically and permanently reduced from time to time, on the date of any reduction in the Commitments of Lenders, by the amount, if any, by which the applicable Subfacility exceeds the aggregate Commitments of Lenders then in effect, after giving effect to such reduction of the Commitments. Additionally, the Commitments, once terminated or reduced, may not be increased or reinstated.