Common use of Termination of Revolver Commitments Clause in Contracts

Termination of Revolver Commitments. (a) The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 15 Business Days prior written notice to Agent, Borrowers may, at their option, terminate the Revolver Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable. On the termination date, Borrowers shall make Full Payment of all Obligations. (b) Concurrently with any termination of the Revolver Commitments, for whatever reason (including an Event of Default), Borrowers shall pay to Agent, for the Pro Rata benefit of Lenders, and as liquidated damages for loss of bargain (and not as a penalty), an amount equal to (i) if the termination occurs during the first or second Loan Year, 1.0% (less 4.17 basis points per month for each month during the first two Loan Years that has passed prior to such termination) of the Revolver Commitments; and (ii) if it occurs thereafter, 0.5% (less 4.17 basis points per month for each month after the end of the second Loan Year that has passed prior to such termination) of the Revolver Commitments. No termination charge shall be payable if (x) termination occurs on the Revolver Termination Date or (y) termination occurs in connection with Full Payment of the Obligations using proceeds of a refinancing credit facility with a commitment amount of not less than $60,000,000 and in which State Bank is given the opportunity but declines to participate. (c) Notwithstanding the forgoing, Borrowers may terminate the Revolver Commitments and this credit facility, upon not less than 15 Business Days prior written notice to Agent, without the payment of the liquidated damages provided for in Section 2.1.4, in the event that Agent exercises its discretion (in lieu of relying on specific exclusionary or reserve language in this Agreement) in relation to the imposition of any Availability Reserve, the determination of eligibility of Borrower Advances for inclusion in the Borrowing Base, or any reduction in the advance rates applicable under the definition of Borrowing Base, the result of which on any date of such exercise of reasonable credit judgment is to reduce the Borrowing Base by an amount greater than twenty-five percent (25%) of the aggregate Revolver Commitments on such date.

Termination of Revolver Commitments. (a) The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 15 Business Days prior written notice to Agent, Borrowers may, at their option, terminate the Revolver Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable. On the termination date, Borrowers shall make Full Payment of all Obligations. (b) Concurrently with any termination of the Revolver Commitments, for whatever reason (including an Event of Default), Borrowers shall pay to Agent, for the Pro Rata benefit of Lenders, and as liquidated damages for loss of bargain (and not as a penalty), an amount equal to (i) if the termination occurs during the first or year following the Fifth Amendment Date, 2.0% ; and if it occurs during the second Loan Yearyear following the Fifth Amendment Date, 1.0% (less 4.17 basis points per month for each month during the first two Loan Years that has passed prior to such termination) of the Revolver Commitments; and (ii) if it occurs thereafter, 0.5% (less 4.17 basis points per month for each month after the end of the second Loan Year that has passed prior to such termination) of the Revolver CommitmentsCommitments (each individually, a “Termination Charge”). No termination charge Termination Charge shall be payable if (x) termination occurs on the Revolver Termination Date or Date, (y) termination occurs in connection with Full Payment of the Obligations using proceeds of a refinancing credit facility with a commitment amount of not less than $60,000,000 and in which State Bank Cadence is given the opportunity but declines to participate, or (z) if Required Lenders shall have failed to approve a request in writing by Borrower to increase the aggregate Revolver Commitments total to an amount equal to or greater than $50,000,000 at any time on or after April 1, 2023 where all the conditions to such request (other than such Required Lender consent) have been satisfied in accordance with Section 2.1.7, no Event of Default has occurred and is continuing as of the date of such written request or on the date of termination of the Revolver Commitments and Borrowers terminate the Revolver Commitments within 120 days of such written request for consent. (c) Notwithstanding the forgoing, Borrowers may terminate the Revolver Commitments and this credit facility, upon not less than 15 Business Days prior written notice to Agent, without the payment of the liquidated damages provided for in Section 2.1.4, in the event that Agent exercises its discretion (in lieu of relying on specific exclusionary or reserve language in this Agreement) in relation to the imposition of any Availability Reserve, the determination of eligibility of Borrower Advances for inclusion in the Borrowing Base, or any reduction in the advance rates applicable under the definition of Borrowing Base, the result of which on any date of such exercise of reasonable credit judgment is to reduce the Borrowing Base by an amount greater than twenty-five percent (25%) of the aggregate Revolver Commitments on such date.

Termination of Revolver Commitments. (a) The Revolver Commitments shall terminate on the Revolver Commitment Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 15 Business Days 30 days prior written notice to Agent, Borrowers Borrower may, at their its option, terminate the Revolver Commitments and this credit facilityfacility prior to the Scheduled Revolving Period End Date. Any notice of termination given by Borrowers Borrower shall be irrevocable. On irrevocable and on the termination dateeffective date of such termination, Borrowers Borrower shall make Full Payment of all Obligations. (b) Concurrently with any termination of the Revolver CommitmentsCommitments and this credit facility during the first two Loan Years, for whatever reason (including an Event of Default), Borrowers Borrower shall pay to Agent, for the Pro Rata benefit of Lenders, Lenders and as liquidated damages for loss of bargain (and not as a penalty), an a termination fee amount equal to (i) if the termination occurs during the first or second Loan Year, 1.02% (less 4.17 basis points per month for each month during the first two Loan Years that has passed prior to such termination) of the Revolver Commitments; and Commitments if the Revolver Commitments are terminated on or before the second anniversary of the Seventh Amendment Effective Date, (ii) 1% if it occurs thereafter, 0.5% (less 4.17 basis points per month for each the Revolver Commitments are terminated after the second anniversary of the Seventh Amendment Effective Date but on or before the last day of the first full month after the end Seventh Amendment Effective Date, and (iii) if the Revolver Commitments are terminated on or after the first day of the second Loan Year that has passed prior month after the second anniversary of the Seventh Amendment Effective Date but on or before the third anniversary of the Seventh Amendment Effective Date, an amount equal to such terminationthe product of (x) the difference between (1) 1% and (2) (A) 0.08333%, times (B) the number of months elapsed since the second anniversary of the Seventh Amendment Effective Date, and (y) the Revolver Commitments. No termination charge shall be payable if (x) termination occurs on after the Revolver Termination Date or (y) termination occurs in connection with Full Payment third anniversary of the Obligations using proceeds of a refinancing credit facility with a commitment amount of not less than $60,000,000 and in which State Bank is given the opportunity but declines to participateSeventh Amendment Effective Date. (c) Notwithstanding the forgoing, Borrowers may terminate the Revolver Commitments and this credit facility, upon not less than 15 Business Days prior written notice to Agent, without the payment of the liquidated damages provided for in Section 2.1.4, in the event that Agent exercises its discretion (in lieu of relying on specific exclusionary or reserve language in this Agreement) in relation to the imposition of any Availability Reserve, the determination of eligibility of Borrower Advances for inclusion in the Borrowing Base, or any reduction in the advance rates applicable under the definition of Borrowing Base, the result of which on any date of such exercise of reasonable credit judgment is to reduce the Borrowing Base by an amount greater than twenty-five percent (25%) of the aggregate Revolver Commitments on such date.