Common use of Voluntary Prepayments Commitment Reductions Clause in Contracts

Voluntary Prepayments Commitment Reductions. The Maker shall have the right at any time, and from time to time, in its sole discretion, to (i) prepay, without premium or penalty, the obligations outstanding under this Note in whole or in part without notice to the Noteholder and/or (ii) reduce the Commitment Amount under this Note in whole or in part upon prior written notice to the Noteholder, in each case, in a minimum principal amount of Five Hundred Thousand U.S. Dollars (U.S.$500,000), with the proceeds of any such prepayment contemplated by the foregoing clause (i) to be applied in accordance with Section 2(f) below, it being expressly understood and agreed that (A) any such prepayment contemplated by the foregoing clause (i) shall not reduce the Commitment Amount and (B) any reduction of the Commitment Amount pursuant to the foregoing clause (ii) may, at the election of the Maker, be made conditional on the consummation of any transaction specified by the Maker in its notice of such reduction.