Common use of Optional Reduction and Termination of Loan Commitment Clause in Contracts

Optional Reduction and Termination of Loan Commitment. (a) Upon three (3) Business Days’ written notice to the Lender signed by each Borrower, the Borrowers may terminate the Loan Commitment, or permanently reduce the Loan Commitment to an amount not less than the then Outstanding Amount of all Loans, provided that each partial reduction of the Loan Commitment shall be in integral multiples of $1,000,000 or more. (b) Each reduction of the Loan Commitment shall be accompanied by a reduction of the Borrower Sublimit of each Borrower in the proportion the Borrower Sublimit of such Borrower bears to the aggregate Borrower Sublimits for both Borrowers.

Optional Reduction and Termination of Loan Commitment. (a) Upon three (3) Business Days’ written notice to the Lender signed by each Borrower, the Borrowers may terminate the Loan Commitment, or permanently reduce the Loan Commitment to an amount not less than the then Outstanding Amount of all Loans, provided that each partial reduction of the Loan Commitment shall be in integral multiples of $1,000,000 or more. (b) Each reduction of the Loan Commitment shall be accompanied by a reduction of the Borrower Sublimit of each Borrower in the proportion the Borrower Sublimit of such Borrower bears to the aggregate Borrower Sublimits for both all Borrowers.