OPTIONAL REDUCTION OF AVAILABLE COMMITMENT Sample Clauses

OPTIONAL REDUCTION OF AVAILABLE COMMITMENT. The Lead Borrower shall have the option at any time, subject to giving the Agent five (5) Business Days irrevocable prior written notice to that effect in the form and substance of Schedule 5.3, to cancel all or part of the Total Commitment and thus permanently reducing the Available Commitment by an equal amount as and from the date that such cancellation takes effect. No such commitment cancellation may be made for less than one million dollars ($1,000,000) or whole multiples thereof, except where the entire balance of the Total Commitment is cancelled. Where on the effective date of a commitment cancellation, the unpaid balance of borrowings is greater than the Total Commitment as reduced pursuant to such cancellation, the Borrower shall pay the difference to the Lenders first by paying down the Floating Rate Loans and, to the extent necessary, by reimbursing Locked-in Borrowings on a timely basis in accordance with the scheduled maturity thereof.