Common use of Reduction of Revolving Credit Commitment Clause in Contracts

Reduction of Revolving Credit Commitment. The Borrower shall have the right, upon at least ten (10) Business Days’ notice to the Lender, to terminate in whole or reduce in part the unused portion of the Revolving Credit Commitment on the following terms and conditions: (i) each partial reduction in the Revolving Credit Commitment shall be in the amount of at least $1,000,000, and if greater than $1,000,000, in increments of $1,000,000; (ii) no reduction in the Revolving Credit Commitment shall be permitted if, after giving effect thereto, and to any prepayment made therewith, the outstanding and unpaid principal amount of the Revolving Credit Loans plus the Letter of Credit Obligations exceeds the Revolving Credit Commitment; and (iii) the Revolving Credit Commitment, once reduced or terminated, may not be reinstated.