Common use of Reduction or Termination of Commitment Clause in Contracts

Reduction or Termination of Commitment. (a) The Borrower shall have the right, upon at least five (5) Business Days' prior written notice to the Agent, to reduce permanently the Commitments in whole at any time, or in part from time to time, to an amount not less than the aggregate principal balance of the Loans then outstanding (after giving effect to any contemporaneous prepayment thereof in accordance with Section 2.8) in the case of the Commitments to make Loans, and the then current L/C Exposure in the case of Commitments to issue Letters of Credit, in either case, without premium or penalty and provided that each partial reduction of the Commitments shall be in an amount equal to $1,000,000 or such greater amount which is an integral multiple thereof. Any partial reduction of the Commitments shall be made among the Lenders in accordance with their respective pro rata share of the Commitments of the applicable type, except as otherwise set forth on the Schedule of Commitments attached as Schedule 1.1 hereto. (b) Simultaneously with each such termination or reduction of the Commitments, the Borrower shall pay to the Agent for the benefit of each Lender all accrued and unpaid Commitment Fees on the amount of the Commitment so terminated or reduced through the date of such termination or reduction.

Reduction or Termination of Commitment. (a) The Borrower shall have the right, upon at least five (5) Business Days' prior written notice to the Agent, to reduce permanently the Commitments in whole at any time, or in part from time to time, to an amount not less than the aggregate principal balance of the Loans then outstanding (after giving effect to any contemporaneous prepayment thereof in accordance with Section 2.8) in the case of the Commitments to make Loans, and the then current L/C Exposure in the case of Commitments to issue Letters of Credit, in either case, without premium or penalty and provided that each partial reduction of the Commitments shall be in an amount equal to $1,000,000 or such greater amount which is an integral multiple thereof. Any partial reduction of the Commitments shall be made among the Lenders in accordance with their respective pro rata share of the Commitments of the applicable type, except as otherwise set forth on the Schedule of Commitments attached as Schedule 1.1 hereto. (b) Simultaneously with each such termination or reduction of the Commitments, the Borrower shall pay to the Agent for the benefit of each Lender all accrued and unpaid Commitment Fees on the amount of the Commitment so terminated or reduced through the date of such termination or reduction.