Common use of Termination and Reduction of Commitment Clause in Contracts

Termination and Reduction of Commitment. (a) The Commitment shall be automatically and permanently terminated on the Maturity Date unless sooner terminated pursuant to subsection (b) below or Section 8.2. (b) At any time and from time to time after the date hereof, upon not less than five (5) Business Days' prior written notice to the Lender, the Borrower, without premium or penalty, may terminate in whole or reduce in part the Unutilized Commitment, provided that any such partial reduction shall be in an aggregate amount of not less than $1,000,000 or, if greater, an integral multiple thereof. The amount of any termination or reduction made under this subsection (b) may not thereafter be reinstated.

Termination and Reduction of Commitment. (a) The Commitment shall be automatically and permanently terminated on the Maturity Date unless sooner terminated pursuant to subsection (b) below or Section 8.2. (b) At any time and from time to time after the date hereof, upon not less than five (5) Business Days' prior written notice to the Lender, the Borrower, without premium or penalty, may terminate in whole or reduce in part the Unutilized Commitment, provided that any such partial reduction shall be in an aggregate amount of not less than $1,000,000 or, if greater, an integral multiple thereof. The amount of any termination or reduction made under this subsection (b) may not thereafter be reinstated. Upon such permanent reduction, the Certificate of Deposit will be reduced in an equal amount without penalty for early withdrawal.