Common use of Early Termination of Commitment Clause in Contracts

Early Termination of Commitment. The Borrower may at any time terminate the Bank's (including any Offshore Credit Provider's) commitment to extend credit hereunder by giving no less than five Business Days' prior notice to the Bank and paying in full the entire amount of credit outstanding hereunder (including the L/C Outstanding Amount and Bank Guaranty Outstanding Amount), together with any sums due under Section 3.11. Payments to be applied to outstanding letters of credit and drafts accepted under letters of credit and Bank Guaranties may, at the Bank's option, be used to prepay, or held as cash collateral to secure, the Borrower's and Acceptable Subsidiaries' obligations to the Bank with respect thereto. All accrued commitment fees to, but not including the effective date of any termination of the commitment, shall be paid on the effective date of such termination.