Common use of Optional Reduction and Termination of Commitments Clause in Contracts

Optional Reduction and Termination of Commitments. Borrower shall have the right to terminate in whole or reduce in part the unused portion of the Commitments upon at least three (3) Business Days' prior written notice (which notice shall be irrevocable) to the Administrative Agent specifying the effective date thereof, whether a termination or reduction is being made, and the amount of any partial reduction, provided that each partial reduction shall be in the amount of $1,000,000.00 or a greater integral multiple thereof and Borrower shall simultaneously prepay the amount by which the unpaid principal amount of the Notes exceeds the Commitments (after giving effect to such notice) plus accrued and unpaid interest on the principal amount so prepaid. No portion of the Commitments may be reinstated after it has been terminated or reduced.