Common use of Reduction and Termination of Commitments Clause in Contracts

Reduction and Termination of Commitments. (a) After the Closing Date, Borrower may from time to time, upon at least 30 days' prior notice to the Agent prior to the beginning of a calendar quarter, receipt of which notice Agent shall promptly notify the Banks, temporarily reduce, for such calendar quarter, the unused portion of the Revolving Commitments of all Banks by an aggregate amount of up to $10,000,000, in minimum multiples of $1,000,000 (such reduced Commitment, the "Unavailable Commitment"). Each Unavailable Commitment shall automatically be restored at the end of the applicable calendar quarter, subject to Borrower's continuing rights to make temporarily reductions, or to terminate or permanently reduce unused portions of the Revolving Commitments, hereunder in accordance with the applicable provisions of this Section 2.7. For purposes of this Agreement, the face amount of each outstanding Letter of Credit shall constitute a used portion of the Revolving Commitments of the Banks.