Common use of Reduction and Termination of Commitments Clause in Contracts

Reduction and Termination of Commitments. All Commitments shall terminate on the Termination Date. Upon at least three Business Days' prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent (which notice shall be irrevocable), the Borrower may reduce the Aggregate Commitments in part or terminate the Aggregate Commitments in whole; provided, that (i) any partial reduction shall apply to reduce proportionately and permanently the Commitment of each Lender, (ii) any partial reduction pursuant to this Section 2.6 shall be in an amount of at least $5,000,000 and any larger multiple of $1,000,000, and (iii) no such reduction shall be permitted that would reduce the Aggregate Commitments to an amount less than the outstanding Credit Exposures of all Lenders. On the date of any required prepayment of Loans pursuant to Section 2.9(b), the Commitments shall automatically reduce by an amount equal to such required prepayment (regardless of whether any Loans are outstanding or are prepaid on such date).

Reduction and Termination of Commitments. All (a) Unless previously terminated, all Commitments (including LC Commitments) shall terminate on the Termination Date. . (b) Upon at least three Business Days' prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent (which notice shall be irrevocable), the Borrower may reduce the Aggregate Commitments in part or terminate the Aggregate Commitments in whole; provided, that (i) any partial reduction shall apply to reduce proportionately and permanently the Commitment of each Lender, (ii) any partial reduction pursuant to this Section 2.6 shall be in an amount of at least $5,000,000 and any larger multiple of $1,000,000, and (iii) no such reduction shall be permitted that would reduce the Aggregate Commitments to an amount less than the outstanding Credit Exposures of all Lenders. On Any such reduction in the date Aggregate Commitments below the aggregate principal amount of any required prepayment of Loans pursuant the LC Commitment shall result in an equal reduction to Section 2.9(b), the Commitments shall automatically reduce by an amount equal to such required prepayment (regardless of whether any Loans are outstanding or are prepaid on such date)LC Commitment.