Common use of Reduction of Available Commitment Clause in Contracts

Reduction of Available Commitment. Upon any redemption, defeasance, repayment or other payment, or on the fifth day following conversion to a Fixed Rate of all or any portion of the principal amount of the Variable Rate Bonds, the aggregate Available Principal Commitment shall automatically be terminated by an amount equal to the principal amount of the Variable Rate Bonds so redeemed, defeased, repaid or otherwise paid or converted, as the case may be.

Reduction of Available Commitment. Upon any --------------------------------- redemption, defeasance, repayment or other payment, or on the fifth day following conversion to a Fixed Rate of all or any portion of the principal amount of the Variable Rate Bonds, the aggregate Available Principal Commitment shall automatically be terminated by an amount equal to the principal amount of the Variable Rate Bonds so redeemed, defeased, repaid or otherwise paid or converted, as the case may be.