Common use of Reduction of the Commitment Clause in Contracts

Reduction of the Commitment. (a) The Borrower shall have the right, upon at least three Business Days' notice to the Lender, to terminate in whole or reduce in part the unused portions of the Commitment, PROVIDED that the aggregate amount of the Commitment shall not be reduced to an amount that is less than the aggregate principal amount of the Advances then outstanding and PROVIDED, FURTHER, that each partial reduction of the Commitment shall be in the aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof. (b) The Commitment shall automatically be terminated on the Termination Date. (c) Once terminated or reduced, the Commitment may not be reinstated.