Common use of Reduction of the Commitment Clause in Contracts

Reduction of the Commitment. 1. Upon the occurrence of a Change in Control, then, in such event the Lender may, at its sole option upon written notice to the Borrower (a "Termination Notice"), declare the obligation of the Lender to make Advances to be terminated, whereupon the same shall forthwith terminate and the Commitment shall reduce to zero. 2. The Borrower may, upon at least two Business Days' prior notice to the Lender, permanently terminate in whole or permanently reduce ratably in part the Commitment of the Lender; provided, however, that (i) each partial reduction shall be in the aggregate amount of not less than $1,000,000 or an integral multiple of $100,000 in excess thereof, and (ii) no such reduction shall result in an overdraft status as provided in Section 2.06(c)(ii). 3. If the Borrower receives a commitment from a Financial Institution Lender for Financial Institution Senior Indebtedness, then, upon the funding of the first advance under such Financial Institution Senior Indebtedness, the Lender may, at its sole discretion, reduce the amount of its Commitment pro rata in an amount equal to the amount of the commitment for Financial Institution Senior Indebtedness received by the Borrower.

Reduction of the Commitment. 1. Upon the occurrence of a Change in Control, then, in such event the Lender may, at its sole option upon written notice to the Borrower (a "Termination Notice"), declare the obligation of the Lender to make Advances to be terminated, whereupon the same shall forthwith terminate and the Commitment shall reduce to zero. 2. The Borrower may, upon at least two Business Days' prior notice to the Lender, permanently terminate in whole or permanently reduce ratably in part the Commitment of the Lender; provided, however, that (i) each partial reduction shall be in the aggregate amount of not less than $1,000,000 or an integral multiple of $100,000 in excess thereof, and (ii) no such reduction shall result in an overdraft status as provided in Section 2.06(c)(ii). 3. If the Borrower receives a commitment from a Financial Institution Lender for Financial Institution Senior Indebtedness, then, upon the funding of the first advance under such Financial Institution Senior Indebtedness, the Lender may, at its sole discretion, reduce the amount of its Commitment pro rata in an amount equal to the amount of the commitment for Financial Institution Senior Indebtedness received by the Borrower.