Common use of Reduction or Cancellation of Commitments Clause in Contracts

Reduction or Cancellation of Commitments. Borrower may, upon three (3) Business Days written notice to Agent (and, in the case of the LC Commitment, to Issuing Lender), permanently reduce the Total Revolving Loan Commitment or the LC Commitment by the amount of One Million Dollars ($1,000,000) or an integral multiple of One Million Dollars ($1,000,000) in excess thereof or cancel the Total Revolving Loan Commitment or LC Commitment in its entirety; provided, however, that: (i) Borrower may not reduce the Total Revolving Loan Commitment prior to the Revolving Loan Maturity Date, if, after giving effect to such reduction, the Outstanding Facilities Credit would exceed the Total Revolving Loan Commitment; and (ii) Borrower may not cancel the Total Revolving Loan Commitment prior to the Revolving Loan Maturity Date, if, after giving effect to such cancellation, any Revolving Loans or Letters of Credit would then remain outstanding.

Reduction or Cancellation of Commitments. Borrower may, upon three (3) Business Days written notice to Administrative Agent (and, in the case of the LC Commitment, to Issuing LenderBank), permanently reduce the Total Revolving Loan Commitment or the LC Commitment by the amount of One Million Dollars ($1,000,000) or an integral multiple of One Million Dollars ($1,000,000) in excess thereof or cancel the Total Revolving Loan Commitment or LC Commitment in its entirety; provided, however, that: (i) Borrower may not reduce the Total Revolving Loan Commitment prior to the Revolving Loan Maturity Date, if, after giving effect to such reduction, the Outstanding Facilities Credit would exceed the Total Revolving Loan Commitment; and (ii) Borrower may not cancel the Total Revolving Loan Commitment prior to the Revolving Loan Maturity Date, if, after giving effect to such cancellation, any Revolving Loans or Letters of Credit would then remain outstanding.