Common use of Reduction or Termination of the Credit Clause in Contracts

Reduction or Termination of the Credit. The Borrower may from time to time, upon at least five Banking Days' prior written or telephonic notice received by the Bank, permanently reduce the amount of the Credit, but only upon payment of the unpaid principal amount of the Loans, if any, in excess of the then reduced amount of the Credit, plus (i) accrued interest to the date of such payment on the principal amount being repaid, if any, and (ii) any amount required to indemnify the Bank pursuant to Section 2.6 in respect of such payment. Any such reduction shall be in a minimum amount of $1,000,000 or in an integral multiple of $1,000,000 in excess thereof. The Borrower may at any time on like notice terminate the Credit upon payment in full of (a) the Loans, (b) accrued interest thereon to the date of such payment, (c) any amount required to indemnify the Bank pursuant to Section 2.6 in respect of such payment, and (d) any other liabilities of the Borrower hereunder. The Borrower shall promptly confirm any telephonic notice of reduction or termination of the Credit in writing.