Common use of REDUCTION OR TERMINATION Clause in Contracts

REDUCTION OR TERMINATION. On or after the Closing Date, Borrower may upon at least three (3) Banking Days’ notice to Agent at the Agency Office, permanently terminate in whole at any time, or ratably reduce from time to time by an aggregate amount of Five Million Dollars ($5,000,000) or an integral multiple of One Million Dollars ($1,000,000) in excess thereof, the Aggregate Commitments to an amount that is not less than the sum of the aggregate outstanding principal amount of all Loans and the L/C Outstandings, after giving effect to any repayments of the Loans effected on the date of such reduction. All such reductions shall be permanent. If the Commitments are terminated in their entirety, all accrued Fees in respect thereof shall be payable on the effective date of such termination. Agent shall give prompt notice to the Banks of any such termination or reduction.

REDUCTION OR TERMINATION. On or after the Closing Date, Borrower may upon at least three (3) Banking Days’ ' notice to Agent at the Agency Office, permanently terminate in whole at any time, or ratably reduce from time to time by an aggregate amount of Five Million Dollars ($5,000,000) or an integral multiple of One Million Dollars ($1,000,000) in excess thereof, the Aggregate then unutilized Commitments of the Banks, to an amount that is does not less than exceed the sum of the aggregate outstanding principal amount of all Loans and the L/C OutstandingsLoans, after giving effect to any repayments of the Loans effected on the date of such reduction. All such reductions shall be permanent. If the Commitments are terminated in their entirety, all accrued Fees in respect thereof shall be payable on the effective date of such termination. Agent shall give prompt notice to the Banks of any such termination or reduction.