Termination, Reduction and Increase of Commitments. (a) Each Lender’s Commitment shall be automatically and permanently reduced on each date on which a Borrowing is made under Section 2.1 by an aggregate amount equal to such Lender’s Ratable Portion of the Borrowing made on such date. (b) All Commitments shall automatically and permanently terminate on the Termination Date.
Appears in 2 contracts
Sources: Secured Super Priority Debtor in Possession Multiple Draw Term Loan Agreement (Pliant Corp), Secured Super Priority Debtor in Possession Multiple Draw Term Loan Agreement (Greenville Tube CO)