Common use of Optional Commitment Reductions Clause in Contracts

Optional Commitment Reductions. Upon three Business Days' prior notice from an Authorized Representative of the Borrower to the Lender at the Notice Office the Borrower shall have the right, at any time or from time to time, without premium or penalty, to terminate the Total Unutilized Revolving Commitment in whole or reduce it in part, pursuant to this Section 3.02, in an integral multiple of $5,000,000.

Optional Commitment Reductions. Upon three Business Days' prior notice from an Authorized Representative a Responsible Officer of the Borrower to the Lender Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right, at any time or from time to time, without premium or penalty, to terminate the Total Unutilized Revolving Commitment in whole or reduce it in part, pursuant to this Section 3.02, in an integral multiple of $5,000,000, provided that each such reduction shall apply proportionately to permanently reduce the Commitment of each Lender.