Common use of Optional Reduction Clause in Contracts

Optional Reduction. KIL may, from time to time on any Business Day, voluntarily reduce the Commitment Amount and such voluntary Commitment reductions shall be binding on all Borrowers; provided, however, that all such reductions shall require at least three Business Days’ prior notice to the Administrative Agent and be permanent, and any partial reduction of the Commitment Amount shall be in a minimum amount of $1,000,000 and in an integral multiple of $1,000,000. All voluntary reductions of the Commitment Amount below $30,000,000 shall also reduce the Swingline Loan Commitment.