Example ContractsClausesCommitment
Commitment
Commitment contract clause examples

Partial Reduction of Total Revolving Commitment. Upon at least three Business Days’ prior irrevocable written notice (or telephonic notice confirmed in writing) to the Administrative Agent at its Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right to partially and permanently reduce the Unused Total Revolving Commitment; provided, however, that # any such reduction shall apply to proportionately, except as set forth in Sections 2.18 (based on each Lender’s Revolving Facility Percentage) and permanently reduce the Revolving Commitment of each Lender, # such reduction shall apply to proportionately, except as set forth in Sections 2.18, and permanently reduce the LC Commitment Amount, but only to the extent that the Unused Commitment would be reduced below any such limits, # no such reduction shall be permitted if the Borrower would be required to make a mandatory prepayment of Loans or cash collateralize Letters of Credit pursuant to [Section 2.13], and # any partial reduction shall be in the amount of at least $5,000,000 (or, if greater, in integral multiples of $1,000,000).

Subject to the terms and conditions hereof, each Issuing Lender agrees # to issue Letters of Credit from time to time on a Domestic Business Day not less than 30 days prior to the Termination Date upon the request of each Borrower and to amend Letters of Credit previously issued by it in accordance with subsection # of this Section 2.18 and # to honor drawings under the Letters of Credit; provided that, immediately after each Letter of Credit is issued, # the Total Outstanding Amount shall not exceed the aggregate amount of the Commitments, # the aggregate amount of Letter of Credit Liabilities of all Lenders shall not exceed $1,200,000,000, # the aggregate amount of Letter of Credit Liabilities in respect of Letters of Credit issued by any Issuing Lender shall not exceed $100,000,000 without the consent of such Issuing Lender and # the aggregate outstanding principal amount of Loans to any Borrower plus the aggregate amount of Letter of Credit Liabilities for the account of such Borrower shall not exceed the Maximum Availability of such Borrower; provided further that Barclays Bank PLC shall only be required to issue standby Letters of Credit. Upon the date of issuance by an Issuing Lender of a Letter of Credit, the Issuing Lender shall be deemed, without further action by any party hereto, to have sold to each Lender, and each Lender shall be deemed, without further action by any party hereto, to have purchased from the Issuing Lender, a participation in such Letter of Credit and the related Letter of Credit Liabilities in the proportion its respective Commitment bears to the aggregate Commitments. Letters of Credit outstanding under the Existing Revolving Credit Agreement on the Effective Date shall be deemed to be issued on such date under this Agreement.

Commitment of Time and Resources 11.03 Investment Opportunities and Allocation 11.05 Relationship with Directors and Officers ARTICLE 12.

Commitment” means a Revolving Credit Commitment, Incremental Revolving Credit Commitment, Non-Extended Revolving Credit Commitment, Extended Revolving Credit Commitment, Extending Revolving Credit Commitment of a given Extension Series, Other Revolving Credit Commitment of a given Refinancing Series, Initial Term Commitment, First Incremental Commitment, Second Incremental Commitment, Third Incremental Commitment, Additional Initial Term B-1 Commitment, Additional Incremental Term B-1 Commitment, Fourth Incremental Commitment, Incremental Term Commitment, Refinancing Term Commitment of a given Refinancing Series, commitment in respect of any Non-Extended Term Loans, commitment in respect of any Extended Term Loans or commitment in respect of any Extending Term Loans, as the context may require.

"Commitment" means a Facility A Commitment, a Facility B Commitment, a Facility C Commitment or a Facility D Commitment.

No Reallocation shall result in # any Domestic Lender having a positive Canadian Commitment, U.K. Commitment or PR Commitment if such Domestic Lender, or its affiliate, did not have such positive Canadian Commitment, U.K. Commitment or PR Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or # any U.K. Lender having a positive Canadian Commitment or PR Commitment if such U.K. Lender, or its affiliate, did not have such positive Canadian Commitment or PR Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (32) any Canadian Lender having a positive U.K. Commitment or PR Commitment if such Canadian Lender, or its affiliate, did not have such positive U.K. Commitment or PR Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (43) any PR Lender having a positive U.K. Commitment or Canadian Commitment if such PR Lender, or its affiliate, did not have such positive U.K. Commitment or Canadian Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date.

Commitment” means a Domestic Commitment, a Canadian Commitment, a U.K. Commitment and/or a PR Commitment, as the context may require.

Application of Commitment Reductions; Payment of Fees. The Administrative Agent will promptly notify the Appropriate of any termination or reduction of unused portions of the Letter of Credit Sublimit or the Swing Line Sublimit or the unused Commitments of any Class under this ‎Section 2.06. Upon any reduction of unused Commitments of any Class, the Commitment of each Lender of such Class shall be reduced by such Lender’s Pro Rata Share of the amount by which such Commitments are reduced (other than the termination of the Commitment of any Lender as provided in ‎[Section 3.07]). All commitment fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.

""Term Loan Commitment" means, with respect to each Lender, the Original Term Loan Commitment, the Term A Loan Commitment, the Term A-1 Loan Commitment and/or the Term A-2 Loan Commitment of such Lender."

Incremental Commitment” means an Incremental Revolving Commitment or an Incremental Term Loan Commitment.

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.