Example ContractsClausesOptional Reduction of Revolving Credit Commitment
Optional Reduction of Revolving Credit Commitment
Optional Reduction of Revolving Credit Commitment contract clause examples
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Commitment Reduction. Each Lender by its execution of this Amendment, hereby acknowledges, agrees and confirms its Commitment in the aggregate principal amount for such Lender as set forth on [Schedule 1.1(b)] attached hereto and its obligation to make its portion of the Revolving Credit CHAR1\1754889v8

Revolving Credit Commitment Fee. Borrower shall pay to Administrative Agent for the ratable account of the Lenders in accordance with their Revolver Percentages a commitment fee (the “Commitment Fee”) at the rate per annum equal to the Applicable Margin (computed on the basis of a year of 360 days and the actual number of days elapsed) on the average daily Unused Revolving Credit Commitments. Such commitment fee shall be payable quarterly in arrears on the last day of each March, June, September, and December in each year (commencing on the first such date occurring after the date hereof) and on the Commitment Termination Date, unless the Revolving Credit Commitments are terminated in whole on an earlier date, in which event the commitment fee for the period to the date of such termination in whole shall be paid on the date of such termination.

Revolving Credit Commitment Fee.Borrower shall pay to Administrative Agent for the ratable account of the Lenders in accordance with their Percentages a commitment fee (the “Commitment Fee”) at the rate per annum equal to the Applicable Margin (computed on the basis of a year of 360 days and the actual number of days elapsed) on the average daily Unused Commitments. Such commitment fee shall be payable quarterly in arrears on the last day of each March, June, September, and December in each year (commencing on the first such date occurring after the date hereof) and on the Commitment Termination Date, unless the Commitments are

Revolving Line of Credit Commitment. Subject to the terms and conditions set forth herein, each Lender severally agrees to lend to Borrower, through one or more Loans, its Commitment Percentage of the lesser of # such Lender’s Committed Sum under the Revolver Facility, or # the Borrowing Base; provided, however, that # each Loan must occur on a Business Day and no later than the Business Day immediately preceding the Maturity Date; and # on any date of determination, after giving effect to the requested Loan, # the Commitment Usage may not exceed the Revolving Commitment then in effect, # the Commitment Usage may not exceed the Available Commitment then in effect, and # for any Lender, its Commitment Percentage of the Commitment Usage may not exceed the lesser of # such Lender’s Committed Sum under the Revolver Facility, or # the Borrowing Base. Revolver Loans may be repaid or re borrowed from time to time in accordance with the terms and provisions herein and in the Loan Documents. The obligation of the Borrower hereunder shall be evidenced by this Agreement and the Notes issued in connection herewith, said Notes to be as described in [Section 2.2(a)] hereof. Notwithstanding any other provision of this Agreement, no Advance shall be required to be made hereunder if any Event of Default (as hereinafter defined) has occurred and is continuing or if any event or condition has occurred or failed to occur which with the passage of time or service of notice, or both, would constitute an Event of Default. Irrespective of the face amount of the Notes, the Lenders shall never have the obligation to Advance any amount or amounts in excess of the Available Commitment or to increase the Borrowing Base. Within the limit of the Revolving Commitment, the Borrower may borrow, repay and re-borrow under this Section 2.1 prior to the Maturity Date.

Revolving Line of Credit Commitment. Subject to the terms and conditions set forth herein, each Lender severally agrees to lend to Borrower, through one or more Loans, its Commitment Percentage of the lesser of # such Lender’s Committed Sum under the Revolver Facility, or # the Borrowing Base; provided, however, that # each Loan must occur on a Business Day and no later than the Business Day immediately preceding the Maturity Date; and # on any date of determination, after giving effect to the requested Loan, # the Commitment Usage may not exceed the Revolving Commitment then in effect, # the Commitment Usage may not exceed the Available Commitment then in effect, and # for any Lender, its Commitment Percentage of the Commitment Usage may not exceed the lesser of # such Lender’s Committed Sum under the Revolver Facility, or # the Borrowing Base. Revolver Loans may be repaid or re borrowed from time to time in accordance with the terms and provisions herein and in the Loan Documents. The Borrowing Base component of the Revolving Commitment shall be reduced by the MonthlyQuarterly Commitment Reduction, if applicable, pursuant to [Section 2.6], on the first (1st) day of each montheach April 15, July 15, October 15 and January 15 during the term hereof., commencing on July 15, 2020. The obligation of the Borrower hereunder shall be evidenced by this Agreement and the Notes issued in connection herewith, said Notes to be as described in [Section 2.2(a)] hereof. Notwithstanding any other provision of this Agreement, no Advance shall be required to be made hereunder if any Event of Default (as hereinafter defined) has occurred and is continuing or if any event or condition has occurred or failed to occur which with the passage of time or service of notice, or both, would constitute an Event of Default. Irrespective of the face amount of the Notes, the Lenders shall never have the obligation to Advance any amount or amounts in excess of the Available Commitment or to increase the Borrowing Base. Within the limit of the Revolving Commitment, the Borrower may borrow, repay and re-borrow under this Section 2.1 prior to the Maturity Date.

Partial Reduction of Total Revolving Commitment. Upon at least three (3[[SunTrustTruist Bank:Organization]] Business Days’ (or such shorter period as the Administrative Agent may in its discretion agree[[SunTrustTruist Bank:Organization]] prior written notice (or telephonic notice confirmed in writing[[SunTrustTruist Bank:Organization]] to the Administrative Agent at its Notice Office (which notice may be conditioned upon the occurrence of any other event and which notice the Administrative Agent shall promptly transmit to each of the Lenders[[SunTrustTruist Bank:Organization]], the Borrowers shall have the right to partially and permanently reduce the Unused Total Revolving Commitment of any Class; provided, however, that # any such reduction shall apply to proportionately (based on each Lender’s Revolving Facility Percentage within each applicable Class[[SunTrustTruist Bank:Organization]] and permanently reduce the Revolving Commitment of each Lender with respect to each applicable Class, # such reduction shall apply to proportionately and permanently reduce the LC Commitment Amount, but only to the extent that the Unused Total Revolving Commitment would be reduced below any such limit, # such reduction shall apply to proportionately and permanently reduce the Swing Line Commitment, but only to the extent that the Unused Total Revolving Commitment would be reduced below any such limit, # no such reduction shall be permitted if any Borrower would be required to make a mandatory prepayment of Loans pursuant to Section 2.13(c[[SunTrustTruist Bank:Organization]](ii[[SunTrustTruist Bank:Organization]] or Section 2.13(c[[SunTrustTruist Bank:Organization]](iii[[SunTrustTruist Bank:Organization]] unless substantially concurrently with such reduction the Borrowers make such mandatory prepayment and # any partial reduction pursuant to this Section 2.12 shall be in the amount of at least $500,000 (or, if greater, in integral multiples of $250,000[[SunTrustTruist Bank:Organization]].

The Company, on behalf of all Borrowers, shall have the right at any time and from time to time upon five (5) Business Days' prior written notice to the Administrative Agent to permanently reduce, in whole multiples of $5,000,000.00 of principal, or terminate the Revolving Credit Commitments without penalty or premium, except as hereinafter set forth, provided that any such reduction or termination shall be accompanied by # the payment in full of any Commitment Fee then accrued on the amount of such reduction or termination and # prepayment of the Revolving Credit Loans, together with the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in [Section 4.8] hereof), to the extent that the Dollar Equivalent Revolving Facility Usage then outstanding exceeds the Revolving Credit Commitments as so reduced or terminated; provided, that any such termination or reduction may be conditioned on the occurrence of any subsequent event (including a change of control or refinancing transaction). From the effective date of any such reduction or termination the obligations of the Borrowers to pay the Commitment Fee pursuant to [Section 2.3] shall correspondingly be reduced or cease.

Revolving Commitment. During the Commitment Period, subject to the terms and conditions hereof, each Revolving Lender severally, but neither jointly nor jointly and severally, agrees to ratably make revolving credit loans in Dollars (each a “Revolving Loan”) and Letters of Credit in Dollars (or any other currency agreed to by the applicable LC Issuer) to the Borrowers for the purposes hereinafter set forth from time to time in an aggregate principal Dollar Amount not to exceed the lesser of:

Revolving Commitment. During the Commitment Period, subject to the terms and conditions hereof, each Lender severally agrees to make revolving credit loans in Dollars (the “Revolving Loans”) to the Borrowers from time to time in the amount of such Lender’s Revolving Commitment Percentage of such Revolving Loans for the purposes hereinafter set forth; provided that # with regard to the Lenders collectively, the aggregate principal amount of Revolving Obligations outstanding at any time shall not exceed the Aggregate Revolving Committed Amount, # with regard to each Lender individually, the aggregate principal amount of such Lender’s Revolving Commitment Percentage of Revolving Obligations outstanding at any time shall not exceed such Lender’s Revolving Committed Amount and # the aggregate principal amount of Revolving Obligations made to the Designated Borrowers outstanding at any time shall not exceed the Designated Borrower Sublimit. Revolving Loans may consist of Base Rate Loans or Term SOFR Loans, or a combination thereof, as the Company may request, and may be repaid and reborrowed in accordance with the provisions hereof. Notwithstanding anything to the contrary contained herein, any Lender (a “Funding Affiliate Lender”) may at its option elect to fund any Revolving Loan to any Designated Borrower that is a Foreign Subsidiary through any foreign or domestic branch or Affiliate (a “Funding Affiliate”) of such Funding Affiliate Lender; provided that # nothing herein shall constitute a commitment by any Funding Affiliate to fund any Revolving Loan, and # if a Funding Affiliate fails to make all or any part of such Revolving Loan, the Funding Affiliate Lender shall be obligated to make such Revolving Loan pursuant to the terms hereof. Each party hereto hereby agrees that # neither the grant to any Funding Affiliate nor the exercise by any Funding Affiliate of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrowers under this Credit Agreement (including its obligations under Sections 3.6, 3.7 and 3.100]0]), # no Funding Affiliate shall be liable for any indemnity or similar payment obligation under this Credit Agreement for which a Lender would be liable and the applicable Lender shall remain liable for each such indemnity and payment obligation, and # the Funding Affiliate Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Credit Document, remain the lender of record hereunder. The making of a Revolving Loan by a Funding Affiliate hereunder shall utilize the Revolving Commitment of the Funding Affiliate Lender to the same extent, and as if, such Revolving Loan were made by such Funding Affiliate Lender.

During the Commitment Period, subject to the terms and conditions hereof, each Lender severally, but not jointly, agrees to make revolving credit loans in Dollars (“Revolving Loans”) to the Company from time to time in an aggregate principal amount of up to THREE HUNDRED SEVENTY FIVE MILLION DOLLARS ($375,000,000) (as such aggregate maximum amount may be reduced from time to time as provided in [Section 2.6], the “Revolving Committed Amount”) for the purposes hereinafter

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