Mandatory Revolving Credit Terminations Sample Clauses

The Mandatory Revolving Credit Terminations clause defines the circumstances under which a lender is required to terminate a borrower's access to revolving credit facilities. Typically, this clause is triggered by specific events such as default, insolvency, or regulatory changes that make continued lending impermissible. In practice, it ensures that the lender can immediately halt further advances and require repayment of outstanding amounts when certain conditions are met. The core function of this clause is to protect the lender by providing a clear mechanism for ending the credit arrangement in situations that significantly increase risk or violate legal requirements.
Mandatory Revolving Credit Terminations. The Revolving Credit Commitments shall terminate and all Obligations not sooner paid shall become due and payable on the Revolving Credit Termination Date.
View SourceView Similar (4)
Mandatory Revolving Credit Terminations. (i) If, after the Closing Date, the Borrower or any Subsidiary shall at any time or from time to time make or agree to make a Disposition or shall suffer an Event of Loss resulting in Net Cash Proceeds in excess of $10,000,000 on a cumulative basis during the term of this Agreement, then (x) the Borrower shall promptly notify the Administrative Agent of such proposed Disposition or Event of Loss (including the amount of the estimated Net Cash Proceeds to be received by the Borrower or such Subsidiary in respect thereof) and (y) on the Business Day of receipt by the Borrower or such Subsidiary of the Net Cash Proceeds of such Disposition or Event of Loss, the Revolving Credit Commitments shall ratably terminate by an amount equal to 100% of the amount of such Net Cash Proceeds in excess of such minimum amount set forth above, provided that, in no event shall the Revolving Credit Commitments be reduced to an amount less than $55,000,000 in the aggregate, provided further, that in the case of each Disposition and Event of Loss, if the Borrower states in its notice of such event that the Borrower or the applicable Subsidiary intends to reinvest, within 120 days of the applicable Disposition or receipt of Net Cash Proceeds from an Event of Loss, the Net Cash Proceeds thereof in assets similar to the assets which were subject to such Disposition or Event of Loss, then so long as no Default or Event of Default then exists, such reduction of the Revolving Credit Commitments shall not occur under this Section in respect of such Net Cash Proceeds to the extent such Net Cash Proceeds are actually reinvested in such similar assets within such 120-day period. Promptly after the end of such 120-day period, the Borrower shall notify the Administrative Agent whether the Borrower or such Subsidiary has reinvested such Net Cash Proceeds in such similar assets, and to the extent such Net Cash Proceeds have not been so reinvested, such reduction of the Revolving Credit Commitments in the amount of such Net Cash Proceeds not so reinvested shall occur, provided that in no event shall the Revolving Credit Commitments be reduced to an amount less than $55,000,000 in the aggregate. The amount of any prepayment resulting from such reduction shall first be applied to the Swing Loans until paid in full and then the Revolving Credit Loans until payment in full thereof with any remaining balance to be held by the Administrative Agent as collateral security for the L/C Obligations. (ii)...
View SourceView Similar (3)
Mandatory Revolving Credit Terminations. If at any time Net Cash Proceeds remain after the prepayment of the Acquisition Financing Notes and Term Notes in full pursuant to Section 3.7(d) hereof, the Acquisition Financing Commitments and the Revolving Credit Commitments shall terminate by an amount equal to 100% of such excess proceeds (first to the Acquisition Financing Commitments until reduced to zero and then to the Revolving Credit Commitments).
View SourceView Similar (2)
Mandatory Revolving Credit Terminations. If at any time net cash proceeds remain after the prepayment of the Term Loans in full pursuant to Section 1.9(b) hereof, the Revolving Credit Commitments shall ratably terminate by an amount equal to 100% of such excess proceeds (it being expressly understood and agreed that any such mandatory termination of the Revolving Credit Commitments hereunder as a result of the foregoing shall be in addition to any and all other rights and remedies that the Banks may have as a result of any breach of the terms of Section 8.13 hereof).
View SourceView Similar (2)
Mandatory Revolving Credit Terminations. On the date of receipt thereof by the Borrower or any Subsidiary, the Revolving Credit Commitments shall ratably terminate by an amount equal to 100% of the net cash proceeds (i.e., gross proceeds of cash or cash equivalent minus reasonable costs directly incurred and payable as a result thereof) of the incurrence after the date of this Agreement of Indebtedness for Borrowed Money by the Borrower or any Subsidiary (other than (x) the Loans hereunder and (y) such other Indebtedness for Borrowed Money permitted by Section 8.13 hereof), it being expressly understood and agreed that any such mandatory termination of the Revolving Credit Commitments hereunder as a result of the foregoing shall be in addition to any and all other rights and remedies that the Banks may have as a result of any breach of the terms of Section 8.13 hereof.
View Source
Mandatory Revolving Credit Terminations. The Commitments shall terminate at the option of Borrower by an amount equal to 100% of the Net Cash Proceeds of any Dispositions received by the Borrower or any Subsidiary in excess of $5,000,000 from the Closing Date. Any such termination of the Commitments shall ratably reduce the Revolving Credit Commitments and Canadian Revolving Credit Commitments.
View Source
Mandatory Revolving Credit Terminations 
View Source

Related to Mandatory Revolving Credit Terminations

  • Termination of Revolving Credit Facility The Revolving Credit Facility and the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date.

  • Provisions Related to Extended Revolving Credit Commitments If the maturity date in respect of any tranche of Revolving Credit Commitments occurs prior to the expiration of any Letter of Credit, then (i) if one or more other tranches of Revolving Credit Commitments in respect of which the maturity date shall not have occurred are then in effect, such Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Credit Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect thereof pursuant to Section 2.03(d)) under (and ratably participated in by Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate principal amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood that no partial face amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i), the Borrower shall Cash Collateralize any such Letter of Credit in accordance with Section 2.17. If, for any reason, such Cash Collateral is not provided or the reallocation does not occur, the Revolving Credit Lenders under the maturing tranche shall continue to be responsible for their participating interests in the Letters of Credit. Except to the extent of reallocations of participations pursuant to clause (i) of the second preceding sentence, the occurrence of a maturity date with respect to a given tranche of Revolving Credit Commitments shall have no effect upon (and shall not diminish) the percentage participations of the Revolving Credit Lenders in any Letter of Credit issued before such maturity date. Commencing with the maturity date of any tranche of Revolving Credit Commitments, the sublimit for Letters of Credit shall be agreed with the Lenders under the extended tranches.

  • Termination or Reduction of Revolving Credit Commitments The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent (which shall promptly notify each Lender thereof), to terminate the Revolving Credit Commitments or, from time to time, to reduce the amount of the Revolving Credit Commitments; provided that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Credit Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Credit Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Credit Commitments then in effect.

  • Voluntary Reduction of Revolving Credit Commitments Upon at least one Business Day’s prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent at the Administrative Agent’s Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right, without premium or penalty, on any day, permanently to terminate or reduce the Revolving Credit Commitments of any Class in whole or in part, provided that (a) any such reduction shall apply proportionately and permanently to reduce the Revolving Credit Commitment of each of the Lenders of such Class of Revolving Credit Commitments, except that (i) notwithstanding the foregoing, in connection with the establishment on any date of any Extended Revolving Credit Commitments (including, without limitation, the 2016 Revolving Credit Commitments) pursuant to Section 2.14(f), the Revolving Credit Commitments of any one or more Lenders providing any such Extended Revolving Credit Commitments on such date shall be reduced in an amount equal to the amount of Revolving Credit Commitments so extended on such date (provided that (x) after giving effect to any such reduction and to the repayment of any Revolving Credit Loans made on such date, the Revolving Credit Exposure of any such Lender does not exceed the Revolving Credit Commitment thereof (such Revolving Credit Exposure and Revolving Credit Commitment being determined in each case, for the avoidance of doubt, exclusive of such Lender’s Extended Revolving Credit Commitment and any exposure in respect thereof) and (y) for the avoidance of doubt, any such repayment of Revolving Credit Loans contemplated by the preceding clause shall be made in compliance with the requirements of Section 5.3(a) with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any conversion pursuant to Section 2.14(f) of Revolving Credit Commitments and Revolving Credit Loans into Extended Revolving Credit Commitments and Extended Revolving Credit Loans pursuant to Section 2.14(f) prior to any reduction being made to the Revolving Credit Commitment of any other Lender) and (ii) Borrower may at its election permanently reduce the Revolving Credit Commitment of a Defaulting Lender to $0 without affecting the Revolving Credit Commitments of any other Lender, (b) any partial reduction pursuant to this Section 4.2 shall be in the amount of at least $5,000,000 and (c) after giving effect to such termination or reduction and to any prepayments of the Loans made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders’ Revolving Credit Exposures shall not exceed the Total Revolving Credit Commitment. As a condition to the effectiveness of each reduction of Revolving Credit Commitments of a Class which is not made proportionately among all Classes of Revolving Credit Commitments, the Borrower shall have repaid any outstanding Revolving Credit Loans and Swingline Loans such that, at the time of the effectiveness of such reduction, there are no Revolving Credit Loans or Swingline Loans outstanding.

  • The Revolving Credit Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, each Revolving Lender severally and not jointly agrees to make Loans to the Borrower (each such Loan, a “Revolving Loan”) from time to time on any Business Day during the period from the Restatement Effective Date through the Final Availability Date, in an aggregate amount not to exceed at any time outstanding the amount set forth opposite such Lender’s name in Schedule 1.1(b) under the heading “Revolving Loan Commitments” (such amount as the same may be reduced or increased from time to time in accordance with this Agreement, being referred to herein as such Lender’s “Revolving Loan Commitment”); provided, however, that, the Lenders shall be under no obligation to fund any requested Borrowing of Revolving Loans to the extent that such requested Borrowing, if funded, would cause the aggregate principal amount of all outstanding Revolving Loans to exceed the Maximum Revolving Loan Balance. Subject to the other terms and conditions hereof, amounts borrowed under this subsection 1.1(b) may be repaid and reborrowed from time to time. The “Maximum Revolving Loan Balance” from time to time will be the lesser of: