Revolving Credit Commitment Reduction Sample Clauses
The Revolving Credit Commitment Reduction clause defines the process by which the total amount available under a revolving credit facility can be decreased, either permanently or temporarily. Typically, this clause allows the borrower to voluntarily reduce the lender's commitment, often by providing advance written notice and specifying the amount to be reduced, and may also outline circumstances under which the lender can require a reduction. Its core practical function is to provide flexibility for the borrower to manage their borrowing needs and obligations, while also protecting the lender by ensuring clear procedures for adjusting the available credit.
Revolving Credit Commitment Reduction. On the Amendment No. 1 Effective Date, the Revolving Credit Commitments shall be automatically and permanently reduced, on a Pro Rata basis, by $150,000,000 in the aggregate.
Revolving Credit Commitment Reduction. Upon the effectiveness of this Agreement, and without any further action of any party hereto, the Revolving Credit Commitments of all of the Accepting Lenders in effect immediately prior to the Loan Modification Effective Date will be reduced, among such Accepting Lenders, to $739,000,000, to the extent applicable. Schedule I attached hereto reflects such reduction in the Revolving Credit Commitments. Notwithstanding anything to the contrary in the Credit Agreement, including Section 2.09(c) thereof, each of the Accepting Lenders hereby consents to the allocations set forth on Schedule I and, solely for any reduction in Revolving Credit Commitments pursuant to this Agreement, waives any requirement that such reduction in Revolving Credit Commitments be made ratably among the applicable Lenders. Each of the Accepting Lenders hereby agrees that the Borrower may make one or more additional Loan Modification Offers to Revolving Credit Lenders that are not Accepting Lenders on substantially the same terms contained in this Agreement and, in connection therewith, may reduce the Revolving Credit Commitments of any Revolving Credit Lender that accepts any such subsequent Loan Modification Offer on a non pro-rata basis, without any further reduction to the Revolving Credit Commitments of the Accepting Lenders, so long as such reductions are effected in a manner commensurate with the reduction set forth in this Section 3; provided that in no event shall the aggregate amount of the Extended Revolving Credit Commitments exceed $750 million.
Revolving Credit Commitment Reduction. Upon the effectiveness of this Amendment, and without any further action of any party hereto, the Revolving Credit Commitments in effect immediately prior to the Amendment No. 1 Effective Date will be reduced to $385,000,000 in the aggregate with such reduction applied on a ratable basis among the Revolving Credit Lenders. Schedule I attached hereto reflects such reduction in the Revolving Credit Commitments.
Revolving Credit Commitment Reduction. After giving effect to reduction of Revolving Credit Commitments contemplated by this Amendment, on the effective date of this Amendment, the Revolving Facility Usage shall not exceed the aggregate Revolving Credit Commitments of the Lenders as so reduced.
Revolving Credit Commitment Reduction. Upon the effectiveness of this Agreement, and without any further action of any party hereto, the Revolving Credit Commitments of all of the Revolving Credit Lenders in effect immediately prior to the Revolving Credit Loan Modification Effective Date will be reduced, on a pro rata basis among such Revolving Credit Lenders and within each Class of Revolving Credit Commitments, by 33%. Schedule 2.01A attached hereto reflects such 33% reduction in the Revolving Credit Commitments.
Revolving Credit Commitment Reduction. The Borrower and each of the Revolving Credit Lenders hereby agrees that, on the Effective Date, the Revolving Credit Commitments of ▇▇▇▇▇▇ (which, immediately prior to the Effective Date, are in the aggregate principal amount of $14,000,000) shall be reduced to zero ($0.00) and the aggregate Revolving Credit Commitments shall correspondingly be reduced to $66,000,000 (the “Revolving Credit Commitment Reduction”); provided that solely for the purposes of calculating the “Total Revolving Credit Commitments” at any time of determination (other than as such term is used in the definition of Revolving Credit Percentage), ▇▇▇▇▇▇’▇ Revolving Credit Commitment shall be deemed to be equal to its Revolving Extensions of Credit at such time. Each of the Revolving Credit Lenders (other than ▇▇▇▇▇▇) hereby agrees that, notwithstanding anything in Section 2.18
Revolving Credit Commitment Reduction. (a) In accordance with Section 2.06 of the Existing Credit Agreement, the aggregate amount of Revolving Credit Commitments shall be reduced by $199,240,506.33.
(b) By delivering its signature page to this Amendment, each of the Revolving Credit Lenders party hereto and the Administrative Agent waive the notice requirement set forth in Section 2.06(a) of the Existing Credit Agreement.