Mandatory Commitment Reduction definition

Mandatory Commitment Reduction means any reduction of the Commitment made under the Credit Agreement pursuant to Section 2.06(b) of the Credit Agreement.
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Mandatory Commitment Reduction has the meaning set forth in Section 2.04(c).
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Mandatory Commitment Reduction means those monthly or quarterly reductions to the Revolving Commitment determined in connection with any future determination of the Borrowing Base under Section 2.6.
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Examples of Mandatory Commitment Reduction in a sentence

  • Any of the Term Lenders that wishes to decline its Pro Rata Share of such reduction of the Term Facility (and its corresponding prepayment of the outstanding Term Advances owing to it on the related Mandatory Commitment Reduction Date) (a "DECLINING LENDER") shall give written notice thereof to the Administrative Agent not later than 12:00 Noon (New York City time) on the Business Day immediately preceding the related Mandatory Commitment Reduction Date.

  • If a Default or Event of Default (other than non-monetary Events of Default occurring as a direct consequence of such casualty loss or condemnation) has occurred hereunder and is then continuing, such amount may, at the option of Requisite Lenders, be applied as a Mandatory Commitment Reduction.

  • Promptly following any Mandatory Commitment Reduction Date, the Borrower shall deliver to the Administrative Agent notice of any reduction in the Commitments on such date pursuant to this subsection (b).

  • The Mandatory Prepayment Funds shall first be applied to the Collective Facilities on a pro rata basis based on the principal amount, as of the date of the applicable prepayment, of outstanding Advances (as such term is defined herein or in the 2021 Term Loan Agreement, as applicable) in an amount equal to the Mandatory Commitment Reduction.

  • Mandatory Commitment Reduction; Commitment Termination; Cash Collateral...................27 SECTION 2.13.

  • If, at the end of such thirty (30) days, any Lender has not communicated its approval or disapproval of any proposed Borrowing Base or Mandatory Commitment Reduction in writing to the Administrative Agent, such silence shall be deemed to be an approval of the proposed Borrowing Base and Mandatory Commitment Reduction, respectively.

  • Mandatory Commitment Reduction and Prepayments upon Equity Issuance.........................................................

  • Each Mandatory Commitment Reduction in this clause (d) will be in addition to, and will not be reduced by, any (x) other mandatory commitment reduction or (y) optional commitment reduction.

  • The Mandatory Prepayment Funds shall first be applied to the Collective Facilities on a pro rata basis based on the principal amount, as of the date of the applicable prepayment, of outstanding Advances (as such term is defined herein or in the Consolidated Credit Agreement, as applicable) in an amount equal to the Mandatory Commitment Reduction.

  • The Administrative Agent shall by notice to the Borrower designate such amount as the new Borrowing Base and Mandatory Commitment Reduction available to the Borrower hereunder, which designation shall take effect immediately on the date such notice is sent and shall remain in effect until but not including the next Determination Date.


More Definitions of Mandatory Commitment Reduction

Mandatory Commitment Reduction is defined in Section 2.4(c).
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Mandatory Commitment Reduction means a permanent reduction of the Aggregate Commitment and Maximum Permitted Balance as may be required from time to time under Sections 5.01 and 8.02 or pursuant to the requirements for use of Make Well Contributions in the determination of Adjusted EBITDA.
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Related to Mandatory Commitment Reduction

  • Commitment Reduction Notice has the meaning given that term in Section 2.13.

  • Replacement Revolving Commitments shall have the meaning assigned to such term in Section 2.22.

  • Total Utilization of Revolving Loan Commitments means, as at any date of determination, the sum of (i) the aggregate principal amount of all outstanding Revolving Loans plus (ii) the aggregate principal amount of all outstanding Swing Line Loans plus (iii) the Letter of Credit Usage.

  • Revolving Committed Amount shall have the meaning set forth in Section 2.1(a).

  • Revolving Commitment Amount means the Revolving Commitment amount (if any) set forth adjacent to such Lender’s name on Schedule A attached hereto (or, in the case of any Lender that became party to this Agreement after the Closing Date pursuant to Section 16.3(c) or (d) hereof, the Revolving Commitment amount (if any) of such Lender as set forth in the applicable Commitment Transfer Supplement).