Borrowings, Commitment Reductions, Etc Clause Samples
The 'Borrowings, Commitment Reductions, Etc' clause defines the rules and procedures for how a borrower can request new loans, repay outstanding amounts, and reduce or cancel unused portions of a credit facility. Typically, this clause outlines the notice requirements, timing, and conditions under which these actions can be taken, such as minimum amounts for borrowings or reductions and any associated fees. Its core practical function is to provide a clear framework for managing the size and use of the credit facility, ensuring both the lender and borrower understand their rights and obligations regarding the availability and repayment of funds.
Borrowings, Commitment Reductions, Etc. Except as otherwise provided herein:
(i) Each Borrowing, each participation in each Letter of Credit and reduction of the Total Commitment shall be made or shared among Lenders pro rata according to their respective Proportionate Shares;
(ii) Each payment of principal on Loans in any Borrowing shall be shared among Lenders which made or funded the Loans in such Borrowing pro rata according to the respective unpaid principal amounts of such Loans then owed to such Lenders;
(iii) Each payment of interest on Loans in any Borrowing shall be shared among Lenders which made or funded the Loans in such Borrowing pro rata according to (A) the respective unpaid principal amounts of such Loans then owed to such Lenders so made or funded by such Lenders and (B) the dates on which such Lenders so made or funded such Loans;
(iv) Each Reimbursement Payment shall be shared among the Lenders (including Issuing Bank) which made or funded the applicable Drawing Payment pro rata according to the respective amounts of such Drawing Payment so made or funded by such Lenders;
(v) Each payment of Commitment Fees and LC Usage Fees shall be shared among Lenders (except for Defaulting Lenders but including, with respect to LC Usage Fees, Issuing Bank in its capacity as a Lender) pro rata according to their respective Proportionate Shares;
(vi) Each payment of interest (other than interest on Loans) shall be shared among Lenders and Agent owed the amount upon which such interest accrues pro rata according to (A) the respective amounts so owed such Lenders and Agent and (B) the dates on which such amounts became owing to such Lenders and Agent; and
(vii) All other payments under this Agreement and the other Credit Documents shall be for the benefit of the Person or Persons specified.
Borrowings, Commitment Reductions, Etc. Except as otherwise provided herein, (a) each Borrowing and each reduction of the Total Commitment shall be made or allocated among the Lenders pro rata according to their respective Proportionate Shares, (b) each payment of principal and interest on Loans shall be made or shared among the Lenders holding such Loans, pro rata according to their respective Proportionate Shares and (c) each payment of Facility Fees shall be shared among the Lenders pro rata according to (i) their respective Proportionate Shares of the Commitments and (ii) in the case of each Lender which becomes a Lender hereunder after the date hereof, the date upon which such Lender so became a Lender.
Borrowings, Commitment Reductions, Etc. Except as otherwise provided herein:
(i) Each Borrowing shall be made by Lenders pro rata according to their respective Commitments. Each reduction of the Total Commitment shall reduce each Lender's Commitment pro rata.
(ii) Each payment of principal or interest on Loans in any Borrowing shall be shared among Lenders which made or funded the Loans in such Borrowing pro rata according to (A) the respective unpaid principal amounts of such Loans so made or funded by such Lenders and (B) in the case of interest, the dates on which such Lenders so made or funded such Loans.
(iii) Each payment of Commitment Fees shall be shared among Lenders (except for Defaulting Lenders) pro rata according to (A) their respective Proportionate Shares and (B) in the case of each Lender which becomes a Lender hereunder after the date hereof and before the Revolver Termination Date, the date upon which such Lender so became a Lender.
(iv) Each payment of interest (other than interest on Loans) shall be shared among Lenders and Agent owed the amount upon which such interest accrues pro rata according to (A) the respective amounts so owed such Lenders and Agent and (B) the dates on which such amounts became owing to such Lenders and Agent.
(v) All other payments under this Agreement and the other Credit Documents shall be for the benefit of the Person or Persons specified.
Borrowings, Commitment Reductions, Etc. Except as otherwise provided herein:
(i) Each Revolving Loan Borrowing shall be made by the Banks pro rata according to their respective Proportionate Shares at the time of such Revolving Loan Borrowing;
(ii) Each reduction of the Total Revolving Loan Commitment shall be applied to reduce the respective Revolving Loan Commitments of the Banks as provided in Subparagraph 2.02(c);
(iii) Each payment of principal of and interest on Revolving Loans in any Revolving Loan Borrowing shall be made or shared among the Banks holding Revolving Loans in such Revolving Loan Borrowing pro rata according to the respective unpaid principal amounts of such Revolving Loans held by such Banks;
(iv) Each payment of Revolving Loan Commitment Fees and the Fee on Increased Commitment shall be shared among the Banks pro rata according to their respective Proportionate Shares provided that in the case of each Bank which becomes a Bank hereunder after the date hereof, the Revolving Loan Commitment Fees shall be shared with such Bank commencing on the date upon which such Bank so became a Bank; and
(v) All other payments under this Restated Credit Agreement and the other Credit Documents shall be for the benefit of the Person or Persons specified.
Borrowings, Commitment Reductions, Etc. Except as otherwise provided herein, (a) each Borrowing and each reduction of the Total Loan Commitment, the Total Turbine Purchase Loan Commitment or the Total Letter of Credit Commitment shall be made or allocated among the Banks pro rata according to their respective Proportionate Shares of such Loans or Commitments, as the case may be, (b) each payment of principal of and interest on Loans shall be made or shared among the Banks holding such Loans pro rata according to the respective unpaid principal amounts of such Loans held by such Banks and (c) each payment of Commitment Fees, Activation Fees and Letter of Credit Fees shall be shared among the Banks pro rata according to (i) their respective Proportionate Shares of the Commitments to which such fees apply and (ii) in the case of each Bank which becomes a Bank hereunder after the date hereof, the date upon which such Bank so became a Bank.
Borrowings, Commitment Reductions, Etc. Except as otherwise provided herein (including in Section 2.3.3), (a) each Borrowing and each reduction of the Total Commitment shall be made or allocated among the Lenders pro rata according to their respective Proportionate Shares then in effect, (b) each payment of principal and interest on the Loans shall be made pro rata among the holders of the Loans according to the respective principal amounts of the Loans held by them and (c) each payment of Commitment Fees and Lenders Letter of Credit Fees shall be shared among the Lenders pro rata according to their respective Proportionate Shares.
Borrowings, Commitment Reductions, Etc. Except as otherwise provided herein (including in Section 2.3.3), (a) each Borrowing and each reduction of the Total Commitment shall be made or allocated among the Lenders pro rata according to their respective Proportionate Shares then in effect, (b) each payment of principal and interest on the Loans shall be made pro rata among the holders of the Loans according to the respective principal amounts of the Loans held by them and (c) each payment of Commitment Fees and Lenders Letter of Credit Fees shall be shared among the Lenders pro rata according to their respective Proportionate Shares; provided, that for purposes of the sharing of Commitment Fees, the Proportionate Shares shall be calculated as if the Commitment Increase Period was in effect unless and until a Commitment Decrease Event shall have occurred after a Commitment Increase Event shall have occurred.
Borrowings, Commitment Reductions, Etc. Except as otherwise provided herein, (a) each Borrowing consisting of Construction Loans or Term Loans and each reduction of the Total Construction Loan Commitment and Total Term Loan Commitment shall be made or allocated among the Lenders pro rata according to their respective Proportionate Shares of such Loans or Commitments, as the case may be, (b) each payment of principal of and interest on Construction Loans and Term Loans (including any Call Premium) shall be made or shared among the Lenders holding such Loans pro rata according to their respective unpaid principal amounts of such Loans held by such Lenders and (c) each payment of Construction Loan Commitment Fees shall be shared among the Lenders pro rata according to (i) their respective Proportionate Shares of the Commitments held by such Lenders to which such fees apply and (ii) in respect of each Lender which becomes a party to this Agreement hereunder after the Closing Date, the date upon which such Lender so became a party hereunder.
Borrowings, Commitment Reductions, Etc. Except as otherwise provided herein (including the application of funds provided for under Section 2.16(a)(ii) arising from the existence of a Defaulting Lender and the termination of the unused Commitment of a Defaulting Lender provided for under Section 2.16(a)(vi)): (i) Each Revolving Loan Borrowing and reduction of the Total Revolving Loan Commitment shall be made or shared among the Lenders pro rata according to their respective Revolving Proportionate Shares; (ii)
(A) The Closing Date Term Loan Borrowing shall be made or shared among the Closing Date Term Lenders pro rata according to their respective Closing Date Term Proportionate Shares and (B) each Incremental Term Loan Borrowing shall be made or shared among the Incremental Term Lenders and New Lenders with Incremental Term Loan
Borrowings, Commitment Reductions, Etc. Except as otherwise provided herein: