Changes of Loan Commitments Sample Clauses
The "Changes of Loan Commitments" clause defines the terms and procedures under which the amount, duration, or other key aspects of a lender's commitment to provide a loan can be modified. Typically, this clause outlines the circumstances that permit changes, such as mutual agreement between the borrower and lender, regulatory requirements, or specific events like a change in financial condition. It may also specify notice requirements and any necessary approvals for such changes. The core function of this clause is to provide a clear framework for adjusting loan commitments, thereby ensuring flexibility for both parties while maintaining transparency and predictability in the lending relationship.
Changes of Loan Commitments. (a) At any time, Borrower shall have the right, without premium or penalty, to terminate any unused Loan Commitments existing as of the date of such termination, in whole or in part, from time to time, provided that: (1) Borrower shall give notice of each such termination to Administrative Agent (which shall promptly notify each of the Banks) no later than 10:00 a.m. (New York time) on the date which is three (3) Banking Days prior to the effectiveness of such termination; (2) the Loan Commitments of each of the Banks must be terminated (and, in the case of a partial termination, on a pro rata basis) (taking into account, however, Section 2.02(h)) and simultaneously with those of the other Banks; (3) each partial termination of the Loan Commitments in the aggregate (and corresponding reduction of the Total Loan Commitment) shall be in an integral multiple of One Million Dollars ($1,000,000); and (4) Borrower may not reduce the aggregate amount of the Loan Commitments below One Hundred Twenty-Five Million Dollars ($125,000,000) unless the Borrower is terminating the Total Loan Commitments in full. A reduction of the unused Loan Commitments pursuant to this Section 2.15 shall not effect a reduction in the Swingline Commitment (unless so elected by the Borrower) until the aggregate unused Loan Commitments have been reduced to an amount equal to or less than the Swingline Commitment.
(b) The Loan Commitments and the Swingline Commitment, to the extent terminated pursuant to this Section 2.15, may not be reinstated.
(c) Unless a Default under Section 9.01(1) or 9.01(5) or an Event of Default has occurred and is continuing, Borrower, by written notice to Administrative Agent, may request on up to four (4) occasions during the term of this Agreement that the Total Loan Commitment be increased by an amount not less than Twenty-Five Million Dollars ($25,000,000) per request and not more than Four Hundred Million Dollars ($400,000,000) in the aggregate (such that the Total Loan Commitment after such increase shall never exceed Nine Hundred Million Dollars ($900,000,000)); provided that for any such request (a) the Borrower shall not have delivered an Extension Notice prior to, or simultaneously with, such request, (b) any Bank which is a party to this Agreement prior to such request for increase, at its sole discretion, may elect to increase its Loan Commitment but shall not have any obligation to so increase its Loan Commitment and (c) such request shall be accompa...
Changes of Loan Commitments. (a) At any time, Borrower shall have the right, without premium or penalty, to terminate any unused Loan Commitments existing as of the date of such termination, in whole or in part, from time to time, provided that: (1) Borrower shall give notice of each such termination to Administrative Agent (which shall promptly notify each of the Banks) no later than 10:00 a.m. (New York time) on the date which is three (3) Banking Days prior to the effectiveness of such termination; (2) the Loan Commitments of each of the Banks must be terminated (and, in the case of a partial termination, on a pro rata basis) (taking into account, however, Section 2.02(h)) and simultaneously with those of the other Banks; and (3) each partial termination of the Loan Commitments in the aggregate (and corresponding reduction of the Total Loan Commitment) shall be in an integral multiple of One Million Dollars ($1,000,000).
(b) If Borrower does not make Loan Borrowings in the minimum amounts and by the applicable dates required for compliance with clauses (i) and (ii) of the proviso to Section 2.01(b), then Borrower shall be deemed to have elected to terminate a portion of the unused Loan Commitments in the amount necessary to cause compliance with the minimum Loan Borrowings required by Section 2.01(b) (for example, if Borrower has made only $250,000,000 of Loan Borrowings by April 29, 2016, then the unused Total Loan Commitments shall be reduced from $500,000,000 to $250,000,000 on such date so that Borrower will be in compliance with clause (ii) of the proviso to Section 2.01(b)). If requested by the Administrative Agent, Borrower shall deliver to the Administrative Agent those notices required by Section 2.16(a) that are necessary to effectuate the reductions in the unused Loan Commitments described in the preceding sentence. Solely for purposes of determining whether Borrower is deemed pursuant to this Section 2.16(b) to have elected to terminate a portion of the unused Loan Commitments due to Borrower’s failure to make Loan Borrowings in the minimum amounts required by Section 2.01(b), Borrower shall be deemed to have made Loan Borrowings to the extent of any Defaulting Lender’s failure to fund Loan Borrowings requested by Borrower in accordance with this Agreement.
(c) The Loan Commitments, to the extent terminated pursuant to this Section 2.16, may not be reinstated.
(i) The Borrower may, by written notice to the Administrative Agent on one or more occasions on or after the Ef...
Changes of Loan Commitments. (a) At any time, Borrower shall have the right, without premium or penalty, to terminate any unused Loan Commitments existing as of the date of such termination, in whole or in part, from time to time, provided that: (1) Borrower shall give notice of each such termination to Administrative Agent (which shall promptly notify each of the Banks holding such Loan Commitments) no later than 10:00 a.m. (New York time) on the date which is three (3) Business Days prior to the effectiveness of such termination (it being understood that any notice of termination may be conditioned upon the consummation of any financing or acquisition or similar transaction and, to the extent such condition is not satisfied by the effective date specified therein, such notice of termination may be revoked or the effective date specified therein may be delayed); (2) the Revolving Credit Commitments of each of the Revolving Credit Banks must be terminated (and, in the case of a partial termination, on a pro rata basis) simultaneously with those of the other Revolving Credit Banks;
Changes of Loan Commitments. (a) At any time, Borrower shall have the right, without premium or penalty, to terminate any unused Loan Commitments existing as of the date of such termination, in whole or in part, from time to time, provided that:
(1) Borrower shall give notice of each such termination to Administrative Agent (which shall promptly notify each of the Banks) no later than 10:00 a.m. (New York time) on the date which is three (3) Banking Days prior to the effectiveness of such termination; (2) the Loan Commitments of each of the Banks must be terminated (and, in the case of a partial termination, on a pro rata basis with respect to the other Loan Commitments of such Class) (taking into account, however, Section 2.02(h)) and simultaneously with those of the other Banks;
Changes of Loan Commitments