Effect of Termination or Reduction. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments; provided that, prior to the Step-Up Date, any reduction in Commitments shall be applied first, to reduce the Step-Up Date Commitments until the Step-Up Date Commitments are reduced to zero and, thereafter pro rata to the remaining Commitments.
Appears in 3 contracts
Samples: Senior Secured Revolving Credit Agreement (Oaktree Finance, LLC), Senior Secured Revolving Credit Agreement (Oaktree Capital Group, LLC), Senior Secured Revolving Credit Agreement (Ares Capital Corp)
Effect of Termination or Reduction. Any termination or reduction of the Commitments of a Class shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments; provided that, prior to the Step-Up Date, any reduction in Commitments shall be applied first, to reduce the Step-Up Date Commitments until the Step-Up Date Commitments are reduced to zero and, thereafter pro rata to the remaining Commitments.
Appears in 1 contract
Samples: Senior Secured Revolving Credit Agreement (Ares Capital Corp)
