Common use of Mandatory Termination or Reduction of Commitments Clause in Contracts

Mandatory Termination or Reduction of Commitments. (a) The 2022 Extended Revolving Credit Commitment shall terminate at 5:00 p.m. on the 2022 Extended Revolving Credit Maturity Date. At 5:00 p.m. on the 2022 Non-Extended Revolving Credit Maturity Date, the 2022 Non-Extended Revolving Credit Commitments will terminate and the 2022 Non-Extended Revolving Credit Lenders will have no further obligation to make Revolving Credit Loans or fund Revolving L/C Borrowings; provided that the foregoing will not release any 2022 Non-Extended Revolving Credit Lender from any such obligation to fund Revolving Credit Loans or Revolving L/C Borrowings that was required to be performed on or prior to the 2022 Non-Extended Revolving Credit Maturity Date. On the 2022 Non-Extended Revolving Credit Maturity Date, all outstanding Revolving L/C Borrowings shall be deemed to be outstanding with respect to (and reallocated under) the 2022 Extended Revolving Credit Commitments and the Revolving Credit Commitment Percentage of the Revolving Credit Lenders shall be determined to give effect to the termination of the 2022 Non-Extended Revolving Credit Commitments (in each case, so long as after giving effect to such reallocation, the Revolving Credit Exposure of each 2022 Extended Revolving Credit Lender does not exceed its 2022 Extended Revolving Credit Commitment). On and after the 2022 Non-Extended Revolving Credit Maturity Date, the 2022 Extended Revolving Credit Lenders will be required, in accordance with their Revolving Credit Commitment Percentage, to fund Revolving Credit Loans and Revolving L/C Borrowings in respect of Unpaid Drawings arising on or after such date; provided that the Revolving Credit Exposure of each 2022 Extended Revolving Credit Lender does not exceed its 2022 Extended Revolving Credit Commitment. The Specified Revolving Letter of Credit Commitment of each Revolving Letter of Credit Issuer shall terminate on the applicable Revolving L/C Maturity Date. (b) The Term Letter of Credit Commitment shall be reduced by the amount of any prepayment or repayment of principal of Term C Loans pursuant to Section 2.5(a), 5.1 or 5.2 and the Borrower shall be permitted to withdraw an amount up to the amount of such prepayment or repayment from the Term C Loan Collateral Accounts to complete such prepayment or repayment; provided that after giving effect to such withdrawal, the Term L/C Cash Coverage Requirement shall be satisfied.

Appears in 4 contracts

Samples: Credit Agreement (Vistra Corp.), Credit Agreement (Vistra Corp.), Credit Agreement (Vistra Corp.)

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Mandatory Termination or Reduction of Commitments. (a) The 2022 Extended Tender Offer Commitment, Term Loan Commitment and Revolving Credit Commitment of each Lender shall terminate at 5:00 p.m. on the 2022 Extended Revolving Credit Maturity Date. At 5:00 p.m. on fifth Business Day after the 2022 Non-Extended Revolving Credit Maturity Date, Expiration Date unless the 2022 Non-Extended Revolving Credit Commitments will terminate and the 2022 Non-Extended Revolving Credit Lenders will have no further obligation to make Revolving Credit Loans or fund Revolving L/C Borrowings; provided that the foregoing will not release any 2022 Non-Extended Revolving Credit Lender from any such obligation to fund Revolving Credit Loans or Revolving L/C Borrowings that was required to be performed Initial Borrowing Date has occurred on or prior before such date. (b) Any remaining and unutilized Tender Offer Commitment of each Lender shall terminate immediately after giving effect to the 2022 Non-Extended Revolving Credit Maturity Date. On the 2022 Non-Extended Revolving Credit Maturity Dateinitial Borrowing of Tender Offer Loans of each Lender pursuant to subsection 2.1(a). (c) Unless sooner terminated in accordance with this Agreement, all outstanding Revolving L/C Borrowings shall be deemed to be outstanding with respect to (and reallocated under) the 2022 Extended Revolving Credit Commitments and the Revolving Credit Commitment Percentage of the Revolving Credit Lenders shall be determined to give effect to the termination of the 2022 Non-Extended Revolving Credit Commitments (in each case, so long as after giving effect to such reallocation, the Revolving Credit Exposure of each 2022 Extended Revolving Credit Lender does not exceed its 2022 Extended Revolving Credit Commitment). On and after the 2022 Non-Extended Revolving Credit Maturity Date, the 2022 Extended Revolving Credit Lenders will be required, in accordance with their Revolving Credit Commitment Percentage, to fund Revolving Credit Loans and Revolving L/C Borrowings in respect of Unpaid Drawings arising on or after such date; provided that the Revolving Credit Exposure of each 2022 Extended Revolving Credit Lender does not exceed its 2022 Extended Revolving Credit Commitment. The Specified Revolving Letter of Credit Commitment of each Revolving Letter of Credit Issuer shall terminate on the applicable Revolving L/C Credit Loan Maturity Date. (bd) The Revolving Credit Commitment of each Lender shall be reduced at the time of any payment required to be applied to the reduction of the Revolving Credit Commitment pursuant to subsection 3.5(b). (e) The Term Letter Loan Commitment of Credit Commitment each Lender shall be reduced by at the amount time of any prepayment or repayment payment required to be applied to the reduction of principal of the Term C Loans Loan Commitment pursuant to Section 2.5(asubsection 3.5(b). (f) Each termination or reduction of the Tender Offer Commitments, 5.1 Term Loan Commitments or 5.2 and the Borrower Revolving Credit Commitments, as the case may be, pursuant to this subsection 2.17, shall be permitted applied proportionately and permanently to withdraw an amount up to reduce the amount of such prepayment or repayment from the Term C Loan Collateral Accounts to complete such prepayment or repayment; provided that after giving effect to such withdrawalaffected Tender Offer Commitment, the Term L/C Cash Coverage Requirement Loan Commitment or the Revolving Credit Commitment, as the case may be, of each of the Lenders. Reductions of Commitments pursuant to subsection 3.5(b) shall be satisfiedapplied first, to the Term Loan Commitment, if outstanding, and second, to the Revolving Credit Commitment then outstanding.

Appears in 1 contract

Samples: Credit Agreement (Tefron LTD)

Mandatory Termination or Reduction of Commitments. (a) The 2022 Extended Revolving Credit Commitment shall terminate at 5:00 p.m. on the 2022 Extended Revolving Credit Maturity Date. At 5:00 p.m. on the 2022 Non-Extended Revolving Credit Maturity Date, the 2022 Non-Extended Revolving Credit Commitments will terminate and the 2022 Non-Extended Revolving Credit Lenders will have no further obligation to make Revolving Credit Loans or fund Revolving L/C Borrowings; provided that the foregoing will not release any 2022 Non-Extended Revolving Credit Lender from any such obligation to fund Revolving Credit Loans or Revolving L/C Borrowings that was required to be performed on or prior to the 2022 Non-Extended Revolving Credit Maturity Date. On the 2022 Non-Extended Revolving Credit Maturity Date, all outstanding Revolving L/C Borrowings shall be deemed to be outstanding with respect to (and reallocated under) the 2022 Extended Revolving Credit Commitments and the Revolving Credit 157 Commitment Percentage of the Revolving Credit Lenders shall be determined to give effect to the termination of the 2022 Non-Extended Revolving Credit Commitments (in each case, so long as after giving effect to such reallocation, the Revolving Credit Exposure of each 2022 Extended Revolving Credit Lender does not exceed its 2022 Extended Revolving Credit Commitment). On and after the 2022 Non-Extended Revolving Credit Maturity Date, the 2022 Extended Revolving Credit Lenders will be required, in accordance with their Revolving Credit Commitment Percentage, to fund Revolving Credit Loans and Revolving L/C Borrowings in respect of Unpaid Drawings arising on or after such date; provided that the Revolving Credit Exposure of each 2022 Extended Revolving Credit Lender does not exceed its 2022 Extended Revolving Credit Commitment. The Specified Revolving Letter of Credit Commitment of each Revolving Letter of Credit Issuer shall terminate on the applicable Revolving L/C Maturity Date. (b) The Term Letter of Credit Commitment shall be reduced by the amount of any prepayment or repayment of principal of Term C Loans pursuant to Section 2.5(a), 5.1 or 5.2 and the Borrower shall be permitted to withdraw an amount up to the amount of such prepayment or repayment from the Term C Loan Collateral Accounts to complete such prepayment or repayment; provided that after giving effect to such withdrawal, the Term L/C Cash Coverage Requirement shall be satisfied.

Appears in 1 contract

Samples: Credit Agreement (Vistra Corp.)

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Mandatory Termination or Reduction of Commitments. (a) The 2022 Extended Revolving Credit Commitment shall terminate at 5:00 p.m. on the 2022 Extended Revolving Credit Maturity Date. At 5:00 p.m. on the 2022 Non-Extended Revolving Credit Maturity Date, the 2022 Non-Extended Revolving Credit Commitments will terminate and the 2022 Non-Extended Revolving Credit Lenders will have no further obligation to make Revolving Credit Loans or fund Revolving L/C Borrowings; provided that the foregoing will not release any 2022 Non-Extended Revolving Credit Lender from any such obligation to fund Revolving Credit Loans or Revolving L/C Borrowings that was required to be performed on or prior to the 2022 Non-Extended Revolving Credit Maturity Date. On the 2022 Non-Extended Revolving Credit Maturity 160 AMERICAS 122173769123894352 Date, all outstanding Revolving L/C Borrowings shall be deemed to be outstanding with respect to (and reallocated under) the 2022 Extended Revolving Credit Commitments and the Revolving Credit Commitment Percentage of the Revolving Credit Lenders shall be determined to give effect to the termination of the 2022 Non-Extended Revolving Credit Commitments (in each case, so long as after giving effect to such reallocation, the Revolving Credit Exposure of each 2022 Extended Revolving Credit Lender does not exceed its 2022 Extended Revolving Credit Commitment). On and after the 2022 Non-Extended Revolving Credit Maturity Date, the 2022 Extended Revolving Credit Lenders will be required, in accordance with their Revolving Credit Commitment Percentage, to fund Revolving Credit Loans and Revolving L/C Borrowings in respect of Unpaid Drawings arising on or after such date; provided that the Revolving Credit Exposure of each 2022 Extended Revolving Credit Lender does not exceed its 2022 Extended Revolving Credit Commitment. The Specified Revolving Letter of Credit Commitment of each Revolving Letter of Credit Issuer shall terminate on the applicable Revolving L/C Maturity Date. (b) The Term Letter of Credit Commitment shall be reduced by the amount of any prepayment or repayment of principal of Term C Loans pursuant to Section 2.5(a), 5.1 or 5.2 and the Borrower shall be permitted to withdraw an amount up to the amount of such prepayment or repayment from the Term C Loan Collateral Accounts to complete such prepayment or repayment; provided that after giving effect to such withdrawal, the Term L/C Cash Coverage Requirement shall be satisfied.

Appears in 1 contract

Samples: Credit Agreement (Vistra Corp.)

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