Monthly Commitment Reductions Sample Clauses

Monthly Commitment Reductions. At the time of any Determination, Administrative Agent reserves the right to establish an equal Monthly Commitment Reduction. If a Borrowing Base Deficiency exists at any time solely because of a Monthly Commitment Reduction, Borrower shall promptly make a single lump sum payment in an amount at least equal to the Monthly Commitment Reduction to eliminate the Borrowing Base Deficiency. If a Borrowing Base Deficiency exists at any time because a new Determination of the Borrowing Base becomes effective (or due to a Borrowing Base Determination combined with a required Monthly Commitment Reduction), Borrower shall have the right to cure the Borrowing Base Deficiency as set forth in Section 2.7 above; provided, however, that if the Monthly Commitment Reduction was applicable before the Borrowing Base Determination, then the Monthly Commitment Reduction amount will be due in a lump sum and the Monthly Commitment Reduction will continue at the same amount or such other amount as determined by Administrative Agent.
Sample 1
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Monthly Commitment Reductions. Commencing on January 31, 2024, and occurring on the last day of each calendar month thereafter, the Revolver Commitment Amount shall be automatically reduced by $150,000.00 (the "MCR"), to the extent that the Revolver Commitment Amount after any such MCR reduction is less than the principal balance of the Revolver Note at such time, Borrowers shall make a principal payment in the amount of such difference to Bank. Such principal payment shall be in addition to the regularly scheduled interest payment. From time to time thereafter, the MCR will be subject to adjustment by the Bank in its discretion at each semi-annual Collateral Borrowing Base redetermination. To the extent the outstanding principal balance of the Revolver Note (including Letter of Credit Exposure) are in excess of the adjusted amount of the Revolver Commitment Amount, Borrowers shall make a mandatory principal prepayment on the Revolver Note in such amount as is necessary to reduce the outstanding principal balance of the Revolver Note (including Letter of Credit Exposure) to an amount less than or equal to the adjusted Revolver Commitment Amount, which such mandatory principal prepayment shall be made within five (5) days of the applicable MCR principal payment.
Sample 1
Monthly Commitment Reductions. During the Forbearance Period, the provisions of Section 2.8.2 of the Credit Agreement shall be suspended, and in lieu thereof the terms of this Section 2.7 shall apply. The Borrowing Base shall be automatically reduced as of each of the following dates in the amounts set forth opposite such dates: December 1, 2015 $150,000 January 1, 2016 $150,000 In addition, (i) if the Borrower satisfies its obligations under the third sentence of Section 2.5.2 of this Forbearance Agreement by payment of either the net proceeds of an Eagle Ford Oil and Gas Property sale or $1,000,000 to the Lender for application in accordance with Section 2.8, the Borrowing Base shall be automatically reduced on the date of such payment in an amount equal to the portion of such payment that is applied toward principal reduction of the Note, and (ii) if the Scheduled Maturity Date is extended to February 15, 2016 pursuant to Section 2.5.2 of this Forbearance Agreement, the Borrowing Base shall be automatically reduced as of February 1, 2016 in an amount equal to $150,000. The Borrower shall pay, on or before the date of each automatic Borrowing Base reduction pursuant to this Section 2.7, an amount sufficient to reduce the sum of the outstanding principal balance of the Note plus the Letter of Credit Exposure to an amount equal to or less than the Borrowing Base as so reduced.
Sample 1
Monthly Commitment Reductions. The Borrowing Base and the ----------------------------- Revolving Commitment shall be reduced as of the last day of each month (the "Monthly Commitment Reduction") during the period beginning May 31, 1999 and continuing thereafter until redetermined pursuant to Section 7(b) hereof by $0 per month. If as a result of any such Monthly Commitment Reduction, the Total Outstandings ever exceed the Revolving Commitment then in effect, the Borrower shall make the mandatory prepayment of principal required pursuant to Section 9(b) hereof.
Sample 1
Monthly Commitment Reductions. The Commitment shall be reduced as of the last day of each month commencing August 31, 2003, by an amount determined by the Lenders pursuant to Section 7 hereof (the "Monthly Commitment Reduction"). Subject to Lenders' right to redetermine the Monthly Commitment Reduction pursuant to Section 7 hereof, the Monthly Commitment Reduction on August -14- 31, 2003 and on the last day of each month thereafter, shall be in an amount equal to the amount of the Borrowing Base on the day immediately preceding the date of each such Monthly Commitment Reduction divided by the number of months then remaining prior to the Maturity Date. If as a result of any such Monthly Commitment Reduction, the Total Outstandings ever exceed the Commitment then in effect, Borrower shall make the mandatory prepayment of principal required pursuant to Section 9(b) hereof. (h)
Sample 1
Monthly Commitment Reductions. The Borrowing Base and the Commitment shall be reduced as of the first day of each month by an amount determined by the Lenders pursuant to Section 7(b) hereof (the “Monthly Commitment Reduction”). The Monthly Commitment Reduction shall be $0 until October 1, 2002, at which date the Monthly Commitment Reduction shall be $1,125,000 per month until redetermined pursuant to Section 7(b). If as a result of any such Monthly Commitment Reduction, the Total Outstandings ever exceed the Commitment then in effect, the Borrower shall make the mandatory prepayment of principal required pursuant to Section 9(b) hereof.
Sample 1

Related to Monthly Commitment Reductions

  • Mandatory Commitment Reductions (a) Scheduled Reductions in Facility A Commitment. Commencing March 31, 2000 and at the end of each calendar quarter thereafter, the Facility A Commitment shall be automatically and permanently reduced by an amount equal to the percentage of the Facility A Commitment as in effect on the Agreement Date, as set forth below: Amount of Dates of Facility A Commitment Reductions Each Reduction ----------------------------------------- --------------- March 31, 2000, June 30, 2000, September 30, 2000 and December 31, 2000 2.500% March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 3.750% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 5.000% March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003 6.250% March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004 7.500%

  • Commitment Reductions (i) The Commitment of each Lender shall be automatically reduced to zero on the Commitment Termination Date of such Lender.

  • Voluntary Commitment Reductions (i) Borrower may, upon not less than three Business Days’ prior written or telephonic notice promptly confirmed by delivery of written notice thereof to Administrative Agent (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile or telephone to each applicable Lender), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, the Revolving Commitments in an amount up to the amount by which the Revolving Commitments exceed the Total Utilization of Revolving Commitments at the time of such proposed termination or reduction; provided that any such partial reduction of the Revolving Commitments shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount.

  • Commitment Reduction The Borrowers shall have the right, upon at least two Business Days’ notice to the Administrative Agent, to terminate in whole or, upon same day notice, from time to time to permanently reduce ratably in part the unused portion of the Commitments; provided that each partial reduction shall be in the aggregate amount of $5,000,000 or in an integral multiple of $1,000,000 in excess thereof; provided, further, that the Commitments may not be reduced to an amount that is less than the aggregate Stated Amount of outstanding Letters of Credit. Subject to the foregoing, any reduction of the Commitments to an amount below $200,000,000 shall also result in a reduction of the L/C Commitment Amount to the extent of such deficit (with automatic reductions in the amount of each L/C Fronting Bank Commitment ratably in proportion to the amount of such reduction of the L/C Commitment Amount). Each such notice of termination or reduction shall be irrevocable; provided, further, that, if, after giving effect to any reduction of the Commitments, any Borrower Sublimit exceeds the amount of the aggregate Commitments, such sublimit shall be automatically reduced by the amount of such excess. Without limiting subsection (b) below, any Commitment reduced or terminated pursuant to this subsection (a) may not be reinstated.

  • Mandatory Prepayments Commitment Reductions 53 2.13 Application of Prepayments/Reductions............................................................................... 55 2.14 Allocation of Certain Payments and Proceeds......................................................................... 56 2.15

  • Voluntary Prepayments Commitment Reductions (a) Prior to the Stated Maturity Date, the Borrower may, from time to time on any Business Day, make a voluntary prepayment, in whole or in part, of the outstanding principal amount of the Loans; provided, however, that:

  • Mandatory Prepayments and Commitment Reductions 28 2.11 Conversion and Continuation Options............................... 29 2.12 Minimum Amounts and Maximum Number of Eurodollar Tranches......... 30 2.13 Interest Rates and Payment Dates.................................. 30 2.14 Computation of Interest and Fees.................................. 30 2.15 Inability to Determine Interest Rate.............................. 31 2.16 Pro Rata Treatment and Payments................................... 31 2.17

  • Permanent Reduction of the Revolving Credit Commitment (a) The Borrower shall have the right at any time and from time to time, upon at least three Business Days prior irrevocable written notice to the Administrative Agent, to permanently terminate or reduce, without premium or penalty, the Revolving Credit Commitments in whole or in part (it being agreed that such notice may state that the reduction of such Revolving Credit Commitments is conditioned upon the effectiveness of other credit facilities, acquisitions, dispositions or other transactions, in which case, such notice may be revoked or modified by Borrower (by notice to Administrative Agent on or prior to the specified date of such reduction of the Revolving Credit Commitments) if such condition is not satisfied); provided that (a) any such reduction shall apply proportionately and permanently to reduce the Revolving Credit Commitment of each of the Lenders of any applicable Class, except that notwithstanding the foregoing, in connection with the establishment on any date of any Extended Revolving Credit Commitments pursuant to Section 5.16(d), the Revolving Credit Commitments of any one or more Lenders providing any such Extended Revolving Credit Commitments on such date shall be reduced in an amount equal to the amount of the Revolving Credit Commitments of such Lender so extended on such date (provided that (x) after giving effect to any such reduction and to the repayment of any Revolving Credit Loans made on such date, the Revolving Credit Exposure of any such Lender does not exceed the Revolving Credit Commitment thereof and (y) for the avoidance of doubt, any such repayment of Revolving Credit Loans contemplated by the preceding clause shall be made in compliance with the requirements of Section 5.4 with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any conversion pursuant to Section 5.16(d) of Revolving Credit Commitments and Revolving Credit Loans into Extended Revolving Credit Commitments and Extended Revolving Credit Loans pursuant to Section 5.16(d) prior to any reduction being made to the Revolving Credit Commitment of any other Lender), (b) any partial reduction pursuant to this Section 2.5(a) shall be in the amount of at least $3,000,000 or any whole multiple of $1,000,000 in excess thereof and (c) after giving effect to such termination or reduction and to any prepayments of the Loans made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders’ Revolving Credit Exposures shall not exceed the Total Revolving Credit Commitment and the aggregate amount of the Lenders’ Revolving Credit Exposures in respect of any Class shall not exceed the aggregate Revolving Credit Commitment of such Class.

  • Notification of Advances, Interest Rates, Prepayments and Commitment Reductions Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

  • Mandatory Repayments and Commitment Reductions (a) (i) On any day on which the (other than during an Agent Advance Period) Aggregate Exposure exceeds the lesser of (x) the Total Commitment at such time and (y) the Borrowing Base at such time (based on the Borrowing Base Certificate last delivered), the Borrower shall prepay on such day the principal of Swingline Loans and, after all Swingline Loans have been repaid in full or if no Swingline Loans are outstanding, Revolving Loans in an amount equal to such excess. If, after giving effect to the prepayment of all outstanding Swingline Loans and Revolving Loans, the aggregate amount of the Letter of Credit Outstandings exceeds the lesser of (A) the Total Commitment at such time, and (B) the Borrowing Base at such time (based on the Borrowing Base Certificate (as delivered)), the Borrower shall pay to the Administrative Agent at the Payment Office on such day an amount of cash and/or Cash Equivalents equal to the amount of such excess (up to a maximum amount equal to the Letter of Credit Outstandings at such time), such cash and/or Cash Equivalents to be held as security for all Obligations of the Borrower to the Issuing Lenders and the Lenders hereunder in a cash collateral account to be established by the Administrative Agent.

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