Norwegian Revolver Commitment Clause Samples
A Norwegian Revolver Commitment is a type of credit facility clause that allows a borrower to draw, repay, and re-borrow funds up to a specified limit during a set period, similar to a revolving line of credit. In practice, this commitment is often used in European financing arrangements, where the lender agrees to make funds available on a revolving basis, subject to certain conditions and covenants. The core function of this clause is to provide the borrower with flexible access to liquidity, addressing short-term funding needs while managing the lender's risk exposure.
Norwegian Revolver Commitment for any Norwegian Lender, its obligation to make Norwegian Revolver Loans and to issue Norwegian Letters of Credit, in the case of any Norwegian Fronting Bank, or participate in Norwegian LC Obligations, in the case of the other Norwegian Lenders, to the Norwegian Borrowers up to the maximum principal amount shown on Schedule 2.1.1(e), or as hereafter determined pursuant to each Assignment and Acceptance to which it is a party, as such Norwegian Revolver Commitment may be adjusted from time to time in accordance with the provisions of Sections 2.1.3, 2.1.6 or 11.1. “Norwegian Revolver Commitments” means the aggregate amount of such commitments of all Norwegian Lenders.