Reduction of Aggregate Revolving Commitments Clause Samples
The "Reduction of Aggregate Revolving Commitments" clause defines the process by which the total amount of revolving credit available under a loan agreement can be decreased, either permanently or temporarily. Typically, this clause outlines the borrower's right to request a reduction in the committed credit amount, the required notice period, and any conditions or limitations, such as minimum reduction amounts or fees. Its core function is to provide flexibility for the borrower to adjust their available credit in response to changing financial needs, while also protecting the lender by ensuring proper procedures and notice are followed.
Reduction of Aggregate Revolving Commitments. The Borrower desires to reduce the Aggregate Revolving Commitments by $75,000,000 as of the Fifth Amendment Effective Date upon effectiveness of this Fifth Amendment so that, after giving effect to such reduction (the “Aggregate Revolving Commitment Reduction”), the Aggregate Revolving Commitments shall equal $825,000,000. The parties hereto hereby acknowledge the Aggregate Revolving Commitment Reduction, and each Lender hereby waives the requirements contained in Section 2.06(b)(ii) of the Credit Agreement that the Borrower provide advance notice to the Administrative Agent of the Aggregate Revolving Commitment Reduction. The Aggregate Revolving Commitment Reduction shall be made ratably among the Revolving Lenders in accordance with each Revolving Lender’s Applicable Percentage as of the Fifth Amendment Effective Date. As of the Fifth Amendment Effective Date, the Aggregate Revolving Commitments shall be $825,000,000.
Reduction of Aggregate Revolving Commitments. Loan Parties acknowledge and agree that the Aggregate Revolving Commitments shall be reduced from $210,000,000 to $150,000,000 effective as of the Eighth Amendment Effective Date, shall be further reduced from $150,000,000 to $125,000,000 effective as of ▇▇▇▇ ▇▇, ▇▇▇▇, ▇▇▇▇▇ ▇▇ further reduced from $125,000,000 to $115,000,000 effective as of June 17, 2019, and shall be further reduced from $115,000,000 to $100,000,000 effective as of July 6, 2019, with each Lender’s share of any such reduction effective after the Eighth Amendment Effective Date in an amount equal to such Lender’s Pro Rata Share of the Aggregate Revolving Commitments multiplied by the amount of such reduction. Borrowers agree to execute and deliver amended and restated Revolving Notes and Swingline Notes to evidence any such reductions, promptly upon request of Administrative Agent or the applicable Lender from time to time.
Reduction of Aggregate Revolving Commitments. Effective upon the occurrence of the Fifth Amendment Effective Date, the Borrower hereby permanently reduces the Aggregate Revolving Commitments to an aggregate principal amount of $150,000,000, such reduction to be applied to the Revolving Commitment of each Existing Revolving Lender in accordance with its Applicable Percentage immediately prior to such date. Notwithstanding the provisions of Section 2.06 of the Existing Credit Agreement, the Required Revolving Lenders (determined prior to giving effect to the transactions referred to in Section III hereof) hereby waive the requirement under Section 2.06(a) of the Existing Credit Agreement that the Borrower provide the Administrative Agent with three Business Days’ prior notice of such reduction of the Aggregate Revolving Commitments.
Reduction of Aggregate Revolving Commitments. The parties hereto acknowledge that, prior to the effectiveness of this Amendment, COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH (“Rabobank”) assigned to (i) Bank of America, N.A. a portion of Rabobank’s Revolving Commitment in the amount of $10,000,000, (ii) BancorpSouth Bank a portion of Rabobank’s Revolving Commitment in the amount of $5,000,000 and (iii) IBERIABANK a portion of Rabobank’s Revolving Commitment in the amount of $25,000,000. Notwithstanding Section 2.8 of the Credit Agreement (or any other term, provision or requirement contained in the Credit Agreement), each of the parties hereto consents and agrees that the remaining portion of Rabobank’s Revolving Commitment in the amount of $2,500,000 shall be terminated and of no force and effect upon the effectiveness of this Amendment without a pro rata reduction in the Revolving Commitment of any other Lender. Accordingly, immediately after giving effect to this Amendment, the Aggregate Revolving Commitment Amount shall be $297,500,000 and the Revolving Commitment of each Lender shall be as follows: SunTrust Bank $ 45,000,000 American Agcredit, PCA $ 42,500,000 JPMorgan Chase Bank, N.A. $ 42,500,000 Regions Bank $ 42,500,000 ▇▇▇▇▇ Fargo Bank, N.A. $ 40,000,000 BancorpSouth Bank $ 30,000,000 Bank of America, N.A. $ 30,000,000 IBERIABANK $ 25,000,000
Reduction of Aggregate Revolving Commitments. The Aggregate Revolving Commitments were reduced from $210,000,000 to $150,000,000 effective as of the Eighth Amendment Effective Date, further reduced from $150,000,000 to $125,000,000 effective as of June 15, 2019, and further reduced from $125,000,000 to $115,000,000 effective as of June 17, 2019, and shall be further reduced from $115,000,000 to $97,500,000 effective as of the Second Amendment Date, and further reduced from $97,500,000 to $91,000,000 effective as of July 13, 2019, with each Lender’s share of any such reduction effective after the Eighth Amendment Effective Date in an amount equal to such Lender’s Pro Rata Share of the Aggregate Revolving Commitments multiplied by the amount of such reduction. Borrowers agree to execute and deliver amended and restated Revolving Notes and Swingline Notes to evidence each such reduction, promptly upon request of Administrative Agent or the applicable Lender from time to time.
Reduction of Aggregate Revolving Commitments. The Borrower desires to reduce the Aggregate Revolving Commitments by $100,000,000 as of the Third Amendment Effective Date upon effectiveness of this Third Amendment so that, after giving effect to such reduction, the Aggregate Revolving Commitments shall equal $650,000,000 (the “Aggregate Revolving Commitment Reduction”). The parties hereto hereby acknowledge the Aggregate Revolving Commitment Reduction, and each Lender hereby waives the requirements contained in Section 2.06(b)(ii) of the Credit Agreement that the Borrower provide advance notice to the Administrative Agent of the Aggregate Revolving Commitment Reduction. As of the Third Amendment Effective Date, the Aggregate Revolving Commitments shall be $650,000,000.
Reduction of Aggregate Revolving Commitments. Upon the effectiveness of this Amendment as provided in Section 3 below, the Aggregate Revolving Commitments shall be reduced from $200,000,000 to $125,000,000, such commitment reduction to be applied proportionately and permanently the Revolving Commitment of each Lender. After giving effect to such commitment reduction, the Revolving Commitment of each Lender is set forth on Schedule A attached hereto.