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

Reduction or Early Termination of Commitments. So long as no Request for Borrowing is outstanding, the Borrowers of a Fund Group may terminate the Commitments with respect to such Fund Group, or reduce the Maximum Commitment, by giving prior irrevocable written notice to the Administrative Agent of such termination or reduction five (5) Business Days prior to the effective date of such termination or reduction (which date shall be specified by the Borrowers in such notice and shall be a Business Day): (i) in the case of complete termination of the Commitments, upon prepayment of all of the outstanding Obligations, including, without limitation, all interest accrued thereon, in accordance with the terms of Section 3.3; or (ii) in the case of a reduction of the Maximum Commitment, upon prepayment of the amount by which the Principal Obligations relating to any Fund Group exceed the reduced Available Commitment of such Fund Group resulting from such reduction, including, without limitation, payment of all interest accrued thereon, in accordance with the terms of Section 3.3. Notwithstanding the foregoing: (x) any reduction of the Maximum Commitment shall be in an amount equal to $10,000,000 or multiples thereof; and (y) in no event shall a reduction by the Borrowers reduce the Maximum Commitment to $5,000,000 or less (in each case, except for a termination of all the Commitments). Promptly after receipt of any notice of reduction or termination, the Administrative Agent shall notify each Lender of the same. Any reduction of the Maximum Commitment shall reduce the Commitments of the Lenders according to their Pro Rata Share.

Appears in 6 contracts

Samples: Revolving Credit Agreement (AB Private Credit Investors Corp), Revolving Credit Agreement (AB Private Credit Investors Corp), Revolving Credit Agreement (AB Private Credit Investors Corp)

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Reduction or Early Termination of Commitments. So long as no Request for Borrowing is outstanding, the Borrowers of a Fund Group may terminate the Commitments with respect to such Fund GroupCommitments, or reduce the Maximum Commitment, by giving prior irrevocable written notice to the Administrative Agent of such termination or reduction five ten (510) Business Days prior to the requested effective date of such termination or reduction thereof (which date shall be specified by the Borrowers in such notice and shall be a Business Day): (ia) in the case of complete termination of the Commitments, upon prepayment of all of the outstanding Obligations, including, without limitation, all interest accrued thereon, in accordance with the terms of Section 3.3; or (iib) in the case of a reduction of the Maximum Commitment, upon prepayment of the amount by which the Principal Obligations relating to any Fund Group exceed the reduced Available Commitment of such Fund Group resulting from such reduction, including, without limitation, payment of all interest accrued thereon, in accordance with the terms of Section 3.3. Notwithstanding the foregoing: (x) any reduction of the Maximum Commitment shall be in an amount equal to $10,000,000 or multiples thereof; and (y) in no event shall a reduction by the Borrowers reduce the Maximum Commitment to below $5,000,000 or less 10,000,000 (in each case, except for a termination of all the Commitments). Promptly after receipt of any notice of reduction or termination, the Administrative Agent shall notify each Lender of the same. Any reduction of the Maximum Commitment shall reduce the Commitments of the Lenders according to their Pro Rata Share.

Appears in 4 contracts

Samples: Revolving Credit Agreement (Stone Point Credit Corp), Revolving Credit Agreement (Stone Point Credit Corp), Revolving Credit Agreement (Stone Point Credit Corp)

Reduction or Early Termination of Commitments. So long as no Request for Borrowing is outstanding, the Borrowers of a Fund Group may terminate the Commitments with respect to such Fund GroupCommitments, or reduce the Maximum Commitment, by giving prior irrevocable written notice to the Administrative Agent of such termination or reduction five (5) Business Days prior to the effective date of such termination or reduction (which date shall be specified by the Borrowers in such notice and shall be a Business Day): (i) in the case of complete termination of the Commitments, upon prepayment of all of the outstanding Obligations, including, without limitation, all interest accrued thereon, in accordance with the terms of Section 3.3; or (ii) in the case of a reduction of the Maximum Commitment, upon prepayment of the amount by which the Principal Obligations relating to any Fund Group exceed the reduced Available Commitment of such Fund Group resulting from such reduction, including, without limitation, payment of all interest accrued thereon, in accordance with the terms of Section 3.3. Notwithstanding the foregoing: (x) any reduction of the Maximum Commitment shall be in an amount equal to $10,000,000 or multiples thereof; and (y) in no event shall a reduction by the Borrowers reduce the Maximum Commitment to $5,000,000 35,000,000 or less (in each case, except for a termination of all the Commitments). Promptly after receipt of any notice of reduction or termination, the Administrative Agent shall notify each Lender of the same. Any reduction of the Maximum Commitment shall reduce the Commitments of the Lenders according to their Pro Rata Share.

Appears in 3 contracts

Samples: Revolving Credit Agreement (AB Private Credit Investors Corp), Revolving Credit Agreement (AB Private Credit Investors Corp), Revolving Credit Agreement (AB Private Credit Investors Corp)

Reduction or Early Termination of Commitments. So long as no Request for Borrowing or Request for Letter of Credit is outstanding, the Borrowers of a Fund Group Borrower may terminate the Commitments with respect to such Fund GroupCommitments, or reduce the Maximum Commitment, by giving prior irrevocable written notice to the Administrative Agent of such termination or reduction five three (53) Business Days prior to the effective date of such termination or reduction (which date shall be specified by the Borrowers Borrower in such notice and shall be a Business Daynotice): (a) (i) in the case of complete termination of the Commitments, upon prepayment of all of the outstanding ObligationsObligation, including, without limitation, all interest accrued thereon, in accordance with the terms of Section 3.3SECTION 3.5; or (ii) in the case of a reduction of the Maximum Commitment, upon prepayment of the amount by which the Principal Obligations relating to any Fund Group exceed Obligation exceeds the reduced Available Commitment of such Fund Group resulting from such reduction, including, without limitation, payment of all interest accrued thereon, in accordance with the terms of Section 3.3. Notwithstanding SECTION 3.5, provided, however, that, except in connection with a termination of the foregoing: (x) any reduction of Commitments, the Maximum Commitment shall may not be in an amount equal to $10,000,000 or multiples thereof; and (y) in no event shall a reduction by the Borrowers reduce the Maximum Commitment to $5,000,000 or less (in each casereduced such that, except for a termination of all the Commitments). Promptly after receipt of any notice of reduction or terminationupon such reduction, the Administrative Agent shall notify each Lender Available Commitment is less than the aggregate stated amount of the same. Any reduction of the Maximum Commitment shall reduce the Commitments of the Lenders according to their Pro Rata Share.outstanding Letters of

Appears in 2 contracts

Samples: Revolving Credit Agreement (Amb Property Lp), Revolving Credit Agreement (Amb Property Corp)

Reduction or Early Termination of Commitments. So long as no Request for Borrowing is outstanding, the Borrowers of a Fund Group may terminate the Commitments with respect to such Fund GroupCommitments, or reduce the Maximum Commitment, by giving prior irrevocable written notice to the Administrative Agent Bank of such termination or reduction five (5) Business Days prior to the effective date of such termination or reduction (which date shall be specified by the Borrowers in such notice and shall be a Business Day): (i) in the case of complete termination of the Commitments, upon prepayment of all of the outstanding Obligations, including, without limitation, all interest accrued thereon, in accordance with the terms of Section 3.3; or (ii) in the case of a reduction of the Maximum Commitment, upon prepayment of the amount by which the Principal Obligations relating to any Fund Group exceed the reduced Available Commitment of such Fund Group resulting from such reduction, including, without limitation, payment of all interest accrued thereon, in accordance with the terms of Section 3.3. Notwithstanding the foregoing: (x) any reduction of the Maximum Commitment shall be in an amount equal to $10,000,000 or multiples thereof; and (y) in no event shall a reduction by the Borrowers reduce the Maximum Commitment to an amount that is less than $5,000,000 or less 25,000,000 (in each case, except for a termination of all the Commitments). Promptly after receipt of any notice of reduction or termination, the Administrative Agent Bank shall notify each Lender of the same. Any reduction of the Maximum Commitment shall reduce the Commitments of the Lenders according to their Pro Rata Share.

Appears in 2 contracts

Samples: Revolving Credit Agreement (AB Commercial Real Estate Private Debt Fund, LLC), Revolving Credit Agreement (AB Commercial Real Estate Private Debt Fund, LLC)

Reduction or Early Termination of Commitments. So long as no Request for Borrowing is outstanding, the Borrowers of a Fund Group may terminate the Commitments with respect to such Fund GroupCommitments, or reduce the Maximum Commitment, by giving prior irrevocable written notice to the Administrative Agent of (a) such termination at least five (5) days prior to the effective date of such termination or (b) such reduction at least five (5) Business Days prior to the effective date of such termination or reduction (in each case, which date shall be specified by the Borrowers in such notice and shall be a Business Day): (i) in the case of complete termination of the Commitments, upon prepayment of all of the outstanding Obligations, including, without limitation, all interest accrued thereon, in accordance with the terms of Section 3.3; or (ii) in the case of a reduction of the Maximum Commitment, upon prepayment of the amount by which the Dollar Equivalent of the Principal Obligations relating to any Fund Group exceed the reduced Available Commitment of such Fund Group resulting from such reduction, including, without limitation, payment of all interest accrued thereon, in accordance with the terms of Section 3.3. Notwithstanding the foregoing: (x) any reduction of the Maximum Commitment shall be in an amount equal to $10,000,000 or multiples thereof; and (y) in no event shall a reduction by the Borrowers reduce the Maximum Commitment to $5,000,000 40,000,000 or less (in each case, except for a termination of all the Commitments). Promptly after receipt of any notice of reduction or termination, the Administrative Agent shall notify each Lender of the same. Any reduction of the Maximum Commitment shall reduce the Commitments of the Lenders according to their Pro Rata Share.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Barings Capital Investment Corp), Credit Agreement (Barings Capital Investment Corp)

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Reduction or Early Termination of Commitments. So long as no Request for Borrowing Borrowing, Conversion or Rollover is outstanding, the Borrowers of a Fund Group may terminate the Commitments with respect to such Fund GroupCommitments, or reduce the Maximum Commitment, by giving prior irrevocable written notice to the Administrative Agent of such termination or reduction five three (53) Business Days prior to the effective date of such termination or reduction (which date shall be specified by the Borrowers in such notice and shall be a Business Day): notice), (i) in the case of complete termination of the Commitments, upon prepayment of all of the outstanding Obligations, including, without limitation, all interest accrued thereon, in accordance with the terms of Section 3.33.5; or (ii) in the case of a reduction of the Maximum Commitment, upon prepayment of the amount amount, if any, by which the Principal Obligations relating to any Fund Group exceed the reduced Available Commitment of such Fund Group resulting from such reduction, including, without limitation, payment of all interest accrued thereon, in accordance with the terms of Section 3.33.5. Notwithstanding the foregoing: (x1) any reduction of the Maximum Commitment shall be in an aggregate amount equal to that is an integral multiple of $1,000,000 and not less than $10,000,000 or multiples thereof; and (y2) in no event shall a reduction by the Borrowers reduce the Maximum Commitment to less than $5,000,000 or less 30,000,000 (in each case, except for a termination of all the Commitments). Promptly after receipt of any notice of reduction or termination, the Administrative Agent shall notify each Lender of the same. Any reduction of the Maximum Commitment shall reduce the Commitments of the Lenders according to their Pro Rata Shareon a pro rata basis.

Appears in 1 contract

Samples: Revolving Credit Agreement (Goldman Sachs Middle Market Lending Corp.)

Reduction or Early Termination of Commitments. So long as no Request for Borrowing Borrowing, Conversion, Rollover or Request for Letter of Credit is outstanding, the Borrowers of a Fund Group may terminate the Commitments with respect to such Fund GroupCommitments, or reduce the Maximum Commitment, by giving prior irrevocable written notice (which notice may be conditioned upon the occurrence of an event or financing so long as revocation of any such notice is provided to the Administrative Agent at least one (1) Business Day prior to the effective date of such termination or reduction) to the Administrative Agent of such termination or reduction five three (53) Business Days days prior to the effective date of such termination or reduction (which date shall be specified by the Borrowers in such notice and shall be a Business Day): notice), (a) (i) in the case of complete termination of the Commitments, upon prepayment of all of the outstanding Obligations, including, without limitation, all interest accrued thereon, in accordance with the terms of Section 3.33.5; or (ii) in the case of a reduction of the Maximum Commitment, upon prepayment of the amount amount, if any, by which the Principal Obligations relating to any Fund Group exceed the reduced Available Commitment of such Fund Group resulting from such reduction, including, without limitation, payment of all interest accrued thereon, in accordance with the terms of Section 3.3. Notwithstanding 3.5, (b) in the foregoing: (x) any reduction case of the Maximum Commitment shall be in an amount equal to $10,000,000 or multiples thereof; and (y) in no event shall a reduction by the Borrowers reduce the Maximum Commitment to $5,000,000 or less (in each case, except for a complete termination of all the Commitments). Promptly after receipt , if any Letter of any notice of reduction or terminationCredit Liability exists, upon payment to the Administrative Agent shall notify each Lender of the same. Any reduction Cash Collateral (from the proceeds of Capital Calls only) for deposit in the Maximum Commitment shall reduce the Commitments of the Lenders according to their Pro Rata Share.Cash Collateral Account in accordance with Section

Appears in 1 contract

Samples: Revolving Credit Agreement (BlackRock Direct Lending Corp.)

Reduction or Early Termination of Commitments. So long as no Request for Borrowing is outstanding, the Borrowers of a Fund Group may terminate the Commitments with respect to such Fund GroupCommitments, or reduce the Maximum Commitment, by giving prior irrevocable written notice to the Administrative Agent of such termination or reduction five (5) Business Days prior to the effective date of such termination or reduction (which date shall be specified by the Borrowers in such notice and shall be a Business Day): (i) in the case of complete termination of the Commitments, upon prepayment of all of the outstanding Obligations, including, without limitation, all interest accrued thereon, in accordance with the terms of Section 3.3; or (ii) in the case of a reduction of the Maximum Commitment, upon prepayment of the amount by which the Principal Obligations relating to any Fund Group exceed the reduced Available Commitment of such Fund Group resulting from such reduction, including, without limitation, payment of all interest accrued thereon, in accordance with the terms of Section 3.3. Notwithstanding the foregoing: (x) any reduction of the Maximum Commitment shall be in an amount equal to $10,000,000 or 5,000,000 or, if more, in multiples thereofof $1,000,000; and (y) in no event shall a reduction by the Borrowers reduce the Maximum Commitment to $5,000,000 15,000,000 or less less, unless otherwise consented to by the Administrative Agent in its sole discretion (in each case, except for a termination of all the Commitments). Promptly after receipt of any notice of reduction or termination, the Administrative Agent shall notify each Lender of the same. Any reduction of the Maximum Commitment shall reduce the Commitments of the Lenders according to their Pro Rata Share.

Appears in 1 contract

Samples: Revolving Credit Agreement (NMF SLF I, Inc.)

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