Reductions in DDTL Commitments Sample Clauses
The 'Reductions in DDTL Commitments' clause defines the conditions and procedures under which the commitments for Delayed Draw Term Loans (DDTL) can be reduced by the borrower. Typically, this clause outlines how and when the borrower may notify the lender of their intention to reduce the undrawn portion of the DDTL facility, and may specify any minimum reduction amounts or required notice periods. Its core practical function is to provide flexibility for the borrower to decrease their borrowing capacity under the DDTL, thereby potentially reducing commitment fees and aligning the loan facility with their actual financing needs.
Reductions in DDTL Commitments. Borrower may at any time upon at least two (2) Business Days' (or such shorter period as is acceptable to Administrative Agent) prior written notice by the Borrower to the Administrative Agent permanently reduce any DDTL Commitment; provided that (i) such reductions shall be in an amount greater than or equal to $1,000,000 or, if less, the remaining amount of such DDTL Commitment and (ii) Borrower shall pay to the Administrative Agent, for the account of the Lenders holding such DDTL Commitment a reduction fee in an amount equal to 0.625% of the amount of the reduction of such DDTL Commitment. All reductions of a DDTL Commitment shall be allocated pro rata among all Lenders holding such DDTL Commitment.
Reductions in DDTL Commitments. Borrower may at any time upon at least two (2) Business Days’ (or such shorter period as is acceptable to Administrative Agent) prior written notice by the Borrower to the Administrative Agent permanently reduce any DDTL Commitment; provided that such reductions shall be in an amount greater than or equal to $1,000,000 or, if less, the remaining amount of such DDTL Commitment. Any such written notice to reduce any DDTL Commitment may indicate that such reduction is conditioned upon the consummation of a refinancing of this Agreement or other specified transaction and may be revoked (no more than one (1) time) by the Borrower in the event such refinancing or other transaction is not consummated, and if so revoked, such reduction shall not take effect. All reductions of a DDTL Commitment shall be allocated pro rata among all Lenders holding such DDTL Commitment.