Scheduled Reductions of Revolving Facility Commitments. (a) The Revolving Facility Commitments shall be reduced by consecutive quarterly reductions as set out in Schedule 7 (Repayments and Reductions) and the first reduction shall occur 3 months from the First Utilisation Date. (b) On such dates each Revolving Facility Lender’s Revolving Facility Commitment shall be reduced by an amount equal to the proportion of the amount by which the Revolving Facility Commitments are to be so reduced pursuant to this Clause 8.2 on that date, which (prior to such reduction) its Commitment bears to the Revolving Facility Commitments on that date. (c) Upon any reduction of the Revolving Facility Commitments under this Clause 8.2, the Borrower shall repay the Revolving Facility Loans outstanding by an amount sufficient to ensure that the total aggregate amount of the Revolving Facility Loans shall constitute no more than the amount of the Revolving Facility Commitment following the relevant reduction, such repayment to be made no later than on the day that the relevant reduction becomes effective.
Appears in 4 contracts
Samples: Senior Secured Credit Facility Agreement, Senior Secured Credit Facility Agreement, Senior Secured Credit Facility Agreement (Seadrill Partners LLC)
