Termination of Revolver Commitment Sample Clauses
The 'Termination of Revolver Commitment' clause defines the conditions under which a lender's obligation to provide revolving credit to a borrower ends. Typically, this clause specifies events such as the maturity date, default by the borrower, or voluntary cancellation by the borrower as triggers for termination. By clearly outlining when and how the revolving credit facility can be terminated, this clause ensures both parties understand their rights and obligations, thereby reducing uncertainty and managing financial risk.
Termination of Revolver Commitment. The Revolver Commitment shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least 15 days prior written notice to Lender Borrower may, at its option, terminate the Revolver Commitment and this credit facility. Any notice of termination given by Borrower shall be irrevocable. On the termination date, Borrower shall make Full Payment of all Obligations.
Termination of Revolver Commitment. (a) The Revolver Commitment shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon prior written notice to Lender, Borrower may, at their option, terminate in full or reduce in part the Revolver Commitment (provided that the reduced Revolver Commitment shall in no event be reduced to less than $12,000,000). Any notice of termination given by Borrower shall be irrevocable. On the termination or reduction date, Borrower shall (i) repay any Overadvance or (ii) provide Full Payment of all Obligations (if the Revolver Commitments are terminated in full).
(b) Borrower may request an increase in the Revolver Commitment from time to time upon notice to Lender, as long as (a) the first such requested increase is in a minimum amount of $2,500,000 and each increase is offered on the same terms as the existing Revolver Commitment, (b) increases under this Section do not exceed $5,000,000 in the aggregate and no more than two (2) increases are made, (c) the requested increase does not cause the Revolver Commitment to exceed 90% of any applicable cap under any Subordinated Debt agreement or the Term Debt Documents, and (d) Borrower has not reduced the Revolver Commitment. If Lender agrees to the requested increase (in its sole discretion), Lender and Borrower shall execute and deliver such documents and agreements as Lender deems appropriate to evidence the increase in the Revolver Commitment.
Termination of Revolver Commitment. The Revolver Commitment shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this Agreement. Upon prior written notice to Lender, Borrower may, at their option, terminate in full or reduce in part the Revolver Commitment (provided that the reduced Revolver Commitment shall in no event be reduced to less than $40,000,000 without prior written consent by Lender). Any notice of termination given by Borrower shall be irrevocable. On the termination or reduction date, Borrower shall (i) repay any Overadvance or (ii) provide Full Payment of all Obligations (if the Revolver Commitments are terminated in full).