Common use of US Commitments Clause in Contracts

US Commitments. The US Borrower shall have the right, upon at least three Business Days’ irrevocable notice to the US Administrative Agent, to terminate in whole or reduce in part the unused portion of the US Commitments; provided that each partial reduction shall be in a minimum amount of $1,000,000 and in integral multiples of $1,000,000 in excess thereof (or the remaining amount of the US Commitments, if less). Any reduction or termination of the US Commitments pursuant to this Section 2.1(c)(i) shall be applied ratably to each US Facility Lender’s US Commitment and shall be permanent, with no obligation of the US Facility Lenders to reinstate such US Commitments, and the applicable Commitment Fees shall thereafter be computed on the basis of the US Commitments, as so reduced; provided that a notice of termination of the US Commitments delivered by the US Borrower may state that such notice is conditioned upon the effectiveness of other transactions, in which case such notice may be revoked by the US Borrower (by notice to the US Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

Appears in 2 contracts

Samples: Credit Agreement (NCS Multistage Holdings, Inc.), Credit Agreement (NCS Multistage Holdings, Inc.)

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US Commitments. The US Borrower Borrowers shall have the right, upon at least three Business Days’ irrevocable notice to the US Administrative Agent, to terminate in whole or reduce in part the unused portion of the US Commitments; provided that each partial reduction shall be in a minimum amount of $1,000,000 and in integral multiples of $1,000,000 in excess thereof (or the remaining amount of the US Commitments, if less). Any reduction or termination of the US Commitments pursuant to this Section 2.1(c)(i) shall be applied ratably to each US Facility Lender’s US Commitment and shall be permanent, with no obligation of the US Facility Lenders to reinstate such US Commitments, and the applicable Commitment Fees shall thereafter be computed on the basis of the US Commitments, as so reduced; provided that a notice of termination of the US Commitments delivered by the US Borrower Borrowers may state that such notice is conditioned upon the effectiveness of other transactions, in which case such notice may be revoked by the US Borrower Borrowers (by notice to the US Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

Appears in 2 contracts

Samples: Credit Agreement (NCS Multistage Holdings, Inc.), Credit Agreement (NCS Multistage Holdings, Inc.)

US Commitments. The US Borrower shall have the right, upon at least three 10 Business Days’ irrevocable notice to the US Administrative Agent, to terminate in whole or reduce ratably in part the unused portion of the US Commitments; provided that (A) each partial reduction shall be in a minimum the aggregate amount of $1,000,000 and in integral multiples of $1,000,000 in excess thereof thereof; (or the remaining amount of the US Commitments, if less). Any reduction or termination of the US Commitments pursuant to this Section 2.1(c)(iB) shall be applied ratably to each US Facility Lender’s US Commitment and shall be permanent, with no obligation of the US Facility Lenders to reinstate such US Commitments, and the applicable Commitment Fees shall thereafter be computed on the basis of the US Commitments, as so reduced; provided that a notice of termination of the US Commitments delivered by the US Borrower may state that such notice is conditioned upon the effectiveness of other transactionscredit facilities, in which case such notice may be revoked by the US Borrower (by notice to the US Administrative Agent on or prior to the specified effective date) if such condition is not satisfied; (C) any reduction or termination of the US Commitments pursuant to this Section shall be permanent, with no obligation of the US Lenders to reinstate such US Commitments, and the unused fees shall thereafter be computed on the basis of the US Commitments, as so reduced; and (D) a termination of the total US Commitments must also terminate the total Canadian Commitments.

Appears in 1 contract

Samples: Credit Agreement (Complete Production Services, Inc.)

US Commitments. The US Borrower shall have the right, upon at least three Business Days’ irrevocable notice to the US Administrative Agent, to terminate in whole or reduce ratably in part the unused portion of the US Commitments; provided that each partial reduction shall be in a minimum the aggregate amount of $1,000,000 and in integral multiples of $1,000,000 in excess thereof (or the remaining amount of the US Commitments, if less). Any reduction or termination of the US Commitments pursuant to this Section 2.1(c)(i) shall be applied ratably to each US Facility Lender’s US Commitment and shall be permanent, with no obligation of the US Facility Lenders to reinstate such US Commitments, and the applicable Commitment Fees shall thereafter be computed on the basis of the US Commitments, as so reducedthereof; provided further that a notice of termination of the US Commitments delivered by the US Borrower may state that such notice is conditioned upon the effectiveness of other transactionscredit facilities, in which case such notice may be revoked by the US Borrower (by notice to the US Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.. Any reduction or termination of the US Commitments pursuant to this Section shall be permanent, with no obligation of the US Lenders to reinstate such US Commitments, and the Commitment Fees shall thereafter be computed on the basis of the US Commitments, as so reduced

Appears in 1 contract

Samples: Credit Agreement (Complete Production Services, Inc.)

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US Commitments. The US Borrower shall have the right, upon at least three Business Days’ irrevocable notice to the US Administrative Agent, to terminate in whole or reduce ratably in part the unused portion of the US Commitments; provided that each partial reduction shall be in a minimum the aggregate amount of $1,000,000 and in integral multiples of $1,000,000 in excess thereof (or the remaining amount of the US Commitments, if less). Any reduction or termination of the US Commitments pursuant to this Section 2.1(c)(i) shall be applied ratably to each US Facility Lender’s US Commitment and shall be permanent, with no obligation of the US Facility Lenders to reinstate such US Commitments, and the applicable Commitment Fees shall thereafter be computed on the basis of the US Commitments, as so reducedthereof; provided further that a notice of termination of the US Commitments delivered by the US Borrower may state that such notice is conditioned upon the effectiveness of other transactionscredit facilities, in which case such notice may be revoked by the US Borrower (by notice to the US Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any reduction or termination of the US Commitments pursuant to this Section shall be permanent, with no obligation of the US Lenders to reinstate such US Commitments, and the Commitment Fees shall thereafter be computed on the basis of the US Commitments, as so reduced.

Appears in 1 contract

Samples: Credit Agreement (Complete Production Services, Inc.)

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