Use of Commitments Sample Clauses
Use of Commitments. (a) All remittances by each Participant to the Lessor to fund Advances shall be allocated first, to the 364 Day Commitment of such Participant, and second, to the Two Year Commitment of such Participant. Unless extended as provided in this Section 3.6, the 364 Day Commitment shall terminate on the day which is 364 days after the Effective Date and the unused portion thereof shall not be available to the Lessor thereafter. The Lessee shall notify the Lessor, the Agent and each Participant not less than forty-five (45) days prior to the expiration date of the 364 Day Commitment whether it wishes to extend the availability of the unused portion of the 364 Day Commitment to the Six Month Extension Termination Date. The availability of the unused portion of the 364 Day Commitment shall not be extended unless the Agent and each Participant, in its sole discretion, has notified the Lessor within fifteen (15) days prior to such termination date that it will permit the unused portion of its 364 Day Commitment to be extended to the Six Month Extension Termination Date commencing on the Extension Date. The Agent and each Participant may make such decision based upon such credit information regarding the Lessee, interest rates, market conditions and such other factors as the Agent and such Participant may consider relevant. The Lessor shall notify the Lessee whether the Agent and the Participants have agreed to permit the extension of such unused portion of the 364 Day Commitment to the Six Month Extension Termination Date. Any portion that is so extended shall bear Commitment Fees from and after the Extension Date at a rate applicable to the 364 Day Commitment. The parties hereto shall amend Schedule I hereto in connection with any such extension. The Lessee shall have the right, upon not less than three Business Days' written notice to the Agent, to reduce the 364 Day Commitment and/or the Two Year Commitment; provided, that after giving effect to such notification, the aggregate outstanding amount of the Advances shall not exceed the aggregate Commitments as so reduced.
(b) If the 364 Day Commitment is extended pursuant to Section 3.6(a), the Lessee shall pay to each Participant its pro rata share of the Extension Fee on the Extension Date.
Use of Commitments. Any Competitive Loan made by any Bank pursuant to this Section shall not constitute a utilization of the Commitment of such Bank (and shall not reduce its obligation to make Committed Loans pursuant to Section 2.01 or to issue Letters of Credit pursuant to Section 2.05).
Use of Commitments. On each day during the period commencing with the issuance by the Letter of Credit Agent of any Letter of Credit and until such Letter of Credit shall have expired or been terminated, the Commitment of each Bank shall be deemed to be utilized for all purposes hereof in an amount equal to such Bank's Percentage of the then undrawn face amount of such Letter of Credit.
Use of Commitments. The Facility may be used for (i) the acquisition of new vessels by any Subsidiary of the Borrower (including, where relevant, the advance of shareholder loans to any Subsidiary for such purpose) and (ii) for the Group’s general corporate and working capital purposes and to repay maturing Loans.
Use of Commitments. Any Negotiated Rate Loan made by any Bank pursuant to this Section shall constitute a utilization of the Commitment of such Bank (and shall reduce its obligation to make Committed Loans pursuant to Section 2.01 and to issue Letters of Credit pursuant to Section 2.05) by the amount of such Negotiated Rate Loan; and the aggregate amount of Commitments hereunder shall be deemed to be utilized in the amount of any such Negotiated Rate Loan.