MCR Sample Clauses
The MCR (Minimum Capital Requirement) clause sets a baseline level of capital that a party, typically an insurer or financial institution, must maintain at all times. This requirement ensures that the entity holds sufficient financial resources to meet its obligations, such as paying claims or covering liabilities, even in adverse scenarios. For example, the clause may specify a percentage of assets or a fixed monetary amount that must be held in reserve. By mandating a minimum capital threshold, the MCR clause helps protect policyholders and counterparties from the risk of insolvency, thereby promoting financial stability and regulatory compliance.
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MCR. As of the first (1st) day of each calendar month, commencing May 1, 2006, the amount available under the Revolving Credit Commitments shall be automatically reduced by the then applicable monthly commitment reduction (“MCR”) amount as determined by the Required Lenders. To the extent the sum of (i) the outstanding principal balance of the Notes plus (ii) the LC Exposure is in excess of the adjusted amount of the Aggregate Revolving Credit Commitment Amounts, the Borrower shall make a mandatory principal prepayment on the Notes in such amount as is necessary to reduce the sum of (i) the outstanding principal balance of the Notes plus (ii) the LC Exposure to an amount less than or equal to the adjusted Revolving Credit Commitments, which such mandatory principle prepayment shall be made within five (5) days of the applicable MCR application. The amount of the MCR (initially stipulated to be zero dollars ($0)) shall be evaluated and redetermined by the Required Lenders concurrent with each semi-annual Borrowing Base redetermination in accordance with the provisions of Section 2.08.
MCR. As of the 31st day of each calendar month, commencing October 31, 2016, the Revolver Commitment Amount shall be automatically reduced by $15,000.00 per month (the "MCR"). To the extent the outstanding principal balance of the Revolver Note (including Letter of Credit Exposure) is in excess of the adjusted amount of the Revolver Commitment Amount, the Borrower shall make a mandatory principal prepayment on the Revolver Note in such amount as is necessary to reduce the outstanding principal balance of the Revolver Note (including Letter of Credit Exposure) to an amount less than or equal to the adjusted Revolver Commitment Amount, which such mandatory principal prepayment shall be made within five (5) days of the applicable MCR application.
MCR. As of the first day of each calendar month, commencing November 10, 2018, the Revolver Commitment Amount shall be automatically reduced by the monthly Commitment reduction amount, which initially is stipulated to be $10,000.00 per month (the "MCR"). Commencing on December 31, 2018, and from time to time thereafter, the MCR will be subject to adjustment by the Bank in its discretion at each semi-annual Collateral Borrowing
MCR. As used herein, the term “MCR” shall mean the automatic monthly reduction of the amount of the Revolver Commitment effective as of the last day of each calendar month, commencing July 31, 2003, initially by the amount of $88,000 per month (in addition to but not in lieu of the semi-annual redetermination of the Collateral Borrowing Base pursuant to Section 3.2 hereof below).”