U.S. Revolver Commitments Clause Samples
The U.S. Revolver Commitments clause defines the maximum amount of revolving credit that lenders agree to provide to a borrower under a credit agreement, specifically for U.S.-based borrowings. This clause outlines the total commitment available, how much each lender is responsible for, and the conditions under which funds can be drawn, repaid, and re-borrowed. Its core practical function is to establish clear borrowing limits and procedures, ensuring both the lender and borrower understand the extent and terms of available credit, thereby facilitating efficient short-term financing while managing risk exposure.
U.S. Revolver Commitments. Unless sooner terminated in accordance with this Agreement, the U.S. Revolver Commitments shall terminate on the U.S. Revolver Commitment Termination Date. Upon at least thirty (30) days’ prior written notice to the Agent from the North American Loan Party Agent, U.S. Borrowers may, at their option, terminate the U.S. Revolver Commitments in full without premium or penalty (other than funding losses payable pursuant to Section 3.10). If the U.S. Borrowers elect to permanently reduce to zero or terminate the U.S. Revolver Commitments pursuant to the previous sentence, the Foreign Revolver Commitments shall automatically terminate concurrently with the termination of the U.S. Revolver Commitments. On the U.S. Revolver Commitment Termination Date, the U.S. Facility Loan Parties shall make Full Payment of all U.S. Facility Obligations.
U.S. Revolver Commitments. Unless sooner terminated in accordance with this Agreement, the U.S. Revolver Commitments and the U.S. Swingline Commitment shall terminate on the U.S. Revolver Commitment Termination Date. Upon at least 10 days’ prior written notice to Agent from the Administrative Borrower, U.S. Borrowers may, at their option, terminate the U.S. Revolver Commitments without premium or penalty (other than funding losses payable pursuant to Section 3.10). If the U.S. Borrowers elect to reduce to zero or terminate the U.S. Revolver Commitments pursuant to the previous sentence, the Canadian Revolver Commitments shall automatically terminate concurrently with the termination of the U.S. Revolver Commitments. On the U.S. Revolver Commitment Termination Date, the U.S. Facility Loan Parties shall make Full Payment of all U.S. Facility Obligations.