Non-Revolving Commitment definition
Examples of Non-Revolving Commitment in a sentence
Each Existing Letter of Credit shall be deemed to be issued pursuant to this Section 3.1(a) on the Restatement Effective Date (and for the avoidance of doubt, no Lender with a Non-Revolving Commitment, in its capacity as such, shall be deemed to have any participating interest in any Existing Letter of Credit from and after the Restatement Effective Date).
In connection with any prepayment or repayment of Non-Revolving Loans of any Lender following the Restatement Effective Date, the Non-Revolving Commitment of such Lender shall automatically be reduced concurrently with such repayment or prepayment by an amount equal to the principal amount of its Non-Revolving Loans so repaid or prepaid on such date.
Any optional reduction of the Revolving Commitment or the Non-Revolving Commitment shall be in the amount of $1,000,000 or in integral multiples of $100,000 in excess thereof or in the full amount of the Commitment as then in effect.
Borrowers agree to pay an unused commitment fee equal to one-quarter of one percent (0.25%) times the average daily difference between the Non-Revolving Commitment and the principal indebtedness evidenced by the Non-Revolving Line Note.
All Non-Revolving Advances repaid on the Non-Revolving Line of Credit shall not be reborrowed but shall reduce the Non-Revolving Commitment on a dollar-for-dollar basis.
The Reducing Non-Revolving Loans described in this Section 2.1(c) constitute a reducing non-revolving credit and up to the Reducing Non-Revolving Commitment Amount and during the Reducing Non-Revolving Commitment Period, Borrower may borrow and prepay but not reborrow amounts prepaid.
In connection with any prepayment or repayment of Non-Revolving Loans of any Lender following the Restatement Effective Date, the Non-Revolving Commitment of such Lender shall automatically be reduced concurrently with such repayment or prepayment by an amount equal to the principal amount of its Non-Revolving Loans so repaid or prepaid on such date[Reserved].
Upon the execution of this Amendment Borrower shall issue, Lenders shall receive a warrant entitling the holder to purchase at the Exercise Price (as defined herein) that number of shares of Restricted Common Stock of the Borrower determined by dividing fifty percent (50%) of the Non-Revolving Commitment by the Exercise Price, which warrant will be exercisable from the date of issuance until 3 years thereafter.
Borrower may at any time on like notice (x) terminate the maximum Non-Revolving Commitment available under the Term Credit Facility upon payment in full of the Term Notes and other liabilities of Borrower relating to the Term Credit Facility and/or (y) terminate the maximum Revolving Commitment available under the Revolving Credit Facility upon payment in full of the Revolving Notes and other liabilities of Borrower relating to the Revolving Credit Facility.