Examples of Term Facility Commitment in a sentence
On 19 April 2021, the Group signed an amendment and restatement agreement for a £15,000,000 three-year Revolving Credit Facility and £10,000,000 three-year Term Facility Commitment with HSBC UK Bank plc.
The Borrower agrees to pay to each Lender (other than any Defaulting Lender), through the Administrative Agent, within three (3) Business Days after the end of each month, a commitment fee of 1.50% (a “Commitment Fee”) of the daily amount of the Available Unused Term Facility Commitment of such Lender during the preceding month.
Commitment means a Term Facility Commitment or Revolving Facility Commitment.
The Commitments shall be automatically and permanently reduced by the amount of each Borrowing on the date of such Borrowing and shall be automatically terminated on the Term Facility Commitment Termination Date.
During 2022, the Group drew down the remaining £5 million of the Revolving Credit Facility and £2 million of the Term Facility Commitment was repaid during the year.