Mandatory Commitment Reduction definition

Mandatory Commitment Reduction means those monthly or quarterly reductions to the Revolving Commitment determined in connection with any future determination of the Borrowing Base under Section 2.6.
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Mandatory Commitment Reduction means any reduction of the Commitment made under the Credit Agreement pursuant to Section 2.06(b) of the Credit Agreement.
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Mandatory Commitment Reduction has the meaning set forth in Section 2.04(c).
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Examples of Mandatory Commitment Reduction in a sentence

  • Any of the Term Lenders that wishes to decline its Pro Rata Share of such reduction of the Term Facility (and its corresponding prepayment of the outstanding Term Advances owing to it on the related Mandatory Commitment Reduction Date) (a "DECLINING LENDER") shall give written notice thereof to the Administrative Agent not later than 12:00 Noon (New York City time) on the Business Day immediately preceding the related Mandatory Commitment Reduction Date.

  • If a Default or Event of Default (other than non-monetary Events of Default occurring as a direct consequence of such casualty loss or condemnation) has occurred hereunder and is then continuing, such amount may, at the option of Requisite Lenders, be applied as a Mandatory Commitment Reduction.

  • Mandatory Commitment Reduction; Commitment Termination; Cash Collateral...................27 SECTION 2.13.

  • Each Mandatory Commitment Reduction in this clause (d) will be in addition to, and will not be reduced by, any (x) other mandatory commitment reduction or (y) optional commitment reduction.

  • For the avoidance of doubt, any repayment made pursuant to this Section 2.6 shall be made subject to the Mandatory Commitment Reduction requirements of Section 2.4(c), as applicable.

  • Without limiting the foregoing, the proposed Borrowing Base and Mandatory Commitment Reduction shall be determined based upon the interests of the Restricted Persons in their Oil and Gas Properties.

  • Each Mandatory Commitment Reduction shall be made ratably among the Lenders in accordance with their respective Revolving Commitments.

  • The Administrative Agent shall by notice to the Borrower designate such amount as the new Borrowing Base and Mandatory Commitment Reduction available to the Borrower hereunder, which designation shall take effect immediately on the date such notice is sent and shall remain in effect until but not including the next Determination Date.

  • For all amounts in excess of $2,500,000.00, must make a Mandatory Commitment Reduction on or before 90 days following each such Disposition resulting in Excess Capital Proceeds.

  • If, at the end of such thirty (30) days, any Lender has not communicated its approval or disapproval of any proposed Borrowing Base or Mandatory Commitment Reduction in writing to the Administrative Agent, such silence shall be deemed to be an approval of the proposed Borrowing Base and Mandatory Commitment Reduction, respectively.


More Definitions of Mandatory Commitment Reduction

Mandatory Commitment Reduction means a permanent reduction of the Aggregate Commitment and Maximum Permitted Balance as may be required from time to time under Sections 5.01 and 8.02 or pursuant to the requirements for use of Make Well Contributions in the determination of Adjusted EBITDA.
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Mandatory Commitment Reduction is defined in Section 2.4(c).
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Related to Mandatory Commitment Reduction

  • Replacement Revolving Commitments shall have the meaning assigned to such term in Section 2.22.

  • Total Utilization of Revolving Loan Commitments means, as at any date of determination, the sum of (i) the aggregate principal amount of all outstanding Revolving Loans (other than Revolving Loans made for the purpose of reimbursing the applicable Issuing Lender for any amount drawn under any Letter of Credit but not yet so applied) plus (ii) the Letter of Credit Usage.

  • Revolving Committed Amount shall have the meaning set forth in Section 2.1(a).

  • Revolving Commitment Amount means, as to any Lender, the Revolving Commitment amount (if any) set forth opposite such Lender’s name on Schedule 1.1 hereto (or, in the case of any Lender that became party to this Agreement after the Closing Date pursuant to Section 16.3(c) or (d) hereof, the Revolving Commitment amount (if any) of such Lender as set forth in the applicable Commitment Transfer Supplement).

  • Revolving Commitment Increase has the meaning set forth in Section 2.14(a).

  • Total Utilization of Revolving Commitments means, as at any date of determination, the sum of (i) the aggregate principal amount of all outstanding Revolving Loans (other than Revolving Loans made for the purpose of repaying any Refunded Swing Line Loans or reimbursing Issuing Bank for any amount drawn under any Letter of Credit, but not yet so applied), (ii) the aggregate principal amount of all outstanding Swing Line Loans and (iii) the Letter of Credit Usage.

  • Replacement Revolving Loans shall have the meaning assigned to such term in Section 2.21(l).

  • Aggregate Revolving Commitment Amount means the aggregate principal amount of the Aggregate Revolving Commitments from time to time. On the Closing Date, the Aggregate Revolving Commitment Amount is $300,000,000.

  • Aggregate Revolving Committed Amount has the meaning provided in Section 2.01(a).

  • Extended Revolving Commitment shall have the meaning assigned to such term in Section 2.19(a).

  • Designated Revolving Commitments means the amount or amounts of any commitments to make loans or extend credit on a revolving basis to the Company or any of its Restricted Subsidiaries by any Person other than the Company or any of its Restricted Subsidiaries that has or have been designated (but only to the extent so designated) in an Officers’ Certificate delivered to the Trustee as “Designated Revolving Commitments” until such time as the Company subsequently delivers an Officers’ Certificate to the Trustee to the effect that the amount or amounts of such commitments shall no longer constitute “Designated Revolving Commitments.”

  • Revolving Loan Commitment Amount means, on any date, $30,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • Aggregate Revolving Commitment means the aggregate amount of the Revolving Commitments of all of the Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof. As of the Effective Date, the Aggregate Revolving Commitment is $200,000,000.

  • Extended Revolving Commitments has the meaning specified in Section 2.16(2).

  • Replacement Revolving Facility Commitments shall have the meaning assigned to such term in Section 2.21(l).

  • Term Loan Committed Amount shall have the meaning set forth in Section 2.2(a).

  • Available Revolving Commitment as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding; provided, that in calculating any Lender’s Revolving Extensions of Credit for the purpose of determining such Lender’s Available Revolving Commitment pursuant to Section 2.8(a), the aggregate principal amount of Swingline Loans then outstanding shall be deemed to be zero.

  • Aggregate Revolving Commitments means, collectively, all Revolving Commitments of all Lenders at any time outstanding.

  • Commitment Increase Notice has the meaning assigned to such term in Section 2.19.

  • Aggregate Revolving Loan Commitment means the aggregate of the Revolving Loan Commitments of all the Revolving Lenders, as may be reduced or increased from time to time pursuant to the terms hereof. The initial Aggregate Revolving Loan Commitment is Two Hundred Fifty Million and 00/100 Dollars ($250,000,000.00).

  • Revolving Commitment Increase Lender has the meaning specified in Section 2.14(a).

  • Revolving Commitments means such commitments of all Lenders in the aggregate. The amount of each Lender’s Revolving Commitment, if any, is set forth on Appendix A-3 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Revolving Commitments as of the Closing Date is $250,000,000.

  • Revolving Credit Commitment Amount means with respect to any Revolving Credit Lender, (i) if the Revolving Credit Aggregate Commitment has not been terminated, the amount specified opposite such Revolving Credit Lender’s name in the column entitled “Revolving Credit Commitment Amount” on Schedule 1.2, as adjusted from time to time in accordance with the terms hereof; and (ii) if the Revolving Credit Aggregate Commitment has been terminated (whether by maturity, acceleration or otherwise), the amount equal to its Percentage of the aggregate principal amount outstanding under the Revolving Credit (including the outstanding Letter of Credit Obligations and any outstanding Swing Line Advances).

  • Commitment Increase has the meaning specified in Section 2.18(a).

  • Total Commitment Amount means, at any particular time, the aggregate of the Individual Commitments of all of the Lenders at such time.

  • Letter of Credit Commitment Amount means, on any date, a maximum amount of $25,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.