Common use of Amount and Nature of Credit Clause in Contracts

Amount and Nature of Credit. (a) Subject to the terms and conditions of this Agreement, each Bank, during the Commitment Period and to the extent hereinafter provided, shall make Loans to Borrowers and participate in Swing Loans made by the Swing Line Bank to Borrowers, in such aggregate amount as Borrowers shall request pursuant to the Commitment; provided, however, that in no event shall the Revolving Credit Exposure be in excess of the Total Commitment Amount. (b) Each Bank, for itself and not one for any other, agrees to make Loans and participate in Swing Loans, during the Commitment Period, on such basis that, immediately after the completion of any borrowing by Borrowers, (i) the aggregate principal amount then outstanding on the Notes (other than the Swing Line Note) issued to such Bank, when combined with such Bank's pro rata share, if any, of the Swing Line Exposure, shall not be in excess of the Maximum Amount for such Bank, and (ii) such aggregate principal amount outstanding on the Notes (other than the Swing Line Note) issued to such Bank shall represent that percentage of the aggregate principal amount then outstanding on all Notes (other than the Swing Line Note) together with such Bank's interest in the Swing Line Exposure that shall be such Bank's Commitment Percentage. Each borrowing (other than Swing Loans) from the Banks hereunder shall be made pro rata according to the respective Commitment Percentages of the Banks. (c) The Loans shall be made either as Revolving Loans as described in Section 2.2 hereof or Swing Loans as described in Section 2.4 hereof.

Appears in 1 contract

Samples: Credit and Security Agreement (MTC Technologies Inc)

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Amount and Nature of Credit. (a) Subject to the terms and conditions of this Agreement, each Bankthe Lenders, during the Commitment Period and to the extent hereinafter provided, shall make Loans to Borrowers and the Borrower, participate in Swing Loans made by the Swing Line Bank Lender to Borrowersthe Borrower, and issue or participate in Letters of Credit at the request of the Borrower, in such aggregate amount as Borrowers the Borrower shall request pursuant to the Commitment; provided, however, that in no event shall the Revolving Credit Exposure be in excess of the Total Commitment Amount. (b) Each BankLender, for itself and not one for any other, agrees to make Loans and Loans, participate in Swing Loans, and issue or participate in Letters of Credit, during the Commitment Period, on such basis that, immediately after the completion of any borrowing by Borrowers, the Borrower or the issuance of a Letter of Credit: (i) the Dollar Equivalent of the aggregate outstanding principal amount then outstanding on the Notes of Loans made by such Lender (other than Swing Loans made by the Swing Line Note) issued to such BankLender), when combined with such Bank's Lender’s pro rata share, if any, of the Letter of Credit Exposure and the Swing Line Exposure, shall not be in excess of the Maximum Amount for such Bank, and Lender; and (ii) such the aggregate outstanding principal amount outstanding on the Notes of Loans (other than the Swing Line NoteLoans) issued to made by such Bank Lender shall represent that percentage of the aggregate principal amount then outstanding on all Notes Loans (other than the Swing Line NoteLoans) together with such Bank's interest in the Swing Line Exposure that shall be such Bank's Lender’s Commitment Percentage. Each borrowing (other than Swing LoansLoans which shall be risk participated on a pro rata basis) from the Banks hereunder Lenders shall be made pro rata according to the respective Commitment Percentages of the BanksLenders. (c) The Loans shall may be made either as Revolving Loans as described in Section 2.2 hereof or 2.2(a) hereof, and as Swing Loans as described in Section 2.4 2.2(c) hereof, and Letters of Credit may be issued in accordance with Section 2.2(b) hereof.

Appears in 1 contract

Samples: Credit and Security Agreement (Bel Fuse Inc /Nj)

Amount and Nature of Credit. (a) [Reserved] (b) Subject to the terms and conditions of this Agreement, each Bank, during the Commitment Period and to the extent hereinafter provided, shall make Loans to Borrowers and participate in Swing Loans made by the Swing Line Bank to Borrowers, in such aggregate amount as Borrowers shall request pursuant to the Commitment; provided, however, that in no event shall the Revolving Credit Exposure be in excess of the Total Commitment Amount. (b) Each BankLender, for itself and not one for any other, severally agrees to make Revolving Loans to the Borrower at the request of the Borrower and participate in Swing LoansLetters of Credit, in each case during the Commitment Period, on such basis that, immediately after the completion of any borrowing by Borrowers, the Borrower or the issuance of a Letter of Credit: (i) the aggregate outstanding principal amount then outstanding on the Notes (other than the Swing Line Note) issued to of Revolving Loans made by such BankLender, when combined with such Bank's Lender’s pro rata share, if any, share (determined by reference to its Revolving Credit Commitment) of the Swing Line Letter of Credit Exposure, shall not be in excess of the Maximum Amount for such Bank, and Revolving Lender; and (ii) such the aggregate outstanding principal amount outstanding on the Notes (other than the Swing Line Note) issued to of Revolving Loans made by such Bank shall Revolving Lender represent that percentage of the aggregate principal amount then outstanding on all Notes (other than the Swing Line Note) together with such Bank's interest in the Swing Line Exposure Revolving Loans that shall be such Bank's Lender’s Applicable Commitment PercentagePercentage with respect to the Revolving Credit Commitment. Each borrowing (other than Swing Loans) from the Banks hereunder of Revolving Loans shall be made by the Revolving Lenders pro rata according to the respective Applicable Commitment Percentages of the BanksRevolving Lenders with respect to the Revolving Credit Commitment. (c) The Loans shall may be made either as Revolving Loans as described in Section 2.2 2.2(a) hereof or Swing Loans and as the Term Loan as described in Section 2.4 2.3 hereof, and Letters of Credit may be issued in accordance with Section 2.2(b) hereof.

Appears in 1 contract

Samples: Credit and Security Agreement (Ignite Restaurant Group, Inc.)

Amount and Nature of Credit. (a) Subject to the terms and conditions of this Agreement, each Bankthe Lenders, during the Commitment Period and to the extent hereinafter provided, shall make Loans to Borrowers and the Borrowers, participate in Swing Loans made by the Swing Line Bank Lender to the Borrowers, and issue or participate in Letters of Credit at the request of the Borrowers, in such aggregate amount as the Borrowers shall request pursuant to the Commitment; provided, however, that in no event shall the Revolving Credit Exposure be in excess of the Total Commitment Amount. (b) Each BankLender, for itself and not one for any other, agrees to make Loans and Loans, participate in Swing Loans, and issue or participate in Letters of Credit, during the Commitment Period, on such basis that, immediately after the completion of any borrowing by Borrowersthe Borrowers or the issuance of a Letter of Credit, (i) the aggregate outstanding principal amount then outstanding on the Notes of Loans made by such Lender (other than Swing Loans made by the Swing Line Note) issued to such BankLender), when combined with such Bank's Xxxxxx’s pro rata share, if any, of the Letter of Credit Exposure and the Swing Line Exposure, shall not be in excess of the Maximum Revolving Amount for such Bank, and (ii) such aggregate principal amount outstanding on the Notes (other than the Swing Line Note) issued to such Bank shall represent that percentage of the aggregate principal amount then outstanding on all Notes (other than the Swing Line Note) together with such Bank's interest in the Swing Line Exposure that shall be such Bank's Commitment PercentageLender. Each borrowing (other than Swing LoansLoans which shall be risk participated on a pro rata basis) from the Banks hereunder Lenders shall be made pro rata according to the respective Commitment Percentages of the BanksLenders. (c) The Loans shall may be made either as Revolving Loans as described in Section 2.2 2.2(a) hereof or and as Swing Loans as described in Section 2.4 2.2(c) hereof, and Letters of Credit may be issued in accordance with Section 2.2(b) hereof.

Appears in 1 contract

Samples: Credit and Security Agreement (Universal Logistics Holdings, Inc.)

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Amount and Nature of Credit. (a) Subject to the terms and conditions of this Agreement, each Bank, during the Commitment Period and to the extent hereinafter provided, Bank shall make Loans to Borrowers Borrowers, and participate in Swing Loans made by the Swing Line Bank to Borrowersissuance of Letters of Credit at the request of ASI, in such aggregate amount as Borrowers shall request pursuant to the Commitment; provided, however, that in no event shall the Revolving aggregate principal amount of all Loans and Letters of Credit Exposure outstanding under this Agreement be in excess of the Total Commitment Amount. (b) . Each Bank, for itself and not one for any other, agrees to make Loans and participate in Swing Loans, Loans made and Letters of Credit issued hereunder during the Commitment Period, Period on such basis that, that (a) immediately after the completion of any borrowing by Borrowersa Borrower or the issuance of a Letter of Credit, (i) the Dollar Equivalent of the aggregate principal amount then outstanding on the Notes issued to such Bank (other than the Swing Line Note) issued to such BankCompetitive Bid Notes), when combined with such Bank's pro rata share, if any, share of the Swing Line Exposure, Letter of Credit Exposure shall not be in excess of the Maximum Amount for such Bank, and (iib) such aggregate principal amount outstanding on the Notes issued to such Bank (other than the Swing Line NoteCompetitive Bid Notes) issued to such Bank shall represent that percentage of the aggregate principal amount then outstanding on all Notes (other than including the Swing Line Note) together with Revolving Credit Notes held by such Bank's interest in , but excluding all of the Swing Line Exposure Competitive Bid Notes) that shall be is such Bank's Commitment Percentage. Each With the exception of Competitive Bid Loans, each borrowing (other than Swing Loans) from the Banks hereunder shall be made pro rata according to the respective Commitment Percentages of the Banks. (c) . The Loans shall may be made either as Revolving Loans, Foreign Borrower Alternate Currency Loans and Competitive Bid Loans, and Letters of Credit may be issued, as described in Section 2.2 hereof or Swing Loans as described in Section 2.4 hereof.follows:

Appears in 1 contract

Samples: Credit Agreement (Schulman a Inc)

Amount and Nature of Credit. (a) a. Subject to the terms and conditions of this Agreement, each Bankthe Lenders, during the Commitment Period and to the extent hereinafter provided, shall make Loans to Borrowers and the Borrower, participate in Swing Loans made by the Swing Line Bank Lender to Borrowersthe Borrower, and issue or participate in Letters of Credit at the request of the Borrower, in such aggregate amount as Borrowers the Borrower shall request pursuant to the Commitment; provided, however, that in no event shall the Revolving Credit Exposure be in excess of the Total Commitment Amount. (b) b. Each BankLender, for itself and not one for any other, agrees to make Loans and Loans, participate in Swing Loans, and issue or participate in Letters of Credit, during the Commitment Period, on such basis that, immediately after the completion of any borrowing by Borrowers, (i) the Borrower or the issuance of a Letter of Credit: i. the Dollar Equivalent of the aggregate outstanding principal amount then outstanding on the Notes of Loans made by such Lender (other than Swing Loans made by the Swing Line Note) issued to such BankLender), when combined with such Bank's Lender’s pro rata share, if any, of the Letter of Credit Exposure and the Swing Line Exposure, shall not be in excess of the Maximum Amount for such Bank, and (Lender; and ii) such . the aggregate outstanding principal amount outstanding on the Notes of Loans (other than the Swing Line NoteLoans) issued to made by such Bank Lender shall represent that percentage of the aggregate principal amount then outstanding on all Notes Loans (other than the Swing Line NoteLoans) together with such Bank's interest in the Swing Line Exposure that shall be such Bank's Lender’s Commitment Percentage. Each borrowing (other than Swing LoansLoans which shall be risk participated on a pro rata basis) from the Banks hereunder Lenders shall be made pro rata according to the respective Commitment Percentages of the BanksLenders. (c) c. The Loans shall may be made either as Revolving Loans as described in Section 2.2 hereof or 2.2(a) hereof, and as Swing Loans as described in Section 2.4 2.2(c) hereof, and Letters of Credit may be issued in accordance with Section 2.2(b) hereof.

Appears in 1 contract

Samples: Credit and Security Agreement (Bel Fuse Inc /Nj)

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