Amount and Terms of Revolving Credit Commitments. 2.1 Revolving Credit Commitments (a) Subject to the terms and conditions hereof, each Lender agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s Revolving Credit Commitment, to the Company from time to time on any Borrowing Date during the Revolving Credit Commitment Period by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and by making loans to the Company (“Revolving Credit Loans”) from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the amount of such Loan to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the Available Revolving Credit Commitments. Subject to the foregoing, during the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by borrowing, repaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit. (b) Each borrowing of Revolving Credit Loans shall be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan to be used solely to pay the like amount of an L/C Disbursement may be in the principal amount of such L/C Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (KLX Energy Services Holdings, Inc.), Credit Agreement (KLX Energy Services Holdings, Inc.)
Amount and Terms of Revolving Credit Commitments. 2.1 6.1 Revolving Credit Commitments.
(a) Subject to the terms and ---------------------------- conditions hereof, each Revolving Credit Lender severally agrees to extend credit, make revolving credit loans ("Revolving Credit Loans") to the Borrower from time to ---------------------- time during the Commitment Period in an aggregate principal amount not at any one time outstanding which, when added to exceed such Xxxxxx’s Revolving Credit Commitment, to the Company from time to time on any Borrowing Date during the Lender's Revolving Credit Commitment Period by purchasing an Percentage of the then outstanding L/C Participating Interest in each Letter Obligations and Swing Line Loans, does not exceed the amount of Credit issued by the Issuing Lender and by making loans to the Company (“such Revolving Credit Loans”) from time to time. Lender's Revolving Credit Loans shall be denominated Commitment then in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, ifeffect; provided that, after giving effect thereto and -------- to the use making of proceeds thereof as irrevocably directed by the Companysuch Revolving Credit Loan, the sum Aggregate Outstanding Extensions of Credit of all Revolving Credit Lenders shall not exceed the Aggregate Revolving Credit Extensions of Credit would exceed the Line Cap Commitment then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if effect. During the amount of such Loan to be made or any Letter of Credit to be issued would, after giving effect to Commitment Period the Borrower may use of proceeds, if any, thereof, exceed the Available Revolving Credit Commitments. Subject to the foregoing, during the Aggregate Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of The Revolving Credit Loans shall may from time to time be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $1,000,000 in excess thereofEurodollar Loans, and (ii) ABR Loans or (iii) a combination thereof, as determined by the Available Revolving Credit CommitmentsBorrower and notified to the Administrative Agent in accordance with subsections 6.2 and 9.6, except provided that any borrowing of a (x) no Revolving Credit Loan shall be made as a -------- Eurodollar Loan after the day that is one month prior to the Termination Date and (y) any Revolving Credit Loans to be used solely to pay made on the like amount of an L/C Disbursement may Closing Date initially shall be in the principal amount of such L/C Disbursementmade as ABR Loans.
Appears in 1 contract
Samples: Credit Agreement (Dynatech Corp)
Amount and Terms of Revolving Credit Commitments. 2.1 3.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Lender severally agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s the extent of its Revolving Credit Commitment, Commitment to extend credit to the Company from time to time on any Borrowing Date during the Revolving Credit Commitment Period (i) by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and (ii) by making loans in Dollars (individually, such a Loan is a "Revolving Credit Loan", and collectively such Loans are the "Revolving Credit Loans") to the Company (“Revolving Credit Loans”) from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, above in no event shall (i) any Revolving Credit Loan Loans be made, or any Letter of Credit be issued, if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the aggregate amount of such Loan the Revolving Credit Loans to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the aggregate Available Revolving Credit CommitmentsCommitments nor shall any Letter of Credit be issued if after giving effect thereto the sum of the undrawn amount of all outstanding Letters of Credit and the amount of all L/C Obligations would exceed $35,000,000. Subject to the foregoing, during During the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of Revolving Credit Loans pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount of the lesser of (i) $500,000 or a whole multiple of $100,000 in excess thereof in the case of Alternate Base Rate Loans, and $1,000,000 or a whole multiple of $1,000,000 500,000 in excess thereof, in the case of Eurodollar Loans and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan Loans to be made as Alternate Base Rate Loans and to be used solely to pay the a like amount of an L/C Disbursement Swing Line Loans may be in the aggregate principal amount of such L/C DisbursementSwing Line Loans.
Appears in 1 contract
Amount and Terms of Revolving Credit Commitments. 2.1 3.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Lender severally agrees on the Effective Date (i) to extend creditcontinue its Revolving Credit Commitment under the Existing Credit Agreement and (ii) to provide an additional Revolving Credit Commitment hereunder for the purpose of refinancing the Revolving Credit Commitments under the Existing Credit Agreements that are not being continued (the loans in Dollars continued or provided hereunder, individually, such a Loan is a "Revolving Credit Loan", and collectively such Loans are the "Revolving Credit Loans"), in an aggregate amount not equal to exceed such Xxxxxx’s that set forth on Schedule I. The parties agree that all the Revolving Credit Commitment, Loans continued or provided hereunder shall be deemed to be a continuation of the Revolving Credit Loans provided to the Company from time to time on any Borrowing Date during under the Revolving Existing Credit Commitment Period by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and by making loans to the Company (“Revolving Credit Loans”) from time to time. Agreement, which Revolving Credit Loans shall after the Effective Date be denominated in Dollarsgoverned by the terms and conditions stated herein. Notwithstanding the foregoing and subject to the Administrative Agent’s authorityabove, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, (x) in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, if, issued if after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions undrawn amount of all outstanding Letters of Credit and the amount of all L/C Obligations would exceed the Line Cap then $15,000,000 and (y) in effect or (ii) no event shall any Revolving Credit Loan Loans be made, or any Letter Letters of Credit be issued, (A) if the aggregate amount of such Loan the Revolving Credit Loans to be made or any Letter Letters of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the aggregate Available Revolving Credit CommitmentsCommitments or (B) if, after giving effect to such Revolving Credit Loan or Letter of Credit, a Borrowing Base Deficiency would exist. Subject to the foregoing, during During the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of Revolving Credit Loans shall be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan to be used solely to pay the like amount of an L/C Disbursement may be in the principal amount of such L/C Disbursement.
Appears in 1 contract
Samples: Credit Agreement (Primeco Inc)
Amount and Terms of Revolving Credit Commitments. 2.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Lender Bank agrees to continue to extend credit, in an aggregate amount not to exceed such Xxxxxx’s Revolving Credit Commitment, credit to the Company from time to time on any Borrowing Date during the Revolving Credit Commitment Period (i) by making loans in Dollars (individually, a "Revolving Credit Loan", and collectively the "Revolving Credit Loans") to the Company from time to time and (ii) by purchasing an L/C Participating Interest in each Letter of Credit issued by Chase. The aggregate amount of the Issuing Lender undrawn Letters of Credit and by making loans to L/C Obligations at any time shall not exceed in the Company (“Revolving Credit Loans”) from time to time. Revolving Credit Loans shall be denominated in Dollarsaggregate $100,000,000. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8above, in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, issued if, after giving effect thereto to such making or issuance and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Revolving Credit would exceed the Line Cap then in effect aggregate Revolving Credit Commitments or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the amount of such Loan to be made by any Bank or any Letter of Credit L/C Participating Interest to be issued would, after giving effect to the use of proceeds, if any, thereof, acquired by any Bank in connection with such issuance would exceed the Available Revolving Credit CommitmentsCommitment of such Bank. Subject to the foregoing, during During the Revolving Credit Commitment Period, Period the Company may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender Chase issue Letters of Credit, having such Letters Letter of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender Chase for such drawing, and having the Issuing Lender Chase issue new Letters of Credit.
(b) Each borrowing of Revolving Credit Loans pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount of the lesser of (i) $1,000,000 3,000,000 or a whole multiple of $1,000,000 in excess thereof, thereof and (ii) the Available Revolving Credit Commitments, Commitments except that any borrowing of a Revolving Credit Loan Loans to be used solely to pay the a like amount of an L/C Disbursement Swing Line Loans may be in the aggregate principal amount of such L/C DisbursementSwing Line Loans.
(c) The Revolving Credit Loans made by each Bank shall, if such Bank shall so request on or prior to the Effective Date or any purchaser in connection with any assignment pursuant to subsection 10.6 shall so request, be evidenced by a promissory note of the Company, substantially in the form of Exhibit A (a "Revolving Credit Note") with appropriate insertions, payable to the order of such Bank and representing the obligation of the Company to pay the lesser of (a) the amount of the initial Revolving Credit Commitment of such Bank and (b) the aggregate unpaid principal amount of all Revolving Credit Loans made by such Bank, with interest thereon as prescribed in subsection 3.5. Each Bank is hereby authorized to record its outstanding Revolving Credit Loans outstanding on the Effective Date, the Borrowing Date, Type and amount of each Revolving Credit Loan made by such Bank, the date and amount of each payment or prepayment of principal thereof, the date of each interest rate conversion pursuant to subsection 3.2 and the principal amount subject thereto on the schedule annexed to and constituting a part of its Revolving Credit Note and, in the absence of manifest error, any such recordation shall constitute prima facie evidence of the accuracy of the information so recorded, provided that the failure of any Bank to make such recordation (or any error in such recordation) shall not affect the obligations of the Company hereunder or under such Note. Each Revolving Credit Note shall (i) be dated the Effective Date, (ii) be stated to mature on the Termination Date and (iii) bear interest for the period from the date thereof on the unpaid principal amount thereof from time to time outstanding at the applicable interest rate per annum determined as provided in subsections 3.5(a), (b) and (c). Interest on each Revolving Credit Note shall be payable on the dates specified in subsection 3.5(d).
Appears in 1 contract
Samples: Credit Agreement (Saks Holdings Inc)
Amount and Terms of Revolving Credit Commitments. 2.1 4.1. Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Revolving Credit Lender severally agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s make revolving credit loans ("Revolving Credit Commitment, Loans") to the Company Borrower from time to time on any Borrowing Date during the Commitment Period in an aggregate principal amount at any one time outstanding which when added to such Revolving Credit Lender's Revolving Credit Commitment Period by purchasing an Percentage of the then outstanding L/C Participating Interest in each Letter of Credit issued by the Issuing Lender Obligations and by making loans to the Company (“Revolving Credit Loans”) from time to time. Revolving Credit Swing Line Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would does not exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the amount of such Loan to be made or any Letter of Revolving Credit to be issued wouldLender's Revolving Credit Commitment; provided that, after giving effect to the use making of proceedssuch Revolving Credit Loan, if any, thereof, (i) the Aggregate Outstanding Extensions of Credit of all Revolving Credit Lenders shall not exceed the Available lesser of (x) the Aggregate Revolving Credit Commitments. Subject to Commitment then in effect and (y) the foregoing, during Borrowing Base then in effect and (ii) the sum of (A) the Aggregate Outstanding Extensions of Credit of all the Revolving Credit Lenders and (B) the Canadian Subsidiary Equivalent Outstandings shall not exceed the Aggregate Revolving Credit Commitment. During the Commitment Period, Period the Company Borrower may use the Aggregate Revolving Credit Commitments Commitment by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of The Revolving Credit Loans shall may from time to time be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $1,000,000 in excess thereofEurodollar Loans, and (ii) ABR Loans or (iii) a combination thereof, as determined by the Available Revolving Credit CommitmentsBorrower and notified to the Administrative Agent in accordance with subsections 4.2 and 7.6, except provided that any borrowing of a (x) no Revolving Credit Loan shall have an Interest Period which ends after the Termination Date and (y) any Revolving Credit Loans to be used solely to pay made on the like amount of an L/C Disbursement may Closing Date initially shall be in the principal amount of such L/C Disbursementmade as ABR Loans.
Appears in 1 contract
Samples: Credit Agreement (Ero Marketing Inc)
Amount and Terms of Revolving Credit Commitments. 2.1 Revolving Credit Commitments.
(a) The Borrowers acknowledge and confirm that the Lenders have made revolving credit loans to the Borrowers under the Existing Credit Agreement that are outstanding on the date hereof in the aggregate principal amount of $19,000,000. The Borrowers hereby reaffirm their obligations to pay such existing revolving credit loans in accordance with the terms and provisions of this Agreement and the other Loan Documents and agree that such revolving credit loans constitute Revolving Credit Loans for all purposes of this Agreement. Subject to the terms and conditions hereof, each Lender severally agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s make revolving credit loans ("Revolving Credit Commitment, Loans") to the Company Borrowers from time to time on any Borrowing Date during the Revolving Credit Commitment Period by purchasing in an aggregate principal amount at any one time outstanding which, when added to such Lender's Commitment Percentage of the aggregate amount of L/C Participating Interest in each Letter Obligations and Swing Line Loans then outstanding with respect to all Borrowers, does not exceed the amount of Credit issued by the Issuing Lender and by making loans to the Company (“Revolving Credit Loans”) from time to time. such Lender's Commitment; provided that no Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject made to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, a Borrower if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Companythereof, the sum of (x) the Aggregate Revolving Credit Outstanding Extensions of Credit then owing by such Borrower to all Lenders would exceed the Line Cap Borrowing Base then in effect with respect to such Borrower or (iiy) any Revolving Credit Loan be made, or any Letter the Aggregate Outstanding Extensions of Credit be issued, if the amount of such Loan then owing by all Borrowers to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, all Lenders would exceed the Maximum Available Revolving Credit CommitmentsCredit. Subject to During the foregoing, during Commitment Period the Revolving Credit Commitment Period, the Company Borrowers may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of The Revolving Credit Loans shall may from time to time be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $1,000,000 in excess thereofEurodollar Loans, and (ii) Base Rate Loans, or (iii) a combination thereof, as determined by the Available Revolving Credit Commitmentsrelevant Borrower and notified to the Administrative Agent in accordance with subsections 2.5 and 6.6, except provided that any borrowing of a no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior to be used solely to pay the like amount of an L/C Disbursement may be in the principal amount of such L/C DisbursementTermination Date.
Appears in 1 contract
Samples: Credit and Guarantee Agreement (Harris Chemical North America Inc)
Amount and Terms of Revolving Credit Commitments. 2.1 3.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Lender severally agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s the extent of its Revolving Credit Commitment, Commitment (including such amount of the Revolving Credit Loans (as defined below) outstanding on the Closing Date) to extend credit to the Company from time to time on any Borrowing Date during the Revolving Credit Commitment Period (i) by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and (ii) by making loans in Dollars (individually, such a Loan is a "Revolving Credit Loan", and collectively such Loans are the "Revolving Credit Loans") to the Company (“Revolving Credit Loans”) from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authorityabove, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, (x) in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, if, issued if after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions undrawn amount of all outstanding Letters of Credit and the amount of all L/C Obligations would exceed the Line Cap then $15,000,000 and (y) in effect or (ii) no event shall any Revolving Credit Loan Loans be made, or any Letter Letters of Credit be issued, if the aggregate amount of such Loan the Revolving Credit Loans to be made or any Letter Letters of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the aggregate Available Revolving Credit Commitments. Subject to the foregoing, during During the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of Revolving Credit Loans pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $100,000 in excess thereof, in the case of Alternate Base Rate Loans, and $2,000,000 or a whole multiple of $1,000,000 in excess thereof, in the case of Eurodollar Loans and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan Loans to be used solely to pay the a like amount of an L/C Disbursement Swing Line Loans may be in the aggregate principal amount of such L/C DisbursementSwing Line Loans.
Appears in 1 contract
Samples: Credit Agreement (CSK Auto Corp)
Amount and Terms of Revolving Credit Commitments. 2.1 3.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Lender severally agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s the extent of its Revolving Credit Commitment, Commitment to extend credit to the Company from time to time on any Borrowing Date during the Revolving Credit Commitment Period (i) by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and (ii) by making loans in Dollars (individually, such a Loan is a "Revolving Credit Loan", and collectively such Loans are the "Revolving Credit Loans") to the Company (“Revolving Credit Loans”) from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8above, in no event shall (i) any Revolving Credit Loan Loans be made, or any Letter of Credit be issued, if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the aggregate amount of such Loan the Revolving Credit Loans to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the aggregate Available Revolving Credit CommitmentsCommitments nor shall any Letter of Credit be issued if after giving effect thereto the sum of the undrawn amount of all outstanding Letters of Credit and the amount of all L/C Obligations would exceed $10,000,000. Subject to the foregoing, during During the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) The Revolving Credit Loans made on the Closing Date shall be made initially as Alternate Base Rate Loans. Each borrowing of Revolving Credit Loans pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount of the lesser of (i) $500,000 or a whole multiple of $100,000 in excess thereof in the case of Alternate Base Rate Loans, and $1,000,000 or a whole multiple of $1,000,000 500,000 in excess thereof, in the case of Eurodollar Loans and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan Loans to be used solely to pay the a like amount of an L/C Disbursement Swing Line Loans may be in the aggregate principal amount of such L/C DisbursementSwing Line Loans.
Appears in 1 contract
Amount and Terms of Revolving Credit Commitments. 2.1 Revolving Credit Commitments
(a) Subject to the terms and conditions hereof, each Lender agrees to extend credit, in an aggregate amount not to exceed such XxxxxxLender’s Revolving Credit Commitment, to the Company from time to time on any Borrowing Date during the Revolving Credit Commitment Period by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and by making loans to the Company (“Revolving Credit Loans”) from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the amount of such Loan to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the Available Revolving Credit Commitments. Subject to the foregoing, during the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by borrowing, repaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of Revolving Credit Loans shall be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan to be used solely to pay the like amount of an L/C Disbursement may be in the principal amount of such L/C Disbursement.
(c) Any Protective Advance and any Swingline Loan shall be made in accordance with the procedures set forth in Sections 2.08 and 2.09.
Appears in 1 contract
Amount and Terms of Revolving Credit Commitments. 2.1 3.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Lender severally agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s the extent of its Revolving Credit Commitment, Commitment to extend credit to the Company Borrower from time to time on any Borrowing Date during the Revolving Credit Commitment Period (i) by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and (ii) by making loans to in Dollars (individually, a "Revolving Credit Loan," and collectively, the Company (“"Revolving Credit Loans”") to the Borrower from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8above, in no event shall (i) any Revolving Credit Loan Loans be made, or any Letter of Credit be issued, if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the aggregate amount of such Loan the Revolving Credit Loans to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the aggregate Available Revolving Credit CommitmentsCommitments nor shall any Letter of Credit be issued if after giving effect thereto the sum of the undrawn amount of all outstanding Letters of Credit and the amount of all L/C Obligations would exceed $20,000,000. Subject to All Revolving Commitment Credit Loans outstanding under the foregoing, during Existing Credit Agreement shall remain outstanding hereunder on the Restatement Effective Date on the terms set forth herein.
(b) During the Revolving Credit Commitment Period, the Company Borrower may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(bc) Each borrowing of Revolving Credit Loans pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount of the lesser of (i) $500,000 or a whole multiple of $100,000 in excess thereof in the case of Alternate Base Rate Loans, and $1,000,000 or a whole multiple of $1,000,000 500,000 in excess thereof, in the case of Eurodollar Loans, and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan Loans to be used solely to pay the a like amount of an L/C Disbursement Swing Line Loans may be in the aggregate principal amount of such L/C DisbursementSwing Line Loans.
Appears in 1 contract
Samples: Credit Agreement (Jostens Inc)
Amount and Terms of Revolving Credit Commitments. 2.1 4.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Lender agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s Lender's Revolving Credit Commitment, to the Company from time to time on any Borrowing Date during the Revolving Credit Commitment Period by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and by making loans to the Company (“"Revolving Credit Loans”") from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8foregoing, in no event shall (i) any Revolving Credit Loan or Swing Line Loan be made, or any Letter of Credit be issued, if, after giving effect thereto to such making or issuance and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit and the aggregate outstanding principal amount of the Swing Line Loans would exceed the Line Cap then in effect aggregate Revolving Credit Commitments or if subsection 4.7 would be violated thereby or (ii) any Revolving Credit Loan or Swing Line Loan be made, or any Letter of Credit be issued, if the amount of such Loan to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the Available Revolving Credit Commitments. Subject to the foregoing, during During the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by borrowing, repaying the Revolving Credit Loans or Swing Line Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of Revolving Credit Loans shall be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan to be used solely (x) to pay a like amount of Swing Line Loans may be in the aggregate principal amount of such Swing Line Loans or (y) to pay the like amount of an L/C LC Disbursement may be in the principal amount of such L/C LC Disbursement.
Appears in 1 contract
Samples: Credit Agreement (Be Aerospace Inc)
Amount and Terms of Revolving Credit Commitments. 2.1 3.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Lender severally agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s the extent of its Revolving Credit Commitment, Commitment to extend credit to the Company from time to time on any Borrowing Date during the Revolving Credit Commitment Period (i) by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and (ii) by making loans in Dollars (individually, such a Loan is a "Revolving Credit Loan", and collectively such Loans are the "Revolving Credit Loans") to the Company (“Revolving Credit Loans”) from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8above, in no event shall (i) any Revolving Credit Loan Loans be made, or any Letter of Credit be issued, if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the aggregate amount of such Loan the Revolving Credit Loans to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the aggregate Available Revolving Credit CommitmentsCommitments nor shall any Letter of Credit be issued if after giving effect thereto the sum of the undrawn amount of all outstanding Letters of Credit and the amount of all L/C Obligations would exceed $25,000,000. Subject to the foregoing, during During the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of Revolving Credit Loans pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $100,000 in excess thereof in the case of Alternate Base Rate Loans, and $2,000,000 or a whole multiple of $1,000,000 in excess thereof, in the case of Eurodollar Loans and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan Loans to be used solely to pay the a like amount of an L/C Disbursement Swing Line Loans may be in the aggregate principal amount of such L/C DisbursementSwing Line Loans.
Appears in 1 contract
Amount and Terms of Revolving Credit Commitments. 2.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Lender Bank severally agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s Revolving Credit Commitment, credit to the Company from time to time on any Borrowing Date during the Revolving Credit Commitment Period (i) by purchasing an L/C Participating Interest in each Letter of Credit issued by the an Issuing Lender Bank and (ii) by making loans in Dollars (individually, a "Revolving Credit Loan", and collectively the "Revolving Credit Loans") to the Company (“Revolving Credit Loans”) from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8foregoing, in no event shall (i) any Revolving Credit Loan or Swing Line Loan be made, or any Letter of Credit be issued, if, after giving effect thereto to such making or issuance and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the amount of such Loan to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the Available aggregate Revolving Credit Commitments. Subject to the foregoing, during During the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans or Swing Line Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender Banks issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender Bank for such drawing, and having the Issuing Lender Banks issue new Letters of Credit.
(b) Each borrowing of Revolving Credit Loans pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount of the lesser of (i) $1,000,000 5,000,000, or a whole multiple of $1,000,000 in excess thereof, and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan to be used solely to pay the a like amount of an L/C Disbursement Swing Line Loans may be in the aggregate principal amount of such L/C DisbursementSwing Line Loans.
Appears in 1 contract
Amount and Terms of Revolving Credit Commitments. 2.1 Revolving Credit Commitments.
(a) The Borrowers acknowledge and confirm that the Lenders have made revolving credit loans to the Borrowers under the Existing Credit Agreement that are outstanding on the date hereof in the aggregate principal amount of US$ 0.00. The Borrowers hereby reaffirm their obligations to pay such existing revolving credit loans in accordance with the terms and provisions of this Agreement and the other Loan Documents and agree that such revolving credit loans constitute Revolving Credit Loans for all purposes of this Agreement. Subject to the terms and conditions hereof, each Lender severally agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s make revolving credit loans ("Revolving Credit Commitment, Loans") to the Company Borrowers from time to time on any Borrowing Date during the Revolving Credit Commitment Period by purchasing in an aggregate principal amount at any one time outstanding which, when added to such Lender's Commitment Percentage of the aggregate amount of L/C Participating Interest in each Letter Obligations and Swing Line Loans then outstanding with respect to all Borrowers, does not exceed the amount of Credit issued by the Issuing Lender and by making loans to the Company (“Revolving Credit Loans”) from time to time. such Lender's Commitment; provided that no Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject made
to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, a Borrower if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Companythereof, the sum of (x) the Aggregate Revolving Credit Outstanding Extensions of Credit then owing by such Borrower to all Lenders would exceed the Line Cap Borrowing Base then in effect with respect to such Borrower or (iiy) any Revolving Credit Loan be made, or any Letter the Aggregate Outstanding Extensions of Credit be issued, if the amount of such Loan then owing by all Borrowers to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, all Lenders would exceed the Maximum Available Revolving Credit CommitmentsCredit. Subject to During the foregoing, during Commitment Period the Revolving Credit Commitment Period, the Company Borrowers may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of The Revolving Credit Loans shall may from time to time be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $1,000,000 Eurodollar Loans denominated in excess thereofUS Dollars, and (ii) Canadian Prime Rate Loans, (iii) US Base Rate Loans, (iv) BA Rate Loans or (v) a combination thereof, as determined by the Available Revolving Credit Commitmentsrelevant Borrower and notified to the Administrative Agent in accordance with subsections and 2.3, except 6.6 provided that any borrowing of a no Revolving Credit Loan shall be made as a Eurodollar Loan or a BA Rate Loan after the day that is one month prior to be used solely to pay the like amount of an L/C Disbursement may be in the principal amount of such L/C DisbursementTermination Date.
Appears in 1 contract
Samples: Credit and Guarantee Agreement (Harris Chemical North America Inc)
Amount and Terms of Revolving Credit Commitments. 2.1 Revolving Credit Commitments
(a) Subject to the terms and conditions hereof, each Lender Xxxxxx agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s Revolving Credit Commitment, to the Company from time to time on any Borrowing Date during the Revolving Credit Commitment Period by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and by making loans to the Company (“Revolving Credit Loans”) from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the amount of such Loan to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the Available Revolving Credit Commitments. Subject to the foregoing, during the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by borrowing, repaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of Revolving Credit Loans shall be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan to be used solely to pay the like amount of an L/C Disbursement may be in the principal amount of such L/C Disbursement.
(c) Any Protective Advance and any Swingline Loan shall be made in accordance with the procedures set forth in Sections 2.08 and 2.09.
Appears in 1 contract
Amount and Terms of Revolving Credit Commitments. 2.1 Revolving Credit Commitments
(a) . Subject to the terms and conditions hereof, each Lender severally agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s Revolving Credit Commitment, to the Company from time to time on any Borrowing Date during the Revolving Credit Commitment Period by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and by making make revolving credit loans to the Company (“Revolving Credit Loans”) to the Borrowers from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the amount of such Loan to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the Available Revolving Credit Commitments. Subject to the foregoing, time during the Revolving Credit Commitment PeriodPeriod in an aggregate principal amount at any one time outstanding as to all Borrowers, together with such Lender’s Revolving Credit Commitment Percentage of any L/C Obligations then outstanding, not to exceed the Company lesser of (A) the amount of such Lender’s Revolving Credit Commitment then in effect and (B) such Lender’s Revolving Credit Commitment Percentage of the Revolver Borrowing Base then in effect. During the Revolving Credit Commitment Period the Borrowers may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Borrowers have the option to elect the LIBOR Rate or the Alternate Base Rate for all or a portion of the Loans. If Borrowers elect any portion of the Loans to bear interest at the LIBOR Rate (each a LIBOR Loan Tranche), and/or by having each such Loan shall not be in a principal amount less than $1,000,000. Borrowers shall not have more than five (5) LIBOR Loan Tranches outstanding at any time. Borrowers shall indemnify, defend and hold harmless Administrative Agents and the Issuing Lender issue Letters Lenders against any and all loss, liability, cost or expense which Administrative Agent or Lenders may sustain or incur as a consequence of Creditany payment, having prepayment, termination or conversion of a LIBOR Loan made for any reason on a date other than the last day of the applicable LIBOR Interest Period and Borrowers shall pay the full amount thereof to Administrative Agent or Lender, as applicable, on demand. Such statement shall set forth a brief explanation of the amount and the Administrative Agent’s or Lender’s, as applicable, calculation of the amount (in determining such Letters of Credit expire undrawn upon or if drawn uponamount such party may use any reasonable averaging and attribution methods), reimbursing which statement shall be conclusively deemed correct absent manifest error. The Borrowers may, at any time, request the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of Lenders to provide additional Revolving Credit Loans shall be Commitments in an aggregate principal amount of up to $25,000,000 (the lesser of “Facility Increase”); provided, however, that (i) $1,000,000 or the Borrowers shall have given the Administrative Agent at least 60 days prior written notice of its intention to effect a whole multiple Facility Increase and the desired amount of $1,000,000 in excess thereofsuch Facility Increase, and (ii) the Available conditions precedent to a Loan set forth in Section 7.2 are satisfied as of the Facility Increase Effective Date and (iii) an opinion of counsel to the Loan Parties in form and substance and from counsel reasonably satisfactory to the Administrative Agent and addressed to the Administrative Agent, the Issuers and the Lenders and addressing such matters as any Lender through the Administrative Agent may reasonably request shall be delivered to the Administrative Agent. The Borrowers shall have the right to offer such increase to the Lenders, and each Lender will have the right, but not the obligation, to commit to all or a portion of the proposed Facility Increase and such Lender executes an amendment to this Agreement pursuant to which such Lender agrees to commit to all or a portion of such Facility Increase. In the event the existing Lenders do not subscribe to the full amount of the requested Facility Increase, the Borrowers and the Administrative Agent shall have the right to cause the unsubscribed portion to be assigned to a new Lender identified by the Borrowers or the Administrative Agent, provided that (A) such new Lender is acceptable to each of the Borrowers and the Administrative Agreement, and (B) such new Lender complies in all respects with Section 12.10(c) of the this Agreement. On the effective date provided for in the amendment providing for a Facility Increase (the “Facility Increase Effective Date”), the Revolving Credit CommitmentsCommitments shall be increased by the amount committed to by each Lender on the Facility Increase Date. In the event there are Lenders that have committed to a Facility Increase in excess of the maximum amount requested (or permitted), except that any borrowing of a Revolving Credit Loan then the Administrative Agent shall have the right to be used solely to pay allocate such commitments, on whatever basis the like amount of an L/C Disbursement Administrative Agent determines is appropriate in consultation with the Borrowers. Only one Facility Increase may be in the principal amount of such L/C Disbursementeffected pursuant to this clause (e).
Appears in 1 contract
Samples: Credit Agreement (Steinway Musical Instruments Inc)
Amount and Terms of Revolving Credit Commitments. 2.1 6.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Revolving Credit Lender severally agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s make revolving credit loans ("Revolving Credit Commitment, Loans") denominated in Dollars or euro to the Company Primary Borrower from time to time on any Borrowing Date during the Commitment Period in an aggregate principal amount at any one time outstanding which, when added to such Revolving Credit Lender's Revolving Credit Commitment Period by purchasing an Percentage of the then outstanding Domestic L/C Participating Interest in each Letter of Credit issued by the Issuing Lender Obligations and by making loans to the Company (“Revolving Credit Swing Line Loans”) from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would does not exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the amount of such Loan to be made or any Letter of Revolving Credit to be issued wouldLender's Revolving Credit Commitment then in effect; provided that, after giving effect to the use making of proceedssuch Revolving Credit Loan, if any, thereof, the Aggregate Outstanding Extensions of Credit of all Revolving Credit Lenders shall not exceed the Available Revolving Credit Commitments. Subject to the foregoing, during the Aggregate Revolving Credit Commitment Period, then in effect. During the Company Commitment Period the Primary Borrower may use the Aggregate Revolving Credit Commitments Commitment by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing The Revolving Credit Loans may from time to time be (i) Eurocurrency Loans or (ii) in the case of Revolving Credit Loans shall be denominated in an aggregate principal amount Dollars only, (x) ABR Loans or (y) a combination of Eurocurrency Loans and ABR Loans, as determined by the lesser of Primary Borrower and notified to the Administrative Agent in accordance with subsections 6.2 and 9.6, provided that (ix) $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (ii) the Available Revolving Credit Commitments, except that any borrowing of a no Revolving Credit Loan shall be made as a Eurocurrency Loan after the day that is one month prior to the Termination Date and (y) any Revolving Credit Loans to be used solely to pay made on the like amount of an L/C Disbursement may Closing Date initially shall be in the principal amount of such L/C Disbursementmade as ABR Loans.
Appears in 1 contract
Samples: Credit Agreement (Dynatech Corp)
Amount and Terms of Revolving Credit Commitments. 2.1 3.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, (i) each U.S. Revolving Credit Lender severally agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s the extent of its Available U.S. Revolving Credit Commitment, Commitment to extend credit to the Company U.S. Borrower from time to time on any Borrowing Date during the Revolving Credit Commitment Period (A) by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and (B) by making revolving loans to the Company in Dollars (“"U.S. Revolving Credit Loans”") to the U.S. Borrower and (ii) each Canadian Lender severally agrees to the extent of its Canadian Revolving Credit Commitment if, at the time of the requested borrowing, the U.S. Revolving Credit Commitments have been fully utilized, to extend credit to the U.S. Borrower from time to time. time on any Borrowing Date during the Revolving Credit Loans shall be denominated Commitment Period by making revolving loans in DollarsDollars to the U.S. Borrower through an Affiliate of such Lender ("Canadian Revolving Credit Loans", and, collectively with the U.S. Revolving Credit Loans, the "Revolving Credit Loans"). Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8above, in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the aggregate amount of such Loan the Revolving Credit Loans to be made or any Letter and Letters of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the aggregate Available Revolving Credit Commitments. Subject to Commitments nor shall any Letter of Credit be issued if after giving effect thereto the foregoing, during sum of the undrawn amount of all outstanding Letters of Credit and the amount of all L/C Obligations would exceed $25,000,000.
(b) During the Revolving Credit Commitment PeriodPeriod (subject to the provisions of subsection 3.5(b) with respect to the expiry date of any Letter of Credit), the Company U.S. Borrower may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(bc) Each borrowing of Revolving Credit Loans pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount of the lesser of (i) $500,000 or a whole multiple of $100,000 in excess thereof in the case of Alternate Base Rate Loans, and $1,000,000 or a whole multiple of $1,000,000 500,000 in excess thereofthereof in the case of Eurodollar Loans, and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan Loans to be used solely to pay the a like amount of an L/C Disbursement Swing Line Loans may be in the aggregate principal amount of such L/C DisbursementSwing Line Loans.
Appears in 1 contract
Samples: Credit Agreement (Jostens Inc)
Amount and Terms of Revolving Credit Commitments. 2.1 3.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Lender severally agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s make revolving credit loans ("Revolving Credit Commitment, Loans") to the Company Borrower from time to time on any Borrowing Date during the Revolving Credit Commitment Period by purchasing in an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and by making loans aggregate principal amount at any one time outstanding which, when added to the Company (“such Lender's Revolving Credit Loans”) from time Commitment Percentage of an amount equal to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, if, after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions sum of Credit would exceed (i) the aggregate principal amount of Swing Line Cap Loans then in effect or outstanding plus (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the then outstanding L/C Obligations plus (iii) the aggregate principal amount of such Loan to be made or any Letter of Credit to be issued would, all Bilateral Option Loans and CAF Advances then outstanding (after giving effect to the use of proceedsproceeds of such Revolving Credit Loans), if any, thereof, does not exceed the Available amount of such Lender's Revolving Credit Commitments. Subject Commitment, provided that no Lender shall be required to make a Revolving Credit Loan prior to the foregoingCollateral Release Date to the extent that, during after giving effect thereto, the Aggregate Revolving Credit Outstandings at such time would exceed the Borrowing Base at such time. During the Revolving Credit Commitment Period, the Company Borrower may use the Revolving Credit Commitments by borrowing, repaying prepaying and reborrowing the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of The Revolving Credit Loans shall may from time to time be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $1,000,000 in excess thereofEurodollar Loans, and (ii) ABR Loans or (iii) a combination thereof, as determined by the Available Revolving Credit CommitmentsBorrower and notified to the Administrative Agent in accordance with subsections 3.2 and 4.2, except provided that any borrowing of a no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior to be used solely to pay the like amount of an L/C Disbursement may be in the principal amount of such L/C DisbursementRevolving Credit Termination Date.
Appears in 1 contract
Samples: Credit Agreement (Kmart Corp)
Amount and Terms of Revolving Credit Commitments. 2.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Revolving Credit Lender severally agrees to extend creditmake revolving credit loans (each a "Revolving Loan") to the Company (and, in an aggregate amount not to exceed such Xxxxxx’s the case of Revolving Credit CommitmentOffshore Loans, to the Company Subsidiary Borrowers) from time to time on any Borrowing Date during the Revolving Credit Commitment Period by purchasing in an aggregate principal amount (or the Dollar Equivalent thereof, in the case of Revolving Offshore Loans) at any one time outstanding which, when added to such Revolving Credit Lender's Revolving Credit Commitment Percentage of the sum of (i) the then outstanding L/C Participating Interest in each Letter Obligations, (ii) the aggregate principal amount of Credit issued by Swing Line Loans then outstanding and (iii) the Issuing Lender and by making loans to Dollar Equivalent of the Company (“then aggregate outstanding principal amount of Fronted Offshore Loans, does not exceed the amount of such Revolving Credit Loans”) from time to time. Lender's Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authorityCommitment, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, ifprovided that, after giving effect thereto to such Revolving Loan and the use of proceeds thereof as irrevocably directed by the Companythereof, the sum Dollar Equivalent of the Aggregate Revolving Credit Extensions aggregate outstanding principal amount of Credit would Offshore Currency Loans does not exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the amount of such Loan to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the Available Revolving Credit CommitmentsOffshore Currency Sublimit. Subject to the foregoing, during During the Revolving Credit Commitment Period, the Company (and, in the case of Revolving Offshore Loans, the Subsidiary Borrowers) may use the Revolving Credit Commitments by borrowing, repaying prepaying and reborrowing the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of The Revolving Credit Loans shall may from time to time be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $1,000,000 in excess thereofEurodollar Loans, and (ii) Base Rate Loans, (iii) (subject to the Available limitations set forth herein) Revolving Offshore Loans or (iv) a combination thereof, as determined by the Company and notified to the Administrative Agent in accordance with subsections 2.2 and 6.4, provided that no Revolving Loan shall be made as a Eurodollar Loan or a Revolving Offshore Loan after the day that is one month prior to the Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan to be used solely to pay the like amount of an L/C Disbursement may be in the principal amount of such L/C DisbursementTermination Date.
Appears in 1 contract
Samples: Credit and Guarantee Agreement (Kci New Technologies Inc)
Amount and Terms of Revolving Credit Commitments. 2.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Lender Bank agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s Revolving Credit Commitment, credit to the Company from time to time on any Borrowing Date during the Revolving Credit Commitment Period by (i)by purchasing an L/C Participating Interest in each Letter of Credit issued by the an Issuing Lender Bank and (ii) by making loans in Dollars (individually, a "Revolving Credit Loan", and collectively the "Revolving Credit Loans") to the Company (“Revolving Credit Loans”) from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8foregoing, in no event shall (i) any Revolving Credit Loan or Swing Line Loan be made, or any Letter of Credit be issued, if, after giving effect thereto to such making or issuance and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would exceed the Line Cap then in effect or (ii) any Revolving Credit Loan be made, or any Letter of Credit be issued, if the amount of such Loan to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the Available aggregate Revolving Credit Commitments. Subject to the foregoing, during During the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans or Swing Line Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender Banks issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender Bank for such drawing, and having the Issuing Lender Banks issue new Letters of Credit.
(b) Each borrowing of Revolving Credit Loans pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount of the lesser of (i) $1,000,000 3,000,000, or a whole multiple of $1,000,000 in excess thereof, and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan to be used solely to pay the a like amount of an L/C Disbursement Swing Line Loans may be in the aggregate principal amount of such L/C DisbursementSwing Line Loans.
(c) Revolving Credit Loans by Designated Lenders. For any Bank which is a Designating Lender, any Revolving Credit Loan to be made by such Bank may from time to time be made by its Designated Lender in such Designated Lender's sole discretion, and nothing herein shall constitute a commitment to make Revolving Credit Loans by such Designated Lender; provided that if any Designated Lender elects not to, or fails to, make such Revolving Credit Loan, its Designating Lender hereby agrees that it shall make such Revolving Credit Loan pursuant to the terms hereof. Any Revolving Credit Loan actually funded by a Designated Lender shall constitute a utilization of the Revolving Credit Commitment of the Designating Lender for all purposes hereunder.
Appears in 1 contract
Samples: Credit Agreement (Commscope Inc)
Amount and Terms of Revolving Credit Commitments. 2.1 3.1 Revolving Credit Commitments.
(a) Subject to the terms and conditions hereof, each Lender agrees to extend credit, in an aggregate amount not to exceed such Xxxxxx’s Revolving Credit Commitment, to the Company from time to time on any Borrowing Date during the Revolving Credit Commitment Period (i) by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing Lender and (ii) by making loans in Dollars (individually, such a Loan is a "Revolving Credit Loan", and collectively such Loans are the "Revolving Credit Loans") to the Company (“Revolving Credit Loans”) from time to time. Revolving Credit Loans shall be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authorityabove, in its reasonable discretion, to make Protective Advances pursuant to Section 2.8, (x) in no event shall (i) any Revolving Credit Loan be made, or any Letter of Credit be issued, if, issued if after giving effect thereto and the use of proceeds thereof as irrevocably directed by the Company, the sum of the Aggregate Revolving Credit Extensions undrawn amount of all outstanding Letters of Credit and the amount of all L/C Obligations would exceed the Line Cap then $15,000,000 and (y) in effect or (ii) no event shall any Revolving Credit Loan Loans be made, or any Letter Letters of Credit be issued, if the aggregate amount of such Loan the Revolving Credit Loans to be made or any Letter Letters of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the aggregate Available Revolving Credit Commitments. Subject to the foregoing, during During the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by borrowing, repaying prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.
(b) Each borrowing of Revolving Credit Loans pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount of the lesser of (i) $1,000,000 or a whole multiple of $100,000 in excess thereof, in the case of Alternate Base Rate Loans, and $2,000,000 or a whole multiple of $1,000,000 in excess thereof, in the case of Eurodollar Loans and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan Loans to be used solely to pay the a like amount of an L/C Disbursement Swing Line Loans may be in the aggregate principal amount of such L/C DisbursementSwing Line Loans.
Appears in 1 contract
Samples: Credit Agreement (CSK Auto Corp)