Amount and Terms of Revolving Credit Commitments. 3.1 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees to make revolving credit loans ("Revolving Credit Loans") to the Borrower from time to time during the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding which, when added to such Lender's Revolving Credit Commitment Percentage of an amount equal to the sum of the sum of (i) the aggregate principal amount of Swing Line Loans then outstanding plus (ii) the then outstanding L/C Obligations plus (iii) the aggregate principal amount of all Bilateral Option Loans and CAF Advances then outstanding (after giving effect to the use of proceeds of such Revolving Credit Loans), does not exceed the amount of such Lender's Revolving Credit Commitment, provided that no Lender shall be required to make a Revolving Credit Loan prior to the Collateral Release Date to the extent that, 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 Borrower may use the Revolving Credit Commitments by borrowing, prepaying and reborrowing the Revolving Credit Loans in whole or in part, all in accordance with the terms and conditions hereof. (b) The Revolving Credit Loans may from time to time be (i) Eurodollar Loans, (ii) ABR Loans or (iii) a combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance with subsections 3.2 and 4.2, provided that no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior to the Revolving Credit Termination Date.
Appears in 1 contract
Samples: Credit Agreement (Kmart Corp)
Amount and Terms of Revolving Credit Commitments. 3.1 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 make revolving credit loans ("Revolving Credit Loans") to the Borrower Borrowers from time to time during the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding which, when added to such Lender's Revolving Credit Commitment Percentage of an amount equal to the sum of the sum of (i) the aggregate principal amount of L/C Obligations and Swing Line Loans then outstanding plus (ii) the then outstanding L/C Obligations plus (iii) the aggregate principal amount of with respect to all Bilateral Option Loans and CAF Advances then outstanding (after giving effect to the use of proceeds of such Revolving Credit Loans)Borrowers, does not exceed the amount of such Lender's Revolving Credit Commitment, ; provided that no Lender Revolving Credit Loans shall be required made to make a Revolving Credit Loan prior to the Collateral Release Date to the extent thatBorrower if, after giving effect theretothereto and the use of proceeds thereof, (x) the Aggregate Revolving Outstanding Extensions of Credit Outstandings at then owing by such time Borrower to all Lenders would exceed the Borrowing Base at then in effect with respect to such timeBorrower or (y) the Aggregate Outstanding Extensions of Credit then owing by all Borrowers to all Lenders would exceed the Maximum Available Credit. During the Revolving Credit Commitment Period, Period the Borrower Borrowers may use the Revolving Credit Commitments by borrowing, prepaying and reborrowing the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. (b) The Revolving Credit Loans may from time to time be (i) Eurodollar Loans, (ii) ABR Loans or (iii) a combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance with subsections 3.2 and 4.2, provided that no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior to the Revolving Credit Termination Date.
Appears in 1 contract
Samples: And Guarantee Agreement (Harris Chemical North America Inc)
Amount and Terms of Revolving Credit Commitments. 3.1 3.1. Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees to make revolving the extent of its Revolving Credit Commitment to extend credit to Borrower at any time and from time to time on any Borrowing Date during the Revolving Credit Commit- ment 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, a "Revolving Credit Loan", and collectively, the "Revolving Credit Loans") to the Borrower from time to time during time. Notwithstanding the above, in no event shall any Revolving Credit Loans be made, or Letter of Credit be issued, if the aggregate amount of the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding whichLoans to be made or Letter of Credit to be issued would, when added to such Lender's Revolving Credit Commitment Percentage of an amount equal to the sum of the sum of (i) the aggregate principal amount of Swing Line Loans then outstanding plus (ii) the then outstanding L/C Obligations plus (iii) the aggregate principal amount of all Bilateral Option Loans and CAF Advances then outstanding (after giving effect to the use of proceeds of such proceeds, if any, thereof, exceed the aggregate Available Revolving Credit Loans), does not exceed Commitments 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 such Lender's Revolving Credit Commitment, provided that no Lender shall be required to make a Revolving Credit Loan prior to the Collateral Release Date to the extent that, after giving effect thereto, the Aggregate Revolving Credit Outstandings at such time all L/C Obligations would exceed the Borrowing Base at such time$10,000,000. (b) During the Revolving Credit Commitment Period, the Borrower may use the Revolving Credit Commitments by borrowing, prepaying and reborrowing the Revolving Re- volving Credit Loans in whole or in part, and reborrowing, all in accordance accor- dance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire un- drawn upon or if drawn upon, reimbursing the Issuing Lender for such draw- ing, and having the Issuing Lender issue new Letters of Credit. (bc) The Each borrowing of Revolving Credit Loans may from time to time be (i) Eurodollar Loans, (ii) ABR Loans or (iii) a combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance with subsections 3.2 and 4.2, provided that no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior pursuant to the Revolving Credit Termination DateCommitments 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 $100,000 in excess thereof, in the case of Eurodollar Loans, and (ii) the Available Revolving Credit Commitments, except that any bor- rowing of Revolving Credit Loans to be used solely to pay a like amount of Swing Line Loans may be in the aggregate principal amount of such Swing Line Loans. 3.2.
Appears in 1 contract
Amount and Terms of Revolving Credit Commitments. 3.1 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees to make revolving the extent of its Revolving Credit 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 Borrower Company from time to time during time. Notwithstanding the above, in no event shall any Revolving Credit Loans be made, or Letter of Credit be issued, if the aggregate amount of the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding whichLoans to be made or Letter of Credit to be issued would, when added to such Lender's Revolving Credit Commitment Percentage of an amount equal to the sum of the sum of (i) the aggregate principal amount of Swing Line Loans then outstanding plus (ii) the then outstanding L/C Obligations plus (iii) the aggregate principal amount of all Bilateral Option Loans and CAF Advances then outstanding (after giving effect to the use of proceeds of such proceeds, if any, thereof, exceed the aggregate Available Revolving Credit Loans), does not exceed Commitments 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 such Lender's Revolving Credit Commitment, provided that no Lender shall be required to make a Revolving Credit Loan prior to the Collateral Release Date to the extent that, after giving effect thereto, the Aggregate Revolving Credit Outstandings at such time all L/C Obligations would exceed the Borrowing Base at such time$10,000,000. During the Revolving Credit Commitment Period, the Borrower Company may use the Revolving Credit Commitments by borrowing, prepaying and reborrowing the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. (b) The Revolving , and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit Loans may from time to time be (i) Eurodollar Loansexpire undrawn upon or if drawn upon, (ii) ABR Loans or (iii) a combination thereofreimbursing the Issuing Lender for such drawing, as determined by and having the Borrower and notified to the Administrative Agent in accordance with subsections 3.2 and 4.2, provided that no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior to the Revolving Credit Termination DateIssuing Lender issue new Letters of Credit.
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Amount and Terms of Revolving Credit Commitments. 3.1 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, (i) each U.S. Revolving Credit Lender severally agrees to make the extent of its Available U.S. Revolving Credit Commitment to extend credit to the 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 credit loans 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 on any Borrowing Date during the Revolving Credit Commitment Period by making revolving loans in Dollars to the U.S. Borrower through an aggregate principal amount at any one time outstanding which, when added to Affiliate of such Lender's Lender ("Canadian Revolving Credit Commitment Percentage Loans", and, collectively with the U.S. Revolving Credit Loans, the "Revolving Credit Loans"). Notwithstanding the above, in no event shall any Revolving Credit Loan be made, or Letter of an Credit be issued, if the aggregate amount equal to the sum of the sum Revolving Credit Loans to be made and Letters of (i) the aggregate principal amount of Swing Line Loans then outstanding plus (ii) the then outstanding L/C Obligations plus (iii) the aggregate principal amount of all Bilateral Option Loans and CAF Advances then outstanding (Credit to be issued would, after giving effect to the use of proceeds of such proceeds, if any, thereof, exceed the aggregate Available Revolving Credit Loans), does not exceed Commitments 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 such Lender's Revolving Credit Commitment, provided that no Lender shall be required to make a Revolving Credit Loan prior to the Collateral Release Date to the extent that, after giving effect thereto, the Aggregate Revolving Credit Outstandings at such time all L/C Obligations would exceed the Borrowing Base at such time. During the Revolving Credit Commitment Period, the Borrower may use the Revolving Credit Commitments by borrowing, prepaying and reborrowing the Revolving Credit Loans in whole or in part, all in accordance with the terms and conditions hereof. (b) The Revolving Credit Loans may from time to time be (i) Eurodollar Loans, (ii) ABR Loans or (iii) a combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance with subsections 3.2 and 4.2, provided that no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior to the Revolving Credit Termination Date$25,000,000.
Appears in 1 contract
Samples: Credit Agreement (Jostens Inc)
Amount and Terms of Revolving Credit Commitments. 3.1 4.1 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees to make revolving credit extend credit, in an aggregate amount not to exceed such 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") to the Borrower from time to time during the time. Revolving Credit Commitment Period Loans shall be denominated in an aggregate principal amount at Dollars. Notwithstanding the foregoing, in no event shall (i) any one time outstanding whichRevolving Credit Loan or Swing Line Loan be made, when added or any Letter of Credit be issued, if, after giving effect to such Lender's Revolving Credit Commitment Percentage making or issuance and the use of an amount equal to proceeds thereof as irrevocably directed by the Company, the sum of the sum Aggregate Revolving Credit Extensions of (i) Credit and the aggregate outstanding principal amount of the Swing Line Loans then outstanding plus would exceed the 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 then outstanding L/C Obligations plus (iii) the aggregate principal amount of all Bilateral Option Loans and CAF Advances then outstanding (such Loan to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds of such proceeds, if any, thereof, exceed the Available Revolving Credit Loans), does not exceed the amount of such Lender's Revolving Credit Commitment, provided that no Lender shall be required to make a Revolving Credit Loan prior to the Collateral Release Date to the extent that, after giving effect thereto, the Aggregate Revolving Credit Outstandings at such time would exceed the Borrowing Base at such timeCommitments. During the Revolving Credit Commitment Period, the Borrower Company may use the Revolving Credit Commitments by borrowing, prepaying and reborrowing 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. (b) The Revolving , and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit Loans may from time to time be (i) Eurodollar Loansexpire undrawn upon or if drawn upon, (ii) ABR Loans or (iii) a combination thereofreimbursing the relevant Issuing Lender for such drawing, as determined by and having the Borrower and notified to the Administrative Agent in accordance with subsections 3.2 and 4.2, provided that no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior to the Revolving Credit Termination DateIssuing Lender issue new Letters of Credit.
Appears in 1 contract
Samples: Credit Agreement (Be Aerospace Inc)
Amount and Terms of Revolving Credit Commitments. 3.1 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees on the Effective Date (i) to make revolving credit continue 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 equal to the Borrower from time to time during that set forth on Schedule I. The parties agree that all the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding which, when added Loans continued or provided hereunder shall be deemed to such Lender's be a continuation of the Revolving Credit Commitment Percentage Loans provided to the Company under the Existing Credit Agreement, which Revolving Credit Loans shall after the Effective Date be governed by the terms and conditions stated herein. Notwithstanding the above, (x) in no event shall any Letter of an amount equal to Credit be issued if after giving effect thereto the sum of the sum of (i) the aggregate principal undrawn amount of Swing Line Loans then all outstanding plus (ii) Letters of Credit and the then outstanding amount of all L/C Obligations plus would exceed $15,000,000 and (iiiy) in no event shall any Revolving Credit Loans be made, or Letters of Credit be issued, (A) if the aggregate principal amount of all Bilateral Option the Revolving Credit Loans and CAF Advances then outstanding (to be made or Letters of Credit to be issued would, after giving effect to the use of proceeds of such proceeds, if any, thereof, exceed the aggregate Available Revolving Credit Loans), does not exceed the amount of such Lender's Revolving Credit Commitment, provided that no Lender shall be required to make a Revolving Credit Loan prior to the Collateral Release Date to the extent thatCommitments or (B) if, after giving effect thereto, the Aggregate to such Revolving Credit Outstandings at such time would exceed the Loan or Letter of Credit, a Borrowing Base at such timeDeficiency would exist. During the Revolving Credit Commitment Period, the Borrower Company may use the Revolving Credit Commitments by borrowing, prepaying and reborrowing the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. (b) The Revolving , and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit Loans may from time to time be (i) Eurodollar Loansexpire undrawn upon or if drawn upon, (ii) ABR Loans or (iii) a combination thereofreimbursing the Issuing Lender for such drawing, as determined by and having the Borrower and notified to the Administrative Agent in accordance with subsections 3.2 and 4.2, provided that no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior to the Revolving Credit Termination DateIssuing Lender issue new Letters of Credit.
Appears in 1 contract
Samples: Credit Agreement (Primeco Inc)
Amount and Terms of Revolving Credit Commitments. 3.1 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees to make revolving the extent of its Revolving Credit 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 Borrower Company from time to time during time. Notwithstanding the Revolving above, (x) in no event shall any Letter of Credit Commitment Period in an aggregate principal amount at any one time outstanding which, when added to such Lender's Revolving Credit Commitment Percentage of an amount equal to be issued if after giving effect thereto the sum of the sum of (i) the aggregate principal undrawn amount of Swing Line Loans then all outstanding plus (ii) Letters of Credit and the then outstanding amount of all L/C Obligations plus would exceed $15,000,000 and (iiiy) in no event shall any Revolving Credit Loans be made, or Letters of Credit be issued, if the aggregate principal amount of all Bilateral Option the Revolving Credit Loans and CAF Advances then outstanding (to be made or Letters of Credit to be issued would, after giving effect to the use of proceeds of such proceeds, if any, thereof, exceed the aggregate Available Revolving Credit Loans), does not exceed the amount of such Lender's Revolving Credit Commitment, provided that no Lender shall be required to make a Revolving Credit Loan prior to the Collateral Release Date to the extent that, after giving effect thereto, the Aggregate Revolving Credit Outstandings at such time would exceed the Borrowing Base at such timeCommitments. During the Revolving Credit Commitment Period, the Borrower Company may use the Revolving Credit Commitments by borrowing, prepaying and reborrowing the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. (b) The Revolving , and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit Loans may from time to time be (i) Eurodollar Loansexpire undrawn upon or if drawn upon, (ii) ABR Loans or (iii) a combination thereofreimbursing the Issuing Lender for such drawing, as determined by and having the Borrower and notified to the Administrative Agent in accordance with subsections 3.2 and 4.2, provided that no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior to the Revolving Credit Termination DateIssuing Lender issue new Letters of Credit.
Appears in 1 contract
Samples: Credit Agreement (CSK Auto Corp)
Amount and Terms of Revolving Credit Commitments. 3.1 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees to make revolving the extent of its Revolving Credit 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 Borrower Company from time to time during time. Notwithstanding the above in no event shall any Revolving Credit Loans be made, or Letter of Credit be issued, if the aggregate amount of the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding whichLoans to be made or Letter of Credit to be issued would, when added to such Lender's Revolving Credit Commitment Percentage of an amount equal to the sum of the sum of (i) the aggregate principal amount of Swing Line Loans then outstanding plus (ii) the then outstanding L/C Obligations plus (iii) the aggregate principal amount of all Bilateral Option Loans and CAF Advances then outstanding (after giving effect to the use of proceeds of such proceeds, if any, thereof, exceed the aggregate Available Revolving Credit Loans), does not exceed Commitments 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 such Lender's Revolving Credit Commitment, provided that no Lender shall be required to make a Revolving Credit Loan prior to the Collateral Release Date to the extent that, after giving effect thereto, the Aggregate Revolving Credit Outstandings at such time all L/C Obligations would exceed the Borrowing Base at such time$35,000,000. During the Revolving Credit Commitment Period, the Borrower Company may use the Revolving Credit Commitments by borrowing, prepaying and reborrowing the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. (b) The Revolving , and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit Loans may from time to time be (i) Eurodollar Loansexpire undrawn upon or if drawn upon, (ii) ABR Loans or (iii) a combination thereofreimbursing the Issuing Lender for such drawing, as determined by and having the Borrower and notified to the Administrative Agent in accordance with subsections 3.2 and 4.2, provided that no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior to the Revolving Credit Termination DateIssuing Lender issue new Letters of Credit.
Appears in 1 contract
Amount and Terms of Revolving Credit Commitments. 3.1 3.1. Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees to make revolving the extent of its Revolving Credit Commitment to extend credit to Borrower at any time and from time to time on any Borrowing Date during the Revolving Credit Commit- ment 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, a "Revolving Credit Loan", and collectively, the "Revolving Credit Loans") to the Borrower from time to time during time. Notwithstanding the above, in no event shall any Revolving Credit Loans be made, or Letter of Credit be issued, if the aggregate amount of the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding whichLoans to be made or Letter of Credit to be issued would, when added to such Lender's Revolving Credit Commitment Percentage of an amount equal to the sum of the sum of (i) the aggregate principal amount of Swing Line Loans then outstanding plus (ii) the then outstanding L/C Obligations plus (iii) the aggregate principal amount of all Bilateral Option Loans and CAF Advances then outstanding (after giving effect to the use of proceeds of such proceeds, if any, thereof, exceed the aggregate Available Revolving Credit Loans), does not exceed Commitments 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 such Lender's Revolving Credit Commitment, provided that no Lender shall be required to make a Revolving Credit Loan prior to the Collateral Release Date to the extent that, after giving effect thereto, the Aggregate Revolving Credit Outstandings at such time all L/C Obligations would exceed the Borrowing Base at such time$20,000,000. (b) During the Revolving Credit Commitment Period, the Borrower may use the Revolving Credit Commitments by borrowing, prepaying and reborrowing the Revolving Re- volving Credit Loans in whole or in part, and reborrowing, all in accordance accor- dance with the terms and conditions hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire un- drawn upon or if drawn upon, reimbursing the Issuing Lender for such draw- ing, and having the Issuing Lender issue new Letters of Credit. (bc) The Each borrowing of Revolving Credit Loans may from time to time be (i) Eurodollar Loans, (ii) ABR Loans or (iii) a combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance with subsections 3.2 and 4.2, provided that no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior pursuant to the Revolving Credit Termination DateCommitments 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 $100,000 in excess thereof, in the case of Eurodollar Loans, and (ii) the Available Revolving Credit Commitments, except that any bor- rowing of Revolving Credit Loans to be used solely to pay a like amount of Swing Line Loans may be in the aggregate principal amount of such Swing Line Loans. 3.2.
Appears in 1 contract
Amount and Terms of Revolving Credit Commitments. 3.1 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees to make revolving credit loans ("“Revolving Credit Loans"”) to the Borrower Borrowers from time to time during the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding whichas to all Borrowers, when added to together with such Lender's ’s Revolving Credit Commitment Percentage of an amount equal to the sum of the sum of (i) the aggregate principal amount of Swing Line Loans then outstanding plus (ii) the then outstanding any L/C Obligations plus then outstanding, not to exceed the lesser of (iiiA) the aggregate principal amount of all Bilateral Option Loans and CAF Advances then outstanding (after giving effect to the use of proceeds of such Revolving Credit Loans), does not exceed the amount of such Lender's ’s Revolving Credit Commitment, provided that no Lender shall be required to make a Commitment then in effect and (B) such Lender’s Revolving Credit Loan prior to Commitment Percentage of the Collateral Release Date to the extent that, after giving effect thereto, the Aggregate Revolving Credit Outstandings at such time would exceed the Revolver Borrowing Base at such timethen in effect. During the Revolving Credit Commitment Period, Period the Borrower Borrowers may use the Revolving Credit Commitments by borrowing, prepaying and reborrowing 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 (beach a LIBOR Loan Tranche), 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 Lenders against any and all loss, liability, cost or expense which Administrative Agent or Lenders may sustain or incur as a consequence of any payment, 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 amount such party may use any reasonable averaging and attribution methods), which statement shall be conclusively deemed correct absent manifest error. The Borrowers may, at any time, request the Lenders to provide additional Revolving Credit Loans may from time Commitments in an aggregate amount of up to time be $25,000,000 (the “Facility Increase”); provided, however, that (i) Eurodollar Loansthe Borrowers shall have given the Administrative Agent at least 60 days prior written notice of its intention to effect a Facility Increase and the desired amount of such Facility Increase, (ii) ABR Loans or the conditions precedent to a Loan set forth in Section 7.2 are satisfied as of the Facility Increase Effective Date and (iii) a combination thereof, as determined by an opinion of counsel to the Borrower Loan Parties in form and notified substance and from counsel reasonably satisfactory to the Administrative Agent in accordance with subsections 3.2 and 4.2addressed 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 no Revolving Credit Loan shall be made as (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 Eurodollar Loan after Facility Increase (the day that is one month prior to “Facility Increase Effective Date”), the Revolving Credit Termination Commitments 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), then the Administrative Agent shall have the right to allocate such commitments, on whatever basis the Administrative Agent determines is appropriate in consultation with the Borrowers. Only one Facility Increase may be effected pursuant to this clause (e).
Appears in 1 contract
Samples: Credit Agreement (Steinway Musical Instruments Inc)