Common use of Amount and Terms of Revolving Credit Commitments Clause in Contracts

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 make revolving credit loans ("Revolving Credit Loans" or "Loans") to the Borrower from time to time during the Commitment Period in an aggregate principal amount at any one time outstanding not to exceed the amount of such Lender's Revolving Credit Commitment, provided that no Lender shall make any Revolving Credit Loans if, after giving effect thereto, the sum of such Lender's Revolving Credit Loans and Commitment Percentage of Letter of Credit Outstandings (in each case, after giving effect to the Loans requested to be made and the Letters of Credit requested to be issued on such date) exceeds the lesser of (i) such Lender's Revolving Credit Commitment and (ii) such Lender's Commitment Percentage of the Borrowing Base then in effect. During the Commitment Period the Borrower may use the Revolving Credit Commitments by borrowing, prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Belco Oil & Gas Corp)

AutoNDA by SimpleDocs

Amount and Terms of Revolving Credit Commitments. 2.1 Revolving Credit Commitments. . (a) Subject to the terms and conditions hereof, including, without limitation, the satisfaction of the conditions precedent set forth in Section 6 hereof, each Lender severally agrees to make revolving credit loans ("Revolving Credit Loans" or "Loans") to the Borrower from time to time during the Commitment Period in an aggregate principal amount at any one time outstanding not to exceed the amount of such Lender's Revolving Credit Commitment, provided that no Lender shall make any Revolving Credit Loans if, after giving effect thereto, the sum of such Lender's Revolving Credit Loans and Commitment Percentage of Letter of Credit Outstandings (in each case, after giving effect to the Loans requested to be made and the Letters of Credit requested to be issued on such date) exceeds the lesser of (i) such Lender's Revolving Credit Commitment and (ii) such Lender's Commitment Percentage of the Borrowing Base then in effect. During the Commitment Period Period, the Borrower may use the Revolving Credit Commitments by borrowing, prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Meridian Resource Corp)

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 make revolving credit loans ("Revolving Credit Loans" or "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 Percentage of sum of (i) the L/C Obligations then outstanding and (ii) the aggregate principal amount of the Swingline Loans then outstanding, does not to exceed the amount of such Lender's Revolving Credit Commitment, provided that no Lender shall make any Revolving Credit Loans if, after giving effect thereto, the sum of such Lender's Revolving Credit Loans and Commitment Percentage of Letter of Credit Outstandings (in each case, after giving effect to the Loans requested to be made and the Letters of Credit requested to be issued on such date) exceeds the lesser of (i) such Lender's Revolving Credit Commitment and (ii) such Lender's Commitment Percentage of the Borrowing Base then in effect. During the Revolving Credit Commitment Period the Borrower may use the Revolving Credit Commitments by borrowing, prepaying the The Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.9. (b) The Borrower shall repay all outstanding Revolving Loans on the Revolving Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Guess Inc Et Al/Ca/)

AutoNDA by SimpleDocs

Amount and Terms of Revolving Credit Commitments. 2.1 2.1. Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, including, without limitation, the satisfaction of the conditions precedent set forth in Section 6 hereof, each Lender severally agrees to make revolving credit loans ("Revolving Credit Loans" or "Loans") to the Borrower from time to time during the Commitment Period in an aggregate principal amount at any one time outstanding not to exceed the amount of such Lender's Revolving Credit Commitment, provided that no Lender shall make any Revolving Credit Loans if, after giving effect thereto, the sum of such Lender's Revolving Credit Loans and Commitment Percentage of Letter of Credit Outstandings (in each case, after giving effect to the Loans requested to be made and the Letters of Credit requested to be issued on such date) exceeds the lesser of (i) such Lender's Revolving Credit Commitment and (ii) such Lender's Commitment Percentage of the Borrowing Base then in effect. During the Commitment Period Period, the Borrower may use the Revolving Credit Commitments by borrowing, prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Meridian Resource Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!