Common use of Commitment for Loans Clause in Contracts

Commitment for Loans. (a) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Loan”) to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Loan, (i) the Total WC Outstandings shall not exceed the Aggregate WC Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings plus the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, shall not exceed the Borrowing Base at such time, (iii) the WC Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all WC Loans denominated in the Alternative Currency), shall not exceed such Lender’s WC Commitment, and (iv) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s WC Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(a), prepay under Section 2.04, and reborrow under this Section 2.01(a). WC Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Rate Loans, as further provided herein. The proceeds of any WC Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures. (b) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Revolver Loan”) to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolver Commitment; provided, however, that after giving effect to any Committed Borrowing of a Revolver Loan, (i) the Total Revolver Outstandings shall not exceed the Aggregate Revolver Commitments as in effect on such date, (ii) the Revolver Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all Revolver Loans denominated in the Alternative Currency) shall not exceed such Lender’s Revolver Commitment, and (iii) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s Revolver Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(b), prepay under Section 2.04, and reborrow under this Section 2.01(b). Revolver Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Rate Loans, as further provided herein. The proceeds of the Revolver Loans shall be used for general corporate purposes (which, for the avoidance of doubt, can include working capital needs and the payment of Permitted Distributions and posting margin). (c) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Interim Loan”) to the Borrowers in Dollars on any Business Day during the WC Interim Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Interim Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Interim Loan, (i) the Total WC Interim Outstandings shall not exceed the Aggregate WC Interim Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings and the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, shall not exceed the Borrowing Base at such time, and (iii) the WC Interim Credit Exposure of any Lender shall not exceed such Lender’s WC Interim Commitment. Within the limits of each Lender’s WC Interim Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(c), prepay under Section 2.04, and reborrow under this Section 2.01(c). WC Interim Loans may be Base Rate Loans or Cost of Funds Rate Loans, as further provided herein (and no WC Interim Loan may be a Eurocurrency Rate Loan). The proceeds of any WC Interim Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures.

Appears in 1 contract

Samples: Credit Agreement (Global Partners Lp)

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Commitment for Loans. (a) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Loan”) to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Loan, (i) the Total WC Outstandings shall not exceed the Aggregate WC Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings plus the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, LC shall not exceed the Borrowing Base at such time, (iii) the WC Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all WC Loans denominated in the Alternative Currency), shall not exceed such Lender’s WC Commitment, and (iv) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s WC Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(a), prepay under Section 2.04, and reborrow under this Section 2.01(a). WC Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Rate Loans, as further provided herein. The proceeds of any WC Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures. (b) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Revolver Loan”) to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolver Commitment; provided, however, that after giving effect to any Committed Borrowing of a Revolver Loan, (i) the Total Revolver Outstandings shall not exceed the Aggregate Revolver Commitments as in effect on such date, (ii) the Revolver Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all Revolver Loans denominated in the Alternative Currency) shall not exceed such Lender’s Revolver Commitment, and (iii) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s Revolver Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(b), prepay under Section 2.04, and reborrow under this Section 2.01(b). Revolver Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Rate Loans, as further provided herein. The proceeds of the Revolver Loans shall be used for general corporate purposes (which, for the avoidance of doubt, can include working capital needs and the payment of Permitted Distributions and posting margin). (c) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Interim Loan”) to the Borrowers in Dollars on any Business Day during the WC Interim Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Interim Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Interim Loan, (i) the Total WC Interim Outstandings shall not exceed the Aggregate WC Interim Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings and the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, shall not exceed the Borrowing Base at such time, and (iii) the WC Interim Credit Exposure of any Lender shall not exceed such Lender’s WC Interim Commitment. Within the limits of each Lender’s WC Interim Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(c), prepay under Section 2.04, and reborrow under this Section 2.01(c). WC Interim Loans may be Base Rate Loans or Cost of Funds Rate Loans, as further provided herein (and no WC Interim Loan may be a Eurocurrency Rate Loan). The proceeds of any WC Interim Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures.

Appears in 1 contract

Samples: Credit Agreement (Global Partners Lp)

Commitment for Loans. (a) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a "WC Loan") to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s 's WC Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Loan, (i) the Total WC Outstandings shall not exceed the Aggregate WC Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings plus the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, LC shall not exceed the Borrowing Base at such time, (iii) the WC Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all WC Loans denominated in the Alternative Currency), shall not exceed such Lender’s 's WC Commitment, and (iv) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s 's WC Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(a), prepay under Section 2.04, and reborrow under this Section 2.01(a). WC Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Rate Loans, as further provided herein. The proceeds of any WC Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures. (b) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a "Revolver Loan") to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s 's Revolver Commitment; provided, however, that after giving effect to any Committed Borrowing of a Revolver Loan, (i) the Total Revolver Outstandings shall not exceed the Aggregate Revolver Commitments as in effect on such date, (ii) the Revolver Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all Revolver Loans denominated in the Alternative Currency) shall not exceed such Lender’s 's Revolver Commitment, and (iii) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s 's Revolver Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(b), prepay under Section 2.04, and reborrow under this Section 2.01(b). Revolver Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Rate Loans, as further provided herein. The proceeds of the Revolver Loans shall be used for general corporate purposes (which, for the avoidance of doubt, can include working capital needs and the payment of Permitted Distributions and posting margin). (c) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Interim Loan”) to the Borrowers in Dollars on any Business Day during the WC Interim Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Interim Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Interim Loan, (i) the Total WC Interim Outstandings shall not exceed the Aggregate WC Interim Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings and the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, shall not exceed the Borrowing Base at such time, and (iii) the WC Interim Credit Exposure of any Lender shall not exceed such Lender’s WC Interim Commitment. Within the limits of each Lender’s WC Interim Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(c), prepay under Section 2.04, and reborrow under this Section 2.01(c). WC Interim Loans may be Base Rate Loans or Cost of Funds Rate Loans, as further provided herein (and no WC Interim Loan may be a Eurocurrency Rate Loan). The proceeds of any WC Interim Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures.

Appears in 1 contract

Samples: Credit Agreement (Global Partners Lp)

Commitment for Loans. (a) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a "WC Loan") to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s 's WC Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Loan, (i) the Total WC Outstandings shall not exceed the Aggregate WC Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings plus the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, LC shall not exceed the Borrowing Base at such time, (iii) the WC Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all WC Loans denominated in the Alternative Currency), shall not exceed such Lender’s 's WC Commitment, and (iv) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s 's WC Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(a), prepay under Section 2.04, and reborrow under this Section 2.01(a). WC Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Rate Loans, as further provided herein. The proceeds of any WC Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures. (b) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a "Revolver Loan") to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s 's Revolver Commitment; provided, however, that after giving effect to any Committed Borrowing of a Revolver Loan, (i) the Total Revolver Outstandings shall not exceed the Aggregate Revolver Commitments as in effect on such date, (ii) the Revolver Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all Revolver Loans denominated in the Alternative Currency) shall not exceed such Lender’s 's Revolver Commitment, and (iii) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s 's Revolver Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(b), prepay under Section 2.04, and reborrow under this Section 2.01(b). Revolver Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Rate Loans, as further provided herein. The proceeds of the Revolver Loans shall be used to fund Permitted Acquisitions, to fund the Investments by the applicable Borrowers in joint ventures to the extent such Investments are permitted by Section 7.02(k), to finance Capital Expenditures and for general corporate purposes (whichpurposes, for the avoidance of doubt, can include working capital needs and the payment of Permitted Distributions and posting margin). (c) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Interim Loan”) to the Borrowers in Dollars on any Business Day during the WC Interim Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Interim Commitment; provided, however, that after giving effect the sum of (x) aggregate amount of Revolver Loans used to any Committed Borrowing of a WC Interim Loan, finance general corporate purposes plus (iy) the Total WC Interim Outstandings Revolver LC Obligations associated with any Revolver Letter of Credit issued with respect to general corporate purposes shall not exceed the Aggregate WC Interim Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings and the Total WC Interim Outstandings, other than the maximum drawing amount of $150,000,000 outstanding at any issued and outstanding Product Under Contract LC, shall not exceed the Borrowing Base at such time, and (iii) the WC Interim Credit Exposure of any Lender shall not exceed such Lender’s WC Interim Commitment. Within the limits of each Lender’s WC Interim Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(c), prepay under Section 2.04, and reborrow under this Section 2.01(c). WC Interim Loans may be Base Rate Loans or Cost of Funds Rate Loans, as further provided herein (and no WC Interim Loan may be a Eurocurrency Rate Loan). The proceeds of any WC Interim Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures.

Appears in 1 contract

Samples: Credit Agreement (Global Partners Lp)

Commitment for Loans. (a) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Loan”) to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Loan, (i) the Total WC Outstandings shall not exceed the Aggregate WC Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings plus the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, LC shall not exceed the Borrowing Base at such time, (iii) the WC Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all WC Loans denominated in the Alternative Currency), shall not exceed such Lender’s WC Commitment, and (iv) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s WC Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(a), prepay under Section 2.04, and reborrow under this Section 2.01(a). WC Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Rate Loans, as further provided herein. The proceeds of any WC Loan shall be used to finance the working capital needs of the Borrowers (Borrowers, including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures. (b) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Revolver Loan”) to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolver Commitment; provided, however, that after giving effect to any Committed Borrowing of a Revolver Loan, (i) the Total Revolver Outstandings shall not exceed the Aggregate Revolver Commitments as in effect on such date, (ii) the Revolver Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all Revolver Loans denominated in the Alternative Currency) shall not exceed such Lender’s Revolver Commitment, and (iii) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s Revolver Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(b), prepay under Section 2.04, and reborrow under this Section 2.01(b). Revolver Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Rate Loans, as further provided herein. The proceeds of the Revolver Loans shall be used to fund Permitted Acquisitions, to fund the Investments by the applicable Borrowers in joint ventures to the extent such Investments are permitted by Section 7.02(k), to finance Capital Expenditures and for general corporate purposes (which, for the avoidance of doubt, can include working capital needs and the payment of Permitted Distributions and posting marginneeds). (c) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Interim Loan”) to the Borrowers in Dollars on any Business Day during the WC Interim Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Interim Commitment; provided, however, that after giving effect the sum of (x) aggregate amount of Revolver Loans used to any Committed Borrowing of a WC Interim Loan, finance general corporate purposes plus (iy) the Total WC Interim Outstandings Revolver LC Obligations associated with any Revolver Letter of Credit issued with respect to general corporate purposes shall not exceed the Aggregate WC Interim Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings and the Total WC Interim Outstandings, other than the maximum drawing amount of $100,000,000 outstanding at any issued and outstanding Product Under Contract LC, shall not exceed the Borrowing Base at such time, and (iii) the WC Interim Credit Exposure of any Lender shall not exceed such Lender’s WC Interim Commitment. Within the limits of each Lender’s WC Interim Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(c), prepay under Section 2.04, and reborrow under this Section 2.01(c). WC Interim Loans may be Base Rate Loans or Cost of Funds Rate Loans, as further provided herein (and no WC Interim Loan may be a Eurocurrency Rate Loan). The proceeds of any WC Interim Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures.

Appears in 1 contract

Samples: Credit Agreement (Global Partners Lp)

Commitment for Loans. (a) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Loan”) to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Loan, (i) the Total WC Outstandings shall not exceed the Aggregate WC Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings plus the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, shall not exceed the Borrowing Base at such time, (iii) the WC Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all WC Loans denominated in the Alternative Currency), shall not exceed such Lender’s WC Commitment, and (iv) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s WC Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(a), prepay under Section 2.04, and reborrow under this Section 2.01(a). WC Loans may be Base Rate Loans, Cost of Funds Rate Daily SOFR Loans or Eurocurrency Term Rate Loans, as further provided herein. The proceeds of any WC Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures. (b) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Revolver Loan”) to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolver Commitment; provided, however, that after giving effect to any Committed Borrowing of a Revolver Loan, (i) the Total Revolver Outstandings shall not exceed the Aggregate Revolver Commitments as in effect on such date, (ii) the Revolver Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all Revolver Loans denominated in the Alternative Currency) shall not exceed such Lender’s Revolver Commitment, and (iii) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s Revolver Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(b), prepay under Section 2.04, and reborrow under this Section 2.01(b). Revolver Loans may be Base Rate Loans, Cost of Funds Rate Daily SOFR Loans or Eurocurrency Term Rate Loans, as further provided herein. The proceeds of the Revolver Loans shall be used for general corporate purposes (which, for the avoidance of doubt, can include working capital needs and the payment of Permitted Distributions and posting margin). (c) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Interim Loan”) to the Borrowers in Dollars on any Business Day during the WC Interim Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Interim Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Interim Loan, (i) the Total WC Interim Outstandings shall not exceed the Aggregate WC Interim Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings and the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, shall not exceed the Borrowing Base at such time, and (iii) the WC Interim Credit Exposure of any Lender shall not exceed such Lender’s WC Interim Commitment. Within the limits of each Lender’s WC Interim Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(c), prepay under Section 2.04, and reborrow under this Section 2.01(c). WC Interim Loans may be Base Rate Loans, Term Rate Loans or Cost of Funds Rate Daily SOFR Loans, as further provided herein (and no WC Interim Loan may be a Eurocurrency Rate Loan)herein. The proceeds of any WC Interim Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures.

Appears in 1 contract

Samples: Credit Agreement (Global Partners Lp)

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Commitment for Loans. (a) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a "WC Loan") to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed 57 ‌ DB3/ 201344542.8 ​ ​ ​ at any time outstanding the amount of such Lender’s Xxxxxx's WC Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Loan, (i) the Total WC Outstandings shall not exceed the Aggregate WC Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings plus the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, LC shall not exceed the Borrowing Base at such time, (iii) the WC Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all WC Loans denominated in the Alternative Currency), shall not exceed such Lender’s 's WC Commitment, and (iv) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s 's WC Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(a), prepay under Section 2.04, and reborrow under this Section 2.01(a). WC Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Rate Loans, as further provided herein. The proceeds of any WC Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures. (b) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a "Revolver Loan") to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Xxxxxx's Revolver Commitment; provided, however, that after giving effect to any Committed Borrowing of a Revolver Loan, (i) the Total Revolver Outstandings shall not exceed the Aggregate Revolver Commitments as in effect on such date, (ii) the Revolver Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all Revolver Loans denominated in the Alternative Currency) shall not exceed such Lender’s 's Revolver Commitment, and (iii) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s 's Revolver Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(b), prepay under Section 2.04, and reborrow under this Section 2.01(b). Revolver Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Rate Loans, as further provided herein. The proceeds of the Revolver Loans shall be used to fund Permitted Acquisitions, to fund the Investments by the applicable Borrowers in joint ventures to the extent such Investments are permitted by Section 7.02(k), to finance Capital Expenditures and for general corporate purposes (whichpurposes, for the avoidance of doubt, can include working capital needs and the payment of Permitted Distributions and posting margin). (c) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Interim Loan”) to the Borrowers in Dollars on any Business Day during the WC Interim Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Interim Commitment; provided, however, that after giving effect the sum of (x) aggregate amount of Revolver Loans used to any Committed Borrowing of a WC Interim Loan, finance general corporate purposes plus (iy) the Total WC Interim Outstandings Revolver LC Obligations associated with any Revolver Letter of Credit issued with respect to general corporate purposes shall not exceed the Aggregate WC Interim Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings and the Total WC Interim Outstandings, other than the maximum drawing amount of $150,000,000 outstanding at any issued and outstanding Product Under Contract LC, shall not exceed the Borrowing Base at such time, and (iii) the WC Interim Credit Exposure of any Lender shall not exceed such Lender’s WC Interim Commitment. Within the limits of each Lender’s WC Interim Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(c), prepay under Section 2.04, and reborrow under this Section 2.01(c). WC Interim Loans may be Base Rate Loans or Cost of Funds Rate Loans, as further provided herein (and no WC Interim Loan may be a Eurocurrency Rate Loan). The proceeds of any WC Interim Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures.

Appears in 1 contract

Samples: Credit Agreement (Global Partners Lp)

Commitment for Loans. (a) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Loan”) to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Loan, (i) the Total WC Outstandings shall not exceed the Aggregate WC Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings plus the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, shall not exceed the Borrowing Base at such time, (iii) the WC Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all WC Loans denominated in the Alternative Currency), shall not exceed such Lender’s WC Commitment, and (iv) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s WC Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(a), prepay under Section 2.04, and reborrow under this Section 2.01(a). WC Loans may be Base Rate Loans, Cost of Funds Rate Daily SOFR Loans or Eurocurrency Term Rate Loans, as further provided herein. The proceeds of any WC Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures. (b) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Revolver Loan”) to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such LenderXxxxxx’s Revolver Commitment; provided, however, that after giving effect to any Committed Borrowing of a Revolver Loan, (i) the Total Revolver Outstandings shall not exceed the Aggregate Revolver Commitments as in effect on such date, (ii) the Revolver Credit Exposure of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all Revolver Loans denominated in the Alternative Currency) shall not exceed such Lender’s Revolver Commitment, and (iii) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s Revolver Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(b), prepay under Section 2.04, and reborrow under this Section 2.01(b). Revolver Loans may be Base Rate Loans, Cost of Funds Rate Daily SOFR Loans or Eurocurrency Term Rate Loans, as further provided herein. The proceeds of the Revolver Loans shall be used for general corporate purposes (which, for the avoidance of doubt, can include working capital needs and the payment of Permitted Distributions and posting margin). (c) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Interim Loan”) to the Borrowers in Dollars on any Business Day during the WC Interim Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such LenderXxxxxx’s WC Interim Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Interim Loan, (i) the Total WC Interim Outstandings shall not exceed the Aggregate WC Interim Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings and the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, shall not exceed the Borrowing Base at such time, and (iii) the WC Interim Credit Exposure of any Lender shall not exceed such Lender’s WC Interim Commitment. Within the limits of each Lender’s WC Interim Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(c), prepay under Section 2.04, and reborrow under this Section 2.01(c). WC Interim Loans may be Base Rate Loans, Term Rate Loans or Cost of Funds Rate Daily SOFR Loans, as further provided herein (and no WC Interim Loan may be a Eurocurrency Rate Loan)herein. The proceeds of any WC Interim Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures.

Appears in 1 contract

Samples: Credit Agreement (Global Partners Lp)

Commitment for Loans. (a) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Loan”) to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Commitment; provided, however, that after giving effect to any Committed Borrowing of a WC Loan, Loan (i) the Total WC Outstandings shall not exceed the Aggregate WC Commitments Commitment as in effect on such date, date (ii) the sum of the Total WC Outstandings plus the Total WC Interim Outstandings, other than the maximum drawing amount of any issued and outstanding Product Under Contract LC, LC shall not exceed the Borrowing Base at such time, and (iii) the aggregate Outstanding Amount of the WC Credit Exposure Loans of any Lender (less, with respect only to the Alternative Currency Fronting Lender, plus such Lender’s Applicable Percentage of the aggregate Alternative Currency Risk Participations in Outstanding Amount of all WC Loans denominated in the Alternative Currency), L/C Obligations shall not exceed such Lender’s WC Commitment, and (iv) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s WC Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(a), prepay under Section 2.04, and reborrow under this Section 2.01(a). WC Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Eurodollar Rate Loans, as further provided herein. The proceeds of any WC Loan shall be used to finance the working capital needs of the Borrowers (Borrowers, including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures. (b) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Revolver Loan”) to the Borrowers in Dollars or (subject to the provisions of Section 2.02(f)) in the Alternative Currency from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolver Commitment; provided, however, that after giving effect to any Committed Borrowing of a Revolver Loan, (i) the Total Revolver Outstandings shall not exceed the Aggregate Revolver Commitments Commitment as in effect on such date, and (ii) the aggregate Outstanding Amount of the Revolver Credit Exposure Loans of any Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all Revolver Loans denominated in the Alternative Currency) shall not exceed such Lender’s Revolver Commitment, and (iii) the aggregate Outstanding Amount of all Loans denominated in the Alternative Currency shall not exceed the Alternative Currency Sublimit. Within the limits of each Lender’s Revolver Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(b), prepay under Section 2.04, and reborrow under this Section 2.01(b). Revolver Loans may be Base Rate Loans, Cost of Funds Rate Loans or Eurocurrency Eurodollar Rate Loans, as further provided herein. The proceeds of the Revolver Loans shall be used to fund Permitted Acquisitions, to finance Capital Expenditures and for general corporate purposes (which, for the avoidance of doubt, can include working capital needs and the payment of Permitted Distributions and posting marginneeds). (c) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “WC Interim Loan”) to the Borrowers in Dollars on any Business Day during the WC Interim Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s WC Interim Commitment; provided, however, that after giving effect the aggregate amount of Revolver Loans used to any Committed Borrowing of a WC Interim Loan, (i) the Total WC Interim Outstandings finance general corporate purposes shall not exceed the Aggregate WC Interim Commitments as in effect on such date, (ii) the sum of the Total WC Outstandings and the Total WC Interim Outstandings, other than the maximum drawing amount of $50,000,000 outstanding at any issued and outstanding Product Under Contract LC, shall not exceed the Borrowing Base at such time, and (iii) the WC Interim Credit Exposure of any Lender shall not exceed such Lender’s WC Interim Commitment. Within the limits of each Lender’s WC Interim Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(c), prepay under Section 2.04, and reborrow under this Section 2.01(c). WC Interim Loans may be Base Rate Loans or Cost of Funds Rate Loans, as further provided herein (and no WC Interim Loan may be a Eurocurrency Rate Loan). The proceeds of any WC Interim Loan shall be used to finance the working capital needs of the Borrowers (including posting margin) and financing of Capital Expenditures other than Acquisition Capital Expenditures.

Appears in 1 contract

Samples: Credit Agreement (Global Partners Lp)

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