Commitment to Lend Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement, each of the Revolving Credit Banks severally agrees to lend to the Borrower (the “Revolving Credit Loans”), and the Borrower may borrow (and repay and reborrow) from time to time between the Closing Date and the Revolving Credit Maturity Date upon notice by the Borrower to the Agent given in accordance with §2.5, such sums as are requested by the Borrower for the purposes set forth in §7.11 up to a maximum aggregate principal amount Outstanding (after giving effect to all amounts requested and the amount of Swing Line Loans and Letter of Credit Liabilities) not to exceed such Revolving Credit Bank’s Revolving Credit Commitment minus an amount equal to such Revolving Credit Bank’s participations in the Swing Line Loans and the Letter of Credit Liabilities; provided, that, in all events no Default or Event of Default shall have occurred and be continuing; and provided, further that the Outstanding Revolving Credit Loans (after giving effect to all amounts requested) and the Outstanding Swing Line Loans and the Letter of Credit Liabilities shall not at any time exceed (a) the Total Revolving Credit Commitment, or (b) the Borrowing Base Availability minus the principal amount of Term Loans Outstanding. The Revolving Credit Loans shall be made pro rata in accordance with each Revolving Credit Bank’s Revolving Credit Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in §10 and §11, in the case of the initial Revolving Credit Loan, and §11, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request.
Appears in 2 contracts
Samples: Secured Master Loan Agreement (Ramco Gershenson Properties Trust), Secured Master Loan Agreement (Ramco Gershenson Properties Trust)
Commitment to Lend Revolving Credit Loans. (a) Subject to the terms and conditions set forth in this Credit Agreement, including §2.1(b), each of the Revolving Credit Banks Lenders severally agrees to lend to the Borrower (the “Revolving Credit Loans”)Borrowers, and the Borrower Borrowers may borrow (and borrow, repay and reborrow) reborrow from time to time between from the Closing Date and up to but not including the Revolving Credit Maturity Date upon notice by the Borrower Borrowers to the Administrative Agent given in accordance with §2.52.6, such sums as are requested by the Borrower for the purposes set forth in §7.11 Borrowers up to a maximum aggregate principal amount Outstanding outstanding (after giving effect to all amounts requested and the amount of Swing Line Loans and Letter of Credit Liabilitiesrequested) not at any one time equal to exceed such Revolving Credit BankLender’s Revolving Credit Commitment minus an amount equal to such Lender’s Revolving Credit Bank’s participations in Commitment Percentage of the Swing Line Loans sum of the Maximum Drawing Amount and the Letter of Credit Liabilities; providedall Unpaid Reimbursement Obligations, that, in all events no Default or Event of Default shall have occurred and be continuing; and provided, further provided that the Outstanding sum of the outstanding amount of the Revolving Credit Loans (after giving effect to all amounts requested) plus the Maximum Drawing Amount and the Outstanding Swing Line Loans and the Letter of Credit Liabilities all Unpaid Reimbursement Obligations shall not at any time exceed (a) the Total Revolving Credit Commitment, or (b) the Borrowing Base Availability minus the principal amount of Term Loans OutstandingCommitment at such time. The Revolving Credit Loans shall be made pro rata in accordance with each Revolving Credit BankLender’s Revolving Credit Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower Borrowers that all of the conditions set forth in §10 12 and §1113, in the case of the initial Revolving Credit LoanLoans to be made (or converted and continued in the case of Existing Loans) on the Closing Date, and §1113, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request.
Appears in 1 contract
Samples: Revolving Credit Agreement (McCormick & Schmick Holdings, L.L.C.)
Commitment to Lend Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement, each of the Revolving Credit Banks Lenders severally agrees to lend to the Borrower (the “Revolving Credit Loans”)Land Company, and the Borrower Land Company may borrow (and repay and reborrow) from time to time between the Closing Date date hereof and the Revolving Credit Maturity Date Date, upon notice by the Borrower Land Company to the Agent given in accordance with §2.52.6, such sums as are requested by the Borrower Land Company for the purposes set forth in §7.11 up to the lesser of (a) a maximum aggregate principal amount Outstanding outstanding (after giving effect to all amounts requested and the amount of Swing Line Loans and Letter of Credit Liabilitiesrequested) not to exceed such Revolving Credit Bank’s Revolving Credit Commitment minus an amount at any one time equal to such Revolving Credit BankLender’s participations in Revolving Credit Commitment and (b) such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Swing Line sum of (i) the Borrowing Base minus (ii) the amount of all outstanding or requested Commercial Company Secured Term Loans and the Letter of Credit LiabilitiesLand Company Secured Term Loans; provided, that, in all events no Default or Event of Default shall have occurred and be continuingcontinuing and the Borrowers shall be in compliance with all covenants as required pursuant to §2.6(ii); and provided, further further, that the Outstanding outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested) and the Outstanding Swing Line Loans and the Letter of Credit Liabilities shall not at any time exceed (a) the Total total Revolving Credit Commitment, or (b) the Borrowing Base Availability minus the principal amount of Term Loans Outstanding. The Revolving Credit Loans shall be made pro rata in accordance with each Revolving Credit BankLender’s Revolving Credit Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower Land Company that all of the conditions set forth in §10 and §11, in the case of the initial Revolving Credit Loan, and §11, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request. No Revolving Credit Lender shall have any obligation to make Revolving Credit Loans to Land Company in the maximum aggregate principal amount outstanding of more than the amount of its Revolving Credit Commitment.
Appears in 1 contract
Commitment to Lend Revolving Credit Loans. Subject to the terms and conditions set forth in this Credit Agreement, each of the Revolving Credit Banks severally agrees to lend to the Borrower (the “Revolving Credit Loans”), and the Borrower may borrow (and repay and reborrow) from time to time between during the Closing Date and the Revolver Period to make Revolving Credit Maturity Date Loans to the Borrower in such amounts as are requested by the Borrower, PROVIDED, that the sum of the aggregate principal amount of Revolving Credit Loans made by each Bank (after giving effect to all amounts requested) shall not at any time exceed such Bank's Commitment Amount, and PROVIDED, FURTHER, that (i) at no time shall the outstanding aggregate principal amount of all Revolving Credit Loans made by all Banks exceed the Total Commitment, and (ii) at all times the outstanding aggregate principal amount of all Revolving Credit Loans made by each Bank shall equal such Bank's Commitment Percentage of the outstanding aggregate principal amount of all Revolving Credit Loans made pursuant to the terms of this Credit Agreement. Subject to the terms and conditions set forth in this Credit Agreement, the Borrower may borrow, repay and reborrow Revolving Credit Loans from time to time during the Revolver Period upon notice by the Borrower to the Agent given in accordance with §2.5, such sums as are requested by the Borrower for the purposes set forth in §7.11 up to a maximum aggregate principal amount Outstanding (after giving effect to all amounts requested and the amount of Swing Line Loans and Letter of Credit Liabilities) not to exceed such Revolving Credit Bank’s Revolving Credit Commitment minus an amount equal to such Revolving Credit Bank’s participations in the Swing Line Loans and the Letter of Credit Liabilities; provided, that, in all events no Default or Event of Default shall have occurred and be continuing; and provided, further that the Outstanding Revolving Credit Loans (after giving effect to all amounts requested) and the Outstanding Swing Line Loans and the Letter of Credit Liabilities shall not at any time exceed (a) the Total Revolving Credit Commitment, or (b) the Borrowing Base Availability minus the principal amount of Term Loans Outstanding. The Revolving Credit Loans shall be made pro rata in accordance with each Revolving Credit Bank’s Revolving Credit Commitment PercentageSection 2.2 hereof. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in §10 Sections 8 and §119 hereof, in the case of the initial Revolving Credit LoanLoans to be made on the Closing Date, and §11Section 9 hereof, in the case of all other Revolving Credit Loans, shall have been satisfied on the date of such request.
Appears in 1 contract
Commitment to Lend Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement, each of the Revolving Credit Banks Lenders severally agrees to lend to the Borrower (the “Revolving Credit Loans”)Land Company, and the Borrower Land Company may borrow (and repay and reborrow) from time to time between the Closing Date date hereof and the Revolving Credit Maturity Date Date, upon notice by the Borrower Land Company to the Agent given in accordance with §2.52.6, such sums as are requested by the Borrower Land Company for the purposes set forth in §7.11 up to the lesser of (a) a maximum aggregate principal amount Outstanding outstanding (after giving effect to all amounts requested and the amount of Swing Line Loans and Letter of Credit Liabilitiesrequested) not to exceed such Revolving Credit Bank’s Revolving Credit Commitment minus an amount at any one time equal to such Revolving Credit BankLender’s participations in Revolving Credit Commitment and (b) such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Swing Line sum of (i) the Borrowing Base minus (ii) the amount of all outstanding or requested Commercial Company Secured Term Loans and the Letter of Credit LiabilitiesLand Company Secured Term Loans; provided, that, in all events no Default or Event of Default shall have occurred and be continuingcontinuing and the Borrowers shall be in compliance with all covenants as required pursuant to §2.6(ii); and provided, further further, that the Outstanding outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested) and the Outstanding Swing Line Loans and the Letter of Credit Liabilities shall not at any time exceed (a) the Total Revolving Credit Commitment, or (b) the Borrowing Base Availability minus the principal amount of Term Loans Outstanding. The Revolving Credit Loans shall be made pro rata in accordance with each Revolving Credit BankLender’s Revolving Credit Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower Land Company that all of the conditions set forth in §10 and §11, in the case of the initial Revolving Credit Loan, and §11, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request. No Revolving Credit Lender shall have any obligation to make Revolving Credit Loans to Land Company in the maximum aggregate principal amount outstanding of more than the amount of its Revolving Credit Commitment.
Appears in 1 contract
Commitment to Lend Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement, each of the Revolving Credit Banks severally agrees to lend to the Borrower (the “Revolving Credit Loans”), and the Borrower may borrow (and repay and reborrow) from time to time between the Closing Date and the Revolving Credit Maturity Date upon notice by the Borrower to the Agent given in accordance with §2.5, such sums as are requested by the Borrower for the purposes set forth in §7.11 up to a maximum aggregate principal amount Outstanding (after giving effect to all amounts requested and the amount of Swing Line Loans and Letter of Credit Liabilities) not to exceed such Revolving Credit Bank’s Revolving Credit Commitment minus an amount equal to such Revolving Credit Bank’s participations in the Swing Line Loans and the Letter of Credit Liabilities; provided, that, in all events no Default or Event of Default shall have occurred and be continuing; and provided, further that the Outstanding Revolving Credit Loans (after giving effect to all amounts requested) and the Outstanding Swing Line Loans and the Letter of Credit Liabilities shall not at any time exceed (a) the Total Revolving Credit Commitment, or (b) an amount that would cause a Default or Event of Default under §9.5 (or the Borrowing Base Availability minus terms of §12.1(c) would not require the principal amount of Term Loans OutstandingRevolving Credit Banks to make Loans). The Revolving Credit Loans shall be made pro rata in accordance with each Revolving Credit Bank’s Revolving Credit Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in §10 and §11, in the case of the initial Revolving Credit Loan, and §11, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request.
Appears in 1 contract
Samples: Unsecured Master Loan Agreement (Ramco Gershenson Properties Trust)
Commitment to Lend Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement, each of the Revolving Credit Banks severally agrees to lend to the Borrower (the “"Revolving Credit Loans”"), and the Borrower may borrow (and repay and reborrow) from time to time between the Closing Date and the Revolving Credit Maturity Date upon notice by the Borrower to the Agent given in accordance with §Section 2.5, such sums as are requested by the Borrower for the purposes set forth in §Section 7.11 up to a maximum aggregate principal amount Outstanding (after giving effect to all amounts requested and the amount of Swing Line Loans and Letter aggregate Letters of Credit LiabilitiesOutstanding) not to exceed such Revolving Credit Bank’s 's Revolving Credit Commitment minus an amount equal to such Revolving Credit Bank’s 's participations in the Swing Line Loans and the Letter aggregate Letters of Credit LiabilitiesOutstanding (including any amounts drawn thereunder and not yet reimbursed by the Borrower); provided, that, in all events no Default or Event of Default shall have occurred and be continuing; and provided, further that the Outstanding Revolving Credit Loans (after giving effect to all amounts requested) and the Outstanding Swing Line Loans and the Letter Letters of Credit Liabilities Outstanding (including any amounts drawn thereunder and not yet reimbursed by the Borrower) shall not at any time exceed (a) the Total Revolving Credit Commitment, or (b) the Borrowing Base Availability minus the principal amount of Term Loans Outstanding. The Revolving Credit Loans shall be made pro rata in accordance with each Revolving Credit Bank’s 's Revolving Credit Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in §Section 10 and §Section 11, in the case of the initial Revolving Credit Loan, and §Section 11, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request.
Appears in 1 contract
Samples: Unsecured Master Loan Agreement (Ramco Gershenson Properties Trust)
Commitment to Lend Revolving Credit Loans. Subject to the terms and conditions set forth in this Credit Agreement, each of the Revolving Credit Banks Lenders severally agrees to lend to the Borrower (the “Revolving Credit Loans”)Borrowers, and the Borrower Borrowers may borrow (and borrow, repay and reborrow) reborrow from time to time between from the Closing Date and up to but not including the Revolving Credit Maturity Date upon notice by the Borrower Borrowers to the Administrative Agent given in accordance with §2.52.6, such sums as are requested by the Borrower for the purposes set forth in §7.11 Borrowers up to a maximum aggregate principal amount Outstanding outstanding (after giving effect to all amounts requested and the amount of Swing Line Loans and Letter of Credit Liabilitiesrequested) not at any one time equal to exceed such Revolving Credit BankLender’s Revolving Credit Commitment minus an amount equal to such Lender’s Revolving Credit Bank’s participations in Commitment Percentage of the Swing Line Loans sum of the Maximum Drawing Amount and the Letter of Credit Liabilities; providedall Unpaid Reimbursement Obligations, that, in all events no Default or Event of Default shall have occurred and be continuing; and provided, further provided that the Outstanding sum of the outstanding amount of the Revolving Credit Loans (after giving effect to all amounts requested) plus the Maximum Drawing Amount and the Outstanding Swing Line Loans and the Letter of Credit Liabilities all Unpaid Reimbursement Obligations shall not at any time exceed (a) the Total Revolving Credit Commitment, or (b) the Borrowing Base Availability minus the principal amount of Term Loans OutstandingCommitment at such time. The Revolving Credit Loans shall be made pro rata in accordance with each Revolving Credit BankLender’s Revolving Credit Commitment Percentage. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower Borrowers that all of the conditions set forth in §10 12 and §1113, in the case of the initial Revolving Credit LoanLoans to be made on the Closing Date, and §1113, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request.
Appears in 1 contract
Samples: Revolving Credit Agreement (McCormick & Schmicks Seafood Restaurants Inc.)
Commitment to Lend Revolving Credit Loans. Subject to the terms and conditions set forth in this Credit Agreement, each of the Revolving Credit Banks Lenders severally agrees to lend to the Borrower (the “Revolving Credit Loans”), and the Borrower may borrow (and repay and reborrow) from time to time between during the Closing Date and the Revolver Period to make Revolving Credit Maturity Date upon notice by Loans to the Borrower to the Agent given in accordance with §2.5, Dollars or in one or more Alternative Currencies and in such sums amounts as are requested by the Borrower for Borrower; provided, that the purposes set forth in §7.11 up to a maximum sum of the aggregate principal amount Outstanding (after giving effect to all amounts requested and the amount of Swing Line Loans and Letter of Credit Liabilities) not to exceed such Revolving Credit Bank’s Revolving Credit Commitment minus an amount equal to such Revolving Credit Bank’s participations in the Swing Line Loans and the Letter of Credit Liabilities; provided, that, in all events no Default or Event of Default shall have occurred and be continuing; and provided, further that the Outstanding Revolving Credit Loans made by each Lender (after giving effect to all amounts requested) and the Outstanding Swing Line Loans and the Letter of Credit Liabilities shall not at any time exceed such Lender’s Commitment Amount; and provided, further, that (a) at no time shall the sum of, without duplication, (i) the Dollar Equivalent of the outstanding Revolving Credit Loans, plus (ii) the outstanding Swing Line Loans, plus (iii) the Maximum Drawing Amount, plus (iv) all Unpaid Reimbursement Obligations exceed the Total Revolving Credit Commitment, or (b) at no time shall the Borrowing Base Availability minus sum of, without duplication, (i) the Dollar Equivalent of the aggregate outstanding Loans denominated in Alternative Currencies plus (ii) the Maximum Drawing Amount of all Letters of Credit denominated in Alternative Currencies plus (iii) all Unpaid Reimbursement Obligations with respect to Letters of Credit denominated in Alternative Currencies exceed the Alternative Currency Sublimit and (c) subject to §2.4.1, at all times the Dollar Equivalent of the outstanding aggregate principal amount of Term Loans Outstanding. The all Revolving Credit Loans made by each Lender shall be equal such Lender’s Commitment Percentage of the outstanding Revolving Credit Loans made pro rata by all Lenders pursuant to the terms of this Credit Agreement. Subject to the terms and conditions set forth in this Credit Agreement, the Borrower may borrow, repay and reborrow Revolving Credit Loans from time to time during the Revolver Period upon notice by the Borrower to the Administrative Agent given in accordance with each Revolving Credit Bank’s Revolving Credit Commitment Percentage§2.2 hereof. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in §§9 and 10 and §11hereof, in the case of the initial Revolving Credit LoanLoans to be made on the Closing Date, and §1110 hereof, in the case of all other Revolving Credit Loans, shall have been satisfied on the date of such request.
Appears in 1 contract
Samples: Credit Agreement (Staples Inc)
Commitment to Lend Revolving Credit Loans. Subject to the terms and conditions set forth in this Credit Agreement, each of the Revolving Credit Banks severally agrees to lend to the Borrower (the “Revolving Credit Loans”), and the Borrower may borrow (and repay and reborrow) from time to time between during the Closing Date and the Revolver Period to make Revolving Credit Maturity Date Loans to the Borrower in such amounts as are requested by the Borrower, PROVIDED, that the sum of the aggregate principal amount of Revolving Credit Loans made by each Bank (after giving effect to all amounts requested) shall not at any time exceed such Bank's Commitment Amount, and PROVIDED, FURTHER, that (i) at no time shall the outstanding aggregate principal amount of all Revolving Credit Loans made by all Banks exceed the Total Commitment, and (ii) at all times the outstanding aggregate principal amount of all Revolving Credit Loans made by each Bank shall equal such Bank's Commitment Percentage of the outstanding aggregate principal amount of all Revolving Credit Loans made pursuant to the terms of this Credit Agreement. Subject to the terms and conditions set forth in this Credit Agreement, the Borrower may borrow, repay and reborrow Revolving Credit Loans from time to time during the Revolver Period upon notice by the Borrower to the Agent given in accordance with §2.5, such sums as are requested by the Borrower for the purposes set forth in §7.11 up to a maximum aggregate principal amount Outstanding (after giving effect to all amounts requested and the amount of Swing Line Loans and Letter of Credit Liabilities) not to exceed such Revolving Credit Bank’s Revolving Credit Commitment minus an amount equal to such Revolving Credit Bank’s participations in the Swing Line Loans and the Letter of Credit Liabilities; provided, that, in all events no Default or Event of Default shall have occurred and be continuing; and provided, further that the Outstanding Revolving Credit Loans (after giving effect to all amounts requested) and the Outstanding Swing Line Loans and the Letter of Credit Liabilities shall not at any time exceed (a) the Total Revolving Credit Commitment, or (b) the Borrowing Base Availability minus the principal amount of Term Loans Outstanding. The Revolving Credit Loans shall be made pro rata in accordance with each Revolving Credit Bank’s Revolving Credit Commitment PercentageSection 2.2 hereof. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in §10 Section 8 and §119 hereof, in the case of the initial Revolving Credit LoanLoans to be made on the Closing Date, and §11Section 9 hereof, in the case of all other Revolving Credit Loans, shall have been satisfied on the date of such request.
Appears in 1 contract
Commitment to Lend Revolving Credit Loans. Subject to the terms and conditions set forth in this Credit Agreement, each of the Revolving Credit Banks Lenders severally agrees to lend to the Borrower (the “Revolving Credit Loans”), and the Borrower may borrow (and repay and reborrow) from time to time between during the Closing Date and the Revolver Period to make Revolving Credit Maturity Date upon notice by Loans to the Borrower to the Agent given in accordance with §2.5, Dollars or in one or more Alternative Currencies and in such sums amounts as are requested by the Borrower for Borrower; provided, that the purposes set forth in §7.11 up to a maximum sum of the aggregate principal amount Outstanding (after giving effect to all amounts requested and the amount of Swing Line Loans and Letter of Credit Liabilities) not to exceed such Revolving Credit Bank’s Revolving Credit Commitment minus an amount equal to such Revolving Credit Bank’s participations in the Swing Line Loans and the Letter of Credit Liabilities; provided, that, in all events no Default or Event of Default shall have occurred and be continuing; and provided, further that the Outstanding Revolving Credit Loans made by each Lender (after giving effect to all amounts requested) and the Outstanding Swing Line Loans and the Letter of Credit Liabilities shall not at any time exceed such Lender’s Commitment Amount; and provided, further, that (a) at no time shall the sum of, without duplication, (i) the Dollar Equivalent of the outstanding Revolving Credit Loans, plus (ii) the outstanding Swing Line Loans, plus (iii) the Maximum Drawing Amount, plus (iv) all Unpaid Reimbursement Obligations exceed the Total Revolving Credit Commitment, or (b) at no time shall the Borrowing Base Availability minus sum of, without duplication, (i) the Dollar Equivalent of the aggregate outstanding Loans denominated in Alternative Currencies plus (ii) the Maximum Drawing Amount of all Letters of Credit denominated in Alternative Currencies plus (iii) all Unpaid Reimbursement Obligations with respect to Letters of Credit denominated in Alternative Currencies exceed the Alternative Currency Sublimit and (c) at all times the Dollar Equivalent of the outstanding aggregate principal amount of Term Loans Outstanding. The all Revolving Credit Loans made by each Lender shall be equal such Lender’s Commitment Percentage of the outstanding Revolving Credit Loans made pro rata by all Lenders pursuant to the terms of this Credit Agreement. Subject to the terms and conditions set forth in this Credit Agreement, the Borrower may borrow, repay and reborrow Revolving Credit Loans from time to time during the Revolver Period upon notice by the Borrower to the Administrative Agent given in accordance with each Revolving Credit Bank’s Revolving Credit Commitment Percentage§2.2 hereof. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in §§9 and 10 and §11hereof, in the case of the initial Revolving Credit LoanLoans to be made on the Closing Date, and §1110 hereof, in the case of all other Revolving Credit Loans, shall have been satisfied on the date of such request.
Appears in 1 contract
Samples: Credit Agreement (Staples Inc)
Commitment to Lend Revolving Credit Loans. Subject to the terms and conditions set forth in this Credit Agreement, each of the Revolving Credit Banks Lenders severally agrees to lend to the Borrower (the “Revolving Credit Loans”), and the Borrower may borrow (and repay and reborrow) from time to time between during the Closing Date and the Revolver Period to make Revolving Credit Maturity Date upon notice by Loans to the Borrower to the Agent given in accordance with §2.5, Dollars or 47438543.7 in one or more Alternative Currencies and in such sums amounts as are requested by the Borrower for Borrower; provided, that the purposes set forth in §7.11 up to a maximum sum of the aggregate principal amount Outstanding (after giving effect to all amounts requested and the amount of Swing Line Loans and Letter of Credit Liabilities) not to exceed such Revolving Credit Bank’s Revolving Credit Commitment minus an amount equal to such Revolving Credit Bank’s participations in the Swing Line Loans and the Letter of Credit Liabilities; provided, that, in all events no Default or Event of Default shall have occurred and be continuing; and provided, further that the Outstanding Revolving Credit Loans made by each Lender (after giving effect to all amounts requested) and the Outstanding Swing Line Loans and the Letter of Credit Liabilities shall not at any time exceed such Lender’s Commitment Amount; and provided, further, that (a) at no time shall the sum of, without duplication, (i) the Dollar Equivalent of the outstanding Revolving Credit Loans, plus (ii) the outstanding Swing Line Loans, plus (iii) the Maximum Drawing Amount, plus (iv) all Unpaid Reimbursement Obligations exceed the Total Revolving Credit Commitment, or (b) at no time shall the Borrowing Base Availability minus sum of, without duplication, (i) the Dollar Equivalent of the aggregate outstanding Loans denominated in Alternative Currencies plus (ii) the Maximum Drawing Amount of all Letters of Credit denominated in Alternative Currencies plus (iii) all Unpaid Reimbursement Obligations with respect to Letters of Credit denominated in Alternative Currencies exceed the Alternative Currency Sublimit and (c) subject to §2.4.1, at all times the Dollar Equivalent of the outstanding aggregate principal amount of Term Loans Outstanding. The all Revolving Credit Loans made by each Lender shall be equal such Lender’s Commitment Percentage of the outstanding Revolving Credit Loans made pro rata by all Lenders pursuant to the terms of this Credit Agreement. Subject to the terms and conditions set forth in this Credit Agreement, the Borrower may borrow, repay and reborrow Revolving Credit Loans from time to time during the Revolver Period upon notice by the Borrower to the Administrative Agent given in accordance with each Revolving Credit Bank’s Revolving Credit Commitment Percentage§2.2 hereof. Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in §§9 and 10 and §11hereof, in the case of the initial Revolving Credit LoanLoans to be made on the Closing Date, and §1110 hereof, in the case of all other Revolving Credit Loans, shall have been satisfied on the date of such request.
Appears in 1 contract
Samples: Credit Agreement (Staples Inc)