Common use of Commitments to Make Loans Clause in Contracts

Commitments to Make Loans. Subject to the terms and conditions of this Credit Agreement, each Lender severally agrees to make loans ("Revolving Credit Loans") to the Borrower from time to time from the Effective Date through the Availability Termination Date as requested by the Borrower in accordance with the terms of Section 2.2 hereof; provided, that (a) the aggregate principal amount of all outstanding Revolving Credit Loans (after giving effect to any amount requested) plus all outstanding Swing Line Loans and L/C Obligations shall not exceed the Aggregate Commitment; and (b) the sum of (i) the principal amount of outstanding Revolving Credit Loans (after giving effect to any amount requested) from any Lender to the Borrower plus (ii) the product of (x) such Lender's Commitment Percentage multiplied by (y) the aggregate outstanding L/C Obligations and Swing Line Loans, shall not at any time exceed such Lender's Commitment as set forth on Schedule 1 hereto. Each Revolving Credit Loan by a Lender shall be in a principal amount equal to such Lender's Commitment Percentage of the aggregate principal amount of Revolving Credit Loan requested on such occasion. Subject to the terms and conditions hereof, the Borrower may borrow, repay and reborrow Revolving Credit Loans hereunder until the Availability Termination Date

Appears in 1 contract

Samples: Credit Agreement (TAL International Group, Inc.)

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Commitments to Make Loans. Subject to the terms and conditions of this Credit Agreement, each Lender severally agrees to make loans ("Revolving Credit Loans") to the Borrower from time to time from the Effective Date through the Availability Termination Date as requested by the Borrower in accordance with the terms of Section 2.2 hereof; provided, that (a) the aggregate principal amount of all outstanding Revolving Credit Loans (after giving effect to any amount requested) plus all outstanding Swing Line Loans and L/C Obligations shall not exceed the Aggregate Commitment; and (b) the sum of (i) the principal amount of outstanding Revolving Credit Loans (after giving effect to any amount requested) from any Lender to the Borrower plus (ii) the product of (x) such Lender's ’s Commitment Percentage multiplied by (y) the aggregate outstanding L/C Obligations and Swing Line Loans, shall not at any time exceed such Lender's ’s Commitment as set forth on Schedule 1 hereto. Each Revolving Credit Loan by a Lender shall be in a principal amount equal to such Lender's ’s Commitment Percentage of the aggregate principal amount of Revolving Credit Loan requested on such occasion. Subject to the terms and conditions hereof, the Borrower may borrow, repay and reborrow Revolving Credit Loans hereunder until the Availability Termination Date.

Appears in 1 contract

Samples: Credit Agreement (TAL International Group, Inc.)

Commitments to Make Loans. Subject to the terms and conditions of this Credit Agreement, each Lender severally agrees to make loans ("Revolving Credit collectively, the “Loans") to the Borrower from time to time from during the Effective Date through the Availability Termination Date Revolving Period as requested by the Borrower in accordance with the terms of Section 2.2 hereof; provided, that (a) the aggregate principal amount of all outstanding Revolving Credit Loans (after giving effect to any the amount requested) plus all outstanding Swing Line Loans and L/C Obligations shall not exceed the lesser of (i) the Aggregate Commitment; Commitments and (ii) the Asset Base and (b) the sum of (i) the principal amount of outstanding Revolving Credit Loans (after giving effect to any amount requested) from any Lender to the Borrower plus (ii) the product of (x) such Lender's Commitment Percentage multiplied by (y) the aggregate outstanding L/C Obligations and Swing Line Loans, shall not at any time exceed such Lender's ’s Commitment as set forth on Schedule 1 hereto. Each Revolving Credit Loan by a Lender shall be in a principal amount equal to such Lender's ’s Commitment Percentage of the aggregate principal amount of Revolving Credit the Loan requested on such occasion. Subject to the terms and conditions hereof, the Borrower may borrow, repay and reborrow Revolving Credit Loans hereunder until during the Availability Termination DateRevolving Period. Loans may be Base Rate Loans or LIBOR Rate Loans, as further provided herein; provided, however, any Loans made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless the Borrower delivers a funding indemnity letter not less than three (3) Business Days prior to the date of funding of such Loan.

Appears in 1 contract

Samples: Credit Agreement (TAL International Group, Inc.)

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Commitments to Make Loans. Subject to the terms and conditions of this Credit Agreement, each Lender severally agrees to make loans ("Revolving Credit Loans") to the Borrower from time to time from the Effective Date through the Availability Termination Date as requested by the Borrower in accordance with the terms of Section 2.2 hereof; provided, that (a) the aggregate principal amount of all outstanding Revolving Credit Loans (after giving effect to any amount requested) plus all outstanding Swing Line Loans and L/C Obligations shall not exceed the lesser of (A) the Aggregate CommitmentCommitments and (B) the Borrowing Base at such time, at all times when the Consolidated EBIT to Consolidated Cash Interest Expense Ratio is less than 1.50:1.00, reduced by the Termination Value of the Obligations under Specified Hedging Agreements; and (b) the sum of (i) the principal amount of outstanding Revolving Credit Loans (after giving effect to any amount requested) from any Lender to the Borrower plus (ii) the product of (x) such Lender's ’s Commitment Percentage multiplied by (y) the aggregate outstanding L/C Obligations and Swing Line Loans, shall not at any time exceed such Lender's ’s Commitment as set forth on Schedule 1 hereto. Each Revolving Credit Loan by a Lender shall be in a principal amount equal to such Lender's ’s Commitment Percentage of the aggregate principal amount of Revolving Credit Loan Loans requested on such occasion. Subject to the terms and conditions hereof, the Borrower may borrow, repay and reborrow Revolving Credit Loans hereunder until the Availability Termination Date. Revolving Credit Loans may be Base Rate Loans or LIBOR Rate Loans, as further provided herein; provided, however, any Revolving Credit Loans made on the Effective Date or any of the three (3) Business Days following the Effective Date shall be made as Base Rate Loans unless the Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of funding of such Revolving Credit Loan.

Appears in 1 contract

Samples: Credit Agreement (TAL International Group, Inc.)

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