Common use of Conditions of Revolving Loans Clause in Contracts

Conditions of Revolving Loans. The obligation of the Lenders to make Revolving Loans to or issue Letters of Credit for the account of the Borrower hereunder on or subsequent to the Closing Date is subject to the conditions precedent that: (a) the representations and warranties of the Credit Parties set forth in Article VII and in each of the other Loan Documents shall be true and correct in all material respects on and as of the date of such Loan or of the issuance of such Letter of Credit, with the same effect as though such representations and warranties had been made on and as of such date, except to the extent that such representations and warranties expressly relate to an earlier date; (b) the Agent shall have received a Borrowing Notice at least one Business Day prior to the date of such Loan to be borrowed as a Base Rate Loan, and at least three Business Days prior to the date of such Loan to be borrowed as a Eurodollar Rate Loan; (c) at the time of (and after giving effect to) such Loan or the issuance of such Letter of Credit, no Default or Event of Default specified in Article X shall have occurred and be continuing; and (d) immediately after giving effect to such Loan or the issuance of such Letter of Credit; (i) the aggregate principal balance of all outstanding Revolving Loans for each Lender shall not exceed such Lender’s Revolving Credit Commitment; and (ii) the Revolving Credit Outstandings shall not exceed the Total Revolving Credit Commitment.

Appears in 1 contract

Samples: Credit Agreement (Seacastle Inc.)

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Conditions of Revolving Loans. The obligation of the Lenders to make Revolving Loans to or issue Letters of Credit for the account of the Borrower hereunder on or subsequent to the A&R Closing Date is subject to the conditions precedent that: (a) each of the conditions to making the Revolving Credit Facility available to the Borrower, as set forth in Section 6.1, shall have been satisfied on or prior to the date of such Loan; (b) the representations and warranties of the Credit Parties Borrower set forth in Article VII and in each of the other Loan Documents shall be true and correct in all material respects on and as of the date of such Loan or of the issuance of such Letter of CreditLoan, with the same effect as though such representations and warranties had been made on and as of such date, except to the extent that such representations and warranties expressly relate to an earlier date; (bc) the Agent shall have received a Borrowing Notice at least one Business Day prior to the date of such Loan to be borrowed as a Base Rate Loan, and at least three Business Days prior to the date of such Loan to be borrowed as a Eurodollar Rate Loanrequired by Section 2.1(c); (cd) at the time of (and after giving effect to) such Loan or the issuance of such Letter of CreditLoan, no Default or Event of Default specified in Article X shall have occurred and be continuing; and (de) immediately after giving effect to the such Loan or the issuance of such Letter of Credit;Loan: (i) the aggregate principal balance of all outstanding Revolving Loans for each Lender shall not exceed such Lender’s Revolving Credit Commitment; and; (ii) the Revolving Credit Outstandings shall not exceed the Total Revolving Credit Commitment.

Appears in 1 contract

Samples: Credit Agreement (Aircastle LTD)

Conditions of Revolving Loans. The obligation obligations of the Lenders to make any Revolving Loans to or issue Letters of Credit for the account of the Borrower hereunder on or subsequent to the Closing Date is are subject to the conditions precedent thatsatisfaction of the following conditions: (a) the Agent shall have received a Borrowing Notice if required by Article II; (b) the representations and warranties of the Credit Parties set forth in Article VII VI and in each of the other Loan Documents shall be true and correct in all material respects on and as of the date of such Loan or of the issuance of such Letter of CreditAdvance, with the same effect as though such representations and warranties had been made on and as of such date, except to the extent that such representations and warranties expressly relate to an earlier date; (bdate and except that the financial statements referred to in Section 6.6(a)(i) shall be deemed to be those financial statements most recently delivered to the Agent shall have received a Borrowing Notice at least one Business Day prior and the Lenders pursuant to Section 7.1 from the date financial statements are delivered to the date of Agent and the Lenders in accordance with such Loan to be borrowed as a Base Rate Loan, and at least three Business Days prior to the date of such Loan to be borrowed as a Eurodollar Rate LoanSection; (c) at the time of (and after giving effect to) such Loan or the issuance of such Letter of Crediteach Advance, no Default or Event of Default specified in Article X IX shall have occurred and be continuing; and (d) immediately after giving effect to such Loan or the issuance of such Letter of Credit;to: (i) a Revolving Loan, the aggregate principal balance of all outstanding Revolving Loans for each Lender shall not exceed such Lender’s 's Revolving Credit Commitment; (ii) a Revolving Loan and prior to satisfaction of the requirements set forth in Section 7.25 hereof, Revolving Credit Outstandings plus Hansens Notes Outstandings shall not exceed the Total Revolving Credit Commitment; and (iiiii) a Revolving Loan and after satisfaction of the requirements set forth in Section 7.25 hereof, Revolving Credit Outstandings shall not exceed the Total Revolving Credit Commitment.

Appears in 1 contract

Samples: Credit Agreement (Saratoga Beverage Group Inc)

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Conditions of Revolving Loans. The obligation of the Lenders to make Revolving Loans to or issue Letters of Credit for the account of the any Borrower hereunder on or subsequent to the Closing Date is subject to the conditions precedent that: (a) each of the conditions to making the Revolving Credit Facility available to the Borrowers, as set forth in Section 6.1, shall have been satisfied on or prior to the date of such Loan; (b) the representations and warranties of the Credit Parties set forth in Article VII and in each of the other Loan Documents shall be true and correct in all material respects on and as of the date of such Loan or of the issuance of such Letter of CreditLoan, with the same effect as though such representations and warranties had been made on and as of such date, except to the extent that such representations and warranties expressly relate to an earlier date; (bc) the Agent shall have received a Borrowing Notice at least one Business Day prior to the date of such Loan to be borrowed as a Base Rate Loan, and at least three Business Days prior to the date of such Loan to be borrowed as a Eurodollar Rate Loan; (cd) at the time of (and after giving effect to) such Loan or the issuance of such Letter of CreditLoan, no Default or Event of Default specified in Article X shall have occurred and be continuing; and (de) immediately after giving effect to the such Loan or the issuance of such Letter of CreditLoan; (i) the aggregate principal balance of all outstanding Revolving Loans for each Lender shall not exceed such Lender’s 's Revolving Credit Commitment; and; (ii) the Revolving Credit Outstandings shall not exceed the Total Revolving Credit Commitment.

Appears in 1 contract

Samples: Credit Agreement (Aircastle LTD)

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