Definition of Revolving Loan Limit Sample Clauses

Definition of Revolving Loan Limit. Borrower's Revolving Loan Limit shall be the lesser of (1) $8,000,000.00 less 50% of the aggregate face amount of all outstanding but undrawn Letters of Credit, or (ii) the amount determined by the following formula: (A) 80% of the face amount of Qualified Accounts (less reserves determined by Lender for advertising allowances, warranty claims and other contingencies), which percentage Lender may increase or decrease from time to time as Lender in its sole and absolute discretion may determine; PLUS (B) the lesser of (i) 60% of the Net Value of Qualified Inventory or (ii) Three Million, Five Hundred Thousand Dollars ($3,500,000.00) which percentage or amount Lender may increase or decrease from time to time as Lender in its sole and absolute discretion may determine; MINUS (C) 50% of the aggregate face amount of all outstanding but undrawn Letters of Credit; MINUS (D) An amount, as may be determined by Lender, up to the aggregate amount of all taxes, assessments, charges, indebtedness and liabilities, if any, the validity of which Borrower is contesting as permitted under Section 5.2 of this Agreement. Lender shall have the right to increase or decrease the Revolving Loan Limit from time to time. The Revolving Loan Limit shall be subject to the limitation stated in Section 11.3 in the event of notice of termination of this Agreement. If Lender, without prior notice to Borrower, decreases the Revolving Loan Limit to an amount below the then outstanding balance of the Revolving Loans, Borrower will have until the earlier of (A) 15 days after such reduction or (B) the Maturity Date, to repay the amount outstanding in excess of the new Revolving Loan Limit and, until repaid, Lender will have no obligation to accept checks or otherwise advance any additional Revolving Loans.
Sample 1
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Definition of Revolving Loan Limit. Through but not including the Step-Up Date (as hereinafter defined) and again on and after the Step-Up Expiration Date (as hereinafter defined), Borrower's Revolving Loan Limit shall be the lesser of $30,000,000 or the sum of the following: (i) 85% of the Net Amount of Qualified Accounts; PLUS
Sample 1
Definition of Revolving Loan Limit. Borrower's Revolving Loan Limit shall, subject to Sections 2A.1(d) and 2D hereinbelow, be the lesser of: (i) Twenty-Five Million Dollars ($25,000,000) less the outstanding principal balance due by the Borrowers on the Letters of Credit described in Section 2A.1(d); or (ii) The value of the following Collateral determined as follows: Eighty-five (85%) percent of the Qualified Accounts (less reserves determined by Lender for advertising allowances, warranty claims and other contingencies) of Judge Group, New Judge, Inc., Judge Technical, Berkeley Associates, Judge Imaging, Judge Professional, Judge of Florida, Judge of New Jersey, Judge Technical of NJ and Judge Imaging. Anything to contrary contained hereinbelow notwithstanding, the Lender may increase or decrease the stated advance rates with respect to Qualified Accounts of the Borrowers as Lender in its sole and absolute discretion may determine. Notwithstanding anything herein to the contrary, Borrowers acknowledge that the Revolving Loan matures on May 31, 2003 and that during the time the Revolving Loan is outstanding, the aforementioned advance rate of eighty-five (85%) percent may be reduced by the Lender at its sole discretion and that the Lender may establish reserves or reduce advance rates with respect to Qualified Accounts or limit advances in the nature of letters of credit, at its sole and absolute discretion; provided, however, the Lender agrees to notify the Borrowers in writing at least fifteen (15) days in advance of any decrease in the advance rate. Lender, upon fifteen (15) days prior written notice to the Borrowers, shall have the right to increase or decrease the Revolving Loan Limit from time to time.
Sample 1
Definition of Revolving Loan Limit i) Borrower's Revolving Loan Limit shall be the lesser of Two Million ($2,000,000.00) Dollars or the sum of the following: A) eighty (80%) percent of the face amount of Qualified Accounts (less reserves determined by Lender for advertising allowances, warranty claims and other contingencies), which percentage Lender may increase or decrease from time to time as Lender in its sole and absolute discretion may determine; plus B) fifty (50%) percent of the face amount of accounts receivable arising from the sale of goods or the performance of services by the Borrower in Canada, provided those accounts receivable would otherwise be deemed Qualified Accounts (less reserves determined by Lender for advertising allowances, warranty claims and other contingencies), which percentage Lender may increase or decrease from time to time as Lender in its sole and absolute discretion may determine; plus C) the lesser of thirty (30%) percent of the Net Value of Qualified Inventory or Four Hundred Thousand ($400,000.00) Dollars, which percentage or amount Lender may increase or decrease from time to time as Lender in its sole and absolute discretion may determine, less D) the full face amount of any and all outstanding letters of credit issued by the Bank for the account of the Borrower. ii) Lender shall have the right to increase or decrease the Revolving Loan Limit from time to time. The Revolving Loan Limit shall be subject to the limitation stated in Section 11.3 in the event of notice of termination of this Agreement.
Sample 1
Definition of Revolving Loan Limit. Borrower's Revolving Loan Limit shall be the lesser of $ 20,000,000.00 or the sum of the following: (i) 85% of the Net Amount of Qualified Accounts; plus (ii) the Inventory Sublimit. (iv) amounts owing by Borrower to any Person to the extent secured by a lien on (including a landlord's lien which is neither subordinated nor waived on terms reasonably satisfactory to Lender, but reserves, if any, with respect thereto are agreed by Lender to be limited to 3 months rent expense for each location without a landlord's waiver or subordination reasonably satisfactory to Lender provided that no default by Borrower exists under the applicable lease) any property of Borrower included in the Borrowing Base; and (v) such other matters, events, conditions or contingencies as to which Lender, in its reasonable credit judgment, determines reserves should be established from time to time hereunder.
Sample 1
Definition of Revolving Loan Limit. Borrower's Revolving Loan Limit shall be the lesser of Three Million Three Hundred Thousand ($3,300,000.00) Dollars or the sum of the following:
Sample 1
Definition of Revolving Loan Limit. Borrower's Revolving Loan Limit shall, subject to Sections 2A.1(d) and 2D hereinbelow, be the lesser of: (i) Eleven Million Dollars ($11,000,000) less the principal balance due by the Borrower on the Term Loan described in Section 2D below and the outstanding principal balance due by the Borrower on the Letters of Credit described in Section 2A.1(d) below; or (ii) The value of the following Collateral determined as follows: (A) Eighty (80%) percent of the Qualified Accounts (less reserves determined by Lender for advertising allowances, warranty claims and other contingencies) of Judge Group, New Judge, Inc., Judge Technical, Berkeley Associates, Judge Acquisition, Judge Professional, Judge of Florida, Judge of New Jersey, Judge Technical of NJ and Judge Imaging; plus (B) Subject to Section 2B hereinbelow, sixty (60%) percent of the Unbilled Receivables of Judge Technical, but in no event may advances to be made by the Lender against said Unbilled Receivables exceed One Million Five Hundred Thousand Dollars ($1,500,000); less (C) Fifty percent (50%) of the outstanding principal balance due Lender at any given time on the Term Loan. Anything to the contrary contained herein below notwithstanding, the Lender may increase or decrease the stated advance rates with respect to Qualified Accounts and Unbilled Receivables of the Borrower as Lender in its sole and absolute discretion may determine. As provided in Section 2A.1(d) and in Section 2D below, as the Borrower commences making monthly payments to the Lender on the Term Loan, subject to the terms of this Agreement, the Borrower's availability under the Revolving Loan Limit shall increase in an amount equal to the principal reduction made by the Borrower on the Term Loan as of the date said principal payment is made by the Borrower, but in no event shall the Revolving Loan Limit exceed Eleven Million Dollars ($11,000,000.00). Notwithstanding anything herein to the contrary, Borrower acknowledges that the Revolving Loan matures on May 31, 1998 and that during the time the Revolving Loan is outstanding, the aforementioned advance rate of eighty (80%) percent may be reduced by the Lender at its sole discretion and that the Lender may establish reserves or reduce advance rates with respect to Qualified Accounts or limit advances in the nature of letters of credit, at its sole and absolute discretion; provided, however, the Lender agrees to notify the Borrower in writing at least fifteen (15) days in advance of a...
Sample 1
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Definition of Revolving Loan Limit. Borrower's Revolving Loan Limit shall be the lesser of: (i) One Million Five Hundred Thousand Dollars ($1,500,000.00); or (ii) seventy five percent (75%) of the face amount of Eligible Accounts, which percentage Lender may increase or decrease from time to time as Lender in its sole and absolute discretion may determine. Lender shall have the right to increase or decrease the Revolving Loan Limit from time to time and/or establish such reserves as it shall deem necessary from time to time; and the sums advanced pursuant thereto shall nevertheless be secured by the Collateral and subject to the terms of this Agreement. The Revolving Loan Limit shall be subject to the limitation stated in Section 13.3 in the event of notice of termination of this Agreement.
Sample 1

Related to Definition of Revolving Loan Limit

  • Termination or Reduction of Revolving Credit Commitments The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent (which shall promptly notify each Lender thereof), to terminate the Revolving Credit Commitments or, from time to time, to reduce the amount of the Revolving Credit Commitments; provided that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Credit Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Credit Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Credit Commitments then in effect.

  • Termination of Revolving Credit Facility The Revolving Credit Facility and the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date.

  • Voluntary Reduction of Revolving Credit Commitments Upon at least one Business Day’s prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent at the Administrative Agent’s Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right, without premium or penalty, on any day, permanently to terminate or reduce the Revolving Credit Commitments of any Class in whole or in part, provided that (a) any such reduction shall apply proportionately and permanently to reduce the Revolving Credit Commitment of each of the Lenders of such Class of Revolving Credit Commitments, except that (i) notwithstanding the foregoing, in connection with the establishment on any date of any Extended Revolving Credit Commitments (including, without limitation, the 2016 Revolving Credit Commitments) pursuant to Section 2.14(f), the Revolving Credit Commitments of any one or more Lenders providing any such Extended Revolving Credit Commitments on such date shall be reduced in an amount equal to the amount of Revolving Credit Commitments so extended on such date (provided that (x) after giving effect to any such reduction and to the repayment of any Revolving Credit Loans made on such date, the Revolving Credit Exposure of any such Lender does not exceed the Revolving Credit Commitment thereof (such Revolving Credit Exposure and Revolving Credit Commitment being determined in each case, for the avoidance of doubt, exclusive of such Lender’s Extended Revolving Credit Commitment and any exposure in respect thereof) and (y) for the avoidance of doubt, any such repayment of Revolving Credit Loans contemplated by the preceding clause shall be made in compliance with the requirements of Section 5.3(a) with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any conversion pursuant to Section 2.14(f) of Revolving Credit Commitments and Revolving Credit Loans into Extended Revolving Credit Commitments and Extended Revolving Credit Loans pursuant to Section 2.14(f) prior to any reduction being made to the Revolving Credit Commitment of any other Lender) and (ii) Borrower may at its election permanently reduce the Revolving Credit Commitment of a Defaulting Lender to $0 without affecting the Revolving Credit Commitments of any other Lender, (b) any partial reduction pursuant to this Section 4.2 shall be in the amount of at least $5,000,000 and (c) after giving effect to such termination or reduction and to any prepayments of the Loans made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders’ Revolving Credit Exposures shall not exceed the Total Revolving Credit Commitment. As a condition to the effectiveness of each reduction of Revolving Credit Commitments of a Class which is not made proportionately among all Classes of Revolving Credit Commitments, the Borrower shall have repaid any outstanding Revolving Credit Loans and Swingline Loans such that, at the time of the effectiveness of such reduction, there are no Revolving Credit Loans or Swingline Loans outstanding.

  • Repayment of Revolving Loans The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Revolving Loans outstanding on such date.

  • Repayment of Revolving Credit Loans The Borrower shall repay the Revolving Credit Loans together with all outstanding interest thereon on the Expiration Date.

  • Repayment of Revolving Credit Advances The Borrower shall repay to the Agent for the ratable account of the Lenders on the Revolver Termination Date the aggregate principal amount of the Revolving Credit Advances then outstanding.

  • Provisions Related to Extended Revolving Credit Commitments If the maturity date shall have occurred in respect of any tranche of Revolving Credit Commitments at a time when another tranche or tranches of Revolving Credit Commitments is or are in effect with a longer maturity date, then on the earliest occurring maturity date all then outstanding Swing Line Loans shall be repaid in full on such date (and there shall be no adjustment to the participations in such Swing Line Loans as a result of the occurrence of such maturity date); provided, however, that if on the occurrence of such earliest maturity date (after giving effect to any repayments of Revolving Credit Loans and any reallocation of Letter of Credit participations as contemplated in Section 2.03(l)), there shall exist sufficient unutilized Extended Revolving Credit Commitments so that the respective outstanding Swing Line Loans could be incurred pursuant the Extended Revolving Credit Commitments which will remain in effect after the occurrence of such maturity date, then there shall be an automatic adjustment on such date of the participations in such Swing Line Loans and the same shall be deemed to have been incurred solely pursuant to the relevant Extended Revolving Credit Commitments, and such Swing Line Loans shall not be so required to be repaid in full on such earliest maturity date.

  • Termination or Reduction of Revolving Commitments The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce the amount of the Revolving Commitments; provided that no such termination or reduction of Revolving Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans and Swingline Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Commitments then in effect.

  • Extension of Revolving Credit Commitments The Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments of a given Class (each, an “Existing Revolver Tranche”) be amended to extend the Maturity Date with respect to all or a portion of any principal amount of such Revolving Credit Commitments (any such Revolving Credit Commitments which have been so amended, “Extended Revolving Credit Commitments”) and to provide for other terms consistent with this Section 2.16. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Revolver Tranche) (each, a “Revolver Extension Request”) setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which shall (x) be identical as offered to each Lender under such Existing Revolver Tranche (including as to the proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Revolver Tranche and (y) be identical to the Revolving Credit Commitments under the Existing Revolver Tranche from which such Extended Revolving Credit Commitments are to be amended, except that: (i) the Maturity Date of the Extended Revolving Credit Commitments may be delayed to a later date than the Maturity Date of the Revolving Credit Commitments of such Existing Revolver Tranche, to the extent provided in the applicable Extension Amendment; (ii) the Effective Yield with respect to extensions of credit under the Extended Revolving Credit Commitments (whether in the form of interest rate margin, upfront fees, commitment fees, original issue discount or otherwise) may be different than the Effective Yield for extensions of credit under the Revolving Credit Commitments of such Existing Revolver Tranche, in each case, to the extent provided in the applicable Extension Amendment; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extended Revolving Credit Commitments); and (iv) all borrowings under the applicable Revolving Credit Commitments (i.e., the Existing Revolver Tranche and the Extended Revolving Credit Commitments of the applicable Revolver Extension Series) and repayments thereunder shall be made on a pro rata basis (except for (I) payments of interest and fees at different rates on Extended Revolving Credit Commitments (and related outstandings) and (II) repayments required upon the Maturity Date of the non-extending Revolving Credit Commitments); provided, further, that (A) no Default shall have occurred and be continuing at the time a Revolver Extension Request is delivered to Lenders, (B) in no event shall the final maturity date of any Extended Revolving Credit Commitments of a given Revolver Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Revolving Credit Commitments hereunder, (C) any such Extended Revolving Credit Commitments (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect) and (D) all documentation in respect of such Extension Amendment shall be consistent with the foregoing. Any Extended Revolving Credit Commitments amended pursuant to any Revolver Extension Request shall be designated a series (each, a “Revolver Extension Series”) of Extended Revolving Credit Commitments for all purposes of this Agreement; provided that any Extended Revolving Credit Commitments amended from an Existing Revolver Tranche may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Revolver Extension Series with respect to such Existing Revolver Tranche. Each Revolver Extension Series of Extended Revolving Credit Commitments incurred under this Section 2.16 shall be in an aggregate principal amount that is not less than $5,000,000.

  • Making of Revolving Loans (i) In the event that Swing Lender is not obligated to make a Swing Loan, then after receipt of a request for a Borrowing pursuant to Section 2.3(a)(i), Agent shall notify the Lenders by telecopy, telephone, email, or other electronic form of transmission, of the requested Borrowing; such notification to be sent on the Business Day that is (A) in the case of a Base Rate Loan, at least one Business Day prior to the requested Funding Date, or (B) in the case of a LIBOR Rate Loan, prior to 11:00 a.m. at least three Business Days prior to the requested Funding Date. If Agent has notified the Lenders of a requested Borrowing on the Business Day that is one Business Day prior to the Funding Date, then each Lender shall make the amount of such Lender’s Pro Rata Share of the requested Borrowing available to Agent in immediately available funds, to Agent’s Account, not later than 10:00 a.m. on the Business Day that is the requested Funding Date. After Agent’s receipt of the proceeds of such Revolving Loans from the Lenders, Agent shall make the proceeds thereof available to Borrowers on the applicable Funding Date by transferring immediately available funds equal to such proceeds received by Agent to the Designated Account; provided, that subject to the provisions of Section 2.3(d)(ii), no Lender shall have an obligation to make any Revolving Loan, if (1) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (2) the requested Borrowing would exceed the Availability on such Funding Date. (ii) Unless Agent receives notice from a Lender prior to 9:30 a.m. on the Business Day that is the requested Funding Date relative to a requested Borrowing as to which Agent has notified the Lenders of a requested Borrowing that such Lender will not make available as and when required hereunder to Agent for the account of Borrowers the amount of that Lender’s Pro Rata Share of the Borrowing, Agent may assume that each Lender has made or will make such amount available to Agent in immediately available funds on the Funding Date and Agent may (but shall not be so required), in reliance upon such assumption, make available to Borrowers a corresponding amount. If, on the requested Funding Date, any Lender shall not have remitted the full amount that it is required to make available to Agent in immediately available funds and if Agent has made available to Borrowers such amount on the requested Funding Date, then such Lender shall make the amount of such Lender’s Pro Rata Share of the requested Borrowing available to Agent in immediately available funds, to Agent’s Account, no later than 10:00 a.m. on the Business Day that is the first Business Day after the requested Funding Date (in which case, the interest accrued on such Lender’s portion of such Borrowing for the Funding Date shall be for Agent’s separate account). If any Lender shall not remit the full amount that it is required to make available to Agent in immediately available funds as and when required hereby and if Agent has made available to Borrowers such amount, then that Lender shall be obligated to immediately remit such amount to Agent, together with interest at the Defaulting Lender Rate for each day until the date on which such amount is so remitted. A notice submitted by Agent to any Lender with respect to amounts owing under this Section 2.3(c)(ii) shall be conclusive, absent manifest error. If the amount that a Lender is required to remit is made available to Agent, then such payment to Agent shall constitute such Lender’s Revolving Loan for all purposes of this Agreement. If such amount is not made available to Agent on the Business Day following the Funding Date, Agent will notify Administrative Borrower of such failure to fund and, upon demand by Agent, Borrowers shall pay such amount to Agent for Agent’s account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to the Revolving Loans composing such Borrowing.

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