ESTABLISHMENT OF REVOLVING CREDIT. (a) The Revolving Credit Lenders hereby establish a revolving line of credit in the Borrower's favor pursuant to which each Revolving Credit Lender, subject to, and in accordance with, this Agreement, acting through the Agent, shall make loans and advances and otherwise provide financial accommodations to and for the account of the Borrower as provided herein.
(b) Loans, advances, and financial accommodations under the Revolving Credit shall be made with reference to the Borrowing Base and shall be subject to Availability. The Borrowing Base and Availability shall be determined by the Agent by reference to Borrowing Base Certificates furnished as provided in Section 6.4, below, and shall be subject to the following:
(i) Such determination shall take into account such Reserves as the Agent may reasonably determine as being applicable thereto.
(ii) The Cost of Eligible Inventory will be determined in a manner consistent with current tracking practices, based on the Borrower's stock ledger inventory.
(c) The commitment of each Revolving Credit Lender to provide such loans, advances, and financial accommodations is subject to Section 2.22.
(d) The proceeds of borrowings under the Revolving Credit shall be used to refinance existing Indebtedness and otherwise in accordance with the Business Plan for the Borrower's working capital and inventory purchases, all solely to the extent permitted by this Agreement. No proceeds of a borrowing under the Revolving Credit may be used, nor shall any be requested, with a view towards the accumulation of any general fund or funded reserve of the Borrower other than in the ordinary course of the Borrower's business and consistent with the provisions of this Agreement.
ESTABLISHMENT OF REVOLVING CREDIT. (a) The Lender hereby establishes a revolving line of credit (the “Revolving Credit”) in the Borrower’s favor pursuant to which the Lender, subject to, and in accordance with, this Agreement, shall make loans and advances and otherwise provide financial accommodations to and for the account of the Borrower as provided herein, up to the maximum amount of the Lender’s Dollar Commitment; provided that the outstanding amount of Revolving Credit Loans and the Stated Amount of L/Cs shall not at any time in the aggregate exceed the lesser of (A) the Loan Ceiling, or (B) the Borrowing Base.
(b) The proceeds of borrowings under the Revolving Credit shall be used solely for working capital and general corporate purposes of the Borrower, including, without limitation, the repurchase of the Borrower’s capital stock, and for its Capital Expenditures, all solely to the extent permitted by this Agreement.
ESTABLISHMENT OF REVOLVING CREDIT. (a) The Lenders hereby establish a revolving line of credit (hereinafter, the "REVOLVING CREDIT") in the Borrowers' favor pursuant to which each Lender, subject to, and in accordance with, this Agreement, severally agrees to make Revolving Credit Loans and issue L/Cs and otherwise provide financial accommodations to and for the account of the Borrowers, in each instance up to the amount of such Lender's Commitment Percentage of Availability, but in no event exceeding the maximum amount of such Lender's Commitment. The amount available for borrowing under the Revolving Credit shall be determined by the Lenders by reference to Availability, as determined by the Lenders from time to time hereafter.
(b) As used herein, the term "AVAILABILITY" refers at any time to up to:
ESTABLISHMENT OF REVOLVING CREDIT. (a) The Lenders hereby establish a revolving line of credit (the "REVOLVING CREDIT") in the Borrower's favor pursuant to which each Lender, subject to, and in accordance with, this Agreement, acting through the Agent, shall make loans and advances and otherwise provide financial accommodations to and for the account of the Borrower as provided herein, in each Exhibit 10.4 instance equal to that Lender's Commitment Percentage of Availability, up to the maximum amount of that Lender's Dollar Commitment. The amount available for borrowing under the Revolving Credit shall be determined by the Agent by reference to Availability, as determined by the Agent from time to time.
(b) As used herein, the following terms have the following meanings:
ESTABLISHMENT OF REVOLVING CREDIT. (a) The Lenders hereby establish a revolving line of credit (the "Revolving Credit") in the Borrower's favor pursuant to which each Lender, subject to, and in accordance with, the within Agreement, acting through the Agent, shall make loans and advances and otherwise provide financial accommodations to and for the account of the Borrower as provided herein, in each instance equal to that Lender's Commitment Percentage of Availability, up to the maximum amount of that Lender's Commitment. The amount of the Revolving Credit shall be determined by the Agent by reference to Availability, as determined by the Agent from time to time hereafter as provided herein. All loans made by each Lender under this Agreement, and all of the Borrower's other Liabilities to the Lenders under or pursuant to this Agreement, are payable as provided herein.
(b) As used herein, the term "Availability" refers at any time to the lesser of (i) or (ii), below, where:
(i) Is the result of:
(A) The Loan Ceiling. /October 28, 1997/ 16 Minus
(B) The then unpaid principal balance of the Loan Account. Minus
(C) The then aggregate of such Availability Reserves as may have been established by the Agent as provided herein. Minus
(D) The then outstanding Stated Amount of all L/C's and B/A's.
(ii) Is the result of:
(A) up to the then Applicable Advance Rate of:
(I) the Cost of Acceptable Inventory, Plus
(II) L/C Inventory Value, Minus
(III) Excluded L/C Inventory Value, Minus
(IV) the then aggregate of such Inventory Reserves as may have been established by the Agent as provided herein. Minus
(B) The then unpaid principal balance of the Loan Account. Minus
(C) The then aggregate of such Availability Reserves as may have been established by the Agent as provided herein. Minus
(D) The then outstanding Stated Amount of all L/C's and B/A's..
(c) Availability shall be based upon Borrowing Certificates furnished as provided in Section 54 hereof.
(d) The proceeds of borrowings under the Revolving Credit shall be used solely to facilitate the Borrower's emergence from the Proceedings and for working capital, general corporate purposes and letters of credit and banker's acceptances in accordance with the Business Plan, and not otherwise prohibited pursuant to any Loan Document.
ESTABLISHMENT OF REVOLVING CREDIT. (a) The Revolving Credit Lenders hereby establish a revolving line of credit (the "REVOLVING CREDIT") in the Borrowers' favor pursuant to which each Revolving Credit Lender, subject to, and in accordance with, this Agreement, acting through the Administrative Agent, shall make loans and advances and otherwise provide financial accommodations to and for the account of the Borrowers as provided herein.
(b) Loans, advances, and financial accommodations under the Revolving Credit shall be made with reference to the DSW Borrowing Base and shall be subject to DSW
ESTABLISHMENT OF REVOLVING CREDIT. (a) The Lender hereby establishes a revolving line of credit (the "REVOLVING CREDIT") in the Borrower's favor pursuant to which the Lender, subject to, and in accordance with, this Agreement, shall make loans and advances and otherwise provide financial accommodations to and for the account of the Borrower as provided herein. The amount available for borrowing under the Revolving Credit shall be determined by the Lender by reference to Availability, as determined by the Lender from time to time.
(b) As used herein, the following terms have the following meanings:
ESTABLISHMENT OF REVOLVING CREDIT. (a) The Revolving Credit Lenders hereby establish a revolving line of credit in the Borrower’s favor pursuant to which each Revolving Credit Lender, subject to, and in accordance with, this Agreement, acting through the Agent, shall make loans and advances and otherwise provide financial accommodations to and for the account of the Borrower as provided herein.
(b) Loans, advances, and financial accommodations under the Revolving Credit shall be made with reference to the Borrowing Base and shall be subject to Availability. The Borrowing Base and Availability shall be determined by the Agent by reference to Borrowing Base Certificates furnished as provided in Section 6.4, below, and shall be subject to the following:
(i) Such determination shall take into account such Reserves as the Agent may reasonably determine as being applicable thereto.
(ii) The Cost of Eligible Inventory will be determined in a manner consistent with current tracking practices, based on the Borrower’s stock ledger inventory.
ESTABLISHMENT OF REVOLVING CREDIT. (a) The Revolving Credit Lenders hereby establish a revolving line of credit (the "REVOLVING CREDIT") in the Borrowers' favor pursuant to which each Revolving Credit Lender, subject to, and in accordance with, this Agreement, acting through the Administrative Agent, shall make loans and advances and otherwise provide financial accommodations to and for the account of the Borrowers as provided herein.
(b) Loans, advances, and financial accommodations under the Revolving Credit shall be made with reference to the Borrowing Base and shall be subject to Availability. The Borrowing Base and Availability shall be determined by the Administrative Agent by reference to Borrowing Base Certificates furnished as provided in Section 5-4, below. Such determination shall take into account those Reserves as may be applicable thereto. The initial Reserves as of the date of this Agreement are the following:
ESTABLISHMENT OF REVOLVING CREDIT. The Lender hereby establishes a revolving line of credit (the "REVOLVING CREDIT") in the Borrower's favor pursuant to which the Lender, subject to, and in accordance with, this Agreement, shall make loans and advances and otherwise provide financial accommodations to and for the account of the Borrower as provided herein.
