Initial Revolving Commitments Sample Clauses
The 'Initial Revolving Commitments' clause defines the original amount of credit that lenders agree to make available to the borrower under a revolving credit facility. This clause specifies the total commitment amount, identifies the participating lenders, and allocates each lender's share of the overall commitment. For example, if a credit agreement provides for a $100 million revolving facility, this clause will detail how much each lender is responsible for and the conditions under which the funds can be drawn. Its core function is to establish the baseline lending capacity and obligations at the outset of the agreement, ensuring all parties are clear on the available credit and their respective roles.
Initial Revolving Commitments. On the terms and subject to the conditions contained in this Agreement, each Revolving Lender severally agrees to make loans in any Available Currency to any Borrower (each an “Initial Revolving Loan”) from time to time on any Business Day during the period from the Closing Date until the Revolving Credit Termination Date with respect to the Initial Revolving Commitments in an aggregate Dollar Equivalent amount at any time outstanding for all such Loans by such Revolving Lender that, when aggregated with such Lender’s LC Exposure under the Initial Revolving Facility, shall not exceed such Revolving Lender’s Revolving Commitment; provided, however, that at no time shall any Revolving Lender be obligated to make an Initial Revolving Loan in excess of such Revolving Lender’s Ratable Portion of the Initial Revolving Commitments; provided, further, that at no time shall any Revolving Lender be obligated to make an Initial Revolving Loan to any Foreign Borrower if the making of such an Initial Revolving Loan would result in the Revolving Outstandings in respect of such Foreign Borrower exceeding such Foreign Borrower’s Revolving Sublimit. Within the limits of the Initial Revolving Commitment of each Revolving Lender, amounts of Initial Revolving Loans repaid may be reborrowed by the Borrowers under this Section 2.01(a).
Initial Revolving Commitments. (i) During the Revolving Commitment Period, subject to the terms and conditions hereof, each Revolving Bank severally agrees to make revolving loans in Dollars to Xerium (“Initial Revolving Loans”) in an aggregate amount up to but not exceeding such Revolving Bank’s Initial Revolving Commitment; provided, that after giving effect to the making of any Revolving Loans in no event shall the Total Utilization of Revolving Commitments exceed the Revolving Commitments then in effect. Subject to Sections 2.13(a) and 2.14, all amounts owed hereunder with respect to Revolving Loans and under Section 2.3 with respect to Swing Loans shall be paid in full no later than the Revolving Commitment Termination Date.