Common use of Limitation on Revolving Loan Advances Clause in Contracts

Limitation on Revolving Loan Advances. No Revolving Loan Advance will be made which would result in the sum of the Aggregate Revolving Loan, Swingline Loan Exposure, and the Letter of Credit Exposure on any Advance Date (except to the extent that a Revolving Loan Advance will be used immediately to reimburse Letter of Credit Issuer for unreimbursed draws on a Letter of Credit) exceeding the Aggregate Revolving Loan Commitment, and no Revolving Loan Advance will be made on or after the Revolving Loan Maturity Date. Lenders may, however, in their absolute discretion make such Revolving Loan Advances, but shall not be deemed by doing so to have increased the Maximum Available Amount and shall not be obligated to make any such Revolving Loan Advances thereafter. At any time that there is an Existing Default, the Aggregate Revolving Loan Commitment may be canceled as provided in Section 17.3. The Maximum Available Amount on any date shall be a Dollar amount equal to the Aggregate Revolving Loan Commitment, minus (a) the amount outstanding under the Aggregate Revolving Loan on such date, (b) the Letter of Credit Exposure on such date (except to the extent that a Revolving Loan Advance will be used immediately to reimburse Letter of Credit Issuer for unreimbursed draws on a Letter of Credit), and (c) the Swingline Loan Exposure.

Appears in 2 contracts

Samples: Loan Agreement (Talx Corp), Loan Agreement (Talx Corp)

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Limitation on Revolving Loan Advances. No Revolving Loan Advance will be made which would result in the sum of the Aggregate Revolving Loan, Swingline Loan Exposure, and the Letter of Credit Exposure on any Advance Date either: (except to the extent that a Revolving Loan Advance will be used immediately to reimburse Letter of Credit Issuer for unreimbursed draws on a Letter of Crediti) exceeding the Aggregate Revolving Loan Commitment, and no exceeding the Maximum Available Amount; or (ii) the Lenders' Exposure exceeding the Total Aggregate Facility Limit. No Revolving Loan Advance will be made on or after the Revolving Loan Maturity Date. Lenders may, however, in their absolute discretion make such Revolving Loan Advances, but shall not be deemed by doing so to have increased the Maximum Available Amount or the Total Aggregate Facility Limit and shall not be obligated to make any such Revolving Loan Advances thereafter. At any time that there is an Existing Default, the Aggregate Revolving Loan Commitment may be canceled as provided in Section 17.316.3. The "Maximum Available Amount Amount" (which can be a negative number) on any date shall be a Dollar amount equal to (i) the lesser of (A) the amount of the Aggregate Revolving Loan CommitmentCommitment and (B) the Borrowing Base on such date, minus (ii) the sum ----- of (a) the amount outstanding under the Aggregate Revolving Loan on such dateSwingline Loan, and (b) the Floorplan Shortfall, and (c) the Letter of Credit Exposure on such date (except to the extent that a Revolving Loan Advance will be used immediately to reimburse Letter of Credit Issuer for unreimbursed draws on a Letter of Credit), and (c) the Swingline Loan Exposure.

Appears in 1 contract

Samples: Credit Facilities Agreement (Pomeroy It Solutions Inc)

Limitation on Revolving Loan Advances. No Revolving Loan Advance will be made which would result in the sum of the Aggregate Revolving Loan, Swingline Loan Exposure, and the Letter of Credit Exposure on any Advance Date (except to the extent that a Revolving Loan Advance will be used immediately to reimburse Letter of Credit Issuer for unreimbursed draws on a Letter of Credit) exceeding the Aggregate Revolving Loan Commitment, exceeding the Maximum Available Amount and no Revolving Loan Advance will be made on or after the Revolving Loan Maturity Date. Lenders may, however, in their absolute discretion make such Revolving Loan Advances, but shall not be deemed by doing so to have increased the Maximum Available Amount and shall not be obligated to make any such Revolving Loan Advances thereafter. At any time that there is an Existing Default, the Aggregate Revolving Loan Commitment may be canceled as provided in Section 17.315.3. The Maximum Available Amount on any date shall be a Dollar amount equal to (i) the Aggregate Revolving Loan Commitment, minus (aii) the amount outstanding under the Aggregate Revolving Loan on such date, sum of (ba) the Letter of Credit Exposure on such date (except to the extent that a Revolving Loan Advance will be used immediately to reimburse Letter of Credit Issuer (or UMB with respect to the UMB LCs) for unreimbursed draws on a Letter of Credit), (b) the Swingline Loan, and (c) the Swingline Loan ExposureExisting Reimbursement Obligations owing to Commerce Bank, N.A. as set forth on Exhibit 12.11.3 attached hereto as such Exhibit is revised from time to time as required herein.

Appears in 1 contract

Samples: Loan Agreement (Angelica Corp /New/)

Limitation on Revolving Loan Advances. No Revolving Loan Advance will be made which would result in the sum Outstanding Amount of the Aggregate Revolving Loan, Swingline Loan Exposure, and the Letter of Credit Exposure on any Advance Date (except to the extent that a Revolving Loan Advance will be used immediately to reimburse Letter of Credit Issuer for unreimbursed draws on a Letter of Credit) exceeding the Aggregate Revolving Loan Commitment, Maximum Available Amount and no Revolving Loan Advance will be made on or after the Revolving Loan Maturity Date. Lenders may, however, in their absolute discretion make such Revolving Loan Advances, but shall not be deemed by doing so to have increased the Maximum Available Amount and shall not be obligated to make any such Revolving Loan Advances thereafter. At any time that there is an Existing Default, the Aggregate Revolving Loan Commitment may be canceled as provided in Section 17.316.2. The Maximum Available Amount on any date shall be a Dollar amount equal to (i) the amount of the Aggregate Revolving Loan Commitment, minus (ii) (a) the amount outstanding under the Aggregate Revolving Loan on such date, (b) Outstanding Amount of the Letter of Credit Exposure on such date (except to the extent that a such Revolving Loan Advance will be used immediately to reimburse Letter of Credit Issuer for unreimbursed draws on a Letter of Credit), ) and (cb) the Outstanding Amount of the Swingline Loan Exposure(except to the extent that such Revolving Loan Advance will be used immediately to repay the Swingline Lender for a Swingline Loan).

Appears in 1 contract

Samples: Credit Agreement (Young Innovations Inc)

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Limitation on Revolving Loan Advances. No Revolving Loan Advance will be made which would result in the sum of the Aggregate Revolving Loan, Swingline Loan Exposure, and the Letter of Credit Exposure on any Advance Date either: (except to the extent that a Revolving Loan Advance will be used immediately to reimburse Letter of Credit Issuer for unreimbursed draws on a Letter of Crediti) exceeding the Aggregate Revolving Loan Commitment, and no exceeding the Maximum Available Amount; or (ii) the Lenders' Exposure exceeding the Total Aggregate Facility Limit. No Revolving Loan Advance will be made on or after the effective date of any termination of the Aggregate Revolving Loan Maturity DateFacility. Lenders may, however, in their absolute discretion make such Revolving Loan Advances, but shall not be deemed by doing so to have increased the Maximum Available Amount or the Total Aggregate Facility Limit and shall not be obligated to make any such Revolving Loan Advances thereafter. At any time that there an Event of Default has occurred and is an Existing Defaultcontinuing, the Aggregate Revolving Loan Commitment Facility may be canceled as provided in Section 17.3herein. The "Maximum Available Amount Amount" (which can be a negative number) on any date shall be a Dollar amount equal to the lesser of (i) the amount of the Aggregate Revolving Loan CommitmentFacility and (ii) the Borrowing Base on such date, minus the sum of (a) the amount outstanding under the Aggregate Revolving Loan on such dateSwingline Loan, (b) the Floorplan Shortfall, (c) the Other Creditor Indebtedness (unless an Intercreditor Agreement has been executed between Administrative Agent and the holders of such Other Creditor Indebtedness),and (d) the Letter of Credit Exposure on such date (except to the extent that a Revolving Loan Advance will be used immediately to reimburse Letter of Credit Issuer for unreimbursed draws on a Letter of Credit), and (c) the Swingline Loan Exposure.

Appears in 1 contract

Samples: Credit Facilities Agreement (Gtsi Corp)

Limitation on Revolving Loan Advances. No Revolving Loan Advance will be made which would result in the sum of the Aggregate Revolving Loan, Swingline Loan Exposure, and the Letter of Credit Exposure on any Advance Date (except to the extent that a Revolving Loan Advance will be used immediately to reimburse Letter of Credit Issuer for unreimbursed draws on a Letter of Credit) exceeding the Aggregate Revolving Loan Commitment, exceeding the Maximum Available Amount and no Revolving Loan Advance will be made on or after the Revolving Loan Maturity Date. Lenders may, however, in their absolute discretion make such Revolving Loan Advances, but shall not be deemed by doing so to have increased the Maximum Available Amount and shall not be obligated to make any such Revolving Loan Advances thereafter. At any time that there is an Existing Default, the Aggregate Revolving Loan Commitment may be canceled as provided in Section 17.318.3. The Maximum Available Amount on any date shall be a Dollar amount equal to (i) the lesser of the amount of the Aggregate Revolving Loan Commitment, minus (a) Commitment and the amount outstanding under the Aggregate Revolving Loan Borrowing Base on such date, minus (bii) the Letter of Credit Exposure on such date (except to the extent that a such Revolving Loan Advance will be used immediately to reimburse Letter of Credit Issuer for unreimbursed draws on a Letter of Credit). The Borrowing Base on any date shall be 80% of the total outstanding principal balance of all Eligible Accounts as of the close of business on such date or as certified in the Borrowing Base Certificate most recently furnished to Administrative Agent as required in Section 15.14.1, whichever is less. Eligible Accounts include all Accounts of all Covered Persons other than the following, unless approved in writing by Administrative Agent in each case: (i) any Account with respect to which Administrative Agent does not have a valid and enforceable, first priority, perfected Security Interest for the benefit of Lenders; (ii) any Account, other than a Dial-Around Account, which remains unpaid as of 90 days after the date when the associated revenues are accrued, and any Dial-Around Account which remains unpaid as of 180 days after the date when the associated revenues are accrued; (ciii) any Account of a single Account Debtor, excluding Dial-Around Accounts, if 25% or more of the balances due on all Accounts of such Account Debtor are ineligible under clause (i) or (ii); (iv) any Account with respect to which the Account Debtor is an Affiliate or employee of any Covered Person; (v) any Account as to which the perfection of Administrative Agent's Security Interest must be effected pursuant to federal, state or local statutory requirements other than those of the UCC or the Claims Act; (vi) any Account with respect to which the Account Debtor is the United States of America or any state or any department, agency, public corporation or other instrumentality thereof, unless filings and acknowledgements in accordance with the Claims Act and any other steps necessary to perfect Administrative Agent's Security Interest have been complied with by Borrower to Administrative Agent's reasonable satisfaction; (vii) any Account with respect to which the Account Debtor does not maintain its chief executive office within the United States and any Account with respect to which the Account Debtor is the government of any foreign country or any municipality or other political subdivision thereof, or any department, agency, public corporation or other instrumentality thereof, unless either (a) the Swingline creditor with respect to such Account and Administrative Agent are beneficiaries of a letter of credit in the amount of such Account that secures such Account Debtor's payment on such Account, is satisfactory to Administrative Agent and has been issued by a bank satisfactory to Administrative Agent and, if so required by Administrative Agent, confirmed by a bank satisfactory to Administrative Agent, or (b) payment of such Account is bonded or insured to the satisfaction of Administrative Agent; (viii) any Account with respect to which the Account Debtor is located in any state denying creditors access to its courts without qualifying to do business in such state or filing a notice in whatever form or substance, unless the applicable Covered Person has so qualified or filed; (ix) any Account with respect to goods or services whose delivery or performance has been rejected by the Account Debtor or whose earlier acceptance has been revoked; (x) any Account, other than a Dial-Around Account or an Operator Service Account, for which an invoice or statement has not been sent to the Account Debtor; all Operator Service Accounts for which a load tape breakdown has not been received; and any Dial-Around Account for which an invoice or statement has not been sent to the Account Debtor within 120 days after performance of the services giving rise to the Account, (xi) any Account owing by an Account Debtor that is the subject of a bankruptcy or similar insolvency proceeding, has made an assignment for the benefit of creditors, has acknowledged that it is unable to pay its debts as they mature, or whose assets have been transferred to a receiver or trustee, or who has ceased business as a going concern; (xii) any Account owing by an Account Debtor that has disputed liability (other than with respect to any Dial-Around Accounts) or made any claim with respect to any other Account due from such Account Debtor, or that has any right of set-off against such Account, or to which the applicable Covered Person is indebted in any way; (xiii) any Account subject to a chargeback from a volume discount or an advertising discount, but only to the extent of such chargeback or discount; (xiv) any Account owing by an Account Debtor whose Indebtedness to one or more Covered Persons exceeds a credit limit reasonably satisfactory to Administrative Agent, to the extent of such excess; (xv) any Account of an Account Debtor with respect to particular goods still in the possession of the creditor on the Account or included in Inventory of such creditor and against which the Account Debtor has filed a financing statement under the UCC or has obtained or purported to have obtained a Security Interest; (xvi) any Account, other than Dial-Around Accounts, as to which Administrative Agent does not have the right or ability to obtain direct payment to Administrative Agent; (xvii) any Account with respect to which any of the covenants and agreements contained in any of the Loan ExposureDocuments or any of the Representations and Warranties are not or have ceased to be complete and correct or have been breached; (xviii) any Account with respect to which, in whole or in part, a check or other instrument for the payment of money has been received, presented for payment and returned uncollected for any reason; (xix) any Account which represents a progress billing or as to which the applicable Covered Person has extended the time for payment without the consent of Administrative Agent (for purposes hereof, progress billing being any invoice for goods sold or leased or services rendered under a contract or agreement pursuant to which the Account Debtor's obligation to pay such invoice is conditioned upon the applicable Covered Person's completion of any further performance under the contract or agreement); (xx) any Account which is evidenced by a promissory note or by chattel paper or which has been reduced to judgment; and (xxi) any Account which arises out of a sale not made in the ordinary course of the applicable Covered Person's business.

Appears in 1 contract

Samples: Credit Agreement (Davel Communications Group Inc)

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