Common use of Majority Banks Clause in Contracts

Majority Banks. As of any date, (a) if there are less than three (3) Banks -------------- on such date, all Banks, and (b) if there are three (3) or more Banks on such date, no less than two (2) Banks holding at least fifty-one percent (51%) of the outstanding principal amount of the Loans, plus the unused portion of the ---- Commitments on such date, plus the Maximum Drawing Amount of all issued and ---- outstanding Letters of Credit on such date; and if no such Loans and Letter of Credit are outstanding, the Banks whose aggregate Commitments constitutes at least fifty-one percent (51%) of the Total Commitment.

Appears in 3 contracts

Samples: Revolving Credit and Term Loan Agreement (Mapics Inc), Revolving Credit and Term Loan Agreement (Mapics Inc), Revolving Credit and Term Loan Agreement (Mapics Inc)

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Majority Banks. As of any date, (a) if there are less than three (3) the number of Banks -------------- on such dateis two or fewer, all Banks, and (b) if there are three (3) or more Banks on such date, no less than two (2) -------- ----- the Banks holding at least fifty-one hundred percent (51100%) of the outstanding principal amount of the Loans, plus the unused portion of the ---- Commitments on such date, plus the Maximum Drawing Amount of all issued and ---- outstanding Letters of Credit Loans on such date; and if no such Loans and Letter of Credit are principal is outstanding, the Banks whose aggregate Commitments constitutes at least fifty-constitute one hundred percent (51100%) of the Revolving Credit Commitment, and (b) if the number of Banks is three or more, the Banks holding sixty-six and two-thirds percent (66 2/3%) of the outstanding principal amount of the Loans on such date; and if no such principal is outstanding, the Banks whose aggregate Commitments constitute sixty-six and two- thirds percent (66 2/3%) of the Total Commitment.

Appears in 1 contract

Samples: Revolving Credit Agreement (Eastern Environmental Services Inc)

Majority Banks. As of any date, (a) if there are less than three (3) Banks -------------- on such date, all Banks, and (b) if there are three (3) or more Banks, -------------- any two or more Banks on such dateholding, no less than two (2) Banks holding in the aggregate, at least fifty-fifty one percent (51%) of the outstanding principal amount of the Loans, plus Revolving Credit Notes and the unused unfunded portion of the ---- Commitments on such date, plus the Maximum Drawing Amount of all issued and ---- outstanding Letters of Credit on such date; and if no such Loans and Letter of Credit are principal is outstanding, the any two or more Banks whose aggregate Commitments constitutes constitute at least fifty-fifty one percent (51%) of the Total Revolver Commitment, and (b) if there are less than three (3) Banks, all the Banks.

Appears in 1 contract

Samples: Revolving Credit Agreement (Ameriking Inc)

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Majority Banks. As of any date, (a) if there are less than three (3) Banks -------------- on such date, all Banks, and (b) if there are three (3) or more Banks on such date, no less than two (2) Banks holding at least fifty-one percent (51%) of the outstanding principal amount of the LoansNotes on such date, plus the unused portion of the ---- Commitments on such date, plus the Maximum Drawing Amount of all issued and ---- outstanding Letters of Credit on such date, plus such Banks' undrawn portion of the Term Loan on such date; and if no such Loans and Letter of Credit are principal is outstanding, the Banks whose aggregate Commitments constitutes at least fifty-one percent (51%) of the Total Commitment.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Genrad Inc)

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