Common use of Principal Balance of Liabilities Not to Exceed the Maximum Revolving Facility Clause in Contracts

Principal Balance of Liabilities Not to Exceed the Maximum Revolving Facility. The sum of the aggregate outstanding principal balance of the Loans to the Borrower made under this Agreement shall not, at any time, exceed the Maximum Revolving Facility. The Borrower agrees that if at any time any such excess shall arise, the Borrower shall immediately pay on a joint -34- and several basis to the Administrative Agent for distribution to the applicable Issuing Lender and Lenders such amount as may be necessary to eliminate such excess.

Appears in 3 contracts

Samples: Revolving Loan and Security Agreement (Diversicare Healthcare Services, Inc.), Revolving Loan and Security Agreement (Diversicare Healthcare Services, Inc.), Revolving Loan and Security Agreement (Diversicare Healthcare Services, Inc.)

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Principal Balance of Liabilities Not to Exceed the Maximum Revolving Facility. The sum of the aggregate outstanding principal balance of the Loans to the Borrower made under this Agreement shall not, at any time, exceed the lesser of (i) the Maximum Revolving FacilityFacility minus the sum of the undrawn face amount of any Letters of Credit outstanding, and (ii) the amount of the Borrowing Base. The Borrower agrees that if at any time any such excess shall arise, the Borrower shall immediately pay on a joint -34- and several basis to the Administrative Agent for distribution to the applicable Issuing Lender and Lenders such amount as may be necessary to eliminate such excess.

Appears in 2 contracts

Samples: Revolving Loan and Security Agreement (Diversicare Healthcare Services, Inc.), Revolving Loan and Security Agreement (Diversicare Healthcare Services, Inc.)

Principal Balance of Liabilities Not to Exceed the Maximum Revolving Facility. The sum of the aggregate outstanding principal balance of the Loans to the Borrower made under this Agreement shall not, at any time, exceed the lesser of (i) the Maximum Revolving FacilityFacility and (ii) the amount of the Borrowing Base. The Borrower agrees that if at any time any such excess shall arise, the Borrower shall immediately pay on a joint -34- and several basis to the Administrative Agent for distribution to the applicable Issuing Lender and Lenders such amount as may be necessary to eliminate such excess.

Appears in 1 contract

Samples: Revolving Loan and Security Agreement (Diversicare Healthcare Services, Inc.)

Principal Balance of Liabilities Not to Exceed the Maximum Revolving Facility. The sum of the aggregate outstanding principal balance of the Loans to the Borrower made under this Agreement shall not, at any time, exceed the Maximum Revolving Facility. The Borrower agrees that if at any time any such excess shall arise, the Borrower shall immediately pay on a joint -34- and several basis to the Administrative Agent for distribution to the applicable Issuing Lender and Lenders such amount as may be necessary to eliminate such excess.

Appears in 1 contract

Samples: Loan and Security Agreement (Advocat Inc)

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Principal Balance of Liabilities Not to Exceed the Maximum Revolving Facility. The sum of the aggregate outstanding principal balance of the Loans to the Borrower made under this Agreement shall not, at any time, exceed the Maximum Revolving Facility. The Borrower agrees that if at any time any such excess shall arise, the Borrower shall immediately pay on a joint -34- and several basis to the Administrative Agent for distribution to the applicable Issuing Lender and Lenders such amount as may be necessary to eliminate such excess.

Appears in 1 contract

Samples: Revolving Loan and Security Agreement (Advocat Inc)

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