Common use of Revolver Loans Clause in Contracts

Revolver Loans. Upon the terms and subject to the conditions hereinafter set forth, each Bank agrees to make revolver loans, and the Letter of Credit Issuer agrees to issue Letters of Credit, from time to time on or after the Closing Date to the Borrower (“Revolver Loans”), the unpaid principal balance of which Revolver Loans is due and payable at maturity on the Maturity Date. The outstanding amount shall not exceed the lesser of (i) $50,000,000 (including without limitation, draws on Letters of Credit issued hereunder), or (ii) the Commitment Amount (initially limited to the Initial Commitment of $2,600,000), or (iii) the Revolving Credit Borrowing Base, as redetermined pursuant to Section 3.2 hereof. Each Revolver Loan requested by the Borrower from the Banks from the Closing Date until the Revolver Maturity Date shall (i) be requested in writing by a Responsible Officer of the Borrower on the Revolver Loan Authorization Form (a copy of which is annexed hereto as Schedule 2.1) which shall be delivered to the Agent prior to the close of such Business Day on which the Revolver Loan is being requested and by no later than 10:00 a.m. (applicable current time in Dallas, Texas) at least one (1) Business Day for any Revolver Loan (other than a Libor Loan) prior to the date upon which each loan advance is to be made, (ii) be in the amount of $10,000 and in whole multiples of $5,000 for any amounts in excess of $10,000 (unless the amount then available to borrow is less than the foregoing stated amounts, in which event an advance may be made in the amount available); (iii) not cause the aggregate outstanding and unpaid principal amount of all of the Notes to exceed the lesser of the aggregate Commitment Amount of all of the Banks or the Revolving Credit Borrowing Base; (iv) not cause the outstanding and unpaid principal amount of the Note payable to a Bank to exceed the lesser of the Commitment Amount of such Bank or such Bank’s Pro Rata Portion of the Revolving Credit Borrowing Base and (v) be advanced by the Banks on the applicable date, provided the request is timely made in accordance with this Section 2.1 hereof and all other conditions of funding are met. Promptly following its receipt of a Revolver Loan Authorization Form in accordance with this Section, the Agent shall advise each Bank of the details thereof and of the amount of such Bank’s Revolver Loan to be made as a part of the requested advance. The Borrower may reborrow subject to the limitations and conditions for the Revolver Loans contained herein. All advances made by the Banks on the Notes (including the payment of drafts drawn on Letters of Credit) and all payments or prepayments of principal and interest thereon made by the Borrower shall be recorded by the Agent in its records, and the aggregate unpaid principal amount so recorded shall be prima facie evidence of the principal amount owing and unpaid on the Notes. The failure to so record shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to repay the principal amount of each Revolver Loan together with all interest accrued thereon.

Appears in 1 contract

Samples: Loan and Security Agreement (Tengasco Inc)

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Revolver Loans. Upon (a) Subject to all of the terms and subject to the conditions hereinafter set forthin this Agreement, each Bank Lender agrees to make revolver loansadvances to Borrowers (each a “Revolver Loan”) on any Business Day during the period from the Closing Date through the Business Day before the last day of the Term, not to exceed in aggregate principal amount outstanding at any time the Maximum Revolver Facility Amount, which Revolver Loans may be repaid and reborrowed in accordance with the Letter provisions of Credit Issuer agrees this Agreement; provided, however, that Lender shall have no obligation to issue Letters of Credit, from time to time honor any request for a Revolver Loan on or after the Closing Commitment Termination Date to or if at the Borrower time of the proposed funding thereof the aggregate principal amount of all Revolver Loans then outstanding (together with the amount of any Revolver Loans”)Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the unpaid principal balance Borrowing Base. The proceeds of which Revolver Loans is due and payable at maturity on shall be used by Borrowers solely for one or more of the Maturity Date. The outstanding amount shall not exceed the lesser of following purposes: (i) $50,000,000 (including without limitation, draws to satisfy any non-insider Debt owing on Letters of Credit issued hereunder), or the Closing Date; (ii) to pay the Commitment Amount (initially limited to Fees and transaction expenses associated with the Initial Commitment of $2,600,000), or (iii) the Revolving Credit Borrowing Base, as redetermined pursuant to Section 3.2 hereof. Each Revolver Loan requested by the Borrower from the Banks from the Closing Date until the Revolver Maturity Date shall (i) be requested in writing by a Responsible Officer closing of the Borrower on the Revolver Loan Authorization Form (a copy of which is annexed hereto as Schedule 2.1) which shall be delivered to the Agent prior to the close of such Business Day on which the Revolver Loan is being requested and by no later than 10:00 a.m. (applicable current time in Dallas, Texas) at least one (1) Business Day for any Revolver Loan (other than a Libor Loan) prior to the date upon which each loan advance is to be made, (ii) be in the amount of $10,000 and in whole multiples of $5,000 for any amounts in excess of $10,000 (unless the amount then available to borrow is less than the foregoing stated amounts, in which event an advance may be made in the amount available)transaction described herein; (iii) not cause the aggregate outstanding and unpaid principal amount of all to pay any of the Notes to exceed the lesser of the aggregate Commitment Amount of all of the Banks or the Revolving Credit Borrowing Base; (iv) not cause the outstanding and unpaid principal amount of the Note payable to a Bank to exceed the lesser of the Commitment Amount of such Bank or such Bank’s Pro Rata Portion of the Revolving Credit Borrowing Base and (v) be advanced by the Banks on the applicable date, provided the request is timely made Obligations in accordance with this Section 2.1 hereof Agreement; and all (iv) to make expenditures for other conditions lawful purposes of funding Borrowers to the extent such expenditures are metnot prohibited by this Agreement or applicable law. Promptly following its receipt of a In no event may any Revolver Loan Authorization Form in accordance with this Sectionproceeds be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the Agent shall advise each Bank provisions of Regulations T, U or X of the details thereof and Board of Governors of the amount of such Bank’s Revolver Loan to be made as a part of the requested advanceFederal Reserve System. The Borrower may reborrow subject to the limitations and conditions for the Revolver Loans contained herein. All advances made by Lender and interest accruing thereon shall be evidenced by the Banks on the Notes records of Lender (including the payment of drafts drawn on Letters of CreditLoan Account) and all payments or prepayments of principal and interest thereon made by the Borrower shall be recorded by the Agent in its records, and the aggregate unpaid principal amount so recorded shall be prima facie evidence of the principal amount owing and unpaid on the NotesRevolver Note. The failure to so record Revolver Loans shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to repay the principal amount of each Revolver Loan together with all bear interest accrued thereonas set forth in Section 2.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Lakeland Industries Inc)

Revolver Loans. Upon (a) Subject to all of the terms and subject to the conditions hereinafter set forthin this Agreement, each Bank Lender agrees to make revolver loansadvances to Borrower (each a “Revolver Loan”) on any Business Day during the period from the Closing Date through the Business Day before the last day of the Term, not to exceed an aggregate principal amount outstanding at any time equal to the Maximum Revolver Facility Amount, which Revolver Loans may be repaid and reborrowed in accordance with the Letter provisions of Credit Issuer agrees this Agreement; provided, however, that Lender shall have no obligation to issue Letters of Credit, from time to time honor any request for a Revolver Loan on or after the Closing Commitment Termination Date to or if at the Borrower time of the proposed funding thereof the aggregate principal amount of all Revolver Loans then outstanding (together with the amount of any Revolver Loans”)Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the unpaid principal balance Borrowing Base. The proceeds of which Revolver Loans is due and payable at maturity on shall be used by Borrower solely for one or more of the Maturity Date. The outstanding amount shall not exceed the lesser of following purposes: (i) $50,000,000 (including without limitation, draws to satisfy any non-insider Debt outstanding on Letters of Credit issued hereunder), or the Closing Date; (ii) to pay the Commitment Amount (initially limited to Fees and transaction expenses associated with the Initial Commitment of $2,600,000), or (iii) the Revolving Credit Borrowing Base, as redetermined pursuant to Section 3.2 hereof. Each Revolver Loan requested by the Borrower from the Banks from the Closing Date until the Revolver Maturity Date shall (i) be requested in writing by a Responsible Officer closing of the Borrower on the Revolver Loan Authorization Form (a copy of which is annexed hereto as Schedule 2.1) which shall be delivered to the Agent prior to the close of such Business Day on which the Revolver Loan is being requested and by no later than 10:00 a.m. (applicable current time in Dallas, Texas) at least one (1) Business Day for any Revolver Loan (other than a Libor Loan) prior to the date upon which each loan advance is to be made, (ii) be in the amount of $10,000 and in whole multiples of $5,000 for any amounts in excess of $10,000 (unless the amount then available to borrow is less than the foregoing stated amounts, in which event an advance may be made in the amount available)transaction described herein; (iii) not cause the aggregate outstanding and unpaid principal amount of all to pay any of the Notes to exceed the lesser of the aggregate Commitment Amount of all of the Banks or the Revolving Credit Borrowing Base; (iv) not cause the outstanding and unpaid principal amount of the Note payable to a Bank to exceed the lesser of the Commitment Amount of such Bank or such Bank’s Pro Rata Portion of the Revolving Credit Borrowing Base and (v) be advanced by the Banks on the applicable date, provided the request is timely made Obligations in accordance with this Section 2.1 hereof Agreement; and all (iv) to make expenditures for other conditions lawful purposes of funding Borrower to the extent such expenditures are metnot prohibited by this Agreement or applicable law. Promptly following its receipt of a In no event may any Revolver Loan Authorization Form in accordance with this Sectionproceeds be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the Agent shall advise each Bank provisions of Regulations T, U or X of the details thereof and Board of Governors of the amount of such Bank’s Revolver Loan to be made as a part of the requested advanceFederal Reserve System. The Borrower may reborrow subject to the limitations and conditions for the Revolver Loans contained herein. All advances made by Lender and interest accruing thereon shall be evidenced by the Banks on the Notes records of Lender (including the payment of drafts drawn on Letters of CreditLoan Account) and all payments or prepayments of principal and interest thereon made by the Borrower shall be recorded by the Agent in its records, and the aggregate unpaid principal amount so recorded shall be prima facie evidence of the principal amount owing and unpaid on the NotesRevolver Note. The failure to so record Revolver Loans shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to repay the principal amount of each Revolver Loan together with all bear interest accrued thereonas set forth in Section 2.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Broadwind Energy, Inc.)

Revolver Loans. Upon Subject to the terms and subject to the conditions hereinafter set forthof this Agreement, each Bank Lender severally but not jointly agrees to make revolver loans, Revolver Loans to the Co-Borrowers jointly and the Letter of Credit Issuer agrees to issue Letters of Credit, severally from time to time on or after from the Closing Date through the Revolver Facility Termination Date as requested by the Company, on behalf of Co-Borrowers, in accordance with the terms of Section 2.2; provided that, after giving effect to the Borrower amount requested, (“Revolver Loans”), i) the unpaid sum of the aggregate principal balance amount of which all outstanding Revolver Loans is due and payable at maturity on (including the Maturity Date. The outstanding amount Assigned Dollar Value of all Foreign Currency Loans) shall not exceed the lesser Aggregate Commitment less the sum of (iA) $50,000,000 the aggregate principal amount of all outstanding Swingline Loans, and (including without limitation, draws on B) the sum of the principal amount of any drawings not reimbursed under Letters of Credit issued hereunderpursuant to Section 2.5(d) and the undrawn amount of outstanding Letters of Credit (including the Assigned Dollar Value of such unreimbursed drawings made in a Foreign Currency or such undrawn amount of any Letters of Credit payable in a Foreign Currency), or (ii) the Commitment Amount sum of (initially limited A) the principal amount of Revolver Loans (including the Assigned Dollar Value of all Foreign Currency Loans) from any single Lender, plus (B) the principal amount of such Lender's share of any required participations in outstanding Swingline Loans, as required pursuant to Section 2.3, plus (C) such Lender's share of any required participations in the Initial Commitment outstanding amount of $2,600,000any Letters of Credit (including the Assigned Dollar Value of such unreimbursed drawings made in a Foreign Currency or such undrawn amount of any Letters of Credit payable in a Foreign Currency), or as required pursuant to Section 2.5, shall not at any time exceed such Lender's Commitment, and (iii) the Revolving Credit Borrowing Base, as redetermined pursuant to Section 3.2 hereof. Each Revolver Loan requested by the Borrower from the Banks from the Closing Date until the Revolver Maturity Date shall (i) be requested in writing by a Responsible Officer of the Borrower on the Revolver Loan Authorization Form (a copy of which is annexed hereto as Schedule 2.1) which shall be delivered to the Agent prior to the close of such Business Day on which the Revolver Loan is being requested and by no later than 10:00 a.m. (applicable current time in Dallas, Texas) at least one (1) Business Day for any Revolver Loan (other than a Libor Loan) prior to the date upon which each loan advance is to be made, (ii) be in the amount of $10,000 and in whole multiples of $5,000 for any amounts in excess of $10,000 (unless the amount then available to borrow is less than the foregoing stated amounts, in which event an advance may be made in the amount available); (iii) not cause the aggregate outstanding and unpaid principal amount of all of the Notes to exceed the lesser of the aggregate Commitment Amount of all of the Banks or the Revolving Credit Borrowing Base; (iv) not cause the outstanding and unpaid principal amount of the Note payable to a Bank to exceed the lesser of the Commitment Amount of such Bank or such Bank’s Pro Rata Portion of the Revolving Credit Borrowing Base and (v) be advanced by the Banks on the applicable date, provided the request is timely made in accordance with this Section 2.1 hereof and all other conditions of funding are met. Promptly following its receipt case of a Revolver Loan Authorization Form in accordance with this Section, the Agent shall advise each Bank of the details thereof and of the amount of such Bank’s Revolver Revolving Loan to be made as a part Foreign Currency Loan, the Assigned Dollar Value of any requested Foreign Currency Loan, when added to the Assigned Dollar Value of all other then outstanding Foreign Currency Loans (with the Denomination Date for each of such outstanding Foreign Currency Loans for the purposes of this proviso to be the Denomination Date for each such requested Foreign Currency Loan), shall not exceed the Foreign Currency Sublimit. Each Revolver Loan by a Lender shall be in a principal amount equal to such Lender's Revolver Loan Commitment Percentage of the requested advance. The Borrower may reborrow subject to the limitations and conditions for the Revolver Loans contained herein. All advances made by the Banks on the Notes (including the payment of drafts drawn on Letters of Credit) and all payments or prepayments of principal and interest thereon made by the Borrower shall be recorded by the Agent in its records, and the aggregate unpaid principal amount so recorded shall be prima facie evidence of the principal amount owing and unpaid on the Notes. The failure to so record shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to repay the principal amount of each Revolver Loans requested on such occasion, up to a principal amount at any time outstanding under the Revolver Facility equal to such Lender's Revolver Loan together with all interest accrued thereonCommitment Percentage. If at any time the Lenders shall make Revolver Loans to the Co-Borrowers such that the aggregate amount of Revolver Loans outstanding hereunder exceeds the aggregate Revolver Loan Commitments, such Revolver Loans shall nonetheless constitute Obligations hereunder. Subject to the terms and conditions hereof, the Co-Borrowers may borrow, repay and reborrow Revolver Loans hereunder until the Revolver Facility Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Scientific Games Holdings Corp)

Revolver Loans. Upon Subject to the terms and subject to the conditions hereinafter set forthof this Agreement, each Bank Lender severally but not jointly agrees to make revolver loans, Revolver Loans to the Co-Borrowers jointly and the Letter of Credit Issuer agrees to issue Letters of Credit, severally from time to time on or after from the Closing Date to through the Borrower Revolver Facility Termination Date as requested by the Company, on behalf of Co-Borrowers, in accordance with the terms of Section 2.2; provided that (“Revolver Loans”), i) the unpaid sum of the aggregate principal balance amount of which all outstanding Revolver Loans is due and payable at maturity on (including the Maturity Date. The Assigned Dollar Value of all Foreign Currency Loans) plus the aggregate principal amount of all outstanding Swingline Loans (after giving effect to any amount requested) shall not exceed the lesser of (i) $50,000,000 (including without limitationAggregate Revolver Loan Commitments, draws on Letters of Credit issued hereunder), or (ii) the Commitment Amount (initially limited to the Initial Commitment principal amount of $2,600,000)Revolver Loans from any single Lender shall not at any time exceed such Lender's Revolver Loan Commitment, or and (iii) the Revolving Credit Borrowing Base, as redetermined pursuant to Section 3.2 hereof. Each Revolver Loan requested by the Borrower from the Banks from the Closing Date until the Revolver Maturity Date shall (i) be requested in writing by a Responsible Officer of the Borrower on the Revolver Loan Authorization Form (a copy of which is annexed hereto as Schedule 2.1) which shall be delivered to the Agent prior to the close of such Business Day on which the Revolver Loan is being requested and by no later than 10:00 a.m. (applicable current time in Dallas, Texas) at least one (1) Business Day for any Revolver Loan (other than a Libor Loan) prior to the date upon which each loan advance is to be made, (ii) be in the amount of $10,000 and in whole multiples of $5,000 for any amounts in excess of $10,000 (unless the amount then available to borrow is less than the foregoing stated amounts, in which event an advance may be made in the amount available); (iii) not cause the aggregate outstanding and unpaid principal amount of all of the Notes to exceed the lesser of the aggregate Commitment Amount of all of the Banks or the Revolving Credit Borrowing Base; (iv) not cause the outstanding and unpaid principal amount of the Note payable to a Bank to exceed the lesser of the Commitment Amount of such Bank or such Bank’s Pro Rata Portion of the Revolving Credit Borrowing Base and (v) be advanced by the Banks on the applicable date, provided the request is timely made in accordance with this Section 2.1 hereof and all other conditions of funding are met. Promptly following its receipt case of a Revolver Loan Authorization Form in accordance with this Section, the Agent shall advise each Bank of the details thereof and of the amount of such Bank’s Revolver Revolving Loan to be made as a part Foreign Currency Loan, the Assigned Dollar Value of any requested Foreign Currency Loan, when added to the Assigned Dollar Value of all other then outstanding Foreign Currency Loans (with the Denomination Date for each of such outstanding Foreign Currency Loans for the purposes of this proviso to be the Denomination Date for each such requested Foreign Currency Loan), shall not exceed the Foreign Currency Sublimit. Each Revolver Loan by a Lender shall be in a principal amount equal to such Lender's Revolver Loan Commitment Percentage of the requested advance. The Borrower may reborrow subject to the limitations and conditions for the Revolver Loans contained herein. All advances made by the Banks on the Notes (including the payment of drafts drawn on Letters of Credit) and all payments or prepayments of principal and interest thereon made by the Borrower shall be recorded by the Agent in its records, and the aggregate unpaid principal amount so recorded shall be prima facie evidence of the principal amount owing and unpaid on the Notes. The failure to so record shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to repay the principal amount of each Revolver Loans requested on such occasion, up to a principal amount at any time outstanding under the Revolver Facility equal to such Lender s Revolver Loan together with all interest accrued thereonCommitment Percentage. If at any time the Lenders shall make Revolver Loans to the Co-Borrowers such that the aggregate amount of Revolver Loans outstanding hereunder exceeds the aggregate Revolver Loan Commitments, such Revolver Loans shall nonetheless constitute Obligations hereunder. Subject to the terms and conditions hereof, the Co-Borrowers may borrow, repay and reborrow Revolver Loans hereunder until the Revolver Facility Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Scientific Games Holdings Corp)

Revolver Loans. Upon Subject to the terms and subject to the conditions hereinafter set forthof this -------------- Agreement, each Bank Lender severally but not jointly agrees to make revolver loans, Revolver Loans to the Borrowers jointly and the Letter of Credit Issuer agrees to issue Letters of Credit, severally from time to time on or after from the Closing Date to through the Borrower Revolver Facility Termination Date as requested by Maxim, on behalf of Borrowers, in accordance with the terms of Section 2.2; provided that (“Revolver Loans”), i) the unpaid -------- aggregate principal balance amount of which all outstanding Revolver Loans is due and payable at maturity on the Maturity Date. The outstanding (after giving effect to any amount requested) shall not exceed the lesser of (iA) $50,000,000 the Borrowing Base less (including without limitation, draws on Letters x) the aggregate principal amount of Credit issued hereunder)Swingline Loans outstanding and less (y) the aggregate Conventional LOC Obligations, or (B) seventy million dollars ($70,000,000) less (x) the aggregate principal amount of Swingline Loans outstanding and less (y) the aggregate Conventional LOC Obligations, and (ii) the Commitment Amount (initially limited to the Initial Commitment aggregate principal amount of $2,600,000), or (iii) the Revolving Credit Borrowing Base, as redetermined pursuant to Section 3.2 hereofRevolver Loans from any single Lender shall not at any time exceed such Lender's Revolver Loan Commitment. Each Revolver Loan by a Lender shall be in a principal amount equal to such Lender's Revolver Loan Commitment Percentage of the aggregate principal amount of Revolver Loans requested by on such occasion, up to a maximum principal amount at any time outstanding under the Borrower from Revolver Facility equal to such Lender's Revolver Loan Commitment Percentage of the Banks from Borrowing Base at such time. If at any time the Closing Date Lenders shall make Revolver Loans to the Borrowers such that the aggregate amount of Revolver Loans outstanding hereunder exceeds the Borrowing Base, such Revolver Loans shall nonetheless constitute Obligations hereunder. Subject to the terms and conditions hereof, the Borrowers may borrow, repay and reborrow Revolver Loans hereunder until the Revolver Maturity Date shall (i) be requested in writing by a Responsible Officer of the Borrower on the Revolver Loan Authorization Form (a copy of which is annexed hereto as Schedule 2.1) which shall be delivered to the Agent prior to the close of such Business Day on which the Revolver Loan is being requested and by no later than 10:00 a.m. (applicable current time in Dallas, Texas) at least one (1) Business Day for any Revolver Loan (other than a Libor Loan) prior to the date upon which each loan advance is to be made, (ii) be in the amount of $10,000 and in whole multiples of $5,000 for any amounts in excess of $10,000 (unless the amount then available to borrow is less than the foregoing stated amounts, in which event an advance may be made in the amount available); (iii) not cause the aggregate outstanding and unpaid principal amount of all of the Notes to exceed the lesser of the aggregate Commitment Amount of all of the Banks or the Revolving Credit Borrowing Base; (iv) not cause the outstanding and unpaid principal amount of the Note payable to a Bank to exceed the lesser of the Commitment Amount of such Bank or such Bank’s Pro Rata Portion of the Revolving Credit Borrowing Base and (v) be advanced by the Banks on the applicable date, provided the request is timely made in accordance with this Section 2.1 hereof and all other conditions of funding are met. Promptly following its receipt of a Revolver Loan Authorization Form in accordance with this Section, the Agent shall advise each Bank of the details thereof and of the amount of such Bank’s Revolver Loan to be made as a part of the requested advance. The Borrower may reborrow subject to the limitations and conditions for the Revolver Loans contained herein. All advances made by the Banks on the Notes (including the payment of drafts drawn on Letters of Credit) and all payments or prepayments of principal and interest thereon made by the Borrower shall be recorded by the Agent in its records, and the aggregate unpaid principal amount so recorded shall be prima facie evidence of the principal amount owing and unpaid on the Notes. The failure to so record shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to repay the principal amount of each Revolver Loan together with all interest accrued thereonFacility Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Maxim Group Inc /)

Revolver Loans. Upon (a) Subject to the terms and subject to the conditions hereinafter set forthin this Agreement, each Bank Lender agrees to make revolver loansadvances to Borrower (each a "Revolver Loan") on any Business Day during the period from the Closing Date through the Business Day before the last day of the Term, not to exceed in aggregate principal amount outstanding at any time the Maximum Revolver Facility Amount, which Revolver Loans may be repaid and reborrowed in accordance with the Letter provisions of Credit Issuer agrees this Agreement; provided, however, that Lender shall have no obligation to issue Letters of Credit, from time to time honor any request for a Revolver Loan on or after the Closing Commitment Termination Date to or if at the Borrower time of the proposed funding thereof the aggregate principal amount of all Revolver Loans outstanding (together with the amount of any Revolver Loans”)Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the unpaid principal balance Borrowing Base. The proceeds of which Revolver Loans is due and payable at maturity on shall be used by Borrower solely for one or more of the Maturity Date. The outstanding amount shall not exceed the lesser of following purposes: (i) $50,000,000 (including without limitation, draws to satisfy any non-insider Debt owing on Letters of Credit issued hereunder), or the Closing Date; (ii) to pay the Commitment Amount (initially limited to Fees and transaction expenses associated with the Initial Commitment closing of $2,600,000), or the transaction described herein; (iii) the Revolving Credit Borrowing Base, as redetermined pursuant to Section 3.2 hereof. Each Revolver Loan requested by the Borrower from the Banks from the Closing Date until the Revolver Maturity Date shall (i) be requested in writing by a Responsible Officer pay any of the Obligations in accordance with this Agreement; (iv) to make expenditures for its working capital, general corporate purposes and other lawful purposes of Borrower on the Revolver Loan Authorization Form (a copy of which is annexed hereto as Schedule 2.1) which shall be delivered to the Agent prior extent such expenditures are not prohibited by this Agreement or applicable law, and (v) to repay the close of such Business Day on which the Revolver Loan is being requested and by no later than 10:00 a.m. (applicable current time in Dallas, Texas) at least one (1) Business Day for any Revolver Loan (other than a Libor Loan) prior to the date upon which each loan advance is to be made, (ii) be HIG Bridge Debt in the amount of [$10,000 and in whole multiples of $5,000 500,000] on the Closing Date. No Revolver Loan proceeds may be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any amounts in excess related purpose that violates the provisions of $10,000 (unless the amount then available to borrow is less than the foregoing stated amountsRegulations T, in which event an advance may be made in the amount available); (iii) not cause the aggregate outstanding and unpaid principal amount of all U or X of the Notes to exceed the lesser Board of Governors of the aggregate Commitment Amount of all of the Banks or the Revolving Credit Borrowing Base; (iv) not cause the outstanding Federal Reserve System. The Revolver Loans and unpaid principal amount of the Note payable to a Bank to exceed the lesser of the Commitment Amount of such Bank or such Bank’s Pro Rata Portion of the Revolving Credit Borrowing Base and (v) interest accruing thereon shall be advanced evidenced by the Banks on the applicable date, provided the request is timely made in accordance with this Section 2.1 hereof and all other conditions records of funding are met. Promptly following its receipt of a Revolver Loan Authorization Form in accordance with this Section, the Agent shall advise each Bank of the details thereof and of the amount of such Bank’s Revolver Loan to be made as a part of the requested advance. The Borrower may reborrow subject to the limitations and conditions for the Revolver Loans contained herein. All advances made by the Banks on the Notes Lender (including the payment of drafts drawn on Letters of CreditLoan Account) and all payments or prepayments of principal and interest thereon made by the Borrower Revolver Note and shall be recorded by the Agent bear interest as set forth in its records, and the aggregate unpaid principal amount so recorded shall be prima facie evidence of the principal amount owing and unpaid on the Notes. The failure to so record shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to repay the principal amount of each Revolver Loan together with all interest accrued thereonSection 2.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Advanced Environmental Recycling Technologies Inc)

Revolver Loans. Upon Subject to the terms and subject to the conditions hereinafter set forthof this Agreement, each Bank Lender severally but not jointly agrees to make revolver loansRevolver Loans to the Borrowers jointly and severally from time to time from the Closing Date through the Revolver Facility Termination Date as requested by AHL, and on behalf of Borrowers, in accordance with the Letter terms of Credit Issuer agrees Section 2.2; provided that (i) the aggregate principal amount (reflecting the Assigned Dollar Value of any outstanding Foreign Currency Loans) of all outstanding Revolver Loans (after giving effect to issue any amount requested) shall not exceed (i) (A) the Aggregate Commitment less (A) the undrawn amount of outstanding Letters of Credit, from time to time on or after (B) the Closing aggregate principal amount of all outstanding Swingline Loans, and (C) the Assigned Dollar Value of all outstanding European Facility Loans at the Denomination Date with respect to the Borrower (“most recent Notice of Borrowing for a Revolver Loans”)Loan, the unpaid principal balance of which Revolver Loans is due and payable at maturity on the Maturity Date. The outstanding amount shall not exceed the lesser of (i) $50,000,000 (including without limitation, draws on Letters of Credit issued hereunder), or (ii) the Commitment Amount (initially limited to the Initial Commitment principal amount of $2,600,000), or (iii) the Revolving Credit Borrowing Base, as redetermined pursuant to Section 3.2 hereofRevolver Loans from any single Lender shall not at any time exceed such Lender's Revolver Loan Commitment. Each Revolver Loan by a Lender shall be in a principal amount equal to such Lender's Revolver Loan Commitment Percentage of the aggregate principal amount of Revolver Loans requested by on such occasion. Subject to the Borrower from terms and conditions hereof, the Banks from the Closing Date Borrowers may borrow, repay and reborrow Revolver Loans hereunder until the Revolver Maturity Date shall (i) be requested in writing by a Responsible Officer of the Borrower on the Revolver Loan Authorization Form (a copy of which is annexed hereto as Schedule 2.1) which shall be delivered to the Agent prior to the close of such Business Day on which the Revolver Loan is being requested and by no later than 10:00 a.m. (applicable current time in Dallas, Texas) at least one (1) Business Day for any Revolver Loan (other than a Libor Loan) prior to the date upon which each loan advance is to be made, (ii) be in the amount of $10,000 and in whole multiples of $5,000 for any amounts in excess of $10,000 (unless the amount then available to borrow is less than the foregoing stated amounts, in which event an advance may be made in the amount available); (iii) not cause the aggregate outstanding and unpaid principal amount of all of the Notes to exceed the lesser of the aggregate Commitment Amount of all of the Banks or the Revolving Credit Borrowing Base; (iv) not cause the outstanding and unpaid principal amount of the Note payable to a Bank to exceed the lesser of the Commitment Amount of such Bank or such Bank’s Pro Rata Portion of the Revolving Credit Borrowing Base and (v) be advanced by the Banks on the applicable date, provided the request is timely made in accordance with this Section 2.1 hereof and all other conditions of funding are met. Promptly following its receipt of a Revolver Loan Authorization Form in accordance with this Section, the Agent shall advise each Bank of the details thereof and of the amount of such Bank’s Revolver Loan to be made as a part of the requested advance. The Borrower may reborrow subject to the limitations and conditions for the Revolver Loans contained herein. All advances made by the Banks on the Notes (including the payment of drafts drawn on Letters of Credit) and all payments or prepayments of principal and interest thereon made by the Borrower shall be recorded by the Agent in its records, and the aggregate unpaid principal amount so recorded shall be prima facie evidence of the principal amount owing and unpaid on the Notes. The failure to so record shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to repay the principal amount of each Revolver Loan together with all interest accrued thereonFacility Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Ahl Services Inc)

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Revolver Loans. Upon Each DIP Lender agrees, severally to the extent of its Commitment and not jointly with the other DIP Lenders, upon the terms and subject to the conditions hereinafter set forthforth herein, each Bank agrees to make revolver loansRevolver Loans to U.S. Borrowers on any Business Day during the period from the Closing Date through the Commitment Termination Date in the amounts shown as in the DIP Budget (with Permitted Variances), not to exceed in aggregate principal amount outstanding at any time such DIP Lender’s Commitment at such time; provided, however, that, subject to the entry and terms of the Interim DIP Financing Order and to Borrowers' satisfaction of each of the conditions precedent set forth in Section 10, initial Borrowings may be obtained by U.S. Borrowers on a revolving basis as of the Closing Date and during the Interim Period. Upon entry of the Final DIP Financing Order, and subject to Borrowers' satisfaction of each of the Letter conditions precedent set forth in Section 10, the full amount of Credit Issuer agrees the DIP Facility shall be available for Borrowings on a revolving basis in accordance with this Agreement. The Revolver Loans may be repaid and re-borrowed in accordance with the provisions of this Agreement. No Borrower other than a U.S. Borrower shall be entitled to issue Letters request a Revolver Loan under the DIP Facility, and in no event shall DIP Lenders have any obligation to honor a request by any U.S. Borrower for a Revolver Loan (a) if any Default or Event of Credit, from time Default exists or would result therefrom; (b) if U.S. Borrowers have not furnished to time DIP Agent the Borrowing Base Certificate required pursuant to Section 7.5 hereof; (c) on or after the Closing Date to Commitment Termination Date, (d) if at the Borrower (“Revolver Loans”), the unpaid principal balance of which Revolver Loans is due and payable at maturity on the Maturity Date. The outstanding amount shall not exceed the lesser of (i) $50,000,000 (including without limitation, draws on Letters of Credit issued hereunder), or (ii) the Commitment Amount (initially limited to the Initial Commitment of $2,600,000), or (iii) the Revolving Credit Borrowing Base, as redetermined pursuant to Section 3.2 hereof. Each Revolver Loan requested by the Borrower from the Banks from the Closing Date until the Revolver Maturity Date shall (i) be requested in writing by a Responsible Officer of the Borrower on the Revolver Loan Authorization Form (a copy of which is annexed hereto as Schedule 2.1) which shall be delivered to the Agent prior to the close time of such Business Day on which the Revolver Loan is being requested and by no later than 10:00 a.m. (applicable current time in Dallas, Texas) at least one (1) Business Day for any Revolver Loan (other than a Libor Loan) prior to the date upon which each loan advance is to be made, (ii) be in the amount of $10,000 and in whole multiples of $5,000 for any amounts in excess of $10,000 (unless the amount then available to borrow is less than the foregoing stated amounts, in which event an advance may be made in the amount available); (iii) not cause proposed funding the aggregate outstanding and unpaid principal amount of all of the Notes to Revolver Loans then outstanding exceeds, or would exceed after the lesser funding of such Revolver Loan, the aggregate Commitment Amount of all of the Banks or the Revolving Credit Borrowing Base; (iv) provided, however, that the foregoing shall not cause the outstanding and unpaid principal amount impair DIP Agent's right to make Protective Advances or DIP Lenders' right to fund deemed requests for Revolver Loans as further provided herein. Each Borrowing of the Note payable to Revolver Loans shall be funded by DIP Lenders on a Bank to exceed the lesser of the Commitment Amount of such Bank or such Bank’s Pro Rata Portion of the Revolving Credit Borrowing Base and (v) be advanced by the Banks on the applicable date, provided the request is timely made basis in accordance with this their respective Commitments. The Revolver Loans shall bear interest as set forth in Section 2.1 hereof and all other conditions of funding are methereof. Promptly following its receipt of a The initial Revolver Loan Authorization Form in accordance with this Section, the Agent shall advise each Bank consist solely of the details thereof and of the amount of such Bank’s Base Rate Loans. Each subsequent Revolver Loan to shall, at the option of U.S. Borrowers, be made as a or continued as, or converted into, part of the requested advance. The Borrower may reborrow subject to the limitations and conditions for the Revolver one or more Borrowings that, unless specifically provided herein, shall consist entirely of Base Rate Loans contained herein. All advances made by the Banks on the Notes (including the payment of drafts drawn on Letters of Credit) and all payments or prepayments of principal and interest thereon made by the Borrower shall be recorded by the Agent in its records, and the aggregate unpaid principal amount so recorded shall be prima facie evidence of the principal amount owing and unpaid on the Notes. The failure to so record shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to repay the principal amount of each Revolver Loan together with all interest accrued thereonLIBOR Loans.

Appears in 1 contract

Samples: Loan and Security Agreement (Standard Register Co)

Revolver Loans. Upon (a) Subject to all of the terms and subject to the conditions hereinafter set forthin this Agreement, each Bank agrees Lenders agree, severally in accordance with their respective Aggregate Commitment Ratios, and not jointly, to make revolver loansadvances to Borrower (each a "Revolver Loan") on any Business Day during the period from the Closing Date through the Business Day before the last day of the Term, not to exceed in aggregate principal amount outstanding at any time the Maximum Revolver Facility Amount minus the aggregate principal amount of all Agent Advances and Swing Loans then outstanding, which Revolver Loans may be repaid and reborrowed in accordance with the Letter provisions of Credit Issuer agrees this Agreement; provided, however, that each Lender shall have no obligation to issue Letters of Credit, from time to time honor any request for a Revolver Loan (i) on or after the Closing Date to the Borrower (“Revolver Loans”), the unpaid principal balance of which Revolver Loans is due and payable at maturity on the Maturity Commitment Termination Date. The outstanding amount shall not exceed the lesser of (i) $50,000,000 (including without limitation, draws on Letters of Credit issued hereunder), ; or (ii) if at the Commitment Amount time of the proposed funding thereof the aggregate principal amount of all Revolver Loans plus Agent Advances and Swing Loans then outstanding (initially limited to together with the Initial Commitment amount of $2,600,000)any Revolver Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, such Lender’s ratable share (iiibased upon such Lender’s Aggregate Commitment Ratio) of the Revolving Credit Borrowing Base, as redetermined pursuant to Section 3.2 hereof. Each The proceeds of Revolver Loan requested Loans shall be used by Borrower solely for one or more of the Borrower from the Banks from the Closing Date until the Revolver Maturity Date shall following purposes: (i) be requested in writing by a Responsible Officer of the Borrower repay Debt owing on the Revolver Loan Authorization Form (a copy of which is annexed hereto as Schedule 2.1) which shall be delivered to the Agent prior to the close of such Business Day on which the Revolver Loan is being requested and by no later than 10:00 a.m. (applicable current time in Dallas, Texas) at least one (1) Business Day for any Revolver Loan (other than a Libor Loan) prior to the date upon which each loan advance is to be made, Closing Date; (ii) be in to pay the amount Fees and transaction expenses associated with the closing of $10,000 and in whole multiples of $5,000 for any amounts in excess of $10,000 (unless the amount then available to borrow is less than the foregoing stated amounts, in which event an advance may be made in the amount available)transaction described herein; (iii) not cause the aggregate outstanding and unpaid principal amount of all to pay any of the Notes to exceed the lesser of the aggregate Commitment Amount of all of the Banks or the Revolving Credit Borrowing Base; (iv) not cause the outstanding and unpaid principal amount of the Note payable to a Bank to exceed the lesser of the Commitment Amount of such Bank or such Bank’s Pro Rata Portion of the Revolving Credit Borrowing Base and (v) be advanced by the Banks on the applicable date, provided the request is timely made Obligations in accordance with this Section 2.1 hereof Agreement; and all (iv) to make expenditures for other conditions lawful purposes of funding Borrower to the extent such expenditures are metnot prohibited by this Agreement or applicable law. Promptly following its receipt of a In no event may any Revolver Loan Authorization Form in accordance with this Sectionproceeds be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the Agent shall advise each Bank provisions of Regulations T, U or X of the details thereof and Board of Governors of the amount of such Bank’s Revolver Loan to be made as a part of the requested advanceFederal Reserve System. The Borrower may reborrow subject to the limitations and conditions for the Revolver Loans contained herein. All advances made by Lenders and interest accruing thereon shall be evidenced by the Banks on the Notes records of Administrative Agent (including the payment of drafts drawn on Letters of CreditLoan Register) and all payments or prepayments of principal and interest thereon made and, upon request by the Borrower shall be recorded any Lender, by the Agent in its records, and the aggregate unpaid principal amount so recorded shall be prima facie evidence of the principal amount owing and unpaid on the Notesa Revolver Note. The failure to so record Revolver Loans shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to repay the principal amount of each Revolver Loan together with all bear interest accrued thereonas set forth in Section 2.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Pacific Ethanol, Inc.)

Revolver Loans. Upon (a) Subject to all of the terms and subject to the conditions hereinafter set forthin this Agreement, each Bank Lender agrees to make revolver loansadvances to Borrower (each a “Revolver Loan”) on any Business Day during the period from the Closing Date through the Business Day before the last day of the Term, not to exceed in aggregate principal amount outstanding at any time the Maximum Revolver Facility Amount, which Revolver Loans may be repaid and reborrowed in accordance with the Letter provisions of Credit Issuer agrees this Agreement; provided, however, that Lender shall have no obligation to issue Letters of Credit, from time to time honor any request for a Revolver Loan on or after the Closing Commitment Termination Date to or if at the Borrower time of the proposed funding thereof the aggregate principal amount of all Revolver Loans then outstanding (together with the amount of any Revolver Loans”)Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the unpaid principal balance Borrowing Base. The proceeds of which Revolver Loans is due and payable at maturity on shall be used by Borrower solely for one or more of the Maturity Date. The outstanding amount shall not exceed the lesser of following purposes: (i) $50,000,000 (including without limitation, draws to satisfy any non-insider Debt owing on Letters of Credit issued hereunder), or the Closing Date; (ii) to pay the Commitment Amount (initially limited to Fees and transaction expenses associated with the Initial Commitment of $2,600,000), or (iii) the Revolving Credit Borrowing Base, as redetermined pursuant to Section 3.2 hereof. Each Revolver Loan requested by the Borrower from the Banks from the Closing Date until the Revolver Maturity Date shall (i) be requested in writing by a Responsible Officer closing of the Borrower on the Revolver Loan Authorization Form (a copy of which is annexed hereto as Schedule 2.1) which shall be delivered to the Agent prior to the close of such Business Day on which the Revolver Loan is being requested and by no later than 10:00 a.m. (applicable current time in Dallas, Texas) at least one (1) Business Day for any Revolver Loan (other than a Libor Loan) prior to the date upon which each loan advance is to be made, (ii) be in the amount of $10,000 and in whole multiples of $5,000 for any amounts in excess of $10,000 (unless the amount then available to borrow is less than the foregoing stated amounts, in which event an advance may be made in the amount available)transaction described herein; (iii) not cause the aggregate outstanding and unpaid principal amount of all to pay any of the Notes to exceed the lesser of the aggregate Commitment Amount of all of the Banks or the Revolving Credit Borrowing Base; (iv) not cause the outstanding and unpaid principal amount of the Note payable to a Bank to exceed the lesser of the Commitment Amount of such Bank or such Bank’s Pro Rata Portion of the Revolving Credit Borrowing Base and (v) be advanced by the Banks on the applicable date, provided the request is timely made Obligations in accordance with this Section 2.1 hereof Agreement; and all (iv) to make expenditures for other conditions lawful purposes of funding Borrower to the extent such expenditures are metnot prohibited by this Agreement or applicable law. Promptly following its receipt of a In no event may any Revolver Loan Authorization Form in accordance with this Sectionproceeds be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the Agent shall advise each Bank provisions of Regulations T, U or X of the details thereof and Board of Governors of the amount of such Bank’s Revolver Loan to be made as a part of the requested advanceFederal Reserve System. The Borrower may reborrow subject to the limitations and conditions for the Revolver Loans contained herein. All advances made by Lender and interest accruing thereon shall be evidenced by the Banks on the Notes records of Lender (including the payment of drafts drawn on Letters of CreditLoan Account) and all payments or prepayments of principal and interest thereon made by the Borrower shall be recorded by the Agent in its records, and the aggregate unpaid principal amount so recorded shall be prima facie evidence of the principal amount owing and unpaid on the NotesRevolver Note. The failure to so record Revolver Loans shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to repay the principal amount of each Revolver Loan together with all bear interest accrued thereonas set forth in Section 2.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Biosante Pharmaceuticals Inc)

Revolver Loans. Upon Each Lender agrees, severally to the -------------- extent of its Revolver Commitment and not jointly with the other Lenders, upon the terms and subject to the conditions hereinafter set forthforth herein, each Bank agrees to make revolver loansRevolver Loans to Borrowers on any Business Day during the period from the date hereof through the day before the Commitment Termination Date, and the Letter of Credit Issuer agrees not to issue Letters of Creditexceed in aggregate principal amount outstanding at any time such Lender's Revolver Commitment at such time, from time to time on or after the Closing Date to the Borrower (“Revolver Loans”), the unpaid principal balance of which Revolver Loans is due may be repaid and payable at maturity on reborrowed in accordance with the Maturity Date. The outstanding amount provisions of this Agreement; provided, however, that Lenders shall not exceed the lesser of (i) $50,000,000 (including without limitation, draws on Letters of Credit issued hereunder), or (ii) the Commitment Amount (initially limited have no -------- ------- obligation to the Initial Commitment of $2,600,000), or (iii) the Revolving Credit Borrowing Base, as redetermined pursuant Borrowers whatsoever to Section 3.2 hereof. Each Revolver Loan requested by the Borrower from the Banks from the Closing Date until the Revolver Maturity Date shall (i) be requested in writing by a Responsible Officer of the Borrower on the Revolver Loan Authorization Form (a copy of which is annexed hereto as Schedule 2.1) which shall be delivered to the Agent prior to the close of such Business Day on which the Revolver Loan is being requested and by no later than 10:00 a.m. (applicable current time in Dallas, Texas) at least one (1) Business Day for make any Revolver Loan (other than a Libor Loan) prior to if at the date upon which each loan advance is to be made, (ii) be in time of the amount of $10,000 and in whole multiples of $5,000 for any amounts in excess of $10,000 (unless the amount then available to borrow is less than the foregoing stated amounts, in which event an advance may be made in the amount available); (iii) not cause proposed funding thereof the aggregate outstanding and unpaid principal amount of all of the Notes to Revolver Loans and Pending Revolver Loans then outstanding exceeds, or would exceed after the lesser funding of such Revolver Loan, the aggregate Commitment Amount of all of the Banks or the Revolving Credit Borrowing Base. Each Borrowing of Revolver Loans shall be funded by Lenders on a Pro Rata basis in accordance with their respective Revolver Commitments (except for Revolver Loans funded by Fleet as Settlement Loans). The Revolver Loans shall bear interest as set forth in Section 2.1 hereof. Each Revolver Loan shall, at the option of Borrowers, be made or continued as, or converted into, part of one or more Borrowings that, unless specifically provided herein, shall consist entirely of Base Rate Loans or LIBOR Loans; (iv) not cause provided, however, that Borrowers shall use -------- ------- their best efforts to ensure that the outstanding and unpaid average principal amount of the Note payable to a Bank to LIBOR Loans outstanding during any Fiscal Quarter does not exceed the lesser 80% of the Commitment Amount average principal amount of all Loans outstanding during such Bank or Fiscal Quarter. If the average principal amount of LIBOR Loans for a Fiscal Quarter exceeds the average principal amount of all Loans during such Bank’s Pro Rata Portion of the Revolving Credit Borrowing Base and (v) be advanced by the Banks on the applicable dateFiscal Quarter, provided the request is timely made in accordance with this Section 2.1 hereof and all other conditions of funding are met. Promptly following its receipt of a Revolver Loan Authorization Form in accordance with this Section, the Agent then Borrowers shall advise each Bank of the details thereof and of use their best efforts to reduce the amount of such Bank’s Revolver Loan LIBOR Loans outstanding to be made as a part of the requested advance. The Borrower may reborrow subject to the limitations and conditions for the Revolver Loans contained herein. All advances made by the Banks on the Notes (including the payment of drafts drawn on Letters of Credit) and all payments or prepayments of principal and interest thereon made by the Borrower shall be recorded by the Agent in its records, and the aggregate unpaid principal amount so recorded shall be prima facie evidence less than 80% of the principal amount owing and unpaid on the Notes. The failure to so record shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to repay the principal amount of each Revolver Loan together with all interest accrued thereonLoans outstanding at such time.

Appears in 1 contract

Samples: Loan and Security Agreement (Gulf States Steel Inc /Al/)

Revolver Loans. Upon Subject to the terms and subject to the conditions hereinafter set forthhereof, each Bank Lender agrees to make revolver loans, and the Letter of Credit Issuer agrees loans to issue Letters of Credit, Borrower (herein called such Lender's "Revolver Loans") upon Borrower's request from time to time on during the Commitment Period, provided that (i) subject to Sections 3.3, 3.4 and 3.6, all Lenders are requested to make Loans of the same Type in accordance with their respective Revolver Percentages and as part of the same Borrowing, and (ii) after giving effect to such Revolver Loans, the Revolver Facility Usage does not exceed the Revolver Commitment. The aggregate amount of all Revolver Loans in any Borrowing must be equal to $500,000 or after any higher integral multiple of $100,000. Borrower may have no more than five (5) Borrowings of Eurodollar Loans that are Revolver Loans outstanding at any time. The obligation of Borrower to repay to each Lender the Closing Date aggregate amount of all Revolver Loans made by such Lender, together with interest accruing in connection therewith, shall be evidenced by a single promissory note (herein called such Lender's "Revolver Note") made by Borrower payable to the Borrower (“order of such Lender in the form of Exhibit A-1 with appropriate insertions. The amount of principal owing on any Lender's Revolver Loans”), Note at any given time shall be the unpaid principal balance aggregate amount of which all Revolver Loans is theretofore made by such Lender minus all payments of principal theretofore received by such Lender on such Revolver Note. Interest on each Revolver Note shall accrue and be due and payable at maturity on the Maturity Date. The outstanding amount shall not exceed the lesser of (i) $50,000,000 (including without limitation, draws on Letters of Credit issued hereunder), or (ii) the Commitment Amount (initially limited to the Initial Commitment of $2,600,000), or (iii) the Revolving Credit Borrowing Base, as redetermined pursuant to Section 3.2 hereofprovided herein and therein. Each Revolver Loan requested by the Borrower from the Banks from the Closing Date until the Revolver Maturity Date Note shall (i) be requested due and payable as provided herein and therein, and shall be due and payable in writing by a Responsible Officer of the Borrower full on the Revolver Loan Authorization Form (a copy of which is annexed hereto as Schedule 2.1) which shall be delivered to the Agent prior to the close of such Business Day on which the Revolver Loan is being requested and by no later than 10:00 a.m. (applicable current time in Dallas, Texas) at least one (1) Business Day for any Revolver Loan (other than a Libor Loan) prior to the date upon which each loan advance is to be made, (ii) be in the amount of $10,000 and in whole multiples of $5,000 for any amounts in excess of $10,000 (unless the amount then available to borrow is less than the foregoing stated amounts, in which event an advance may be made in the amount available); (iii) not cause the aggregate outstanding and unpaid principal amount of all of the Notes to exceed the lesser of the aggregate Commitment Amount of all of the Banks or the Revolving Credit Borrowing Base; (iv) not cause the outstanding and unpaid principal amount of the Note payable to a Bank to exceed the lesser last day of the Commitment Amount Period. Subject to the terms and conditions of such Bank or such Bank’s Pro Rata Portion of the Revolving Credit Borrowing Base this Agreement, Borrower may borrow, repay, and (v) be advanced by the Banks on the applicable date, provided the request is timely made in accordance with reborrow under this Section 2.1 hereof and all other conditions of funding are met. Promptly following its receipt of a Revolver Loan Authorization Form in accordance with this Section, the Agent shall advise each Bank of the details thereof and of the amount of such Bank’s Revolver Loan to be made as a part of the requested advance. The Borrower may reborrow subject to the limitations and conditions for the Revolver Loans contained herein. All advances made by the Banks on the Notes (including the payment of drafts drawn on Letters of Credit) and all payments or prepayments of principal and interest thereon made by the Borrower shall be recorded by the Agent in its records, and the aggregate unpaid principal amount so recorded shall be prima facie evidence of the principal amount owing and unpaid on the Notes. The failure to so record shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to repay the principal amount of each Revolver Loan together with all interest accrued thereon2.1(a).

Appears in 1 contract

Samples: Credit Agreement (Energy Transfer Partners Lp)

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