Common use of Revolving Credit Commitment Clause in Contracts

Revolving Credit Commitment. Subject to the terms and conditions herein set forth, each Committed Lender severally agrees, on any Business Day during the Availability Period, to make Syndicated Loans to the Borrower Parties, on a several basis, at any time and from time to time in an aggregate principal amount up to such Committed Xxxxxx’s Commitment at any such time; provided, however, that after making any such Loans: (a) such Committed Xxxxxx’s Principal Obligation would not exceed such Committed Xxxxxx’s Commitment as of such date; (b) the Principal Obligation of such Committed Lender’s Lender Group would not exceed the aggregate applicable Lender Group Limit of such Lender Group; and (c) the 4879-7367-7649 v.18 48 4879-7367-7649 v.18 Principal Obligation would not exceed the Available Commitment. Subject to the foregoing limitation, the conditions set forth in Section 7 and the other terms and conditions hereof, the Borrower Parties may borrow, repay without penalty or premium (subject to Section 4.05), and re-borrow hereunder, during the Availability Period. Each Borrowing pursuant to this Section 2.01 shall be funded ratably by each Lender Group in accordance with its Applicable Percentage and, if applicable, by a Committed Lender in a particular Lender Group in accordance with such Committed Lender’s Applicable Percentage. No Lender shall be obligated to fund any Loan if the interest rate applicable thereto hereunder would exceed the Maximum Rate in effect with respect to such Loan.

Appears in 1 contract

Samples: Revolving Credit Agreement (TCW Direct Lending VII LLC)

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Revolving Credit Commitment. Subject to the terms and conditions herein set forthof this Agreement, each Committed Lender severally agreesfrom the date of this Agreement to but excluding the Revolving Credit Commitment Termination Date, on any Business Day during provided that no Event of Default then has occurred and is continuing, Bank will make one or more revolving loans (collectively, the Availability Period“Revolving Loans” and individually, a “Revolving Loan”) to make Syndicated Loans to the Borrower Parties, on a several basis, at any time and as Borrower may request from time to time in an aggregate principal amount up to such Committed Xxxxxx’s Commitment at any such time; provided, however, that after making the aggregate outstanding principal amount of all such Revolving Loans at any such Loans: (a) such Committed Xxxxxx’s Principal Obligation would one time shall not exceed Thirty-Five Million Dollars ($35,000,000) (the “Revolving Credit Commitment”). Each Revolving Loan requested and made hereunder which bears interest at a rate based upon the Base Interest Rate (as such Committed Xxxxxx’s Commitment term is defined in the Revolving Note) shall be in a principal amount of not less than Five Hundred Thousand Dollars ($500,000). Each Revolving Loan requested and made hereunder which bears interest at a rate based upon the Reference Rate (as such term is defined in the Revolving Note) shall be in a principal amount of such date; not less than One Hundred Thousand Dollars (b) $100,000). Within the Principal Obligation limits of such Committed Lender’s Lender Group would not exceed time and amount set forth in this Section 2.1, Borrower may borrow, repay and reborrow Revolving Loans under the aggregate applicable Lender Group Limit of such Lender Group; and (c) the 4879-7367-7649 v.18 48 4879-7367-7649 v.18 Principal Obligation would not exceed the Available Revolving Credit Commitment. Subject All Revolving Loans shall be requested before the Revolving Credit Commitment Termination Date, on which date all outstanding principal of and accrued but unpaid interest on all Revolving Loans shall be due and payable. Borrower’s obligation to repay the foregoing limitationoutstanding principal amount of all Revolving Loans, together with accrued but unpaid interest thereon, shall be evidenced by a promissory note issued by Borrower in favor of Bank (the conditions “Revolving Note”) on the standard form used by Bank to evidence its commercial loans. Bank shall enter the amount of each Revolving Loan, and any payments thereof, in its books and records, and such entries shall be prima facie evidence of the principal amount outstanding under the Revolving Credit Commitment. The failure of Bank to make any notation in its books and records shall not discharge Borrower of its obligation to repay in full with interest all amounts borrowed hereunder. The proceeds of the Revolving Loans shall be disbursed pursuant to an Authorization to Disburse, on Bank’s standard form therefor, executed and delivered by Borrower to Bank, and used by Borrower for any of the purposes set forth in Section 7 and the other terms and conditions hereof, the Borrower Parties may borrow, repay without penalty or premium (subject to Section 4.05), and re-borrow hereunder, during the Availability Period. Each Borrowing pursuant to this Section 2.01 shall be funded ratably by each Lender Group in accordance with its Applicable Percentage and, if applicable, by a Committed Lender in a particular Lender Group in accordance with such Committed Lender’s Applicable Percentage. No Lender shall be obligated to fund any Loan if the interest rate applicable thereto hereunder would exceed the Maximum Rate in effect with respect to such Loan2.3(a) hereinbelow.

Appears in 1 contract

Samples: Credit Agreement (Motorcar Parts America Inc)

Revolving Credit Commitment. Subject to the terms and conditions herein set forthhereof, each Committed Lender severally agrees, on any Business Day during the Availability Period, Bank agrees to make Syndicated Loans revolving credit loans to the Borrower Parties, on (each a several basis, at any time "Loan" and from time to time in an collectively the "Loans") during the Commitment Period of which the aggregate principal amount up to such Committed Xxxxxx’s Commitment of Loans at any such time; provided, however, that after making any such Loans: (a) such Committed Xxxxxx’s Principal Obligation would one time outstanding shall not exceed $5,000,000, as such Committed Xxxxxx’s Commitment amount may be reduced as of such dateprovided in this Agreement (the "Commitment"); PROVIDED, THAT, (bi) at all times prior to the Principal Obligation of such Committed Lender’s Lender Group would not exceed Cash Collateral Effective Date the Bank shall have no obligation to make any Loan to the Borrower (A) if, after giving effect thereto, the aggregate applicable Lender Group Limit principal balance of all outstanding Loans shall exceed $1,000,000, unless and until the Bank shall have filed the Assignment of Leases and shall have a first priority perfected Lien on the Collateral therein specified, (B) if the date such Lender Group; Loan is requested is after June 15, 2001, unless and until the Bank shall have filed the Mortgage and Assignment of Leases and shall have a first priority perfected Lien on the Collateral therein specified and (cC) if any Individual Guarantor shall die and the 4879-7367-7649 v.18 48 4879-7367-7649 v.18 Principal Obligation would Bank has been granted a first Lien on Cash Collateral in the amount required by Section 8.1(j) hereof, unless and until the Bank has obtained a first priority perfected Lien on Cash Collateral (owned by any Person other than the remaining Individual Guarantor) in an amount not exceed less than 50% of the Available Commitment. Subject aggregate principal balance of all outstanding Loans after giving effect to any Loan requested to be made (and the applicable Person pledging such Cash Collateral has executed all documentation reasonably requested by the Bank in order to effectuate same); PROVIDED, THAT, the pledge of Cash Collateral on behalf of a deceased Guarantor shall not limit or otherwise effect the unlimited and unconditional nature of the remaining Guarantor's Guarantee, and (ii) at all times after the Cash Collateral Effective Date the Bank shall have no obligation to make any Loan to the foregoing limitation, Borrower unless and until the conditions set forth Bank has obtained a first priority perfected Lien on Cash Collateral in Section 7 an amount not less than 100% of the aggregate principal balance of all outstanding Loans after giving effect to the Loan requested to be made (and the other applicable Person pledging such Cash Collateral has executed all documentation reasonably requested by the Bank in order to effectuate same). During the Commitment Period the Borrower may use the Commitment for obtaining Loans by borrowing, paying, prepaying in whole or in part and reborrowing on a revolving basis, all in accordance with the terms and conditions hereof, the Borrower Parties may borrow, repay without penalty or premium (subject to Section 4.05), and re-borrow hereunder, during the Availability Period. Each Borrowing pursuant to this Section 2.01 shall be funded ratably by each Lender Group in accordance with its Applicable Percentage and, if applicable, by a Committed Lender in a particular Lender Group in accordance with such Committed Lender’s Applicable Percentage. No Lender shall be obligated to fund any Loan if the interest rate applicable thereto hereunder would exceed the Maximum Rate in effect with respect to such Loan.

Appears in 1 contract

Samples: Loan Agreement (Medis Technologies LTD)

Revolving Credit Commitment. Subject to The Lender hereby agrees on the terms and conditions herein set forth, each Committed Lender severally agrees, on any Business Day during the Availability Period, of this Agreement to make Syndicated Loans lend to the Borrower Partiesthe maximum sum of One Million Dollars ($1,000,000) (the “Revolving Credit Commitment”). The Revolving Credit Commitment shall be available to the Borrower, on a several basissubject to the limitations herein, at any time in whole or part and from time to time until September 30, 2003, and any amounts borrowed may be repaid in an aggregate whole or in part and reborrowed until such date. Each borrowing under the Revolving Credit Commitment shall be made in accordance with the provisions of this Section 1.1, and shall be subject to the conditions of Article 4 hereof, and shall be in the initial principal amount up of $100,000 or any integral multiple of $100,000 (a “Revolving Credit Loan”). Each Revolving Credit Loan to such Committed Xxxxxx’s Commitment be made in accordance with the provisions of this Section 1.1 shall, at any such timethe election of the Borrower, be made either in the form of (i) a Variable Rate Loan (individually, a “Variable Rate Loan” and, collectively, the “Variable Rate Loans”) or (ii) a Eurodollar Rate Loan (individually, a “Eurodollar Rate Loan” and, collectively, the “Eurodollar Rate Loans”); provided, however, that after making the Borrower shall not be permitted to have outstanding at any such Loans: time more than a total of eight (a) such Committed Xxxxxx’s Principal Obligation would not exceed such Committed Xxxxxx’s Commitment 8) Eurodollar Rate Loans and Eurodollar Rate Portions of the Tranche A Term Loan, except as otherwise permitted by the Lender in its sole discretion. The aggregate unpaid principal amount of such date; (b) the Principal Obligation of such Committed Lender’s Lender Group would Variable Rate Loans and the Eurodollar Rate Loans at any one time outstanding shall not exceed the aggregate applicable Lender Group Limit Revolving Credit Commitment. Each Revolving Credit Loan shall be made pursuant to the request of the Borrower to the Lender, which request for a Revolving Credit Loan shall specify (i) the total amount of such Lender GroupRevolving Credit Loan; (ii) the borrowing date (the “Borrowing Date”), which shall be a Business Day in the case of a Variable Rate Loan and a Eurodollar Banking Day in the case of a Eurodollar Rate Loan; and (ciii) whether the 4879-7367-7649 v.18 48 4879-7367-7649 v.18 Principal Obligation would not exceed Revolving Credit Loan is to be a Variable Rate Loan or a Eurodollar Rate Loan (and in the Available Commitmentcase of a Eurodollar Rate Loan, the length of the Interest Period). Subject Requests for Variable Rate Loans may be made on the applicable Borrowing Date. Requests for Eurodollar Rate Loans shall be made at least two (2) Eurodollar Banking Days prior to the foregoing limitationapplicable Borrowing Date. In the case of a request for a Eurodollar Rate Loan, the conditions set forth in Section 7 and Lender shall, not later than 11:00 a.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the other terms and conditions hereofBorrowing Date, give notice to the Borrower Parties may borrowof the Adjusted Eurodollar Rate (including information as to the calculation thereof) applicable for the period requested by the Borrower. The Borrower shall, repay without penalty not later than 3:00 p.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice by telephone confirmed in writing to the Lender whether the Borrower wishes (i) to complete such borrowing in the form of a Eurodollar Rate Loan; (ii) to complete such borrowing as a Variable Rate Loan; or premium (subject iii) to Section 4.05), and re-borrow hereunder, during cancel its request for a Revolving Credit Loan. Failure by the Availability Period. Each Borrowing pursuant Borrower to this Section 2.01 timely deliver such notice shall be funded ratably by each Lender Group in accordance with its Applicable Percentage and, if applicable, by a Committed Lender in a particular Lender Group in accordance with constitute cancellation of such Committed Lender’s Applicable Percentage. No Lender shall be obligated to fund any Loan if the interest rate applicable thereto hereunder would exceed the Maximum Rate in effect with respect to such Loanrequest.

Appears in 1 contract

Samples: Loan Agreement (Security Capital Corp/De/)

Revolving Credit Commitment. Subject to The Lender hereby agrees, on the terms and conditions herein set forth, each Committed Lender severally agrees, on any Business Day during the Availability Periodof this Agreement, to make Syndicated Loans lend to the Borrower PartiesBorrowers the maximum sum of Eight Million Dollars ($8,000,000) (the “Revolving Credit Commitment”). The Revolving Credit Commitment shall be available to the Borrowers, on a several basissubject to the limitations herein, at any time in whole or part and from time to time until March 31, 2007, and any amounts borrowed may be repaid in an aggregate whole or in part and reborrowed until such date. Each borrowing under the Revolving Credit Commitment shall be made in accordance with the provisions of this Section 2.1, and shall be subject to the conditions of Article 5 hereof, and shall be in the initial principal amount up of $100,000 or any integral multiple of $100,000 (a “Revolving Credit Loan”). Each Revolving Credit Loan to such Committed Xxxxxx’s Commitment be made in accordance with the provisions of this Section 2.1 shall, at any such timethe election of the Borrowers, be made either in the form of (i) a Variable Rate Loan (individually, a “Variable Rate Loan” and collectively, the “Variable Rate Loans”) or (ii) a Eurodollar Rate Loan (individually, a “Eurodollar Rate Loan” and collectively, the “Eurodollar Rate Loans”); provided, however, that after making the Borrowers shall not be permitted to have outstanding at any such Loans: time more than a total of eight (a) such Committed Xxxxxx’s Principal Obligation would not exceed such Committed Xxxxxx’s Commitment 8) Eurodollar Rate Loans and Eurodollar Rate Portions of the Term Loan, except as otherwise permitted by the Lender in its sole discretion. Notwithstanding the foregoing, each Eurodollar Rate Loan shall be in the initial principal amount of such date; (b) $1,000,000 or any integral multiple of $100,000. The aggregate unpaid principal amount of the Principal Obligation of such Committed Lender’s Lender Group would Variable Rate Loans and the Eurodollar Rate Loans at any one time outstanding shall not exceed the aggregate applicable Revolving Credit Commitment. Each Revolving Credit Loan shall be made pursuant to the request of the Borrowers to the Lender Group Limit which request for a Revolving Credit Loan shall specify (i) the total amount of such Lender Groupthe Revolving Credit Loan; (ii) the borrowing date (the “Borrowing Date”), which shall be a Business Day in the case of a Variable Rate Loan and a Eurodollar Banking Day in the case of a Eurodollar Rate Loan; and (ciii) whether the 4879-7367-7649 v.18 48 4879-7367-7649 v.18 Principal Obligation would not exceed Revolving Credit Loan is to be a Variable Rate Loan or a Eurodollar Rate Loan (and in the Available Commitmentcase of a Eurodollar Rate Loan, the length of the Interest Period). Subject Requests for Variable Rate Loans may be made on the applicable Borrowing Date. Requests for Eurodollar Rate Loans shall be made at least three (3) Eurodollar Banking Days prior to the foregoing limitationapplicable Borrowing Date. In the case of a request for a Eurodollar Rate Loan, the conditions set forth Lender shall not later than 11:00 a.m., Columbus, Ohio time two (2) Eurodollar Banking Days prior to the Borrowing Date, give notice to the Borrowers of the Adjusted Eurodollar Rate (including information as to the calculation thereof) applicable for the period requested by the Borrowers. The Borrowers shall not later than 11:00 a.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice by telephone confirmed in Section 7 and writing to the Lender whether they wish (i) to complete such borrowing in the form of a Eurodollar Rate Loan; (ii) to complete such borrowing as a Variable Rate Loan; or (iii) to cancel their request for a Revolving Credit Loan. Failure by the Borrowers to timely deliver such notice shall constitute cancellation of such request. Notwithstanding any other terms and conditions hereofprovision of this Agreement to the contrary, the Borrower Parties may borrowparties understand and agree that if and to the extent the Borrowers participate in Lender’s cash management program, repay without penalty or premium (subject to Section 4.05), and re-borrow hereunder, during the Availability Period. Each Borrowing pursuant to this Section 2.01 Revolving Credit Loans shall be funded ratably by each Lender Group automatically disbursed and repaid on a daily basis based on the cash deposits and disbursements in accordance the Borrowers’ accounts with its Applicable Percentage and, if applicable, by a Committed Lender in a particular Lender Group in accordance with such Committed the Lender’s Applicable Percentage. No Lender shall be obligated to fund any Loan if the interest rate applicable thereto hereunder would exceed the Maximum Rate in effect with respect to such Loan.

Appears in 1 contract

Samples: Loan Agreement (Security Capital Corp/De/)

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Revolving Credit Commitment. Subject to The Lender hereby agrees on the terms and conditions herein set forth, each Committed Lender severally agrees, on any Business Day during the Availability Period, of this Agreement to make Syndicated Loans lend to the Borrower Partiesthe maximum sum of Seven Million Dollars ($7,000,000) (the “Revolving Credit Commitment”). The Revolving Credit Commitment shall be available to the Borrower, on a several basissubject to the limitations herein, at any time in whole or part and from time to time until May 31, 2006, and any amounts borrowed may be repaid in an aggregate whole or in part and reborrowed until such date. Each borrowing under the Revolving Credit Commitment shall be made in accordance with the provisions of this Section 1.1, and shall be subject to the conditions of Article 4 hereof, and shall be in the initial principal amount up of $100,000 or any integral multiple of $100,000 (a “Revolving Credit Loan”). Each Revolving Credit Loan to such Committed Xxxxxx’s Commitment be made in accordance with the provisions of this Section 1.1 shall, at any such timethe election of the Borrower, be made either in the form of (i) a Revolving Credit Loan bearing interest at the rate specified in Section 1.3(b) (individually, a “Variable Rate Loan” and collectively, the “Variable Rate Loans”) or (ii) a Revolving Credit Loan bearing interest at the rate specified in Section 1.3(c) (individually, a “Eurodollar Rate Loan” and collectively, the “Eurodollar Rate Loans”); provided, however, that after making the Borrower shall not be permitted to have outstanding at any such time more than a total of eight (8) Eurodollar Rate Loans: , except as otherwise permitted by the Lender in its sole discretion. Notwithstanding the foregoing, each Eurodollar Rate Loan shall be in the initial principal amount of $1,000,000 and any integral multiple of $100,000. The aggregate unpaid principal amount of the Revolving Credit Loans plus the LOC Obligations (aexcluding any LOC Obligations that are deemed to be Revolving Credit Loans so as to avoid duplication thereof) such Committed Xxxxxx’s Principal Obligation would not exceed such Committed Xxxxxx’s Commitment as of such date; (b) the Principal Obligation of such Committed Lender’s Lender Group would at any one time outstanding shall not exceed the aggregate applicable Revolving Credit Commitment. Each Revolving Credit Loan shall be made pursuant to the request of the Borrower to the Lender Group Limit which request for a Revolving Credit Loan shall specify (i) the total amount of such Lender Groupthe Revolving Credit Loan; (ii) the borrowing date (the “Borrowing Date”), which shall be a Business Day in the case of a Variable Rate Loan and a Eurodollar Banking Day in the case of a Eurodollar Rate Loan; and (ciii) whether the 4879-7367-7649 v.18 48 4879-7367-7649 v.18 Principal Obligation would not exceed Revolving Credit Loan is to be a Variable Rate Loan or a Eurodollar Rate Loan (and in the Available Commitmentcase of a Eurodollar Rate Loan, the length of the Interest Period). Subject Requests for Variable Rate Loans may be made on the applicable Borrowing Date. Requests for Eurodollar Rate Loans shall be made at least three (3) Eurodollar Banking Days prior to the foregoing limitationapplicable Borrowing Date. In the case of a request for a Eurodollar Rate Loan, the conditions set forth Lender shall not later than 11:00 a.m., Columbus, Ohio time two (2) Eurodollar Banking Days prior to the Borrowing Date, give notice to the Borrower of the Adjusted Eurodollar Rate (including information as to the calculation thereof) applicable for the period requested by the Borrower. The Borrower shall not later than 11:00 a.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice by telephone confirmed in Section 7 and writing to the other terms and conditions hereofLender whether the Borrower wishes (i) to complete such borrowing in the form of a Eurodollar Rate Loan; (ii) to complete such borrowing as a Variable Rate Loan; or (iii) to cancel its request for a Revolving Credit Loan. Failure by the Borrower to timely deliver such notice shall constitute cancellation of such request. Notwithstanding the foregoing, the parties understand and agree that if and to the extent the Borrower Parties may borrowparticipates in the Lender’s cash management program, repay without penalty or premium (subject to Section 4.05), and re-borrow hereunder, during the Availability Period. Each Borrowing pursuant to this Section 2.01 Revolving Credit Loans shall be funded ratably by each Lender Group automatically disbursed and repaid on a daily basis based on the cash deposits and disbursements in accordance Borrower’s account with its Applicable Percentage and, if applicable, by a Committed Lender in a particular Lender Group in accordance with such Committed the Lender’s Applicable Percentage. No Lender shall be obligated to fund any Loan if the interest rate applicable thereto hereunder would exceed the Maximum Rate in effect with respect to such Loan.

Appears in 1 contract

Samples: Security Agreement (Security Capital Corp/De/)

Revolving Credit Commitment. Subject to The Lender hereby agrees on the terms and conditions herein set forth, each Committed Lender severally agrees, on any Business Day during the Availability Period, of this Agreement to make Syndicated Loans lend to the Borrower PartiesBorrowers the maximum sum of Eight Million Dollars ($8,000,000) (the "Revolving Credit Commitment"). The Revolving Credit Commitment shall be available to the Borrowers, on a several basissubject to the limitations herein, at any time in whole or part and from time to time until December 31, 2002, and any amounts borrowed may be repaid in an aggregate whole or in part and reborrowed until such date. Each borrowing under the Revolving Credit Commitment shall be made in accordance with the provisions of this Section 1.1, and shall be subject to the conditions of Article 4 hereof, and shall be in the initial principal amount up of $100,000 or any integral multiple of $100,000 (a "Revolving Credit Loan"). Each Revolving Credit Loan to such Committed Xxxxxx’s Commitment be made in accordance with the provisions of this Section 1.1 shall, at any such timethe election of the Borrowers, be made either in the form of (i) a Variable Rate Loan (individually, a "Variable Rate Loan" and collectively, the "Variable Rate Loans") or (ii) a Eurodollar Rate Loan (individually, a "Eurodollar Rate Loan" and collectively, the "Eurodollar Rate Loans"); provided, however, that after making the Borrowers shall not be permitted to have outstanding at any such Loans: time more than a total of eight (a) such Committed Xxxxxx’s Principal Obligation would not exceed such Committed Xxxxxx’s Commitment 8) Eurodollar Rate Loans and Eurodollar Rate Portions of the Term Loan, except as otherwise permitted by the Lender in its sole discretion. Notwithstanding the foregoing, each Eurodollar Rate Loan shall be in the initial principal amount of such date; (b) $1,000,000 or any integral multiple of $100,000. The aggregate unpaid principal amount of the Principal Obligation of such Committed Lender’s Lender Group would Variable Rate Loans and the Eurodollar Rate Loans at any one time outstanding shall not exceed the aggregate applicable Revolving Credit Commitment. Each Revolving Credit Loan shall be made pursuant to the request of the Borrowers to the Lender Group Limit which request for a Revolving Credit Loan shall specify (i) the total amount of such Lender Groupthe Revolving Credit Loan; (ii) the borrowing date (the "Borrowing Date"), which shall be a Business Day in the case of a Variable Rate Loan and a Eurodollar Banking Day in the case of a Eurodollar Rate Loan; and (ciii) whether the 4879-7367-7649 v.18 48 4879-7367-7649 v.18 Principal Obligation would not exceed Revolving Credit Loan is to be a Variable Rate Loan or a Eurodollar Rate Loan (and in the Available Commitmentcase of a Eurodollar Rate Loan, the length of the Interest Period). Subject Requests for Variable Rate Loans may be made on the applicable Borrowing Date. Requests for Eurodollar Rate Loans shall be made at least three (3) Eurodollar Banking Days prior to the foregoing limitationapplicable Borrowing Date. In the case of a request for a Eurodollar Rate Loan, the conditions set forth in Section 7 and the other terms and conditions hereof, the Borrower Parties may borrow, repay without penalty or premium (subject to Section 4.05), and re-borrow hereunder, during the Availability Period. Each Borrowing pursuant to this Section 2.01 shall be funded ratably by each Lender Group in accordance with its Applicable Percentage and, if applicable, by a Committed Lender in a particular Lender Group in accordance with such Committed Lender’s Applicable Percentage. No Lender shall be obligated not later than 11:00 a.m., Columbus, Ohio time two (2) Eurodollar Banking Days prior to fund any Loan if the interest rate Borrowing Date, give notice to the Borrowers of the Adjusted Eurodollar Rate (including information as to the calculation thereof) applicable thereto hereunder would exceed for the Maximum period requested by the Borrowers. The Borrowers shall not later than 11:00 a.m., Columbus, Ohio time one (1) Eurodollar Banking Day prior to the Borrowing Date, give notice by telephone confirmed in writing to the Lender whether they wish (i) to complete such borrowing in the form of a Eurodollar Rate in effect with respect Loan; (ii) to complete such borrowing as a Variable Rate Loan; or (iii) to cancel their request for a Revolving Credit Loan. Failure by the Borrowers to timely deliver such notice shall constitute cancellation of such request.

Appears in 1 contract

Samples: Loan Agreement (Security Capital Corp/De/)

Revolving Credit Commitment. Subject to the terms and conditions herein set forthof this Agreement, each Committed Lender severally agrees, on any Business Day during the Availability Period, agrees to make Syndicated Loans Advances to the Borrower PartiesBorrower, on a several basis, at any time and from time to time from the Closing Date until the Revolving Credit Termination Date, on a pro rata basis as to the total borrowing requested by the Borrower under the Revolving Credit Facility on any day determined by its Applicable Commitment Percentage up to but not exceeding the Revolving Credit Commitment of such Lender, provided, however, that the Lenders will not be required and shall have no obligation to make any Advance (i) so long as not all of the conditions under Section 5.2 hereof have been fulfilled, (ii) so long as a Default or an Event of Default has occurred and is continuing or (iii) if the Administrative Agent has accelerated the maturity of the Revolving Credit Loans as a result of an Event of Default in an aggregate accordance with Section 9.1 hereof; provided further, however, that immediately after giving effect to each such Advance, the principal amount up of Outstanding Credit Obligations shall not exceed the Total Revolving Credit Commitment. Within such limits, the Borrower may borrow, repay and reborrow hereunder, on a Business Day in the case of a Base Rate Loan and on a Business Day in the case of a Eurodollar Loan, from the Closing Date until, but (as to such Committed Xxxxxx’s Commitment at any such timeborrowings and reborrowings) not including, the Revolving Credit Termination Date; provided, however, that after making any such Loans: (ax) such Committed Xxxxxx’s Principal Obligation would not exceed such Committed Xxxxxx’s Commitment as of such date; (b) no Eurodollar Loan that is a Revolving Credit Loan shall be made which has an Interest Period that extends beyond the Principal Obligation of such Committed Lender’s Lender Group would not exceed the aggregate applicable Lender Group Limit of such Lender Group; Revolving Credit Termination Date and (cy) the 4879-7367-7649 v.18 48 4879-7367-7649 v.18 Principal Obligation would not exceed the Available Commitment. Subject each Eurodollar Loan may, subject to the foregoing limitationprovisions of Section 2.9, be repaid only on the conditions set forth in Section 7 and last day of the other terms and conditions hereof, Interest Period with respect thereto unless the Borrower Parties may borrow, repay without penalty or premium (subject has paid any amounts due pursuant to Section 4.05), and re-borrow hereunder, during the Availability Period. Each Borrowing pursuant to this Section 2.01 shall be funded ratably by each Lender Group in accordance with its Applicable Percentage and, if applicable, by a Committed Lender in a particular Lender Group in accordance with such Committed Lender’s Applicable Percentage. No Lender shall be obligated to fund any Loan if the interest rate applicable thereto hereunder would exceed the Maximum Rate in effect with respect to such Loan4.5 hereof.

Appears in 1 contract

Samples: Credit Agreement (Autonation Inc /Fl)

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