Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative in such manner as may from time to time be reasonably acceptable to the Administrative Agent. (b) Subject to the provisions of this Agreement, the Borrowers’ Representative may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent by no later than the following: (i) If such Revolving Credit Loan is to be or is to be converted to a Base Margin Loan: By 1:00PM on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Margin Loans requested by the Borrowers’ Representative, other than those resulting from the conversion of a Libor Loan, shall not be less than $10,000.00. (ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor Loan: By 1:00PM three (3) Libor Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor Loans and conversions to Libor Loans shall each be not less than $1,000,000.00 and in increments of $100,000.00 in excess of such minimum. (iii) Any Libor Loan which matures while a Default has occurred and is continuing shall be converted, at the option of the Administrative Agent, to a Base Margin Loan notwithstanding any notice from the Borrowers’ Representative that such Loan is to be continued as a Libor Loan. (c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline therefore, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor Business Day, as applicable. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent. (d) The Borrowers’ Representative may request that the Administrative Agent cause the issuance by the Issuer of L/C’s for the account of a Borrower as provided in Section 2.18. (e) The Administrative Agent may rely on any request for a loan or advance, or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s being furnished with such documentation concerning that Person’s authority to act as reasonably may be satisfactory to the Administrative Agent. (f) A request by the Borrowers’ Representative for a loan or advance, or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each Borrower that as of the date of such request, each of the following is true and correct: (i) There has been no material adverse change in the Loan Parties’ financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Lender pursuant to this Agreement. (ii) Each representation, not relating to a specific date, which is made herein or in any of the Loan Documents is then true and correct in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent that such representations and warranties expressly relate to a then earlier date). (iii) Unless accompanied by the Certificate of the Borrowers’ Representative’s Chief Executive Officer, President, or Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred and is continuing. (g) If, at any time or from time to time, a Default shall occur: (i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, neither the Administrative Agent nor any Revolving Credit Lender shall be obligated during such suspension, to make any loan or advance, or to provide any financial accommodation hereunder or to seek the issuance of any L/C. (ii) The Administrative Agent may suspend the right of the Borrowers’ Representative to request any Libor Loan or to convert any Base Margin Loan to a Libor Loan.
Appears in 1 contract
Samples: Loan and Security Agreement (Casual Male Retail Group Inc)
Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit Loans or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative Lead Borrower in such manner as may from time to time be reasonably acceptable to the Administrative Agent.
(b) Subject to the provisions of this Agreement, the Borrowers’ Representative Lead Borrower may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent by no later than the following:
(i) If such Revolving Credit Loan is to be or is to be converted to a Base Margin Loan: By 1:00PM 12:00 noon on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Margin Loans requested by the Borrowers’ RepresentativeLead Borrower, other than those resulting from the conversion of a Libor Eurodollar Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor Eurodollar Loan: By 1:00PM 1:OOPM three (3) Libor Eurodollar Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor Eurodollar Loans and conversions to Libor Eurodollar Loans shall each be not less than $1,000,000.00 1,000,000 and in increments of $100,000.00 1,000,000 in excess of such minimum.
(iii) Any Libor Eurodollar Loan which matures while a Default has occurred and is continuing exists shall be converted, at the option of the Administrative Agent, to a Base Margin Loan notwithstanding any notice from the Borrowers’ Representative Lead Borrower that such Loan is to be continued as a Libor Eurodollar Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline thereforetherefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor Eurodollar Business Day, as applicable. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent.
(d) The Borrowers’ Representative Lead Borrower may request that the Administrative Agent cause the issuance by the Issuer of L/C’s Cs for the account of a Borrower the Borrowers as provided in Section 2.182-17.
(e) The Administrative Agent may rely on any request for a loan or advance, Revolving Credit Loan or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative Lead Borrower and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s 's being furnished with such documentation concerning that Person’s 's authority to act as reasonably may be satisfactory to the Administrative Agent.
(f) A request by the Borrowers’ Representative Lead Borrower for a loan or advance, or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each Borrower that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Lender pursuant to this Agreement.
(ii) Each representation, not relating to a specific date, representation which is made herein or in any of the Loan Documents is then true and correct complete in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent for representations that such representations and warranties expressly relate to a then an earlier date, in which case that representation shall have been true on such earlier date).
(iii) Unless accompanied by the Certificate of the Borrowers’ Representative’s Chief Executive Officer, President, or Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred and is continuing.
(g) If, at any time or from time to time, a Default shall occur:
(i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, neither the Administrative Agent nor any Revolving Credit Lender shall be obligated during such suspension, to make any loan or advance, or to provide any financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent may suspend the right of the Borrowers’ Representative to request any Libor Loan or to convert any Base Margin Loan to a Libor Loan.
Appears in 1 contract
Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ ' Representative in such manner as may from time to time be reasonably acceptable to the Administrative Agent.
(b) Subject to the provisions of this Agreement, the Borrowers’ ' Representative may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent by no later than the following:
(i) If such Revolving Credit Loan is to be or is to be converted to a Base Margin Loan: By 1:00PM on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Margin Loans requested by the Borrowers’ ' Representative, other than those resulting from the conversion of a Libor Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor Loan: By 1:00PM three (3) Libor Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor Loans and conversions to Libor Loans shall each be not less than $1,000,000.00 and in increments of $100,000.00 in excess of such minimum.
(iii) Any Libor Loan which matures while a Default has occurred and is continuing shall be converted, at the option of the Administrative Agent, to a Base Margin Loan notwithstanding any notice from the Borrowers’ ' Representative that such Loan is to be continued as a Libor Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline thereforetherefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor Business Day, as applicable. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent.
(d) The Borrowers’ ' Representative may request that the Administrative Agent cause the issuance by the Issuer of L/C’s 's for the account of a Borrower as provided in Section 2.182.19.
(e) The Administrative Agent may rely on any request for a loan or advance, or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ ' Representative and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s 's being furnished with such documentation concerning that Person’s 's authority to act as reasonably may be satisfactory to the Administrative Agent.
(f) A request by the Borrowers’ ' Representative for a loan or advance, or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each Borrower that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ ' financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Lender pursuant to this Agreement.
(ii) Each representation, not relating to a specific date, which is made herein or in any of the Loan Documents is then true and correct in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent that such representations and warranties expressly relate to a then earlier date).
(iii) Unless accompanied by the Certificate of the Borrowers’ ' Representative’s 's Chief Executive Officer, President, or Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred and is continuing.
(g) If, at any time or from time to time, a Default shall occur:
(i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, neither the Administrative Agent nor any Revolving Credit Lender shall be obligated during such suspension, to make any loan loans or advance, or to provide any financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent may suspend the right of the Borrowers’ ' Representative to request any Libor Loan or to convert any Base Margin Loan to a Libor Loan.
Appears in 1 contract
Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative Lead Borrower in such manner as may from time to time be reasonably acceptable to the Administrative Agent.
(b) Subject to the provisions of this Agreement, the Borrowers’ Representative Lead Borrower may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent by no later than the following:
(i) If such Revolving Credit Loan is to be or is to be converted to a Base Prime Margin Loan: By 1:00PM 11:30 a.m. on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Prime Margin Loans requested by the Borrowers’ RepresentativeLead Borrower, other than those resulting from the conversion of a Libor LIBOR Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor LIBOR Loan: By 1:00PM 1:00 p.m. three (3) Libor LIBOR Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor LIBOR Loans and conversions to Libor LIBOR Loans shall each be not less than $1,000,000.00 and in increments of $100,000.00 500,000.00 in excess of such minimum.
(iii) Any Libor LIBOR Loan which matures while a any Borrower is In Default has occurred and is continuing shall be converted, at the option of the Administrative Agent, to a Base Prime Margin Loan notwithstanding any notice from the Borrowers’ Representative Lead Borrower that such Loan is to be continued as a Libor LIBOR Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline thereforetherefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor LIBOR Business Day, as applicable. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent.
(d) The Borrowers’ Representative Lead Borrower may request that the Administrative Agent cause the issuance by the Issuer of L/C’s 's for the account of a Borrower the Borrowers as provided in Section 2.18.
(e) The Administrative Agent may rely on any request for a loan or advance, or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative Lead Borrower and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s 's being furnished with such documentation concerning that Person’s 's authority to act as reasonably may be satisfactory to the Administrative Agent.
(f) A request by the Borrowers’ Representative Lead Borrower for a loan or advance, or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each Borrower that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Lender pursuant to this AgreementMaterial Adverse Change.
(ii) All or a portion of any loan or advance so requested will be set aside by the Borrowers to cover the Borrowers' obligations for sales tax on account of sales since the then most recent borrowing pursuant to the Revolving Credit.
(iii) Each representation, not relating to a specific date, representation which is made herein or in any of the Loan Documents is then true and correct complete in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent that such representations and warranties expressly relate to a then earlier date)request.
(iiiiv) Unless accompanied by the a written Certificate of the Borrowers’ Representative’s Chief Executive Officer, President, Lead Borrower's President or its Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, that no Default has occurred and Borrower is continuingor if a Borrower is In Default.
(g) If, at any time or from time to time, a Default shall occur:
(i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, neither the Administrative Agent nor any Revolving Credit Lender shall be obligated during such suspension, to make any loan or advance, or to provide any financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent may suspend the right of the Borrowers’ Representative to request any Libor Loan or to convert any Base Margin Loan to a Libor Loan.
Appears in 1 contract
Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative Borrower in such manner as may from time to time be reasonably acceptable to the Administrative AgentLender.
(b) Subject to the provisions of this Agreement, the Borrowers’ Representative Borrower may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent Lender by no later than the following:
(i) If such Revolving Credit Loan is to be or is to be converted to a Base Margin Loan: By 1:00PM 12:00 Noon on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Margin Loans requested by the Borrowers’ RepresentativeBorrower, other than those resulting from the conversion of a Libor Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor Loan: By 1:00PM three 12:00 Noon Three (3) Libor Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor Loans and conversions to Libor Loans shall each be not less than $1,000,000.00 500,000.00 and in increments of $100,000.00 250,000.00 in excess of such minimum.
(iii) Any Libor Loan which matures while a Default has occurred and the Borrower is continuing InDefault shall be converted, at the option of the Administrative AgentLender, to a Base Margin Loan notwithstanding any notice from the Borrowers’ Representative Borrower that such Loan is to be continued as a Libor Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline therefore...April 11, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor Business Day, as applicable. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent.
(d) The Borrowers’ Representative may request that the Administrative Agent cause the issuance by the Issuer of L/C’s for the account of a Borrower as provided in Section 2.18.
(e) The Administrative Agent may rely on any request for a loan or advance, or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s being furnished with such documentation concerning that Person’s authority to act as reasonably may be satisfactory to the Administrative Agent.
(f) A request by the Borrowers’ Representative for a loan or advance, or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each Borrower that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Lender pursuant to this Agreement.
(ii) Each representation, not relating to a specific date, which is made herein or in any of the Loan Documents is then true and correct in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent that such representations and warranties expressly relate to a then earlier date).
(iii) Unless accompanied by the Certificate of the Borrowers’ Representative’s Chief Executive Officer, President, or Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred and is continuing.
(g) If, at any time or from time to time, a Default shall occur:
(i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, neither the Administrative Agent nor any Revolving Credit Lender shall be obligated during such suspension, to make any loan or advance, or to provide any financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent may suspend the right of the Borrowers’ Representative to request any Libor Loan or to convert any Base Margin Loan to a Libor Loan.2003..
Appears in 1 contract
Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative Borrower in such manner as may from time to time be reasonably acceptable to the Administrative Agent.
(b) Subject to the provisions of this Agreement, the Borrowers’ Representative Borrower may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent by no later than the following:
(i) If such Revolving Credit Loan is to be or is to be converted to a Base Margin Loan: By 1:00PM 1:00 PM on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Margin Loans requested by the Borrowers’ RepresentativeBorrower, other than those resulting from the conversion of a Libor LIBOR Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor an LIBOR Loan: By 1:00PM 1:00 PM, at least three (3) Libor LIBOR Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor LIBOR Loans and conversions to Libor LIBOR Loans shall each be not less than $1,000,000.00 and in increments of $100,000.00 in excess of such minimum.
(iii) Any Libor LIBOR Loan which matures while a an Event of Default has occurred and is continuing shall exists may be converted, at the option of the Administrative Agent, to a Base Margin Loan notwithstanding any notice from the Borrowers’ Representative Borrower that such Revolving Credit Loan is to be continued as a Libor LIBOR Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline thereforetherefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor LIBOR Business Day, as applicable, unless the Agent, in its discretion, determines to deem it to have been made earlier. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent.
(d) The Borrowers’ Representative Borrower may request that the Administrative Agent cause the issuance by the Issuer of L/C’s for the account of a the Borrower as provided in Section 2.18.
(e) The Administrative Following the Closing Date, the Agent may rely on any request for a loan or advance, or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative Borrower and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s being furnished with such documentation concerning that Person’s authority to act as reasonably may be reasonably satisfactory to the Administrative Agent.
(f) A request by the Borrowers’ Representative Borrower for a loan or advance, advance or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each the Borrower that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Lender pursuant to this Agreement.
(ii) Each representation, not relating to a specific date, which is made herein or in any of the Loan Documents is then true and correct in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent that such representations and warranties expressly relate to a then an earlier date).
(iiiii) Unless accompanied by the Certificate Neither a Default nor an Event of the Borrowers’ Representative’s Chief Executive Officer, President, or Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred and is continuingexists.
(g) If, at any time or from time to time, a Default shall occur:or Event of Default exists and is continuing,
(i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, event neither the Administrative Agent nor any Revolving Credit Lender the Lenders shall be obligated during such suspension, suspension to make any loan additional loans or advance, advances or to provide any additional financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent may suspend the right of the Borrowers’ Representative Borrower to request any Libor LIBOR Loan or to convert any Base Margin Loan to a Libor LIBOR Loan.
Appears in 1 contract
Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative Borrower in such manner as may from time to time be reasonably acceptable to the Administrative Agent.
(b) Subject to the provisions of this Agreement, the Borrowers’ Representative Borrower may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent by no later than the following:
(i) If such Revolving Credit Loan is to be or is to be converted to a Base Margin Loan: By 1:00PM 1:00 PM on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Margin Loans requested by the Borrowers’ RepresentativeBorrower, other than those resulting from the conversion of a Libor Eurodollar Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor an Eurodollar Loan: By 1:00PM 1:00 PM, at least three (3) Libor Eurodollar Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor Eurodollar Loans and conversions to Libor Eurodollar Loans shall each be not less than $1,000,000.00 and in increments of $100,000.00 in excess of such minimum.
(iii) Any Libor Eurodollar Loan which matures while a Default has occurred and is continuing shall extant may be converted, at the option of the Administrative Agent, to a Base Margin Loan notwithstanding any notice from the Borrowers’ Representative Borrower that such Revolving Credit Loan is to be continued as a Libor Eurodollar Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline thereforetherefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor Eurodollar Business Day, as applicable, unless the Agent, in its discretion, determines to deem it to have been made earlier. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent.
(d) The Borrowers’ Representative Borrower may request that the Administrative Agent cause the issuance by the Issuer of L/C’s 's for the account of a the Borrower as provided in Section 2.18.
(e) The Administrative Following the Closing Date, the Agent may rely on any request for a loan or advance, or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative Borrower and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s 's being furnished with such documentation concerning that Person’s 's authority to act as reasonably may be reasonably satisfactory to the Administrative Agent.
(f) A request by the Borrowers’ Representative Borrower for a loan or advance, advance or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each the Borrower that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Lender pursuant to this Agreement.
(ii) Each representation, not relating to a specific date, which is made herein or in any of the Loan Documents is then true and correct in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted not prohibited by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent that such representations and warranties expressly relate to a then an earlier date).
(iiiii) Unless accompanied by the Certificate Neither a Default nor an Event of the Borrowers’ Representative’s Chief Executive Officer, President, or Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred and is continuingextant.
(g) If, at any time or from time to time, a Default shall occur:or Event of Default exists and is continuing,
(i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, event neither the Administrative Agent nor any Revolving Credit Lender the Lenders shall be obligated during such suspension, suspension to make any loan additional loans or advance, advances or to provide any additional financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent may suspend the right of the Borrowers’ Representative Borrower to request any Libor Eurodollar Loan or to convert any Base Margin Loan to a Libor Eurodollar Loan.
Appears in 1 contract
Samples: Loan and Security Agreement (Wild Oats Markets Inc)
Revolving Credit Loan Requests. (a) Requests for loans and advances a Revolving Credit Loan under the Revolving Credit or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative Borrower in such manner as may from time to time be reasonably acceptable to the Administrative AgentLender.
(b) Subject to the provisions of this Agreement, the Borrowers’ Representative Borrower may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent Lender by no later than the following:
(i) If such Revolving Credit Loan is to be be, or is to be converted to to, a Base Margin Loan: By 1:00PM 2:00 PM on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Margin Loans requested by the Borrowers’ RepresentativeBorrower, other than those resulting from the conversion of a Libor Eurodollar Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor Eurodollar Loan: By 1:00PM 2:00 PM, at least three (3) Libor Eurodollar Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor Eurodollar Loans and conversions to Libor Eurodollar Loans shall each be not less than $1,000,000.00 500,000.00 and in increments of $100,000.00 in excess of such minimum.
(iii) Any Libor Eurodollar Loan which matures while a Default has occurred exists and is continuing shall may be converted, at the option of the Administrative AgentLender, to a Base Margin Loan notwithstanding any notice from the Borrowers’ Representative Borrower that such Revolving Credit Loan is to be continued as a Libor Eurodollar Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline thereforetherefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor Eurodollar Business Day, as applicable, unless the Lender, in its discretion, determines to deem it to have been made earlier. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be reasonably acceptable to the Administrative AgentLender.
(d) The Borrowers’ Representative Borrower may request that the Administrative Agent Lender cause the issuance by the Issuer of L/C’s for the account of a the Borrower as provided in Section 2.18.
(e) The Administrative Agent Following the Closing Date, the Lender may rely on any request for a loan or advanceRevolving Credit Loan, or other financial accommodation under the Revolving Credit which the Administrative AgentLender, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative an Authorized Officer and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative AgentLender’s being furnished with such documentation concerning that Person’s authority to act as reasonably may be reasonably satisfactory to the Administrative AgentLender.
(f) A request by the Borrowers’ Representative Borrower for a loan or advance, Revolving Credit Loan or other financial accommodation under the Revolving Credit shall be irrevocable and shall (other than with respect to a request for a continuation or rollover of a Eurodollar Loan) constitute certification by each the Borrower that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Lender pursuant to this Agreement.
(ii) Each representationrepresentation and warranty, not relating to a specific date, which is made herein or in any of the Loan Documents is then true and correct in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted not prohibited by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent that such representations and warranties expressly relate to a then an earlier date).
(iiiii) Unless accompanied by the Certificate Neither a Default nor an Event of the Borrowers’ Representative’s Chief Executive Officer, President, or Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred exists and is continuing.
(g) If, at any time or from time to time, a Default shall occur:or Event of Default exists and is continuing,
(i) The Administrative Agent Lender may suspend the Revolving Credit immediately, in which event, neither event the Administrative Agent nor any Revolving Credit Lender shall not be obligated during such suspension, suspension to make any loan additional loans or advance, advances or to provide any additional financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent Lender may suspend the right of the Borrowers’ Representative Borrower to request any Libor Eurodollar Loan or to convert any Base Margin Loan to a Libor Eurodollar Loan.
Appears in 1 contract
Samples: Loan and Security Agreement (Charlotte Russe Holding Inc)
Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative Lead Borrower in such manner as may from time to time be reasonably acceptable to the Administrative Agent.
(b) Subject to the provisions of this Agreement, the Borrowers’ Representative Lead Borrower may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent by no later than the following:
(i) If such Revolving Credit Loan is to be or is to be converted to a Base Margin Loan: By 1:00PM by 12:00 p.m. on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Margin Loans requested by the Borrowers’ RepresentativeLead Borrower, other than those resulting from the conversion of a Libor Eurodollar Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor Eurodollar Loan: By 1:00PM by 12:00 p.m. three (3) Libor Eurodollar Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor Eurodollar Loans and conversions to Libor Eurodollar Loans shall each be not less than $1,000,000.00 and in increments of $100,000.00 500,000.00 in excess of such minimum.
(iii) Any Libor Eurodollar Loan which matures while a any Default or Event of Default has occurred and is continuing shall be converted, at the option of the Administrative Agent, to a Base Margin Loan notwithstanding any notice from the Borrowers’ Representative Lead Borrower that such Loan is to be continued as a Libor Eurodollar Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline thereforetherefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor Eurodollar Business Day, as applicable. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent.
(d) The Borrowers’ Representative may request that the Administrative Agent cause the issuance by the Issuer of L/C’s for the account of a Borrower as provided in Section 2.18.
(e) The Administrative Agent may rely on any request for a loan or advance, or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s being furnished with such documentation concerning that Person’s authority to act as reasonably may be satisfactory to the Administrative Agent.
(f) A request by the Borrowers’ Representative for a loan or advance, or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each Borrower that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Lender pursuant to this Agreement.
(ii) Each representation, not relating to a specific date, which is made herein or in any of the Loan Documents is then true and correct in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent that such representations and warranties expressly relate to a then earlier date).
(iii) Unless accompanied by the Certificate of the Borrowers’ Representative’s Chief Executive Officer, President, or Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred and is continuing.
(g) If, at any time or from time to time, a Default shall occur:
(i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, neither the Administrative Agent nor any Revolving Credit Lender shall be obligated during such suspension, to make any loan or advance, or to provide any financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent may suspend the right of the Borrowers’ Representative to request any Libor Loan or to convert any Base Margin Loan to a Libor Loan.
Appears in 1 contract
Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit Loans or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative Lead Borrower in such manner as may from time to time be reasonably acceptable to the Administrative Agent.
(b) Subject to the provisions of this Agreement, the Borrowers’ Representative Lead Borrower may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent by no later than the following:
(i) If such Revolving Credit Loan is to be or is to be converted to a Base Margin Loan: By 1:00PM 12:00 PM on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Margin Loans requested by the Borrowers’ RepresentativeLead Borrower, other than those resulting from the conversion of a Libor Eurodollar Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor Eurodollar Loan: By 1:00PM three (3) Libor Eurodollar Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor Eurodollar Loans and conversions to Libor Eurodollar Loans shall each be not less than $1,000,000.00 500,000.00 and in increments of $100,000.00 in excess of such minimum.
(iii) Any Libor Eurodollar Loan which matures while a any Borrower is in Default has occurred and is continuing shall be converted, at the option of the Administrative Agent, to a Base Margin Loan notwithstanding any notice from the Borrowers’ Representative Lead Borrower that such Loan is to be continued as a Libor Eurodollar Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline thereforetherefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor Eurodollar Business Day, as applicable. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent.
(d) The Borrowers’ Representative Lead Borrower may request that the Administrative Agent cause the issuance by the Issuer of L/C’s 's for the account of a Borrower the Borrowers as provided in Section 2.182:2-19.
(e) The Administrative Agent may rely on any request for a loan or advance, or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative Lead Borrower and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s 's being furnished with such documentation concerning that Person’s 's authority to act as reasonably may be reasonably satisfactory to the Administrative Agent.
(f) A request by the Borrowers’ Representative Lead Borrower for a loan or advance, or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each Borrower that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ Borrowers' financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Revolving Credit Lender pursuant to this Agreement.
(ii) If on any day that an advance is made hereunder, any sales tax owed by the Borrowers is due and payable and remains unpaid, then some or all of such advance shall be applied to cover the Borrowers' payment of such sales tax.
(iii) Each representation, not relating to a specific date, representation which is made herein or in any of the Loan Documents is then true and correct complete in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent that such representations and warranties expressly relate to a then earlier date)request.
(iiiiv) Unless accompanied by the Certificate The granting of the Borrowers’ Representative’s Chief Executive Officer, President, request will not result in a breach of or Chief Financial Officer describing (in reasonable detail) default under the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred and is continuing1995 Indenture.
(g) If, at any time or from time to time, a Default shall occur:
(i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, neither the Administrative Agent nor any Revolving Credit Lender shall be obligated during such suspension, to make any loan or advance, or to provide any financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent may suspend the right of the Borrowers’ Representative to request any Libor Loan or to convert any Base Margin Loan to a Libor Loan.
Appears in 1 contract
Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative Company in the form attached as EXHIBIT F or in such other manner as may from time to time be reasonably acceptable to the Administrative Agent.
(b) Subject to the provisions of this Agreement, the Borrowers’ Representative Company, on behalf of any Borrower, may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent by no later than the following:
(i) If such Revolving Credit Loan is to be or is to be converted to a Base Margin Loan: By 1:00PM 12:00 noon on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Margin Loans requested by the Borrowers’ RepresentativeCompany, other than those resulting from the conversion of a Libor Eurodollar Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor Eurodollar Loan: By 1:00PM three two (32) Libor Eurodollar Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor Eurodollar Loans and conversions to Libor Eurodollar Loans shall each be not less than $1,000,000.00 1,000,000 and in increments of $100,000.00 1,000,000 in excess of such minimum.
(iii) Any Libor Eurodollar Loan which matures while a Default has occurred and is continuing the Borrowers are InDefault shall be converted, at the option of the Administrative Agent, to a Base Margin Loan notwithstanding any notice from the Borrowers’ Representative any Borrower that such Loan is to be continued as a Libor Eurodollar Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline thereforetherefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor Eurodollar Business Day, as applicable. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent.
(d) The Borrowers’ Representative Company may request that the Administrative Agent cause the issuance by the Issuer of L/C’s 's for the account of a any Borrower as provided in Section 2.18.
(e) The Administrative Agent may rely on any request for a loan or advance, or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative Borrowers and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s 's being furnished with such documentation concerning that Person’s 's authority to act as reasonably may be satisfactory to the Administrative Agent.
(f) A request by the Borrowers’ Representative Company for a loan or advance, or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each Borrower the Borrowers that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ any Borrower's financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Revolving Credit Lender pursuant to this Agreement.
(ii) All or a portion of any loan or advance so requested will be set aside by such Borrower to cover such Borrower's obligations for any unpaid sales tax on account of sales since the then most recent borrowing pursuant to the Revolving Credit.
(iii) Each representation, not relating to a specific date, representation which is made herein or in any of the Loan Documents is then true and correct complete in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent that such representations and warranties expressly relate to a then earlier date)request.
(iiiiv) Unless accompanied by the a written Certificate of the Borrowers’ Representative’s Chief Executive Officer, President, such Borrower's President or its Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred and that such Borrower is continuingnot InDefault.
(g) If, at any time or from time to time, a Default shall occurany Borrower is InDefault:
(i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, neither the Administrative Agent nor any Revolving Credit Lender shall be obligated obligated, during such suspension, to make any loan loans or advance, or to provide any financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent may suspend the right of the Borrowers’ Representative any Borrower to request any Libor Eurodollar Loan or to convert any Base Margin Loan to a Libor Eurodollar Loan.
Appears in 1 contract
Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative Lead Borrower in such manner as may from time to time be reasonably acceptable to the Administrative Agent.
(b) Subject to the provisions of this Agreement, the Borrowers’ Representative Lead Borrower may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent by no later than the following:
(i) If such Revolving Credit Loan is to be or is to be converted to a Base Margin Loan: By 1:00PM 1:00 PM Boston time on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so convertedconverted . Base Margin Loans requested by the Borrowers’ RepresentativeLead Borrower, other than those resulting from the conversion of a Libor Index Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, be or is to be continued as, or converted to, to a Libor an Index Loan: By 1:00PM 1:00 PM Boston time, three (3) Libor Index Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor Index Loans and conversions to Libor Index Loans shall each be not less than $1,000,000.00 and in increments of $100,000.00 in excess of such minimum.
(iii) Any Libor Index Loan which matures while a Default has occurred and Suspension Event is continuing shall extended may be converted, at the option of the Administrative Agent, to a Base Margin Loan notwithstanding any notice from the Borrowers’ Representative Lead Borrower that such Revolving Credit Loan is to be continued as a Libor Index Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline thereforetherefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor Index Business Day, as applicable, unless the Administrative Agent, in its discretion, determines to deem it to have been made earlier. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent.
(d) The Borrowers’ Representative may request that the Administrative Agent cause the issuance by the Issuer of L/C’s for the account of a Borrower as provided in Section 2.18.
(e) The Administrative Agent may rely on any request for a loan or advance, or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s being furnished with such documentation concerning that Person’s authority to act as reasonably may be satisfactory to the Administrative Agent.
(f) A request by the Borrowers’ Representative for a loan or advance, or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each Borrower that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Lender pursuant to this Agreement.
(ii) Each representation, not relating to a specific date, which is made herein or in any of the Loan Documents is then true and correct in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent that such representations and warranties expressly relate to a then earlier date).
(iii) Unless accompanied by the Certificate of the Borrowers’ Representative’s Chief Executive Officer, President, or Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred and is continuing.
(g) If, at any time or from time to time, a Default shall occur:
(i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, neither the Administrative Agent nor any Revolving Credit Lender shall be obligated during such suspension, to make any loan or advance, or to provide any financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent may suspend the right of the Borrowers’ Representative to request any Libor Loan or to convert any Base Margin Loan to a Libor Loan.
Appears in 1 contract
Samples: Loan and Security Agreement (Duckwall Alco Stores Inc)
Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit Loans or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative Lead Borrower in such manner as may from time to time be reasonably acceptable to the Administrative Agent.
(b) Subject to the provisions of this Agreement, the Borrowers’ Representative Lead Borrower may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent by no later than the following:
(i) If such Revolving Credit Loan is to be or is to be converted to a Base Margin Loan: By 1:00PM 12:00 noon on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Margin Loans requested by the Borrowers’ RepresentativeLead Borrower, other than those resulting from the conversion of a Libor Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor Loan: By 1:00PM l:00PM three (3) Libor Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor Loans and conversions to Libor Loans shall each be not less than $1,000,000.00 1,000,000 and in increments of $100,000.00 1,000,000 in excess of such minimum.
(iii) Any Libor Loan which matures while a an Event of Default has occurred and is continuing exists shall be converted, at the option of the Administrative Agent, converted to a Base Margin Loan notwithstanding any notice from the Borrowers’ Representative Lead Borrower that such Loan is to be continued as a Libor Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline thereforetherefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor Business Day, as applicable. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent.
(d) The Borrowers’ Representative Lead Borrower may request that the Administrative Agent cause the issuance by the Issuer of L/C’s Cs for the account of a Borrower the Borrowers as provided in Section 2.182-15.
(e) The Administrative Agent may rely on any request for a loan or advance, Revolving Credit Loan or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative Lead Borrower and may may, in good faith, decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s 's being furnished with such documentation concerning that Person’s 's authority to act as reasonably may be satisfactory to the Administrative Agent.
(f) A request by the Borrowers’ Representative Lead Borrower for a loan or advance, or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each Borrower that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Lender pursuant to this Agreement.
(ii) Each representation, not relating to a specific date, representation which is made herein or in any of the Loan Documents is then true and correct complete in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent for representations that such representations and warranties expressly relate to a then an earlier date, in which case that representation shall have been true on such earlier date).
(iii) Unless accompanied by the Certificate of the Borrowers’ Representative’s Chief Executive Officer, President, or Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred and is continuing.
(g) If, at any time or from time to time, a Default shall occur:
(i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, neither the Administrative Agent nor any Revolving Credit Lender shall be obligated during such suspension, to make any loan or advance, or to provide any financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent may suspend the right of the Borrowers’ Representative to request any Libor Loan or to convert any Base Margin Loan to a Libor Loan.
Appears in 1 contract
Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative Company in the form attached as EXHIBIT F or in such other manner as may from time to time be reasonably acceptable to the Administrative Agent.
(b) Subject to the provisions of this Agreement, the Borrowers’ Representative Company, on behalf of any Borrower, may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent by no later than the following:
(i) If such Revolving Credit Loan is to be or is to be converted to a Base Margin Loan: By 1:00PM 12:00 noon on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Margin Loans requested by the Borrowers’ RepresentativeCompany, other than those resulting from the conversion of a Libor Eurodollar Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor Eurodollar Loan: By 1:00PM three two (32) Libor Eurodollar Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor Eurodollar Loans and conversions to Libor Eurodollar Loans shall each be not less than $1,000,000.00 1,000,000 and in increments of $100,000.00 1,000,000 in excess of such minimum.
(iii) Any Libor Eurodollar Loan which matures while a Default has occurred and is continuing the Borrowers are InDefault shall be converted, at the option of the Administrative Agent, to a Base Margin Loan notwithstanding any notice from the Borrowers’ Representative any Borrower that such Loan is to be continued as a Libor Eurodollar Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline thereforetherefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor Eurodollar Business Day, as applicable. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent.
(d) The Borrowers’ Representative Company may request that the Administrative Agent cause the issuance by the Issuer of L/C’s 's for the account of a any Borrower as provided in Section 2.18.
(e) The Administrative Agent may rely on any request for a loan or advance, or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative Borrowers and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s 's being furnished with such documentation concerning that Person’s 's authority to act as reasonably may be satisfactory to the Administrative Agent.
(f) A request by the Borrowers’ Representative Company for a loan or advance, or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each Borrower the Borrowers that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ any Borrower's financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Revolving Credit Lender pursuant to this Agreement.
(iiiii) Each representation, not relating to a specific date, representation which is made herein or in any of the Loan Documents is then true and correct complete in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent that such representations and warranties expressly relate to a then earlier date)request.
(iiiiv) Unless accompanied by the a written Certificate of the Borrowers’ Representative’s Chief Executive Officer, President, such Borrower's President or its Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred and that such Borrower is continuingnot InDefault.
(g) If, at any time or from time to time, a Default shall occurany Borrower is InDefault:
(i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, neither the Administrative Agent nor any Revolving Credit Lender shall be obligated obligated, during such suspension, to make any loan loans or advance, or to provide any financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent may suspend the right of the Borrowers’ Representative any Borrower to request any Libor Eurodollar Loan or to convert any Base Margin Loan to a Libor Eurodollar Loan.
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Revolving Credit Loan Requests. (a) Requests for loans and advances under the Revolving Credit or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan may be requested by the Borrowers’ Representative Borrower in such manner as may from time to time be reasonably acceptable to the Administrative Agent.
(b) Subject to the provisions of this Agreement, the Borrowers’ Representative Borrower may request a Revolving Credit Loan and elect an interest rate and Interest Period to be applicable to that Revolving Credit Loan by giving notice to the Administrative Agent by no later than the following:
(i) If such Revolving Credit Loan is to be or is to be converted to a Base Margin Loan: By 1:00PM 1:00 PM on the Business Day prior to the Business Day on which the subject Revolving Credit Loan is to be made or is to be so converted. Base Margin Loans requested by the Borrowers’ RepresentativeBorrower, other than those resulting from the conversion of a Libor LIBOR Loan, shall not be less than $10,000.00.
(ii) If such Revolving Credit Loan is to be, or is to be continued as, or converted to, a Libor an LIBOR Loan: By 1:00PM 1:00 PM, at least three (3) Libor LIBOR Business Days before the commencement of any new Interest Period or the end of the then applicable Interest Period. Libor LIBOR Loans and conversions to Libor LIBOR Loans shall each be not less than $1,000,000.00 and in increments of $100,000.00 in excess of such minimum.
(iii) Any Libor LIBOR Loan which matures while a an Event of Default has occurred and is continuing shall extant may be converted, at the option of the Administrative Agent, to a Base Margin Loan notwithstanding any notice from the Borrowers’ Representative Borrower that such Revolving Credit Loan is to be continued as a Libor LIBOR Loan.
(c) Any request for a Revolving Credit Loan or for the continuance or conversion of an interest rate applicable to a Revolving Credit Loan which is made after the applicable deadline thereforetherefor, as set forth above, shall be deemed to have been made at the opening of business on the then next Business Day or Libor LIBOR Business Day, as applicable, unless the Agent, in its discretion, determines to deem it to have been made earlier. Each request for a Revolving Credit Loan or for the conversion of a Revolving Credit Loan shall be made in such manner as may from time to time be acceptable to the Administrative Agent.
(d) The Borrowers’ Representative Borrower may request that the Administrative Agent cause the issuance by the Issuer of L/C’s for the account of a the Borrower as provided in Section 2.18.
(e) The Administrative Following the Closing Date, the Agent may rely on any request for a loan or advance, or other financial accommodation under the Revolving Credit which the Administrative Agent, in good faith, believes to have been made by a Person duly authorized to act on behalf of the Borrowers’ Representative Borrower and may decline to make any such requested loan or advance, or issuance, or to provide any such financial accommodation pending the Administrative Agent’s being furnished with such documentation concerning that Person’s authority to act as reasonably may be reasonably satisfactory to the Administrative Agent.
(f) A request by the Borrowers’ Representative Borrower for a loan or advance, advance or other financial accommodation under the Revolving Credit shall be irrevocable and shall constitute certification by each the Borrower that as of the date of such request, each of the following is true and correct:
(i) There has been no material adverse change in the Loan Parties’ financial condition (taken as a whole) from the most recent financial information furnished Administrative Agent or any Lender pursuant to this Agreement.
(ii) Each representation, not relating to a specific date, which is made herein or in any of the Loan Documents is then true and correct in all material respects as of and as if made on the date of such request (except (A) to the extent of changes resulting from transactions contemplated or permitted by this Agreement or the other Loan Documents and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse and (B) to the extent that such representations and warranties expressly relate to a then an earlier date).
(iiiii) Unless accompanied by the Certificate Neither a Default nor an Event of the Borrowers’ Representative’s Chief Executive Officer, President, or Chief Financial Officer describing (in reasonable detail) the facts and circumstances thereof and the steps (if any) being taken to remedy such condition, no Default has occurred and is continuingextant.
(g) If, at any time or from time to time, a Default shall occur:or Event of Default exists and is continuing,
(i) The Administrative Agent may suspend the Revolving Credit immediately, in which event, event neither the Administrative Agent nor any Revolving Credit Lender the Lenders shall be obligated during such suspension, suspension to make any loan additional loans or advance, advances or to provide any additional financial accommodation hereunder or to seek the issuance of any L/C.
(ii) The Administrative Agent may suspend the right of the Borrowers’ Representative Borrower to request any Libor LIBOR, Loan or to convert any Base Margin Loan to a Libor LIBOR Loan.
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