Revolving Loan Advances. (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, Lender agrees to make revolving loans (“Advances”) to Borrowers in an amount at any one time outstanding not to exceed the lesser of:
(i) the Maximum Revolver Amount less the Letter of Credit Usage at such time, and
(ii) the Borrowing Base at such time less the Letter of Credit Usage, other than Letter of Credit Usage in respect of Cash Collateralized Letters of Credit, at such time.
(b) Amounts borrowed pursuant to this Section 2.1 may be repaid and, subject to the terms and conditions of this Agreement, reborrowed at any time during the term of this Agreement. The outstanding principal amount of the Advances, together with interest accrued and unpaid thereon, shall be due and payable on the Termination Date. Lender has no obligation to make an Advance at any time following the occurrence and during the continuance of a Default or an Event of Default.
(c) If at any time the Maximum Revolver Amount is less than the amount of the Borrowing Base, the amount of Advances available under Section 2.1(a) above shall be reduced by any Reserves established by Lender with respect to amounts that may be payable by any Borrower to third parties. Lender agrees it shall use reasonable efforts to promptly notify Borrowers upon establishing any new Reserves; provided, however, Lender’s failure to do so shall not impact the amount of Advances available hereunder or impose any liability upon Lender whatsoever.
(d) Lender may request that any portion of its Obligations or the Advances made by it be evidenced by one or more promissory notes. In such event, Borrowers shall execute and deliver to such Lender the requested promissory notes payable to the order of such Lender in a form reasonably satisfactory to Borrowers. Thereafter, the portion of the Obligations and Advances evidenced by such promissory notes and interest thereon shall at all times be represented by one or more promissory notes in such form payable to the order of the payee named therein; provided that on the Closing Date, this Agreement shall evidence the Advances and other Obligations owing to Lender regardless of whether the notes (which are solely at the option and at the request of Lender pursuant to this Section 2.1(d)) are issued. On the Closing Date, the Existing Note shall be deemed cancelled and any and all Advances and Obligations with respect thereto shall remain outstanding in all respects and evidenc...
Revolving Loan Advances. Subject to the provisions of this Agreement, including, without limitation satisfaction or waiver in writing by Agent of all conditions set forth in Article IV hereof, each Lender severally agrees to make Advances (or to request Agent to make Agent Advances pursuant to Section 13.4(b)) up to such Xxxxxx’s respective Revolving Loan Commitment to Borrower under the Loan from time to time on or prior to the last day of the Revolving Credit Period (collectively, the “Revolving Advances” or the “Revolving Loan Advances”). Each Revolving Loan Advance shall be made in an amount requested by Borrower not to exceed the Availability as of such date of determination by deposit into a Deposit Account designated by Xxxxxxxx; provided, that under no circumstances shall the outstanding amount of the Revolving Loan Advances exceed the Maximum Revolving Loan Amount, and provided, further, no Lender shall be obligated to provide funding for any Revolving Loan Advance that would increase the aggregate of all outstanding amounts funded by such Lender (including any Revolving Loan Advances made by any predecessor in interest to such Lender) to an amount in excess of the stated principal amount of that Xxxxxx’s Note or such Xxxxxx’s Revolving Loan Commitment. Unless otherwise permitted by Agent, each Revolving Loan Advance shall be in an amount of at least Two Hundred Fifty Thousand Dollars ($250,000). No more than one (1) Revolving Loan Advance may be made hereunder in any calendar week. Any such request for a Revolving Loan Advance by Borrower must be made by 1:00 p.m. EST two (2) Business Days prior to the proposed borrowing date and shall contain a certification from an officer of Borrower representing that all conditions precedent to the funding of such Revolving Advance contained herein are satisfied. Subject to the terms hereof Revolving Advances may be repaid and re-borrowed prior to the expiration of the Revolving Credit Period. The failure of any Lender to make any Advance required to be made by it shall not relieve any other Lender of its obligations hereunder; provided, that the Revolving Loan Commitment of each Lender is several and no Lender shall be responsible for any other Lender’s failure to make required Advances. Notwithstanding anything else herein to the contrary, no Revolving Loan Advances shall be made or requested after the last day of the Revolving Credit Period. In connection with the initial Revolving Advance made to Borrower on or after the Closing ...
Revolving Loan Advances. (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, Lender agrees to make revolving loans (“Advances”) to Borrowers in an amount at any one time outstanding not to exceed the lesser of:
(i) the Maximum Revolver Amount less the Letter of Credit Usage at such time, and
(ii) the Borrowing Base at such time less the Letter of Credit Usage at such time.
(b) Amounts borrowed pursuant to this Section 2.1 may be repaid and, subject to the terms and conditions of this Agreement, reborrowed at any time during the term of this Agreement. The outstanding principal amount of the Advances, together with interest accrued and unpaid thereon, shall be due and payable on the Termination Date. Lender has no obligation to make an Advance at any time following the occurrence of a Default or an Event of Default.
(c) If at any time the Maximum Revolver Amount is less than the amount of the Borrowing Base, the amount of Advances available under Section 2.1(a) above shall be reduced by any Reserves established by Lender with respect to amounts that may be payable by any Borrower to third parties.
Revolving Loan Advances. Administrative Agent shall promptly notify each Lender of the amount of the Advance to be made on an Advance Date. Each Lender shall make immediately available to Administrative Agent by 3:00 p.m. (Local Time) on the Advance Date funds consisting solely of Dollars in the amount of its pro-rata share of such Advance, rounded to the nearest penxx, xn accordance with such remittance instructions as may be given by Administrative Agent to Lenders from time to time.
Revolving Loan Advances. With respect to each requested Subsequent Advance of Revolving Loans, the Agent shall have received a Notice of Borrowing, including a Borrowing Base Certificate (including ERC Financial Data as of such date) (and calculating the pro forma Revolving Loan Borrowing Base and pro forma Borrowing Base no earlier than one (1) Business Day prior to the date of the Subsequent Advance, in each case, after giving effect to such requested advance), demonstrating that (i) the amount of such requested advance of Revolving Loans shall not exceed the Maximum Revolving Loan Limit applicable to such requested advance and (ii) after giving effect to such requested advance of Revolving Loans (x) the aggregate outstanding principal balance of the Revolving Loans shall not exceed the Aggregate Revolving Loan Commitment as of such date and (y) the Combined Loan Balance as of such date shall not exceed the Maximum Facility Limit as of such date.
Revolving Loan Advances. Reseller may request subsequent Revolving Loan Advances at any time, but not more often than once each Business Day, by submitting a request therefor to Administrative Agents as provided in Section 7.13. All requests for a Revolving Loan Advance must be submitted by Reseller. Administrative Agents may treat every request for a Revolving Loan Advance as a request for a Swingline Advance to the extent the requested amount does not exceed the Maximum Swingline Amount and as a request for a Revolving Loan Advance in the amount of the excess. Every request for a Revolving Loan Advance shall be irrevocable. A request for a Revolving Loan Advance received by Administrative Agents on a day that is not a Business Day or that is received by Administrative Agents after 9:30 a.m. (Local Time) on a Business Day shall be treated as having been received by Administrative Agents at 9:30 a.m. (Local Time) on the next Business Day.
Revolving Loan Advances. (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, Lender agrees to make revolving loans (“Advances”) to Borrowers in an amount at any one time outstanding not to exceed the lesser of:
(i) the Maximum Revolver Amount less the Letter of Credit Usage at such time, and
(ii) the Borrowing Base at such time less the Letter of Credit Usage at such time.
(b) Amounts borrowed pursuant to this Section 2.1 may be repaid and, subject to the terms and conditions of this Agreement, reborrowed at any time during the term of this Agreement. The outstanding principal amount of the Advances, together with interest accrued and unpaid thereon, shall be due and payable on the Termination Date. Lender has no obligation to make an Advance at any time following the occurrence of a Default or an Event of Default.
Revolving Loan Advances. Subject to the terms and conditions hereof, Lender agrees to make Advances to Borrower upon the Revolving Note from time to time so long as the aggregate amount of Advances outstanding at any time does not exceed the greater of the Borrowing Base as of the date on which the requested Advance is to be made or the Loan Amount of the Revolving Note. Each Advance must be greater than or equal to $50,000.00. The amount of principal owing on the Revolving Note at any given time shall be the aggregate amount of all Advances heretofore made minus all payments of principal theretofore received by Lender on the Revolving Note. Interest on the Revolving Note shall accrue and be due and payable as provided therein. Borrower may borrow funds under the Revolving Note, repay such funds and re-borrow under the Revolving Note, all in accordance with the terms and conditions of the Revolving Note and this Agreement. The Advances shall not exceed eighty percent (80%) of Borrower’s Eligible Accounts. The Eligible Accounts shall be further limited so that they do not exceed a concentration of forty percent (40%) of accounts receivable Accounts directly with Diamondback E&P, LLC, a Delaware limited liability company, an affiliate of Borrower, and a concentration of 20% of accounts receivable Accounts directly with any other single customer of Borrower. It is agreed that the aggregate amount advanced under the Revolving Note will not at any time exceed $5,000,000.00.
Revolving Loan Advances. Each Lender will extend a revolving credit facility (the “Revolving Loan”) to Borrowers, subject to the terms and conditions hereof, the principal sum outstanding under which at any time shall not exceed such Lender’s Revolving Loan Commitment.
(i) Interest shall accrue on the unpaid balance of the Revolving Loan at an interest rate per annum equal to LIBOR plus the Applicable Margin. All interest accruing on the Revolving Loan shall be due and payable on each Payment Date.
(ii) The principal sum and all obligations outstanding under the Revolving Loan shall be due and payable in full on the earlier of (A) the date that the Revolving Loan is due and payable in full pursuant to the terms of this Agreement, whether by acceleration or otherwise, or (B) the Termination Date.
(iii) The net proceeds of the Revolving Loan shall be used solely (A) to assure that all state licensing requirements of FCMC are met, and (B) to pay Approved Expenses of Holding.
Revolving Loan Advances. During the Revolving Loan Commitment Period, each Lender severally agrees to make revolving credit advances in Dollars (each an FIFTH AMENDED AND RESTATED CREDIT AGREEMENT – Page 44 “Advance” and collectively, the “Advances”) to the Borrowers (at the request and direction of the Borrower Representative) on any Business Day; provided that after giving effect to any such Advance, (A) with regard to the Lenders collectively, the aggregate outstanding principal amount of the Obligations that are Revolving Loans, plus the outstanding Obligations under the Swing Loans, the outstanding Letter of Credit Obligations and any unreimbursed L/C Reimbursement Obligations that have not been converted to a Revolving Loan, shall not exceed the lesser of (x) the Aggregate Revolving Loan Commitment Amount and (y) the Borrowing Base Amount, and (B) with regard to each Lender individually, such Lender’s Revolving Loan Commitment Percentage of the outstanding principal balance of Obligations that are Revolving Loans, plus the outstanding Obligations under the Swing Loans, the outstanding Letter of Credit Obligations and any unreimbursed L/C Reimbursement Obligations that have not been converted to a Revolving Loan, shall not exceed its respective Revolving Loan Commitment Amount. The Loan may be repaid and reborrowed in accordance with the provisions hereof.
