Revolving Loan Facility. Subject to the provisions of Section 3 below and subject to the other provisions and conditions of this Agreement, Bank shall advance to Borrowers from time to time prior to the Termination Date on a revolving credit basis (the “Revolving Loan”) in an aggregate outstanding principal amount not to exceed the lesser of (a) the Maximum Revolving Facility minus the sum of the undrawn face amount of any Letters of Credit outstanding at the time any particular advance is made, and (b) the Borrowing Base (such commitment being referred to herein as the “Revolving Commitment”). Bank, in its sole and absolute discretion, may elect to make advances to Borrowers in excess of the amount available pursuant to the definition of the term Borrowing Base. Each advance to Borrowers under this Section 2.1 shall be in a minimum amount of $5,000 and in integral multiples of $5,000 in excess thereof (or such other amounts as Bank may agree in its sole discretion), subject to Section 2.9 regarding LIBOR Rate Advances, and shall, on the day of such advance, be deposited in immediately available funds in the Company’s demand deposit account with Bank, or in such other account as Borrowers’ Agent may, from time to time, designate. The Revolving Loan made by Bank under this Section 2.1 shall be evidenced, in part, by a promissory note of even date herewith in the form attached hereto as Exhibit 2.1 (the “Revolving Note”) with the blanks appropriately filled. The Liabilities evidenced by the Revolving Note shall become immediately due and payable as provided in Section 9.1 hereof, and, without notice or demand, upon the termination of the Revolving Commitment pursuant to Section 2.8 hereof.
Appears in 2 contracts
Samples: Loan and Security Agreement (Teavana Holdings Inc), Loan and Security Agreement (Teavana Holdings Inc)
Revolving Loan Facility. (A) Subject to the provisions of Section 3 below and subject to the other provisions terms and conditions of set forth in this Agreement, Bank shall advance on and after the Closing Date and to Borrowers from time to time prior to and excluding the Termination Date Date, upon the request of a Borrower pursuant to Subsection 2.5, each of the Lenders shall, severally in proportion to its Proportionate Share, make loans and advances to such Borrower (including Interim Revolving Loans) on a revolving credit basis (collectively, for all Borrowers, the “"Revolving Loan”) in an aggregate outstanding principal amount not to exceed the lesser of (a) the Maximum Revolving Facility minus the sum of the undrawn face amount of any Letters of Credit outstanding at the time any particular advance is made, and (b) the Borrowing Base (such commitment being referred to herein as the “Revolving Commitment”Loans"). Bank, in its sole and absolute discretion, may elect to make advances to Borrowers in excess of the amount available pursuant to the definition of the term Borrowing Base. Each advance to Borrowers under this Section 2.1 shall be in a minimum amount of $5,000 and in integral multiples of $5,000 in excess thereof (or such other amounts as Bank may agree in its sole discretion), subject to Section 2.9 regarding LIBOR Rate Advances, and shall, on the day of such advance, be deposited in immediately available funds in the Company’s demand deposit account with Bank, or in such other account as Borrowers’ Agent may, from time to time, designate. The Revolving Loan made Loans advanced by Bank under this Section 2.1 each Lender to each Borrower shall be evidenced, in part, by a promissory note made by such Borrower in favor of even date herewith such Lender (each, a "Revolving Note") substantially in the form attached hereto as Exhibit 2.1 (the “Revolving Note”) A with the blanks appropriately filled. The Liabilities evidenced by filled and, the provisions of any Revolving Note notwithstanding, shall become immediately due and payable as provided in Section Subsection 9.1 hereof, and, without notice or demand, upon the termination of the Revolving Commitment this Agreement pursuant to Section 2.8 Subsections 2.15 or 2.21(E) hereof.
(B) The Revolving Loans made to a Borrower shall consist of either Base Rate Advances or LIBOR Rate Advances, as duly requested by such Borrower pursuant to this Agreement. Each Borrower shall maintain a sufficient amount of Base Rate Advances so that application of the proceeds of Collateral in accordance with Subsections 2.8 and 3.6 will not necessitate a payment of a LIBOR Rate Advance on a day other than the last day of the Interest Period applicable thereto.
Appears in 2 contracts
Samples: Loan and Security Agreement (Abc Rail Products Corp), Loan and Security Agreement (Abc Rail Products Corp)
Revolving Loan Facility. (A) Subject to the provisions of Section 3 below and subject to the other provisions terms and conditions of set forth in this Agreement, Bank shall advance on and after the Closing Date and to Borrowers from time to time prior to and excluding the Termination Date Date, upon the request of a Borrower pursuant to Subsection 2.5, each of the Lenders shall, severally in proportion to its Revolving Proportionate Share, make loans and advances to such Borrower (including Interim Revolving Loans (as defined below)) on a revolving credit basis (collectively, for all Borrowers, the “"Revolving Loan”) in an aggregate outstanding principal amount not to exceed the lesser of (a) the Maximum Revolving Facility minus the sum of the undrawn face amount of any Letters of Credit outstanding at the time any particular advance is made, and (b) the Borrowing Base (such commitment being referred to herein as the “Revolving Commitment”Loans"). Bank, in its sole and absolute discretion, may elect to make advances to Borrowers in excess of the amount available pursuant to the definition of the term Borrowing Base. Each advance to Borrowers under this Section 2.1 shall be in a minimum amount of $5,000 and in integral multiples of $5,000 in excess thereof (or such other amounts as Bank may agree in its sole discretion), subject to Section 2.9 regarding LIBOR Rate Advances, and shall, on the day of such advance, be deposited in immediately available funds in the Company’s demand deposit account with Bank, or in such other account as Borrowers’ Agent may, from time to time, designate. The Revolving Loan made Loans advanced by Bank under this Section 2.1 each Lender to each Borrower shall be evidenced, in part, by a promissory note made by such Borrower in favor of even date herewith such Lender (each, a "Revolving Note") substantially in the form attached hereto as Exhibit 2.1 (the “Revolving Note”) A-3 with the blanks appropriately filled. The Liabilities evidenced by filled and, the provisions of any Revolving Note notwithstanding, shall become immediately due and payable as provided in Section Subsection 9.1 hereof, and, without notice or demand, upon the termination of the Revolving Commitment this Agreement pursuant to Section 2.8 Subsections 2.15 or 2.21(E) hereof.
(B) The Revolving Loans made to a Borrower shall consist of either Base Rate Advances or LIBOR Rate Advances, as duly requested by such Borrower pursuant to this Agreement. Each Borrower shall maintain a sufficient amount of Base Rate Advances so that application of the proceeds of Collateral in accordance with Subsections 2.8 and 3.6 will not necessitate a payment of a LIBOR Rate Advance on a day other than the last day of the Interest Period applicable thereto.
Appears in 1 contract
Samples: Loan and Security Agreement (Abc Rail Products Corp)