Revolving Loans and Letters of Credit. Subject to the terms and conditions contained in this Agreement, including Sections 1.3 and 1.6, Lender shall, from time to time prior to the Maturity Date, at Borrowing Agent’s request, (i) make revolving loans to Borrowers (“Revolving Loans”), and (ii) make, or cause or permit a Participant (as defined in Section 10.10) to make, letters of credit (“Letters of Credit”) available to Borrowers; provided, that after giving effect to each such Revolving Loan and each such Letter of Credit, (A) the outstanding balance of all Revolving Loans and the Letter of Credit Balance will not exceed the lesser of (x) the Maximum Revolving Facility Amount, minus Reserves and (y) the Borrowing Base, and (B) none of the other Loan Limits for Revolving Loans will be exceeded. All Revolving Loans shall be made in and repayable in Dollars.
Revolving Loans and Letters of Credit. Subject to the terms and conditions contained in this Agreement, including Sections 1.3 and 1.6, each Lender with a Revolving Loan Commitment shall (severally, not jointly and severally), from time to time prior to the Maturity Date, at Borrowing Agent’s request, (i) make revolving loans to Borrowers (“Revolving Loans”), and (ii) make, or cause or permit a Participant (as defined in Section 10.10) to make, letters of credit (“Letters of Credit”) available to Borrowers in an amount not to exceed such Lender’s Pro Rata Share of such Revolving Loans and/or Letters of Credit; provided, that after giving effect to each such Revolving Loan and each such Letter of Credit, (A) the outstanding balance of all Revolving Loans and the Letter of Credit Balance will not exceed the lesser of (x) the Maximum Revolving Facility Amount, minus Reserves and (y) the Borrowing Base, and (B) none of the other Loan Limits for Revolving Loans will be exceeded. All Revolving Loans shall be made, and repayable, in Dollars.
Revolving Loans and Letters of Credit. The Borrower will use the proceeds of the Loans and Letters of Credit for acquisitions permitted hereunder, to repay debt which is assumed in connection with such acquisitions, to pay distributions, for working capital, and other general corporate purposes not in contravention of any Governmental Requirement or of any Loan Document.
Revolving Loans and Letters of Credit. 2.01 The Bank agrees, on the terms herein set forth, to make revolving loan advances (the "Advances") from time to time during the period from the date hereof to the Termination Date in an amount equal to $15,000,000 (or such higher amount as the parties hereto may from time to time agree) (the "Revolving Loan Committed Amount"). The Bank agrees that a portion of the Advances shall be available to Trimmings in U.K. Pounds Sterling (the "Sterling Advances") in an aggregate amount up to (pound)5,000,000 at any time outstanding. The Bank agrees that the remaining portion of the Advances shall be available to Conso in U.S. dollars (the "Dollar Advances"). Within the limits set forth herein and in the Sterling Note (as hereinafter defined) and the Dollar Note (as hereinafter defined), the Bank shall make Advances, accept payments and prepayments pursuant to the terms hereof and readvance any amount so paid or prepaid.
2.02 The Sterling Advances shall be made, shall be repaid and shall bear interest in accordance with the terms of that certain Promissory Note of even date herewith executed by Trimmings in favor of the Bank in the original principal amount of up to (pound)5,000,000 (the "Sterling Note"), the terms of which are incorporated herein by reference.
2.03 The Dollar Advances shall be made, shall be repaid and shall bear interest in accordance with the terms of that certain Promissory Note of even date herewith executed by Conso in favor of the Bank in the original principal amount of up to $15,000,000 (the "Dollar Note"), the terms of which are incorporated herein by reference.
2.04 If the U.S. dollar equivalent of the outstanding principal balance of the Sterling Note (based upon the most recently available Exchange Rate) plus the outstanding principal balance of the Dollar Note plus the then outstanding Letter of Credit Obligations shall at any time exceed U.S. $15,000,000, Conso shall within two Business Days after receiving notice thereof from the Bank make a repayment to the Bank for purposes of eliminating such excess, with such repayment to be applied first to the Dollar Note and then to the Sterling Note to the extent of any surplus payment amount. Conso agrees to deliver to the Bank within 15 days after the end of each month a certificate setting forth as of the last day of such month (i) the U.S. dollar equivalent of the outstanding principal balance of the Sterling Note (based upon the Exchange Rate as of the last day of such month), (ii) the...
Revolving Loans and Letters of Credit. (a) Subject to the terms and conditions of this Agreement, the Lender agrees to make Revolving Loans to the Borrowers from time to time until the Termination Date in an aggregate principal amount not to exceed at any one time outstanding the Maximum Amount. Up to the Maximum Amount, the Borrowers may borrow, repay without penalty and reborrow hereunder from the date of this Agreement until the Termination Date; provided, however, that no Revolving Loan will be disbursed by the Lender if, after such disbursement the aggregate principal amount of the Revolving Loans and outstanding Letters of Credit would exceed the Borrowing Base.
(b) The proceeds of the Revolving Loans shall be used to refinance Debt outstanding under the Existing Agreement and for short-term working capital purposes.
(c) The Company authorizes the Lender to make Revolving Loans from time to time in amounts sufficient to pay checks drawn on the operating accounts of the Company with the Lender, subject to the limitation set forth in Section Section 2.1((a)) above, all as more
Revolving Loans and Letters of Credit. (a) Subject to the terms and conditions of this Agreement, the Lender agrees to make Revolving Loans to the Borrowers from time to time until the Termination Date in an aggregate principal amount not to exceed at any one time outstanding the Maximum Amount. Up to the Maximum Amount, the Borrowers may borrow, repay without penalty and reborrow hereunder from the date of this Agreement until the Termination Date; provided, however, that no Revolving Loan will be disbursed by the Lender if, after such disbursement the aggregate principal amount of the outstanding Funded Debt would exceed 85% of the Borrowing Base.
(b) The proceeds of the Revolving Loans shall be used for general corporate purposes, including short-term working capital purposes, capital expenditures, Permitted Acquisitions and permitted Stock Redemptions.
(c) The Company authorizes the Lender to make Revolving Loans from time to time in amounts sufficient to pay checks drawn on the operating accounts of the Borrowers with the Lender, subject to the limitation set forth in Section 2.1(a) above, all as more particularly described in any applicable Cash Management Agreement. In addition, the Company may request that a Revolving Loan be made. Any request for a Revolving Loan must be received by the Lender no later than 12:00 noon (Washington, D.C. time) on the date on which the Revolving Loan is to be made. Each request must specify the amount of the Revolving Loan and, at the option of the Lender, shall be accompanied by a current Borrowing Base Certificate and a current Aging. The Lender, in its sole discretion, may accept requests from the Company by telephone. If required by the Lender, any request made by telephone shall include all of the information required by a current Borrowing Base Certificate and a current Aging. Requests made by telephone shall be confirmed in writing and delivered to the Lender, and if requested by the Lender, accompanied by the current Borrowing Base Certificate and the current Aging, within two Business Days after the date of the request. Each Borrower appoints the Company as its agent to request and receive the proceeds of the Revolving Loans on behalf of all Borrowers. The Company agrees to distribute the proceeds of the Revolving Loans among the Borrowers when and as needed by the Borrowers for working capital. Revolving Loans may be requested by those individuals designated by the Company from time to time in written instruments delivered to the Lender. The pro...
Revolving Loans and Letters of Credit. (i) If the Administrative Agent notifies the Borrower at any time that the sum of the total Revolving Credit Exposures exceeds the total Revolving Commitments then in effect, then, within two Business Days after receipt of such notice, the Borrower shall prepay Revolving Loans and/or Cash Collateralize the LC Exposure in an aggregate amount sufficient to cause the total Revolving Credit Exposures to be less than or equal to the total Revolving Commitments then in effect. The Administrative Agent shall provide such notice to the Borrower upon the request of any Revolving Lender if at such time the sum of the total Revolving Credit Exposures exceeds the total Revolving Commitments then in effect. The Administrative Agent may, at any time and from time to time after the initial deposit of any Cash Collateral, request that additional Cash Collateral be provided in order to protect against the results of exchange rate fluctuations.
(ii) If the Administrative Agent notifies the Borrower at any time that the LC Exposure exceeds an amount equal to 103% of the LC Sublimit, then, within two Business Days after receipt of such notice, the Borrower shall Cash Collateralize the LC Exposure in an aggregate amount sufficient to cause the LC Exposure to be less than or equal to the LC Sublimit. The Administrative Agent may, at any time and from time to time after the initial deposit of such Cash Collateral, request that additional Cash Collateral be provided in order to protect against the results of exchange rate fluctuations.
Revolving Loans and Letters of Credit. No Borrowing of Revolving Loans or issuance or extension of a Letter of Credit shall be made if, after giving effect thereto,
(a) the aggregate outstanding principal amount of all the Revolving Loans, together with the aggregate amount of all Letter of Credit Outstandings, (i) of all the Lenders would exceed the lesser of (x) the Revolving Loan Commitment Amount or (y) the Borrowing Base Amount; or (ii) of such Lender would exceed the lesser of (x) such Lender's Percentage of the Revolving Loan Commitment Amount or (y) such Lender's Percentage of the then existing Borrowing Base Amount; or
(b) the aggregate amount of all Letter of Credit Outstandings would exceed the lesser of (i) the Revolving Loan Commitment Amount or (ii) $1,000,000.
Revolving Loans and Letters of Credit. Section 2.01 [Reserved]
Revolving Loans and Letters of Credit. Subject to the terms and conditions contained in this Agreement, including Sections 1.3 and 1.6, Lender will, from time to time prior to the Maturity Date, at Borrower’s request, (i) make revolving loans to Borrower (“Revolving Loans”), and (ii) make letters of credit (“Letters of Credit”) available to Borrower; provided, that after giving effect to each such Revolving Loan and each such Letter of Credit, (A) the outstanding balance of all Revolving Loans and the Letter of Credit Balance will not exceed the lesser of (x) the Maximum Revolving Facility Amount and (y) the Borrowing Base, and (B) none of the other Loan Limits for Revolving Loans will be exceeded. The Revolving Loans may be repaid and reborrowed subject to the terms and conditions herein.
