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Common use of Syndicated Loans Clause in Contracts

Syndicated Loans. During the Revolving Credit Period, each Bank severally agrees, on the terms and conditions set forth in this Agreement, to make loans to any Borrower pursuant to this subsection (a) from time to time in amounts such that the aggregate principal amount of Committed Loans by such Bank, together with its Letter of Credit Liabilities and its participating interests in any Unrefunded Swingline Loans, at any one time outstanding to all Borrowers shall not exceed the amount of its Commitment. Each Borrowing under this subsection (a) (other than a Swingline Takeout Borrowing) shall be in an aggregate principal amount of $10,000,000 or any larger multiple of $1,000,000 (except that any such Borrowing may be in the aggregate amount available in accordance with Section 3.02(b) and except that any such Borrowing to refund a Swingline Loan or to fund the reimbursement obligation in respect of a Letter of Credit may be in the exact amount required for such purpose) and shall be made from the several Banks ratably in proportion to their respective Commitments. Within the foregoing limits, any Borrower may borrow under this subsection (a), repay or, to the extent permitted by Section 2.12, prepay Loans and reborrow at any time during the Revolving Credit Period under this subsection (a).

Appears in 3 contracts

Samples: Credit Agreement (Imc Global Inc), Credit Agreement (Imc Global Inc), Credit Agreement (Imc Global Inc)