Common use of The Revolving Advances Clause in Contracts

The Revolving Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make revolving advances (the “Revolving Advances”) to the Borrowers from time to time on any Business Day during the period from the Effective Date until the Termination Date in the case of Non-Extending Lenders or the Extended Termination Date in the case of Extending Lenders, as applicable, in an aggregate amount at any one time outstanding which, when added to such Lender’s Commitment Percentage of the sum of (i) the aggregate principal amount of the Swingline Advances then outstanding and (ii) the L/C Obligations then outstanding, equals the amount of such Lender’s Commitment; provided, that the aggregate principal amount of any Borrowing made at any time, when aggregated with all other then outstanding Extensions of Credit, shall not exceed the Line Cap at such time. Each Borrowing under this Section 2.01 shall be in an aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof (provided, that the Swingline Lender may request, on behalf of the applicable Borrower, Borrowings that are Base Rate Advances in other amounts pursuant to Section 2.04(b)) and shall consist of Revolving Advances of the same Type made on the same day by the Lenders ratably according to their respective Commitments. Within the limits set forth in this Section 2.01, the Borrowers may borrow under this Section 2.01, prepay pursuant to Section 2.11 and reborrow under this Section 2.01.

Appears in 2 contracts

Samples: Intercreditor Agreement (Sears Holdings Corp), Credit Agreement (Sears Holdings Corp)

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The Revolving Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make revolving advances (the "Revolving Advances") to the Borrowers from time to time on any Business Day during the period from the Effective Date until the Termination Date in the case of Non-Extending Lenders or the Extended Termination Date in the case of Extending Lenders, as applicable, in an aggregate amount at any one time outstanding which, when added to such Lender’s 's Commitment Percentage of the sum of (i) the aggregate principal amount of the Swingline Advances then outstanding and (ii) the L/C Obligations then outstanding, equals the amount of such Lender’s 's Commitment; provided, that the aggregate principal amount of any Borrowing made at any time, when aggregated with all other then outstanding Extensions of Credit, time shall not exceed the Line Cap Total Availability at such time. Each Borrowing under this Section 2.01 shall be in an aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof (provided, that the Swingline Lender may request, on behalf of the applicable Borrower, Borrowings that are Base Rate Advances in other amounts pursuant to Section 2.04(b)) and shall consist of Revolving Advances of the same Type made on the same day by the Lenders ratably according to their respective Commitments. Within the limits set forth in this Section 2.01, the Borrowers may borrow under this Section 2.01, prepay pursuant to Section 2.11 and reborrow under this Section 2.01.

Appears in 2 contracts

Samples: Credit Agreement (Sears Roebuck Acceptance Corp), Execution (Kmart Holding Corp)

The Revolving Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make revolving advances (the “Revolving Advances”) to the Borrowers Borrower from time to time on any Business Day during the period from the Commitment Effective Date until the Termination Date in the case of Non-Extending Lenders or the Extended Termination Date in the case of Extending Lenders, as applicableDate, in an aggregate amount at any one time outstanding which, when added to such Lender’s Commitment Percentage of the sum of (i) the aggregate principal amount of the Swingline Advances then outstanding and (ii) the L/C Obligations then outstanding, equals the amount of such Lender’s Commitment; provided, that the aggregate principal amount of any Borrowing made at any time, when aggregated with all other then outstanding Extensions of Credit, shall not exceed the Line Cap at such time. Each Borrowing under this Section 2.01 shall be in an aggregate amount of CAN$1,000,000 (or $5,000,000 1,000,000, as applicable) or an integral multiple of CAN$1,000,000 (or $1,000,000 1,000,000, as applicable) in excess thereof (provided, that the Swingline Lender may request, on behalf of the applicable Borrower, Borrowings that are Base Rate Advances or Prime Rate Advances in other amounts pursuant to Section 2.04(b)) and shall consist of Revolving Advances of the same Type made on the same day by the Lenders ratably according to their respective Commitments. Within the limits set forth in this Section 2.01, the Borrowers Borrower may borrow under this Section 2.01, prepay pursuant to Section 2.11 and reborrow under this Section 2.01.

Appears in 1 contract

Samples: Credit Agreement (Sears Canada Inc.)

The Revolving Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forthforth herein, to make revolving one or more advances (the “each such advance, a "Revolving Advances”Advance") to the Borrowers Borrower from time to time on any Business Day during the period from Revolving Facility Period pursuant to this Section 2.01(b); provided that immediately after each Revolving Advance, the Effective Date until sum of the Termination Date in the case aggregate outstanding principal amount of Non-Extending Lenders or the Extended Termination Date in the case of Extending Lenders, as applicable, in an aggregate amount at any one time outstanding which, when added to all Revolving Advances for such Lender’s Commitment , all Letter of Credit Obligations for such Lender and such Lender's Revolving Facility Percentage of the sum of (i) the aggregate outstanding principal amount of all Swingline Advances (excluding any portion of the Swingline Advances then outstanding and (ii) to be repaid with the L/C Obligations then outstanding, equals the amount proceeds of such Lender’s Commitment; provided, that the aggregate principal amount of any Borrowing made Revolving Advance) does not exceed at any time, when aggregated with all other then outstanding Extensions of Credit, shall not exceed the Line Cap at time such timeLender's Revolving Facility Commitment. Each Revolving Facility Borrowing under this Section 2.01 shall be in an aggregate amount of not less than $5,000,000 1,000,000 or an integral multiple of $1,000,000 100,000 in excess thereof (provided, that the Swingline Lender may request, on behalf of the applicable Borrower, Borrowings that are Base Rate Advances in other amounts pursuant to Section 2.04(b)) and shall consist of Revolving Advances of the same Type made or Converted on the same day by the Lenders ratably according to their respective Revolving Facility Commitments. Within the limits set forth in this Section 2.01foregoing limits, the Borrowers Borrower may borrow under this Section 2.012.01(b), and repay or, to the extent permitted by Section 2.09, ---- prepay pursuant to Section 2.11 Revolving Advances and reborrow under this Section 2.012.01(b) at any time until the end of the Revolving Facility Period.

Appears in 1 contract

Samples: Credit Agreement (Young Broadcasting Inc /De/)

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The Revolving Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forthforth in this Agreement, to make revolving advances (the “Revolving Advances”) Advances to the Borrowers Borrower from time to time-to-time on any Business Day during the period from the Effective Closing Date until the Termination Maturity Date in the case of Non-Extending Lenders or the Extended Termination Date in the case of Extending Lenders, as applicable, in an aggregate amount up to but not to exceed at any one time outstanding which, when added to the remainder obtained from subtracting (a) such Lender’s Commitment Percentage Pro Rata Share of the Letter of Credit Exposure from (b) the least of (i) its Revolving Commitment, (ii) its Pro Rata Share of the Borrowing Base and (iii) its Pro Rata Share of the Fixed Charge Coverage Cap; provided however that the aggregate outstanding principal amount of the sum of (ix) all Revolving Advances plus (y) the Letter of Credit Exposure shall not at any time exceed the least of (1) aggregate principal amount of the Swingline Advances then outstanding Revolving Commitments, (2) the Borrowing Base and (ii3) the L/C Obligations then outstanding, equals the amount of such Lender’s Commitment; provided, that the aggregate principal amount of any Borrowing made at any time, when aggregated with all other then outstanding Extensions of Credit, shall not exceed the Line Cap at such timeFixed Charge Coverage Cap. Each Borrowing under this Section 2.01 shall be in an aggregate amount not less than $2,500,000 and in integral multiples of $5,000,000 or an integral multiple of $1,000,000 500,000 in excess thereof (providedthereof, that or in the Swingline Lender may request, on behalf amount of the applicable Borrowerunused Revolving Commitments, Borrowings that are Base Rate Advances in other amounts pursuant to Section 2.04(b)) and shall consist of Revolving Advances of the same Type made on the same day by the Lenders ratably according to their respective Revolving Commitments. Within the limits set forth in this Section 2.01of each Lender’s Revolving Commitment, the Borrowers Borrower may borrow under this Section 2.01from time-to-time borrow, prepay pursuant to Section 2.11 Sections 2.07(b) and (c) and reborrow under this Section 2.01.

Appears in 1 contract

Samples: Pledge Agreement (Seahawk Drilling, Inc.)

The Revolving Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make revolving advances (the “Revolving Advances”) to the Borrowers from time to time on any Business Day during the period from the Effective Date until the Termination Date in the case of Non-Extending Lenders or the Extended Termination Date in the case of Extending Lenders, as applicable, in an aggregate amount at any one time outstanding which, when added to such Lender’s Commitment Percentage of the sum of (i) the aggregate principal amount of the Swingline Advances then outstanding and (ii) the L/C Obligations then outstanding, equals the amount of such Lender’s Commitment; provided, that the aggregate principal amount of any Borrowing made at any time, when aggregated with all other then outstanding Extensions of Credit, shall not exceed the Line Cap at such time. Each Borrowing under this Section 2.01 shall be in an aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof (provided, that the Swingline Lender may request, on behalf of the applicable Borrower, Borrowings that are Base Rate Advances in other amounts pursuant to Section 2.04(b)) and shall consist of Revolving Advances of the same Type made on the same day by the Lenders ratably according to their respective Commitments. Within the limits set forth in this Section 2.01, the Borrowers may borrow under this Section 2.01, prepay pursuant to Section 2.11 and reborrow under this Section 2.01.

Appears in 1 contract

Samples: Intercreditor Agreement (Sears Holdings Corp)

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