The Revolving Credit Commitment. (a) Subject to the terms and conditions and relying upon the representations and warranties of the Loan Parties in the Loan Documents, each Revolving Credit Lender agrees, severally and not jointly, to make Revolving Loans to the Borrower, at any time and from time to time on or after the date hereof, and until the earlier of the Revolving Credit Maturity Date and the termination of the Revolving Credit Commitment of such Lender in accordance with the terms hereof, in an aggregate principal amount at any time outstanding that will not result in such Lender's Revolving Credit Exposure at such time exceeding such Lender's Revolving Credit Commitment set forth on Schedule 2.2, as the same may be reduced from time to time pursuant to Sections 2.8 or 2.10 hereof. (b) Each Revolving Credit Loan shall be made as part of a Borrowing consisting of Revolving Credit Loans made by the Revolving Credit Lenders ratably in accordance with their respective Revolving Credit Commitments; provided, however, that the failure of any Revolving Credit Lender to make any Revolving Credit Loan shall not relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Revolving Credit Lender shall be responsible for the failure of any other Revolving Credit Lender to make any Loan required to be made by such other Lender). The Revolving Credit Loans comprising any Borrowing shall be in an aggregate principal amount which is (i) an integral multiple of $1,000,000 (or, in the case of Swingline Loans, $250,000) and not less than $1,000,000 (or, in the case of Swingline Loans, $250,000) or (ii) equal to the remaining available balance of the Revolving Credit Commitments; provided that Revolving Credit Loans used to pay Refunded Swingline Loans may be in the amount of such Refunded Swingline Loans. (c) Each Revolving Credit Borrowing shall be comprised entirely of ABR Loans or (except in the case of Swingline Loans) Eurodollar Loans as the Borrower may request pursuant to this Section 2.2. Each Revolving Credit Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Revolving Credit Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Revolving Credit Loan in accordance with the terms of this Agreement and such Revolving Credit Lender shall not be entitled to any amounts payable under Section 2.11 or Section 2.17 in respect of increased costs arising as a result of such exercise. Revolving Credit Borrowings of more than one Type may be outstanding at the same time; provided, however, that the Borrower shall not be entitled to request any Revolving Credit Borrowing that, if made, would result in more than six Eurodollar Borrowings outstanding hereunder at any time. For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings. (d) Subject to paragraph (f) below, each Revolving Credit Lender shall make each Revolving Credit Loan to be made by it hereunder on the proposed date thereof by wire transfer to such account as the Administrative Agent may designate in federal funds not later than 11:00 a.m., New York City time, and the Administrative Agent shall by 12:00 (noon), New York City time, (a) in the case of any Revolving Credit Loan made to reimburse any L/C Disbursement or to refund any Swingline Loan, apply the amounts so received to effect such reimbursement or refund as contemplated by Sections 2.3(c) or 2.18, and (b) in the case of each Revolving Credit Loan the proceeds of which are to be received by the Borrower, credit the amounts so received to an account designated by the Borrower in the applicable Borrowing Request; provided, however, that if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, the Administrative Agent shall return the amounts so received to the respective Lenders. (e) Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender's portion of such Revolving Credit Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such portion available to the Administrative Agent on the date of such Revolving Credit Borrowing in accordance with paragraph (d) above and may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If the Administrative Agent shall have so made funds available then, to the extent that such Revolving Credit Lender shall not have made such portion available to the Administrative Agent, such Revolving Credit Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Borrower, the interest rate applicable at the time to the Revolving Credit Loans comprising such Revolving Credit Borrowing and (ii) in the case of such Lender, a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest error). If such Revolving Credit Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Revolving Credit Lender's Loan as part of such Revolving Credit Borrowing for purposes of this Agreement. (f) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request any Revolving Credit Borrowing if the Interest Period requested with respect thereto would end after the Revolving Credit Maturity Date. (g) The Borrower may refinance all or any part of a Revolving Credit Borrowing with another Revolving Credit Borrowing. Any Revolving Credit Borrowing or part thereof so refinanced shall be deemed to be repaid or prepaid in accordance with the applicable provisions of this Agreement with the proceeds of the new Revolving Credit Borrowing and the proceeds of such new Borrowing, to the extent they do not exceed the principal amount of the Borrowing being refinanced, shall not be paid by the Revolving Credit Lenders to the Administrative Agent or by the Administrative Agent to the Borrower pursuant to paragraph (c) above. (h) In order to request a Revolving Credit Borrowing, the Borrower shall hand deliver or telecopy to the Administrative Agent a duly completed Borrowing Request substantially in the form of Exhibit D-1, (a) in the case of a Eurodollar Borrowing, not later than 12:00 (noon), New York City time, three Business Days before a proposed Revolving Credit Borrowing, and (b) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, three Business Days before a proposed Revolving Credit Borrowing; provided, however, that Borrowing Requests with respect to Revolving Credit Borrowings to be made on the Closing Date may, at the discretion of the Administrative Agent, be delivered later than the times specified above. Each Borrowing Request shall be irrevocable, shall be signed by or on behalf of the Borrower and shall specify the following information: (i) whether such Revolving Credit Borrowing is to be a Eurodollar Borrowing or an ABR Borrowing; (ii) the date of such Revolving Credit Borrowing (which shall be a Business Day), (iii) the amount of such Revolving Credit Borrowing; and (iv) if such Revolving Credit Borrowing is to be a Eurodollar Borrowing, the Interest Period with respect thereto; provided, however, that, notwithstanding any contrary specification in any Revolving Credit Borrowing Request, each requested Revolving Credit Borrowing shall comply with the requirements set forth herein. If no election as to the Type of Revolving Credit Borrowing is specified in any such notice, then the requested Revolving Credit Borrowing shall be an ABR Borrowing. If no Interest Period with respect to any Eurodollar Borrowing is specified in any such notice, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall promptly (and in any event on the same day that the Administrative Agent receives such notice, if received by 1:00 p.m., New York City time, on such day) advise the applicable Revolving Credit Lenders of any notice given pursuant to this Section 2.2 and of each Revolving Credit Lender's portion of the requested Revolving Credit Borrowing. If the Borrower shall not have delivered a Borrowing Request in accordance with this Section 2.2 prior to the end of the Interest Period then in effect for any Revolving Credit Borrowing requesting that such Borrowing be refinanced, then the Borrower shall (unless the Borrower has notified the Administrative Agent, not less than three Business Days prior to the end of such Interest Period, that such Borrowing is to be repaid at the end of such Interest Period) be deemed to have delivered a Borrowing Request requesting that such Revolving Credit Borrowing be refinanced with a new Revolving Credit Borrowing of equivalent amount, and such new Revolving Credit Borrowing shall be an ABR Borrowing. (i) Within the limits set forth above, the Borrower may borrow, pay or prepay and reborrow Revolving Credit Loans on or after the Closing Date and prior to the Revolving Credit Maturity Date, subject to the terms, conditions and limitations set forth herein.
Appears in 1 contract
The Revolving Credit Commitment. (aA) Subject to the terms and conditions and relying upon the representations and warranties of the Loan Parties set forth in the Loan Documentsthis Agreement, each Revolving Credit Lender agreesBank severally, severally and but not jointly, agrees to make loans to any Borrower (as directed by the Borrower Agent), from time to time up to the amount set forth opposite such Bank's name on Schedule 2.1, attached hereto, as amended from time to time, during the period from the date hereof until the Maturity Date, such sums as the Borrower Agent may request (each such advance shall be a "Revolving Credit Advance" or a "Loan"), provided that the sum of (a) the total outstanding principal of Revolving Credit Advances plus (b) all Letter of Credit Liabilities (such sum is hereinafter referred to as the "Total Outstanding Revolving Credit") shall not at any time exceed the Revolving Credit Commitment. The Borrowers shall use Loans to refinance existing Obligations under the BorrowerPrior Agreement and for general corporate purposes including Permitted Acquisitions and transactions expressly permitted hereunder and for no other purposes.
(B) The parties contemplate that an additional Bank shall join this Agreement in order to increase the Revolving Credit Commitment to $35,000,000 (Thirty-Five Million Dollars). Such Bank shall be subject to the prior written approval of the Agent and the Borrower Agent, which shall not be unreasonably withheld. To the extent that additional or different Banks become lenders hereunder, whether under the foregoing sentence or otherwise, each such Bank shall deliver to the Agent a joinder to the Agreement indicating the amount of its Revolving Credit Commitment, and the Agent shall issue to all parties hereto an amended Schedule 2.1 reflecting such joinders. In addition, Borrowers shall issue to each such additional Bank, a Note in the principal amount of such Bank's Revolving Credit Commitment and such Bank shall automatically become a "Bank" hereunder and a party to this Agreement, entitled to all rights and subject to all obligations attributable to a Bank hereunder. To the extent necessary, the Borrowers will issue replacement Notes to the other Banks reflecting their new Revolving Credit Commitments and upon receipt of the replacement Notes the Banks shall return the prior Notes.
(C) Each extension of credit under the Revolving Credit Commitment shall be made by each Bank in the proportion which that Bank's Revolving Credit Commitment bears to the total Revolving Credit Commitment. Within the limits of the Revolving Credit Commitment, the Borrowers may borrow, repay and reborrow under this Section; provided that all of the Loans be paid in full on the Maturity Date. The Borrowers shall pay interest on the principal amount of the Revolving Credit Advances outstanding from time to time at the Interest Rate applicable to each Loan in accordance with Section 2.7.
(D) The Revolving Credit Commitment shall be permanently reduced by the sum of Three Hundred Thousand Dollars ($300,000), beginning on October 1, 2000 and continuing on the last day of every calendar quarter thereafter (each, a "Mandatory Reduction Date"), until the Revolving Credit Commitment has reached Twenty-Five Million Dollars ($25,000,000); provided that, in the event an additional Bank or Banks joins this Agreement pursuant to Section 2.1(B) above, on each Mandatory Reduction Date subsequent to such joinder, the amount by which the Revolving Credit Commitment is reduced shall be increased to $358,000 (Three Hundred and Fifty-Eight Thousand Dollars). In addition to reductions on Mandatory Reduction Dates, the Borrower Agent shall have the right at any time and from time to time on time, upon at least three (3) Business Days prior written notice by the Borrower Agent to the Agent, to terminate the Revolving Credit Commitment in whole or after reduce it in part, provided, however, that: (i) the date hereofBorrowers shall simultaneously with each such reduction pay to the Agent, for the account of the Banks (a) the amount by which the Total Outstanding Revolving Credit exceeds the Revolving Credit Commitment as so reduced, with such repaid principal to be applied first against Base Rate Loans and thereafter against Eurodollar Loans in accordance with Section 2.17(D), and until (b) all accrued and unpaid interest on the earlier Loans so prepaid; and (ii) to the extent application of this subsection requires a prepayment of any Eurodollar Loans prior to the end of the applicable Interest Period(s), the Borrowers shall pay any prepayment compensation required under Section 2.17 (whether or not the Banks shall have actually funded a Loan with corresponding deposits). Any partial reduction of the Revolving Credit Maturity Date Commitment made at Borrower Agent's option shall be in the minimum amount of Five Hundred Thousand Dollars ($500,000) or in multiples of Five Hundred Thousand Dollars ($500,000) in excess thereof. Any termination or reduction of the Revolving Credit Commitment hereunder shall be permanent, and the Revolving Credit Commitment cannot thereafter be restored or increased without the written consent of the Banks. Upon the termination of the Revolving Credit Commitment of such Lender in accordance with whole, the terms hereof, in an Borrowers shall pay any accrued Commitment Fees and repay the aggregate principal amount at any time outstanding that will not result in such Lender's of the Total Outstanding Revolving Credit Exposure at such time exceeding such Lender's together with interest thereon and any other sums due hereunder, including, without limitation, under Section 2.17.
(E) The Borrowers may borrow, repay and reborrow under the Revolving Credit Commitment set forth on Schedule 2.2, as until the same may be reduced from time to time pursuant to Sections 2.8 or 2.10 hereof.
(b) Each Revolving Credit Loan shall be made as part of a Borrowing consisting of Revolving Credit Loans made by the Revolving Credit Lenders ratably in accordance with their respective Revolving Credit Commitments; provided, however, that the failure of any Revolving Credit Lender to make any Revolving Credit Loan shall not relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Revolving Credit Lender shall be responsible for the failure of any other Revolving Credit Lender to make any Loan required to be made by such other Lender). The Revolving Credit Loans comprising any Borrowing shall be in an aggregate principal amount which is (i) an integral multiple of $1,000,000 (or, in the case of Swingline Loans, $250,000) and not less than $1,000,000 (or, in the case of Swingline Loans, $250,000) or (ii) equal Maturity Date subject to the remaining available balance of the Revolving Credit Commitments; provided that Revolving Credit Loans used to pay Refunded Swingline Loans may be in the amount of such Refunded Swingline Loans.
(c) Each Revolving Credit Borrowing shall be comprised entirely of ABR Loans or (except in the case of Swingline Loans) Eurodollar Loans as the Borrower may request pursuant to this Section 2.2. Each Revolving Credit Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Revolving Credit Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Revolving Credit Loan in accordance with the terms of this Agreement and such Revolving Credit Lender shall not be entitled to any amounts payable under Section 2.11 or Section 2.17 in respect of increased costs arising as a result of such exercise. Revolving Credit Borrowings of more than one Type may be outstanding at the same time; provided, however, that the Borrower shall not be entitled to request any Revolving Credit Borrowing that, if made, would result in more than six Eurodollar Borrowings outstanding hereunder at any time. For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings.
(d) Subject to paragraph (f) below, each Revolving Credit Lender shall make each Revolving Credit Loan to be made by it hereunder on the proposed date thereof by wire transfer to such account as the Administrative Agent may designate in federal funds not later than 11:00 a.m., New York City time, and the Administrative Agent shall by 12:00 (noon), New York City time, (a) in the case of any Revolving Credit Loan made to reimburse any L/C Disbursement or to refund any Swingline Loan, apply the amounts so received to effect such reimbursement or refund as contemplated by Sections 2.3(c) or 2.18, and (b) in the case of each Revolving Credit Loan the proceeds of which are to be received by the Borrower, credit the amounts so received to an account designated by the Borrower in the applicable Borrowing Request; provided, however, that if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, the Administrative Agent shall return the amounts so received to the respective Lenders.
(e) Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender's portion of such Revolving Credit Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such portion available to the Administrative Agent on the date of such Revolving Credit Borrowing in accordance with paragraph (d) above and may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If the Administrative Agent shall have so made funds available then, to the extent that such Revolving Credit Lender shall not have made such portion available to the Administrative Agent, such Revolving Credit Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Borrower, the interest rate applicable at the time to the Revolving Credit Loans comprising such Revolving Credit Borrowing and (ii) in the case of such Lender, a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest error). If such Revolving Credit Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Revolving Credit Lender's Loan as part of such Revolving Credit Borrowing for purposes conditions of this Agreement.
(f) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request any Revolving Credit Borrowing if the Interest Period requested with respect thereto would end after the Revolving Credit Maturity Date.
(g) The Borrower may refinance all or any part of a Revolving Credit Borrowing with another Revolving Credit Borrowing. Any Revolving Credit Borrowing or part thereof so refinanced shall be deemed to be repaid or prepaid in accordance with the applicable provisions of this Agreement with the proceeds of the new Revolving Credit Borrowing and the proceeds of such new Borrowing, to the extent they do not exceed the principal amount of the Borrowing being refinanced, shall not be paid by the Revolving Credit Lenders to the Administrative Agent or by the Administrative Agent to the Borrower pursuant to paragraph (c) above.
(h) In order to request a Revolving Credit Borrowing, the Borrower shall hand deliver or telecopy to the Administrative Agent a duly completed Borrowing Request substantially in the form of Exhibit D-1, (a) in the case of a Eurodollar Borrowing, not later than 12:00 (noon), New York City time, three Business Days before a proposed Revolving Credit Borrowing, and (b) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, three Business Days before a proposed Revolving Credit Borrowing; provided, however, that Borrowing Requests with respect to Revolving Credit Borrowings to be made on the Closing Date may, at the discretion of the Administrative Agent, be delivered later than the times specified above. Each Borrowing Request shall be irrevocable, shall be signed by or on behalf of the Borrower and shall specify the following information: (i) whether such Revolving Credit Borrowing is to be a Eurodollar Borrowing or an ABR Borrowing; (ii) the date of such Revolving Credit Borrowing (which shall be a Business Day), (iii) the amount of such Revolving Credit Borrowing; and (iv) if such Revolving Credit Borrowing is to be a Eurodollar Borrowing, the Interest Period with respect thereto; provided, however, that, notwithstanding any contrary specification in any Revolving Credit Borrowing Request, each requested Revolving Credit Borrowing shall comply with the requirements set forth herein. If no election as to the Type of Revolving Credit Borrowing is specified in any such notice, then the requested Revolving Credit Borrowing shall be an ABR Borrowing. If no Interest Period with respect to any Eurodollar Borrowing is specified in any such notice, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall promptly (and in any event on the same day that the Administrative Agent receives such notice, if received by 1:00 p.m., New York City time, on such day) advise the applicable Revolving Credit Lenders of any notice given pursuant to this Section 2.2 and of each Revolving Credit Lender's portion of the requested Revolving Credit Borrowing. If the Borrower shall not have delivered a Borrowing Request in accordance with this Section 2.2 prior to the end of the Interest Period then in effect for any Revolving Credit Borrowing requesting that such Borrowing be refinanced, then the Borrower shall (unless the Borrower has notified the Administrative Agent, not less than three Business Days prior to the end of such Interest Period, that such Borrowing is to be repaid at the end of such Interest Period) be deemed to have delivered a Borrowing Request requesting that such Revolving Credit Borrowing be refinanced with a new Revolving Credit Borrowing of equivalent amount, and such new Revolving Credit Borrowing shall be an ABR Borrowing.
(i) Within the limits set forth above, the Borrower may borrow, pay or prepay and reborrow Revolving Credit Loans on or after the Closing Date and prior to the Revolving Credit Maturity Date, subject to the terms, conditions and limitations set forth herein.
Appears in 1 contract
Samples: Revolving Credit and Security Agreement (Marlton Technologies Inc)
The Revolving Credit Commitment. (a) Subject to the terms and conditions and relying upon the representations and warranties of the Loan Parties in the Loan Documents, each Revolving Credit Lender agrees, severally and not jointly, to make Revolving Loans to the Borrower, at any time and from time to time on or after the date hereofClosing Date, and until the earlier of the Revolving Credit Maturity Date and the termination of the Revolving Credit Commitment of such Lender in accordance with the terms hereof, in an aggregate principal amount at any time outstanding that will not result in such Lender's Revolving Credit Exposure at such time exceeding such Lender's Revolving Credit Commitment set forth on Schedule 2.2, as the same may be reduced from time to time pursuant to Sections 2.8 or 2.10 hereof.
(b) Each Revolving Credit Loan shall be made as part of a Borrowing consisting of Revolving Credit Loans made by the Revolving Credit Lenders ratably in accordance with their respective Revolving Credit Commitments; provided, however, that the failure of any Revolving Credit Lender to make any Revolving Credit Loan shall not relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Revolving Credit Lender shall be responsible for the failure of any other Revolving Credit Lender to make any Loan required to be made by such other Lender). The Revolving Credit Loans comprising any Borrowing shall be in an aggregate principal amount which is (i) an integral multiple of $1,000,000 (or, in the case of Swingline Loans, $250,000) and not less than $1,000,000 (or, in the case of Swingline Loans, $250,000) or (ii) equal to the remaining available balance of the Revolving Credit Commitments; provided that Revolving Credit Loans used to pay Refunded Swingline Loans may be in the amount of such Refunded Swingline LoansLoans and Revolving Loans used to pay refunded Letters of Credit may be in the amount of such refunded Letter of Credit.
(c) Each Revolving Credit Borrowing shall be comprised entirely of ABR Loans or (except in the case of Swingline Loans) Eurodollar Loans as the Borrower may request pursuant to this Section 2.2. Each Revolving Credit Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Revolving Credit Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Revolving Credit Loan in accordance with the terms of this Agreement and such Revolving Credit Lender shall not be entitled to any amounts payable under Section 2.11 or Section 2.17 in respect of increased costs arising as a result of such exercise. Revolving Credit Borrowings of more than one Type may be outstanding at the same time; provided, however, that the Borrower shall not be entitled to request any Revolving Credit Borrowing that, if made, would result in more than six Eurodollar Borrowings outstanding hereunder at any time. For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings.
(d) Subject to paragraph (f) below, each Revolving Credit Lender shall make each Revolving Credit Loan to be made by it hereunder on the proposed date thereof by wire transfer to such account as the Administrative Agent may designate in federal funds not later than 11:00 a.m., New York City time, and the Administrative Agent shall by 12:00 (noon), New York City time, (a) in the case of any Revolving Credit Loan made to reimburse any L/C Disbursement or to refund any Swingline Loan, apply the amounts so received to effect such reimbursement or refund as contemplated by Sections 2.3(c) or 2.18, and (b) in the case of each Revolving Credit Loan the proceeds of which are to be received by the Borrower, credit the amounts so received to an the Borrower's operating account designated by the Borrower in the applicable Borrowing Requestlocated at KeyBank; provided, however, that if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, the Administrative Agent shall return the amounts so received to the respective Revolving Lenders.
(e) Unless the Administrative Agent shall have received notice from a Revolving Lender prior to the date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender's portion of such Revolving Credit Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such portion available to the Administrative Agent on the date of such Revolving Credit Borrowing in accordance with paragraph (d) above and may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If the Administrative Agent shall have so made funds available then, to the extent that such Revolving Credit Lender shall not have made such portion available to the Administrative Agent, such Revolving Credit Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Borrower, the interest rate applicable at the time to the Revolving Credit Loans comprising such Revolving Credit Borrowing and (ii) in the case of such Lender, a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest error)) for two Business Days and thereafter at the Alternate Base Rate. If such Revolving Credit Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Revolving Credit Lender's Loan as part of such Revolving Credit Borrowing for purposes of this Agreement.
(f) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request any Revolving Credit Borrowing if the Interest Period requested with respect thereto would end after the Revolving Credit Maturity Date.
(g) The Borrower may refinance all or any part of a Revolving Credit Borrowing with another Revolving Credit Borrowing. Any Revolving Credit Borrowing or part thereof so refinanced shall be deemed to be repaid or prepaid in accordance with the applicable provisions of this Agreement with the proceeds of the new Revolving Credit Borrowing and the proceeds of such new Borrowing, to the extent they do not exceed the principal amount of the Borrowing being refinanced, shall not be paid by the Revolving Credit Lenders to the Administrative Agent or by the Administrative Agent to the Borrower pursuant to paragraph (c) above.
(h) In order to request a Revolving Credit Borrowing, the Borrower shall hand deliver or telecopy send by facsimile to the Administrative Agent a duly completed Borrowing Request substantially in the form of Exhibit D-1, (a) in the case of a Eurodollar Borrowing, not later than 12:00 (noon), New York City time, three Business Days before a proposed Revolving Credit Borrowing, and (b) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, three Business Days before a proposed Revolving Credit Borrowing; provided, however, that Borrowing Requests with respect to Revolving Credit Borrowings to be made on the Closing Date may, at the discretion of the Administrative Agent, be delivered later than the times specified above. Each Borrowing Request shall be irrevocable, shall be signed by or on behalf of the Borrower and shall specify the following information: (i) whether such Revolving Credit Borrowing is to be a Eurodollar Borrowing or an ABR Borrowing; (ii) the date of such Revolving Credit Borrowing (which shall be a Business Day), ; (iii) the amount of such Revolving Credit Borrowing; and (iv) if such Revolving Credit Borrowing is to be a Eurodollar Borrowing, the Interest Period with respect thereto; provided, however, that, notwithstanding any contrary specification in any Revolving Credit Borrowing Request, each requested Revolving Credit Borrowing shall comply with the requirements set forth herein. If no election as to the Type of Revolving Credit Borrowing is specified in any such notice, then the requested Revolving Credit Borrowing shall be an ABR Borrowing. If no Interest Period with respect to any Eurodollar Borrowing is specified in any such notice, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall promptly (and in any event on the same day that the Administrative Agent receives such notice, if received by 1:00 p.m., New York City time, on such day) advise the applicable Revolving Credit Lenders of any notice given pursuant to this Section 2.2 and of each such Revolving Credit Lender's portion of the requested Revolving Credit Borrowing. If the Borrower shall not have delivered a Borrowing Request in accordance with this Section 2.2 prior to the end of the Interest Period then in effect for any Revolving Credit Borrowing requesting that such Borrowing be refinanced, then the Borrower shall (unless the Borrower has notified the Administrative Agent, not less than three Business Days prior to the end of such Interest Period, that such Borrowing is to be repaid at the end of such Interest Period) be deemed to have delivered a Borrowing Request requesting that such Revolving Credit Borrowing be refinanced with a new Revolving Credit Borrowing of equivalent amount, and such new Revolving Credit Borrowing shall be an ABR Borrowing.
(i) Within the limits set forth above, the Borrower may borrow, pay or prepay and reborrow Revolving Credit Loans Borrowings on or after the Closing Date and prior to the Revolving Credit Maturity Date, subject to the terms, conditions and limitations set forth herein.
Appears in 1 contract
Samples: Credit Agreement (Volume Services America Holdings Inc)
The Revolving Credit Commitment. (a) Subject to the terms and conditions hereof and relying upon the representations and warranties of the Loan Parties in the Loan Documents, each Revolving Credit Lender agrees, severally and not jointly, to make its Applicable Percentage of the Revolving Loans to the BorrowerBorrowers, at any time and from time to time on or after the date hereof, Restatement Effective Date and until the earlier of the Revolving Credit Maturity Commitment Termination Date and the termination of the Revolving Credit Commitment of such Lender in accordance with the terms hereof, in an aggregate principal amount at any time outstanding that will not result in such Lender's ’s Revolving Credit Exposure at such time exceeding such Lender's ’s Revolving Credit Commitment set forth on Schedule 2.2Commitment, as the same may be reduced from time to time pursuant to Sections 2.8 or 2.10 hereof.
(b) Each Revolving Credit Loan shall be made as part of a Borrowing consisting of Revolving Credit Loans made by the Revolving Credit Lenders ratably in accordance with their respective Revolving Credit Commitments; provided, however, that the failure of any Revolving Credit Lender to make any Revolving Credit Loan shall not relieve any other Revolving Lender of its obligation to lend hereunder (it being understood, however, that no Revolving Credit Lender shall be responsible for the failure of any other Revolving Credit Lender to make any Loan required to be made by such other Lender). The Revolving Credit Loans comprising any Borrowing shall be in an aggregate principal amount which is (i) an integral multiple of $1,000,000 (or, in the case of Swingline Loans, $250,000500,000) and not less than $1,000,000 (orand, in the case of Swingline Loans, $250,000500,000) or (ii) equal to the remaining available balance of the Revolving Credit Commitments; provided that Revolving Credit Loans used to pay Refunded Swingline Loans may be in the amount of such Refunded Swingline LoansLoans and Revolving Loans used to reimburse any Letter of Credit Obligations may be in the amount of such reimbursed Letter of Credit Obligations.
(c) Each Revolving Credit Borrowing shall be comprised entirely of ABR Loans or (except in the case of Swingline Loans) Eurodollar Loans as the Borrower Representative may request pursuant to this Section 2.2. Each Revolving Credit Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Revolving Credit Loan; provided that any exercise of such option shall not affect the joint and several obligation of the Borrower Borrowers to repay such Revolving Credit Loan in accordance with the terms of this Agreement and such Revolving Credit Lender shall not be entitled to any amounts payable under Section 2.11 or Section 2.17 in respect of increased costs arising as a result of such exercise. Revolving Credit Borrowings of more than one Type may be outstanding at the same time; provided, however, that the Borrower Representative shall not be entitled to request any Revolving Credit Borrowing that, if made, would result in more than six ten Eurodollar Borrowings outstanding hereunder at any time. For purposes of the foregoing, Borrowings (including any Term Loan Eurodollar Borrowings) having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings. The Borrowers shall not be entitled to convert all or any portion of the Revolving Loans to a Eurodollar Loan or to continue all or any portion of the Revolving Loans as a Eurodollar Loan if a Default or Event of Default has occurred and is continuing.
(d) Subject to paragraph (f) below, each Revolving Credit Lender shall make each Revolving Credit Loan to be made by it hereunder on the proposed date thereof by wire transfer to such account as the Administrative Agent may designate in federal same day funds not later than 11:00 a.m., 1:00 p.m. (New York City time) on the requested funding date, in the case of an ABR Loan, and not later than 12:00 p.m. (New York time) on the requested funding date, in the case of a Eurodollar Loan. After receipt of such wire transfers (or, in the Administrative Agent’s sole discretion, before receipt of such wire transfers), subject to the terms hereof, the Administrative Agent shall by 12:00 (noon), New York City time, (ai) in the case of any Revolving Credit Loan made to reimburse any L/C Disbursement Letter of Credit Obligations or to refund any Swingline Loan, apply the amounts so received to effect such reimbursement or refund as contemplated by Sections 2.3(c) or 2.18, and (bii) in the case of each Revolving Credit Loan the proceeds of which are to be received by the any Borrower, credit transfer the amounts so received to an account designated by the Borrower in the applicable Borrowing RequestRepresentative’s Disbursement Account; provided, however, that if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, the Administrative Agent shall return the amounts so received to the respective Revolving Lenders.
(e) Unless the Administrative Agent shall have received notice from a Revolving Lender prior to the date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender's ’s portion of such Revolving Credit Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such portion available to the Administrative Agent on the date of such Revolving Credit Borrowing in accordance with paragraph (d) above and may, in reliance upon such assumption, make available to the Borrower Borrowers on such date a corresponding amount. If the Administrative Agent shall have so made funds available then, to the extent that such Revolving Credit Lender shall not have made such portion available to the Administrative Agent, such Revolving Credit Lender and the Borrower Borrowers jointly and severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower Borrowers until the date such amount is repaid to the Administrative Agent, at (i) in the case of the BorrowerBorrowers, the interest rate applicable at the time to the Revolving Credit Loans comprising such Revolving Credit Borrowing and (ii) in the case of such Lender, a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest error)) for two Business Days and thereafter at the Alternate Base Rate. If such Revolving Credit Lender shall repay to the Administrative Agent such corresponding amount, such principal amount shall constitute such Revolving Credit Lender's ’s Loan as part of such Revolving Credit Borrowing for purposes of this Agreement.
(f) Notwithstanding any other provision of this Agreement, the Borrower Representative shall not be entitled to request any Revolving Credit Borrowing if the Interest Period requested with respect thereto would end after the Revolving Credit Maturity Date.
(g) The Borrower Borrowers may refinance all or any part of a Revolving Credit Borrowing with another Revolving Credit BorrowingBorrowing or a Swingline Loan. Any Revolving Credit Borrowing or part thereof so refinanced shall be deemed to be repaid or prepaid in accordance with the applicable provisions of this Agreement with the proceeds of the new Revolving Credit Borrowing and the proceeds of such new Borrowing, to the extent they do not exceed the principal amount of the Borrowing being refinanced, shall not be paid by the Revolving Credit Lenders to the Administrative Agent or by the Administrative Agent to the Borrower Borrowers pursuant to paragraph (c) above.
(h) In order to request a Revolving Credit Borrowing, the Borrower Representative shall hand deliver or telecopy send by facsimile to the Administrative Agent a duly completed Borrowing Request substantially in the form of Exhibit D-1D, (a) in the case of a Eurodollar Borrowing, not later than 12:00 p.m. (noon), New York City time), three Business Days before a proposed Revolving Credit Borrowing, and (b) in the case of an ABR Borrowing, not later than 12:00 noon, p.m. (New York City time), three one Business Days Day before a proposed Revolving Credit Borrowing; provided, however, that Borrowing Requests with respect to Revolving Credit Borrowings to be made on the Closing Restatement Effective Date may, at the discretion of the Administrative Agent, be delivered later than the times specified above. Each Borrowing Request shall be irrevocable, shall be signed by or on behalf of the Borrower Representative and shall specify the following information: (i) whether such Revolving Credit Borrowing is to be a Eurodollar Borrowing or an ABR Borrowing; (ii) the date of such Revolving Credit Borrowing (which shall be a Business Day), ; (iii) the amount of such Revolving Credit Borrowing; and (iv) if such Revolving Credit Borrowing is to be a Eurodollar Borrowing, the Interest Period with respect thereto; provided, however, that, notwithstanding any contrary specification in any Revolving Credit Borrowing Request, each requested Revolving Credit Borrowing shall comply with the requirements set forth herein. If no election as to the Type of Revolving Credit Borrowing is specified in any such notice, then the requested Revolving Credit Borrowing shall be an ABR Borrowing. If no Interest Period with respect to any Eurodollar Borrowing is specified in any such notice, then the such Borrower shall be deemed to have selected an Interest Period of one month's ’s duration. The Administrative Agent shall promptly (and in any event on the same day that the Administrative Agent receives such notice, if received by 1:00 p.m., New York City time, on such day) advise the applicable Revolving Credit Lenders of any notice given pursuant to this Section 2.2 and of each such Revolving Credit Lender's ’s portion of the requested Revolving Credit Borrowing. If the Borrower Representative shall not have delivered a Borrowing Request in accordance with this Section 2.2 prior to the end of the Interest Period then in effect for any Revolving Credit Borrowing requesting that such Borrowing be refinanced, then the Borrower Representative shall (unless the Borrower Representative has notified the Administrative Agent, not less than three Business Days prior to the end of such Interest Period, that such Borrowing is to be repaid at the end of such Interest Period) be deemed to have delivered a Borrowing Request requesting that such Revolving Credit Borrowing be refinanced with a new Revolving Credit Borrowing of equivalent amount, and such new Revolving Credit Borrowing shall be an ABR Borrowing. Any such election to convert or continue a Revolving Loan as a Eurodollar Loan must be made by 12:00 p.m. (New York City time), three Business Days prior to (1) the end of each Interest Period with respect to any Revolving Loan to be continued as a Eurodollar Loan, or (2) the date on which Borrower Representative wishes to convert any ABR Revolving Loan to a Eurodollar Loan for a Interest Period designated by Borrower Representative in such election. If no election is received with respect to a Eurodollar Loan by 12:00 p.m. (New York City time) on the third Business Day prior to the end of the Interest Period with respect thereto (or if a Default or an Event of Default has occurred and is continuing), that Eurodollar Loan shall be converted to an ABR Loan at the end of its Interest Period. Borrower Representative must make such election to convert or continue a Revolving Loan by notice to the Administrative Agent in writing, by telecopy or overnight courier.
(i) Within the limits set forth above, the Borrower Borrowers may borrow, pay or prepay and reborrow Revolving Credit Loans Borrowings on or after the Closing Restatement Effective Date and prior to the Revolving Credit Maturity Commitment Termination Date, subject to the terms, conditions and limitations set forth herein.
Appears in 1 contract
Samples: Credit Agreement (Centerplate, Inc.)
The Revolving Credit Commitment. (a) Subject to the terms and conditions hereof and relying upon the representations and warranties of the Loan Parties in the Loan Documents, each Revolving Credit Lender agrees, severally and not jointly, to make its Applicable Percentage of the Revolving Loans to the BorrowerBorrowers, at any time and from time to time on or after the date hereof, Closing Date and until the earlier of the Revolving Credit Maturity Commitment Termination Date and the termination of the Revolving Credit Commitment of such Lender in accordance with the terms hereof, in an aggregate principal amount at any time outstanding that will not result in such Lender's ’s Revolving Credit Exposure at such time exceeding such Lender's ’s Revolving Credit Commitment set forth on Schedule 2.2Commitment, as the same may be reduced from time to time pursuant to Sections 2.8 or 2.10 hereof.
(b) Each Revolving Credit Loan shall be made as part of a Borrowing consisting of Revolving Credit Loans made by the Revolving Credit Lenders ratably in accordance with their respective Revolving Credit Commitments; provided, however, that the failure of any Revolving Credit Lender to make any Revolving Credit Loan shall not relieve any other Revolving Lender of its obligation to lend hereunder (it being understood, however, that no Revolving Credit Lender shall be responsible for the failure of any other Revolving Credit Lender to make any Loan required to be made by such other Lender). The Revolving Credit Loans comprising any Borrowing shall be in an aggregate principal amount which is (i) an integral multiple of $1,000,000 (or, in the case of Swingline Loans, $250,000500,000) and not less than $1,000,000 (orand, in the case of Swingline Loans, $250,000500,000) or (ii) equal to the remaining available balance of the Revolving Credit Commitments; provided that Revolving Credit Loans used to pay Refunded Swingline Loans may be in the amount of such Refunded Swingline LoansLoans and Revolving Loans used to reimburse any Letter of Credit Obligations may be in the amount of such reimbursed Letter of Credit Obligations.
(c) Each Revolving Credit Borrowing shall be comprised entirely of ABR Loans or (except in the case of Swingline Loans) Eurodollar Loans as the Borrower Representative may request pursuant to this Section 2.2. Each Revolving Credit Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Revolving Credit Loan; provided that any exercise of such option shall not affect the joint and several obligation of the Borrower Borrowers to repay such Revolving Credit Loan in accordance with the terms of this Agreement and such Revolving Credit Lender shall not be entitled to any amounts payable under Section 2.11 or Section 2.17 in respect of increased costs arising as a result of such exercise. Revolving Credit Borrowings of more than one Type may be outstanding at the same time; provided, however, that the Borrower Representative shall not be entitled to request any Revolving Credit Borrowing that, if made, would result in more than six ten Eurodollar Borrowings outstanding hereunder at any time. For purposes of the foregoing, Borrowings (including any Term Loan Eurodollar Borrowings) having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings. The Borrowers shall not be entitled to convert all or any portion of the Revolving Loans to a Eurodollar Loan or to continue all or any portion of the Revolving Loans as a Eurodollar Loan if a Default or Event of Default has occurred and is continuing. Notwithstanding anything in this Agreement to the contrary, no Revolving Loan may be made as, or converted into, a Eurodollar Loan until the earlier of (i) 20 days after the Closing Date or (ii) completion of primary syndication as determined by the Administrative Agent and Lead Arranger.
(d) Subject to paragraph (f) below, each Revolving Credit Lender shall make each Revolving Credit Loan to be made by it hereunder on the proposed date thereof by wire transfer to such account as the Administrative Agent may designate in federal same day funds not later than 11:00 a.m., 1:00 p.m. (New York City time) on the requested funding date, in the case of an ABR Loan, and not later than 12:00 p.m. (New York time) on the requested funding date, in the case of a Eurodollar Loan. After receipt of such wire transfers (or, in the Administrative Agent’s sole discretion, before receipt of such wire transfers), subject to the terms hereof, the Administrative Agent shall by 12:00 shall
(noon), New York City time, (ai) in the case of any Revolving Credit Loan made to reimburse any L/C Disbursement Letter of Credit Obligations or to refund any Swingline Loan, apply the amounts so received to effect such reimbursement or refund as contemplated by Sections 2.3(c) or 2.18, and (bii) in the case of each Revolving Credit Loan the proceeds of which are to be received by the any Borrower, credit transfer the amounts so received to an account designated by the Borrower in the applicable Borrowing RequestRepresentative’s Disbursement Account; provided, however, that if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, the Administrative Agent shall return the amounts so received to the respective Revolving Lenders.
(e) Unless the Administrative Agent shall have received notice from a Revolving Lender prior to the date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender's ’s portion of such Revolving Credit Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such portion available to the Administrative Agent on the date of such Revolving Credit Borrowing in accordance with paragraph (d) above and may, in reliance upon such assumption, make available to the Borrower Borrowers on such date a corresponding amount. If the Administrative Agent shall have so made funds available then, to the extent that such Revolving Credit Lender shall not have made such portion available to the Administrative Agent, such Revolving Credit Lender and the Borrower Borrowers jointly and severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower Borrowers until the date such amount is repaid to the Administrative Agent, at (i) in the case of the BorrowerBorrowers, the interest rate applicable at the time to the Revolving Credit Loans comprising such Revolving Credit Borrowing and (ii) in the case of such Lender, a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest error)) for two Business Days and thereafter at the Alternate Base Rate. If such Revolving Credit Lender shall repay to the Administrative Agent such corresponding amount, such principal amount shall constitute such Revolving Credit Lender's ’s Loan as part of such Revolving Credit Borrowing for purposes of this Agreement.
(f) Notwithstanding any other provision of this Agreement, the Borrower Representative shall not be entitled to request any Revolving Credit Borrowing if the Interest Period requested with respect thereto would end after the Revolving Credit Maturity Date.
(g) The Borrower Borrowers may refinance all or any part of a Revolving Credit Borrowing with another Revolving Credit BorrowingBorrowing or a Swingline Loan. Any Revolving Credit Borrowing or part thereof so refinanced shall be deemed to be repaid or prepaid in accordance with the applicable provisions of this Agreement with the proceeds of the new Revolving Credit Borrowing and the proceeds of such new Borrowing, to the extent they do not exceed the principal amount of the Borrowing being refinanced, shall not be paid by the Revolving Credit Lenders to the Administrative Agent or by the Administrative Agent to the Borrower Borrowers pursuant to paragraph (c) above.
(h) . In order to request a Revolving Credit Borrowing, the Borrower Representative shall hand deliver or telecopy send by facsimile to the Administrative Agent a duly completed Borrowing Request substantially in the form of Exhibit D-1D, (a) in the case of a Eurodollar Borrowing, not later than 12:00 p.m. (noon), New York City time), three Business Days before a proposed Revolving Credit Borrowing, and (b) in the case of an ABR Borrowing, not later than 12:00 noon, p.m. (New York City time), three one Business Days Day before a proposed Revolving Credit Borrowing; provided, however, that Borrowing Requests with respect to Revolving Credit Borrowings to be made on the Closing Date may, at the discretion of the Administrative Agent, be delivered later than the times specified above. Each Borrowing Request shall be irrevocable, shall be signed by or on behalf of the Borrower Representative and shall specify the following information: (i) whether such Revolving Credit Borrowing is to be a Eurodollar Borrowing or an ABR Borrowing; (ii) the date of such Revolving Credit Borrowing (which shall be a Business Day), ; (iii) the amount of such Revolving Credit Borrowing; and (iv) if such Revolving Credit Borrowing is to be a Eurodollar Borrowing, the Interest Period with respect thereto; provided, however, that, notwithstanding any contrary specification in any Revolving Credit Borrowing Request, each requested Revolving Credit Borrowing shall comply with the requirements set forth herein. If no election as to the Type of Revolving Credit Borrowing is specified in any such notice, then the requested Revolving Credit Borrowing shall be an ABR Borrowing. If no Interest Period with respect to any Eurodollar Borrowing is specified in any such notice, then the such Borrower shall be deemed to have selected an Interest Period of one month's ’s duration. The Administrative Agent shall promptly (and in any event on the same day that the Administrative Agent receives such notice, if received by 1:00 p.m., New York City time, on such day) advise the applicable Revolving Credit Lenders of any notice given pursuant to this Section 2.2 and of each such Revolving Credit Lender's ’s portion of the requested Revolving Credit Borrowing. If the Borrower Representative shall not have delivered a Borrowing Request in accordance with this Section 2.2 prior to the end of the Interest Period then in effect for any Revolving Credit Borrowing requesting that such Borrowing be refinanced, then the Borrower Representative shall (unless the Borrower Representative has notified the Administrative Agent, not less than three Business Days prior to the end of such Interest Period, that such Borrowing is to be repaid at the end of such Interest Period) be deemed to have delivered a Borrowing Request requesting that such Revolving Credit Borrowing be refinanced with a new Revolving Credit Borrowing of equivalent amount, and such new Revolving Credit Borrowing shall be an ABR Borrowing. Any such election to convert or continue a Revolving Loan as a Eurodollar Loan must be made by 12:00 p.m. (New York City time), three Business Days prior to (1) the end of each Interest Period with respect to any Revolving Loan to be continued as a Eurodollar Loan, or (2) the date on which Borrower Representative wishes to convert any ABR Revolving Loan to a Eurodollar Loan for a Interest Period designated by Borrower Representative in such election. If no election is received with respect to a Eurodollar Loan by 12:00 p.m. (New York City time) on the third Business Day prior to the end of the Interest Period with respect thereto (or if a Default or an Event of Default has occurred and is continuing), that Eurodollar Loan shall be converted to an ABR Loan at the end of its Interest Period. Borrower Representative must make such election to convert or continue a Revolving Loan by notice to the Administrative Agent in writing, by telecopy or overnight courier.
(ih) Within the limits set forth above, the Borrower Borrowers may borrow, pay or prepay and reborrow Revolving Credit Loans Borrowings on or after the Closing Date and prior to the Revolving Credit Maturity Commitment Termination Date, subject to the terms, conditions and limitations set forth herein.
Appears in 1 contract
Samples: Credit Agreement (Centerplate, Inc.)