Common use of The Revolving Credit Clause in Contracts

The Revolving Credit. (a) Subject to all of the terms and conditions hereof, the Bank agrees to extend a Revolving Credit to the Company which may be availed of by the Company in its discretion from time to time, be repaid and used again, during the period from the date hereof to and including the Revolving Credit Termination Date. The Revolving Credit may be utilized by the Company in the form of loans (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Loans") and L/Cs (as hereinafter defined), provided that the aggregate amount of the Revolving Credit Loans and Reimbursement Obligations (as hereinafter defined) and the maximum amount available to be drawn under all L/Cs outstanding at any one time shall not exceed $75,000,000 (the "Revolving Credit Commitment"). Each Revolving Credit Loan shall be in a minimum amount of $100,000 or any greater amount that is an integral multiple of $50,000. All Revolving Credit Loans shall be evidenced by a Revolving Credit Note of the Company (the "Revolving Credit Note") payable to the order of the Bank in the amount of its Revolving Credit Commitment, such Revolving Credit Note to be in the form attached hereto as Exhibit A. Without regard to the face principal amount of the Revolving Credit Note, the actual principal amount at any time outstanding and owing by the Company on account thereof during the period ending on the Revolving Credit Termination Date shall be the sum of all advances then or theretofore made thereon less all principal payments actually received thereon during such period.

Appears in 1 contract

Samples: Credit Agreement (Northland Cranberries Inc /Wi/)

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The Revolving Credit. (ai) Subject to all the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, each Revolving Lender severally and not jointly agrees to make Loans to the Borrowers (each such Loan and each Incremental Revolving Loan (if any), a “Revolving Loan”) from time to time on any Business Day during the period from the Closing Date through the Final Availability Date, in an aggregate amount not to exceed at any time outstanding such Xxxxxx’s Revolving Loan Commitment, which Revolving Loan Commitments, as of the Closing Date, are set forth on Schedule 2.1(b) opposite such Xxxxxx’s name under the heading “Revolving Loan Commitments”; provided that, after giving effect to any Borrowing of Revolving Loans, the Total Loan Balance shall not exceed the Maximum Loan Cap. Subject to the other terms and conditions hereof, the Bank agrees to extend a Revolving Credit to the Company which amounts borrowed under this Section 2.1(b) may be availed of by the Company in its discretion repaid and reborrowed from time to time. (ii) [Reserved]. (iii) [Reserved]. (iv) Subject to the limitations set forth below (and notwithstanding anything to the contrary in Section 3.2), be repaid Agent is authorized by the Borrower Representative and used again, during the period from the date hereof to and including the Revolving Credit Termination DateLenders, from time to time in Agent’s Permitted Discretion (but shall have absolutely no obligation), to make Revolving Loans to the Borrower Representative, on behalf of all Lenders at any time that any condition precedent set forth in Section 3.2 has not been satisfied or waived, which Agent, in its Permitted Discretion, deems necessary or desirable for the purposes specified in the definition of “Protective Advances”. The Revolving Credit Any Protective Advance may be utilized by made in a principal amount that would cause the Company in Aggregate Revolving Exposure (including such Protective Advance) to exceed the form of loans (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Loans") and L/Cs (as hereinafter defined), Consolidated Borrowing Base; provided that the aggregate amount of outstanding Protective Advances, plus the aggregate of all other Aggregate Revolving Credit Loans and Reimbursement Obligations (as hereinafter defined) and the maximum amount available to be drawn under all L/Cs outstanding at any one time Exposure, shall not exceed $75,000,000 (the "Revolving Credit Commitment"). Each Revolving Credit Loan shall be in a minimum amount of $100,000 or any greater amount that is an integral multiple of $50,000. All Revolving Credit Loans shall be evidenced by a Revolving Credit Note of the Company (the "Revolving Credit Note") payable to the order of the Bank in the amount of its Revolving Credit Commitment, such Revolving Credit Note to be in the form attached hereto as Exhibit A. Without regard to the face principal amount of the Revolving Credit Note, the actual principal amount at any time outstanding and owing by the Company on account thereof during the period ending on the Revolving Credit Termination Date shall be the sum of all advances then or theretofore made thereon less all principal payments actually received thereon during such period.the

Appears in 1 contract

Samples: Credit Agreement (Phreesia, Inc.)

The Revolving Credit. Each Bank severally agrees, on the terms and conditions set forth herein, to make loans to the Companies from time to time on any Business Day during the period from the Closing Date to the Revolving Termination Date, in an aggregate amount not to exceed at any time outstanding the amount set forth on Schedule 2.01 (such amount as the same may be reduced under Section 2.05 or as a result of one or more assignments under Section 11.08, the Bank's "Commitment"); provided that, after giving effect to any Credit Extension: (a) Subject to the Effective Amount of all outstanding Loans and L/C Obligations together shall not at any time exceed the combined Commitments; and (b) the participation of any Bank in the Effective Amount of all L/C Obligations plus the Effective Amount of the Loans of such Bank shall not at any time exceed such Bank's Commitment. Within the limits of each Bank's Commitment, and subject to the other terms and conditions hereof, any Company may borrow under this Section 2.01, prepay under Section 2.06 and reborrow under this Section 2.01. Each of the Bank Companies understands and agrees that the commitments of the "Banks" under the Existing Facility to extend a Revolving Credit to make advances under the Company which may be availed Existing Facility terminate, without necessity of further act of the parties, upon execution of this Agreement by the Company in Companies. Each of the Companies confirms and acknowledges its discretion from time obligations to timepay all amounts due under the Existing Facility, and each covenants and agrees that the proceeds of the initial borrowings under this Agreement shall be repaid used to pay all principal and used again, during the period from the date hereof to and including the Revolving Credit Termination Date. The Revolving Credit may be utilized by the Company in the form of loans accrued interest (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Loans"if any) and L/Cs (as hereinafter defined), provided that other amounts due under the aggregate amount of the Revolving Credit Loans and Reimbursement Obligations (as hereinafter defined) and the maximum amount available to be drawn under all L/Cs outstanding at any one time shall not exceed $75,000,000 (the "Revolving Credit Commitment"). Each Revolving Credit Loan shall be in a minimum amount of $100,000 or any greater amount that is an integral multiple of $50,000. All Revolving Credit Loans shall be evidenced by a Revolving Credit Note of the Company (the "Revolving Credit Note") payable to the order of the Bank in the amount of its Revolving Credit Commitment, such Revolving Credit Note to be in the form attached hereto as Exhibit A. Without regard to the face principal amount of the Revolving Credit Note, the actual principal amount at any time outstanding and owing by the Company on account thereof during the period ending on the Revolving Credit Termination Date shall be the sum of all advances then or theretofore made thereon less all principal payments actually received thereon during such periodExisting Facility.

Appears in 1 contract

Samples: Credit Agreement (Esterline Technologies Corp)

The Revolving Credit. Each Bank severally agrees, on the terms and conditions hereinafter set forth, to make Loans in Dollars or an Offshore Currency to the Company, and (asubject to compliance with subsection 2.01(b)) Subject in an Offshore Currency to each Additional Borrower (each such Loan, sometimes referred to as a "Revolving Loan" and, collectively, the "Revolving Loans") from time to time on any Business Day during the Availability Period, in an aggregate amount (determined in Dollars, including, when applicable, in accordance with the Equivalent Amount of any requested and outstanding Offshore Currency Loans pursuant to subsection 2.05(a)) not to exceed at any time outstanding the Dollar amount set forth opposite such Bank's name in SCHEDULE 2.01 under the heading "Commitment" (such amount as the same may be reduced as a result of a reduction in the Commitments pursuant to Section 2.06 or as a result of any assignment pursuant to Section 9.04, such Bank's "COMMITMENT"); PROVIDED, HOWEVER, that the Effective Amount of all Revolving Loans PLUS the Effective Amount of all L/C Obligations shall not exceed the Total Commitment; PROVIDED FURTHER that the Effective Amount of all Offshore Currency Loans shall not exceed the Offshore Currency Commitment; and PROVIDED FURTHER, that the Effective Amount of the Revolving Loans of any Bank PLUS the participation of such Bank in the Effective Amount of all L/C Obligations shall not exceed such Bank's Commitment. Revolving Loans may be made in Dollars (in the case of ABR Loans and CD Rate Loans) and in Dollars or Offshore Currencies (in the case of Eurocurrency Loans and Letters of Credit). Within the foregoing limits, and subject to the other terms and conditions hereof, the Bank agrees to extend a Revolving Credit to the Company which Borrowers may be availed of by the Company in its discretion from time to timetime borrow under this subsection 2.01(a), be repaid prepay pursuant to Section 2.07 and used again, during the period from reborrow pursuant to this subsection 2.01(a). The Total Commitment on the date hereof to of this Agreement is $100,000,000 and including is allocated among the Revolving Credit Termination Date. The Revolving Credit may be utilized by the Company Banks as set forth in the form of loans (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Loans") and L/Cs (as hereinafter defined), provided that the aggregate amount of the Revolving Credit Loans and Reimbursement Obligations (as hereinafter defined) and the maximum amount available to be drawn under all L/Cs outstanding at any one time shall not exceed $75,000,000 (the "Revolving Credit Commitment"). Each Revolving Credit Loan shall be in a minimum amount of $100,000 or any greater amount that is an integral multiple of $50,000. All Revolving Credit Loans shall be evidenced by a Revolving Credit Note of the Company (the "Revolving Credit Note") payable to the order of the Bank in the amount of its Revolving Credit Commitment, such Revolving Credit Note to be in the form attached hereto as Exhibit A. Without regard to the face principal amount of the Revolving Credit Note, the actual principal amount at any time outstanding and owing by the Company on account thereof during the period ending on the Revolving Credit Termination Date shall be the sum of all advances then or theretofore made thereon less all principal payments actually received thereon during such periodSCHEDULE 2.01.

Appears in 1 contract

Samples: Credit Agreement (Solectron Corp)

The Revolving Credit. (ai) Prior to the effectiveness of the FirstFifth Amendment, (x) the Original Revolving Lenders committed to make certain Loans (collectively, the “Original Revolving Loans”) to the Borrower (and the aggregate outstanding principal amount of such Original Revolving Loans immediately prior to the effectiveness of the FirstFifth Amendment (but exclusive of any PIK Interest which has accrued on or prior to the effectiveness of the Fifth Amendment) is $20,000,000) and, (y) there were no Letters of Credit Issued under Section 1.1(c) and (z) the LIFO Revolving Lenders committed to make certain LIFO Revolving Loans (as defined below) to the Borrower (and the aggregate outstanding principal amount of such LIFO Revolving Loans immediately prior to the effectiveness of the Fifth Amendment is $15,000,000). The commitments to provide the Original Revolving Loans are, as of the FirstFifth Amendment Date, as set forth on Schedule 1.1(b) under the heading “Original Revolving Loan Commitments” (such amount as the same may be reduced or increased from time to time in accordance with this Agreement, being referred to herein as such Lender’s “Original Revolving Loan Commitment”). Subject to all of the terms and conditions hereofof this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, each Original Revolving Lender severally and not jointly agrees to make Original Revolving Loans to the Borrower (unless the context shall otherwise require, the Bank agrees to extend a term “Original Revolving Credit to the Company which may be availed of by the Company in its discretion Loan” shall include any Incremental Revolving Loan) from time to time, be repaid and used again, time on any Business Day during the period from the date hereof to and including the Revolving Credit Termination Restatement Effective Date through the Final Availability Date. The Revolving Credit may be utilized by the Company , in the form of loans (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Loans") and L/Cs (as hereinafter defined), provided that the an aggregate amount of the Revolving Credit Loans and Reimbursement Obligations (as hereinafter defined) and the maximum amount available not to be drawn under all L/Cs outstanding at any one time shall not exceed $75,000,000 (the "Revolving Credit Commitment"). Each Revolving Credit Loan shall be in a minimum amount of $100,000 or any greater amount that is an integral multiple of $50,000. All Revolving Credit Loans shall be evidenced by a Revolving Credit Note of the Company (the "Revolving Credit Note") payable to the order of the Bank in the amount of its Revolving Credit Commitment, such Revolving Credit Note to be in the form attached hereto as Exhibit A. Without regard to the face principal amount of the Revolving Credit Note, the actual principal amount at any time outstanding such Lenders’ Original Revolving Loan Commitment (unless the context shall otherwise require, the term “Original Revolving Loan Commitments” shall include the Incremental Revolving Loan Commitments); provided, however, that after giving effect to any Borrowing of Original Revolving Loans, the aggregate principal amount of all outstanding Original Revolving Loans shall not exceed the Maximum Original Revolving Loan Balance. Subject to the terms and owing by conditions of this Agreement and in reliance upon the Company representations and warranties of the Credit Parties contained herein, each LIFO Revolving Lender severally and not jointly agrees to make Loans to the Borrower (each such Loan, a “LIFO Revolving Loan” and, together with each Original Revolving Loan, a “Revolving Loan”) from time to time on account thereof any Business Day during the period ending from and including the First Amendment Date through the LIFO Maturity Date, in an aggregate amount not to exceed at any time outstanding such Lender’s LIFO Revolving Loan Commitment, which LIFO Revolving Loan Commitments, as of the Firstimmediately following the effectiveness of the Fifth Amendment Date, are set forth opposite such Lender’s name on Schedule 1.1(b) under the heading “LIFO Revolving Credit Termination Date shall Loan Commitments” (such amount as the same may be reduced or increased from time to time in accordance with this Agreement, being referred to herein as such Lender’s “LIFO Revolving Loan Commitment” and, together with such Lender’s Original Revolving Loan Commitment, such Lender’s “Revolving Loan Commitment”); provided, however, that, after giving effect to any Borrowing of LIFO Revolving Loans, the sum aggregate principal amount of all advances then or theretofore made thereon less all principal payments actually received thereon during such periodoutstanding LIFO Revolving Loans shall not exceed the Maximum LIFO Revolving Loan Balance.

Appears in 1 contract

Samples: Credit Agreement (Spinal Elements Holdings, Inc.)

The Revolving Credit. (a) Subject to all the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, each Revolving Lender severally and not jointly agrees to make Loans to the Borrower (each such Loan, a “Revolving Loan”) from time to time on any Business Day during the period from the Closing Date through the Final Availability Date, in an aggregate amount not to exceed at any time outstanding the amount set forth opposite such Lender’s name in Schedule 1.1(b) under the heading “Revolving Loan Commitments” (such amount, as the same may be reduced or increased from time to time in accordance with this Agreement (including pursuant to Section 1.12), being referred to herein as such Revolving Lender’s “Revolving Loan Commitment”); provided, however, that, after giving effect to any Borrowing of Revolving Loans, the aggregate principal amount of all outstanding Revolving Loans shall not exceed the Maximum Revolving Loan Balance. Subject to the other terms and conditions hereof, the Bank agrees to extend a Revolving Credit amounts borrowed under this subsection 1.1(b) may be repaid (without premium or penalty except as, and to the Company which may be availed of by the Company extent, set forth in its discretion Section 10.4) and reborrowed from time to time, be repaid and used again, during the period from the date hereof to and including the Revolving Credit Termination Date. The “Maximum Revolving Credit may be utilized by Loan Balance” from time to time will equal (i) the Company Aggregate Revolving Loan Commitment then in effect less (ii) the form sum of loans (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Loans"I) and L/Cs (as hereinafter defined), provided that the aggregate amount of Letter of Credit Obligations plus (II) the aggregate principal amount of outstanding Swing Loans plus (III) the Interest Reserve (after giving effect to any reduction thereof to the extent a requested Revolving Credit Loan shall be utilized to pay interest for which the Interest Reserve has been established). If at any time the then outstanding principal balance of Revolving Loans and Reimbursement Obligations exceeds the Maximum Revolving Loan Balance, then the Borrower shall immediately prepay outstanding Revolving Loans in an amount sufficient to eliminate such excess. As of the Seventh Amendment Effective Date, the aggregate outstanding principal amount of Revolving Loans (such outstanding Revolving Loans, the “Seventh Amendment Revolving Loans”) is $18,815,125.99 (as hereinafter definedsuch amount may be reduced by any payments in respect thereof, the “Revolving Loan Cap”) and the maximum aggregate face value of all Letters of Credit (such outstanding Letters of Credit, the “Seventh Amendment LCs”) Issued and outstanding under this Agreement is $1,988,026.03 (as such amount available may be reduced by the cancellation or termination of any Letter of Credit Existing as of the Seventh Amendment Effective Date, the “LC Facility Cap”; the LC Facility Cap together with the Revolving Loan Cap are sometimes referred to be drawn under all L/Cs outstanding at any one time shall not exceed $75,000,000 (herein collectively as the "Revolving Credit Commitment"Facility Cap”), in each case, as set forth on Schedule 1.1(b). Each Revolving Notwithstanding anything to the contrary set forth in this Section 1.1(b) or anywhere else in the Credit Loan shall be in a minimum amount of $100,000 Agreement or any greater amount that is an integral multiple other Loan Document, from and after the Seventh Amendment Effective Date (a) prior to the repayment in full of $50,000. All all revolving loans and other obligations under (including the cash collateralization of all letters of credit issued thereunder) and the termination of, the First Lien Revolving Credit Facility, no further Revolving Loans shall be evidenced made or funded or Letters of Credit Issued hereunder (provided, Revolving Loans may be funded solely to pay any L/C Reimbursement Obligations that may arise in respect of Seventh Amendment LCs, whereupon the Revolving Loan Cap shall be deemed to have increased, and the LC Facility Cap reduced, by a Revolving such amount) and (b) until the Required Leverage Date shall occur, no (i) Letters of Credit Note of shall be Issued if, after giving effect to such Issuance, the Company (the "Revolving Credit Note") payable to the order of the Bank in the aggregate face amount of its all Issued and outstanding Letters of Credit shall exceed the LC Facility Cap, (ii) Revolving Credit CommitmentLoans shall be made or funded if, after giving effect to such Revolving Credit Note to be in making or funding, the form attached hereto as Exhibit A. Without regard to the face aggregate outstanding principal amount of Revolving Loans shall exceed the Revolving Loan Cap (except in respect of Revolving Loans funded solely to pay L/C Reimbursement Obligation arising in respect of a Letter of Credit NoteIssued in accordance herewith, the actual principal amount at any time outstanding and owing by the Company on account thereof during the period ending on whereupon the Revolving Credit Termination Date Loan Cap shall be deemed to have increased, and the LC Facility Cap reduced, by such amount) and (iii) Revolving Loans shall be made or funded and no Letters of Credit shall be Issued if, after giving effect to such making, funding or Issuance, the sum of (y) aggregate outstanding principal amount of Revolving Loans and (z) all advances then or theretofore made thereon less all principal payments actually received thereon during such periodIssued and outstanding Letters of Credit, shall exceed the Revolving Facility Cap.

Appears in 1 contract

Samples: First Lien Credit Agreement (GSE Holding, Inc.)

The Revolving Credit. All commitments in existence immediately prior to the Fourth Amendment Date to make Revolving Loans are hereby terminated (a) and the only commitments to make Revolving Loans on and after the Fourth Amendment Date are the Revolving Loan Commitments set forth on Schedule 1.1(b)-Supplement). Subject to all the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, each Revolving Lender severally and not jointly agrees to make Loans to the Borrower (each such Loan, a “Revolving Loan”) from time to time on any Business Day during the period from the Fourth Amendment Date through the Final Availability Date, in an aggregate amount not to exceed at any time outstanding the amount set forth opposite such Lender’s name in Schedule 1.1(b)-Supplement under the heading “Revolving Loan Commitments” (such amount as the same may be reduced or increased from time to time in accordance with this Agreement, being referred to herein as such Lender’s “Revolving Loan Commitment”); provided, however, that, after giving effect to any Borrowing of Revolving Loans, the aggregate principal amount of all outstanding Revolving Loans shall not exceed the Maximum Revolving Loan Balance. Subject to the other terms and conditions hereof, the Bank agrees to extend a Revolving Credit to the Company which amounts borrowed under this subsection 1.1(b) may be availed of by the Company in its discretion repaid and reborrowed from time to time, be repaid and used again, during the period from the date hereof to and including the Revolving Credit Termination Date. The “Maximum Revolving Credit may Loan Balance” from time to time will be utilized by equal to the Company Aggregate Revolving Loan Commitment then in effect less the form sum of loans (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Loans"i) and L/Cs (as hereinafter defined), provided that the aggregate amount of Letter of Credit Obligations plus (ii) the Revolving Credit Loans and Reimbursement Obligations (as hereinafter defined) and the maximum amount available to be drawn under all L/Cs outstanding at any one time shall not exceed $75,000,000 (the "Revolving Credit Commitment"). Each Revolving Credit Loan shall be in a minimum amount of $100,000 or any greater amount that is an integral multiple of $50,000. All Revolving Credit Loans shall be evidenced by a Revolving Credit Note of the Company (the "Revolving Credit Note") payable to the order of the Bank in the amount of its Revolving Credit Commitment, such Revolving Credit Note to be in the form attached hereto as Exhibit A. Without regard to the face aggregate principal amount of the Revolving Credit Note, the actual principal amount outstanding Swing Loans. If at any time the then outstanding and owing by principal balance of Revolving Loans exceeds the Company on account thereof during Maximum Revolving Loan Balance, then the period ending on the Borrower shall immediately prepay outstanding Revolving Credit Termination Date shall be the sum of all advances then or theretofore made thereon less all principal payments actually received thereon during Loans in an amount sufficient to eliminate such periodexcess.

Appears in 1 contract

Samples: Credit Agreement (Affymetrix Inc)

The Revolving Credit. Each Lender severally agrees, on the terms and conditions set forth herein, to make Committed Loans to the Company (aor a Borrowing Subsidiary, if applicable) from time to time on any Business Day during the period from the Closing Date to the Termination Date, in an aggregate amount not to exceed at any time outstanding the amount set forth on Schedule 2.01 (such amount as the same may be increased under Section 2.10 or reduced under Section 2.08 or changed as a result of one or more assignments under Section 11.08, the Lender's "Commitment"); provided, however, that, the aggregate amount of the Commitments of the Lenders shall be deemed used from time to time to the extent of the aggregate amount of the Bid Loans then outstanding and such deemed usage of the aggregate amount of the Commitments shall be applied to the Lenders ratably according to their Pro Rata Share. Subject to Section 2.15, the aggregate Dollar Equivalent principal amount of all outstanding Committed Loans, together with the aggregate principal amount of all outstanding Bid Loans, shall not at any time exceed the combined Commitments. Within the limits of each Lender's Commitment, and subject to the other terms and conditions hereof, the Bank agrees Company (or any Borrowing Subsidiary, if applicable) may borrow under this Section 2.01, prepay under Section 2.09 and reborrow under this Section 2.01. Subject to extend a Revolving Credit Section 2.03(d), the Committed Loans may from time to time be (i) Base Rate Loans, (ii) Eurodollar Loans, (iii) (subject to the Company which may be availed of limitations set forth herein) Eurocurrency Loans or (iv) a combination thereof, as determined by the Company in its discretion from time to time(or a Borrowing Subsidiary, be repaid and used again, during the period from the date hereof to and including the Revolving Credit Termination Date. The Revolving Credit may be utilized by the Company in the form of loans (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Loans"if applicable) and L/Cs (as hereinafter defined)notified to the U.S. Agent in accordance with Section 2.03, provided that the aggregate amount of the Revolving Credit Loans and Reimbursement Obligations (as hereinafter defined) and the maximum amount available to be drawn under all L/Cs outstanding at any one time shall not exceed $75,000,000 (the "Revolving Credit Commitment"). Each Revolving Credit no Committed Loan shall be in made as a minimum amount of $100,000 Eurodollar Loan or any greater amount a Eurocurrency Loan after the day that is an integral multiple of $50,000. All Revolving Credit Loans shall be evidenced by a Revolving Credit Note of the Company (the "Revolving Credit Note") payable one month prior to the order of the Bank in the amount of its Revolving Credit Commitment, such Revolving Credit Note to be in the form attached hereto as Exhibit A. Without regard to the face principal amount of the Revolving Credit Note, the actual principal amount at any time outstanding and owing by the Company on account thereof during the period ending on the Revolving Credit Termination Date shall be the sum of all advances then or theretofore made thereon less all principal payments actually received thereon during such periodDate.

Appears in 1 contract

Samples: Multicurrency Credit Agreement (Alberto Culver Co)

The Revolving Credit. Each Bank severally agrees, on the terms and conditions set forth herein, to make loans to the Company (aeach such loan, a "REVOLVING LOAN") Subject from time to time on any Business Day during the period from the Special Funding Date to the Revolving Termination Date, in an aggregate amount not to exceed at any time outstanding the amount set forth on SCHEDULE 2.01 (such amount, as the same may be reduced under SECTION 2.07, or as a result of one or more assignments under SECTION 10.08, the Bank's "REVOLVING LOAN COMMITMENT"); PROVIDED, HOWEVER, that, after giving effect to any Borrowing of Revolving Loans (exclusive of Revolving Loans which are repaid with the proceeds of, and simultaneously with the incurrence of, the respective incurrence of Revolving Loans), the Effective Amount of all outstanding Revolving Loans, the Effective Amount of all Swing Line Loans and the Effective Amount of all L/C Obligations, shall not at any time exceed an amount equal to the combined Revolving Loan Commitments; AND PROVIDED FURTHER, that the Effective Amount of the Revolving Loans of any Bank plus the participation of such Bank in the Effective Amount of all Swing Line Loans and the Effective Amount of all L/C Obligations shall not at any time exceed an amount equal to such Bank's Revolving Loan Commitment. Within the limits of each Bank's Revolving Loan Commitment, and subject to the other terms and conditions hereof, the Bank agrees to extend a Revolving Credit to the Company which may be availed of by the Company in its discretion from time to time, be repaid and used again, during the period from the date hereof to and including the Revolving Credit Termination Date. The Revolving Credit may be utilized by the Company in the form of loans (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Loans") and L/Cs (as hereinafter definedborrow under this SECTION 2.01(b), provided that the aggregate amount of the Revolving Credit Loans prepay under SECTION 2.08 and Reimbursement Obligations (as hereinafter defined) and the maximum amount available to be drawn reborrow under all L/Cs outstanding at any one time shall not exceed $75,000,000 (the "Revolving Credit Commitment"this SECTION 2.01(b). Each Revolving Credit Loan shall be in a minimum amount of $100,000 or any greater amount that is an integral multiple of $50,000. All Revolving Credit Loans shall be evidenced by a Revolving Credit Note of the Company (the "Revolving Credit Note") payable to the order of the Bank in the amount of its Revolving Credit Commitment, such Revolving Credit Note to be in the form attached hereto as Exhibit A. Without regard to the face principal amount of the Revolving Credit Note, the actual principal amount at any time outstanding and owing by the Company on account thereof during the period ending on the Revolving Credit Termination Date shall be the sum of all advances then or theretofore made thereon less all principal payments actually received thereon during such period.

Appears in 1 contract

Samples: Credit Agreement (Waterlink Inc)

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The Revolving Credit. Each Revolving Lender severally agrees, on the terms and conditions set forth herein, to make loans to the Company (aeach such loan, a "Revolving Loan"), from time to time on any Business Day during the period from the Restatement Date to the Revolving Termination Date, in an aggregate amount not to exceed at any time outstanding such Revolving Lender's Revolving Percentage of the aggregate amount of the Revolving Commitments; provided that, after giving effect to any Borrowing of Revolving Loans, (x) Subject the sum of the Effective Amount of all Revolving Loans plus the Effective Amount of all Swingline Loans plus the Effective Amount of all L/C Obligations shall not exceed (y) the lesser of (1) the aggregate amount of the Revolving Commitments and (2) the Borrowing Base; provided, further, however, that the Company may borrow an amount up to the amount of the Redemption Reserve at any time and from time to time if the Company delivers to the Administrative Agent a certificate, in form and substance satisfactory to the Administrative Agent, to the effect that the Company will use the proceeds of such borrowing allocable to the Redemption Reserve to finance any or all of the Permitted Redemptions or to fund the prepayment described in subsection 2.8(a)(x), but in no event shall any such borrowing cause the Effective Amount of all Revolving Loans plus the Effective Amount of all Swingline Loans plus the Effective Amount of all L/C Obligations to exceed the lesser of (x) the Borrowing Base (for this purpose, determined without deducting the Redemption Reserve as contemplated by clause (f) of the definition of "Borrowing Base") and (y) the aggregate amount of the Revolving Commitments. Within the foregoing limits, and subject to the other terms and conditions hereof, the Bank agrees to extend a Revolving Credit to the Company which may be availed of by the Company in its discretion from time to time, be repaid and used again, during the period from the date hereof to and including the Revolving Credit Termination Date. The Revolving Credit may be utilized by the Company in the form of loans (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Loans") and L/Cs (as hereinafter definedborrow under this subsection 2.1(c), provided that the aggregate amount of the Revolving Credit Loans prepay under Section 2.7 and Reimbursement Obligations (as hereinafter defined) and the maximum amount available to be drawn reborrow under all L/Cs outstanding at any one time shall not exceed $75,000,000 (the "Revolving Credit Commitment"this subsection 2.1(c). Each Revolving Credit Loan shall be in a minimum amount of $100,000 or any greater amount that is an integral multiple of $50,000. All Revolving Credit Loans shall be evidenced by a Revolving Credit Note of the Company (the "Revolving Credit Note") payable to the order of the Bank in the amount of its Revolving Credit Commitment, such Revolving Credit Note to be in the form attached hereto as Exhibit A. Without regard to the face principal amount of the Revolving Credit Note, the actual principal amount at any time outstanding and owing by the Company on account thereof during the period ending on the Revolving Credit Termination Date shall be the sum of all advances then or theretofore made thereon less all principal payments actually received thereon during such period.

Appears in 1 contract

Samples: Credit Agreement (Del Monte Foods Co)

The Revolving Credit. (a) Subject to all the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, each Revolving Lender severally and not jointly agrees to make Loans to the Borrower (each such Loan, a “Revolving Loan”) from time to time on any Business Day during the period from the Closing Date through the Final Availability Date, in an aggregate amount not to exceed at any time outstanding the amount set forth opposite such Lender’s name in Schedule 1.1(b) under the heading “Revolving Loan Commitments” (such amount, as the same may be reduced or increased from time to time in accordance with this Agreement (including pursuant to Section 1.12), being referred to herein as such Revolving Lender’s “Revolving Loan Commitment”); provided, however, that, after giving effect to any Borrowing of Revolving Loans, the aggregate principal amount of all outstanding Revolving Loans shall not exceed the Maximum Revolving Loan Balance. Subject to the other terms and conditions hereof, the Bank agrees to extend a Revolving Credit amounts borrowed under this subsection 1.1(b) may be repaid (without premium or penalty except as, and to the Company which may be availed of by the Company extent, set forth in its discretion Section 10.4) and reborrowed from time to time, be repaid and used again, during the period from the date hereof to and including the Revolving Credit Termination Date. The “Maximum Revolving Credit may be utilized by Loan Balance” from time to time will equal (i) the Company Aggregate Revolving Loan Commitment then in effect less (ii) the form sum of loans (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Loans"I) and L/Cs (as hereinafter defined), provided that the aggregate amount of Letter of Credit Obligations plus (II) the aggregate principal amount of outstanding Swing Loans plus (III) the Interest Reserve (after giving effect to any reduction thereof to the extent a requested Revolving Credit Loan shall be utilized to pay interest for which the Interest Reserve has been established). If at any time the then outstanding principal balance of Revolving Loans and Reimbursement Obligations exceeds the Maximum Revolving Loan Balance, then the Borrower shall immediately prepay outstanding Revolving Loans in an amount sufficient to eliminate such excess. As of the Sixth Amendment Effective Date, the aggregate outstanding principal amount of Revolving Loans (as hereinafter definedsuch outstanding Revolving Loans, the “Sixth Amendment Revolving Loans”) is $19,111,569.48 (the “Revolving Loan Cap”) and the maximum amount available aggregate face value of all Letters of Credit (such outstanding Letters of Credit, the “Sixth Amendment LCs”) Issued and outstanding under this Agreement is $2,431,391.00 (the “LC Facility Cap”; the LC Facility Cap together with the Revolving Loan Cap are sometimes referred to herein collectively as the “Revolving Facility Cap”), in each case, as set forth on Schedule 1.1(b). Notwithstanding anything to the contrary set forth in this Section 1.1(b) or anywhere else in the Credit Agreement or any other Loan Document, from and after the Sixth Amendment Effective Date (a) prior to the repayment in full of all revolving loans and other obligations under, and the termination of, the First Lien Revolving Facility, no further Revolving Loans shall be drawn under all made or funded or Letters of Credit Issued hereunder (provided, Revolving Loans may be funded solely to pay any L/Cs C Reimbursement Obligations that may arise in respect of Sixth Amendment LCs, whereupon the Revolving Loan Cap shall be deemed to have increased, and the LC Facility Cap reduced, by such amount) and (b) until the Required Leverage Date shall occur, no (i) Letters of Credit shall be Issued if, after giving effect to such Issuance, the aggregate face amount of all Issued and outstanding at Letters of Credit shall exceed the LC Facility Cap (provided, the LC Facility Cap shall be increased on the date the First Lien Revolving Facility terminates in accordance with Section 4.19 by an amount equal to the aggregate face amount of all “Letters of Credit” (as defined in the First Lien Revolving Facility), which such aggregate amount shall not in any one time event exceed $600,000, issued and outstanding as of such date of termination, whereupon all such “Letters of Credit” thereunder shall automatically become and be deemed to constitute Letters of Credit hereunder for all purposes of this Agreement and the other Loan Documents), (ii) Revolving Loans shall be made or funded if, after giving effect to such making or funding, the aggregate outstanding principal amount of Revolving Loans shall exceed the Revolving Loan Cap (except in respect of Revolving Loans funded solely to pay L/C Reimbursement Obligation arising in respect of a Letter of Credit Issued in accordance herewith, whereupon the Revolving Loan Cap shall be deemed to have increased, and the LC Facility Cap reduced, by such amount) and (iii) Revolving Loans shall be made or funded and no Letters of Credit shall be Issued if, after giving effect to such making, funding or Issuance, the sum of (y) aggregate outstanding principal amount of Revolving Loans and (z) all Issued and outstanding Letters of Credit, shall exceed the Revolving Facility Cap. Upon the effectiveness of the First Lien Revolving Facility, each Revolving Lender’s Revolving Loan Commitment hereunder shall be deemed automatically reduced on a dollar for dollar basis by an amount equal to the aggregate principal amount of such Revolving Lender’s commitment in respect of the First Lien Revolving Facility; provided, the aggregate principal amount of the reductions to the Revolving Loan Commitments shall not exceed $75,000,000 (the "Revolving Credit Commitment")8,000,000. Each Revolving Credit Loan shall be in a minimum amount of $100,000 or any greater amount that is an integral multiple of $50,000. All Revolving Credit Loans shall be evidenced by a Revolving Credit Note of the Company (the "Revolving Credit Note") payable to the order of the Bank in the amount of its Revolving Credit Commitment, such Revolving Credit Note to be in the form attached hereto as Exhibit A. Without regard to the face The outstanding principal amount of the Sixth Amendment Revolving Credit Note, Loans and the actual principal amount at any time outstanding and owing by Sixth Amendment LCs shall not be reduced or otherwise modified solely as a result of the Company on account thereof during the period ending on reduction of the Revolving Loan Commitments described above. The Sixth Amendment Revolving Loans and Letter of Credit Termination Obligations in respect of Sixth Amendment LCs held by a Revolving Lender are referred to herein collectively as such Revolving Lender’s “Pre-Amendment Revolving Share” and all such Pre-Amendment Revolving Shares are referred to herein collectively as the “Aggregate Pre-Amendment Revolving Amount”, in each case, as such amounts are set forth on Schedule 1.1(b). As a result of the foregoing, until the Commitment Reinstatement Date (as defined below) (i) interest and fees in respect of the Sixth Amendment Revolving Loans and the Sixth Amendment LCs shall accrue for the benefit of each Revolving Lender based on each such Revolving Lender’s Pre-Amendment Revolving Share, (ii) all payments of principal and interest in respect of Sixth Amendment Revolving Loans and Sixth Amendment LCs, shall be paid, allocated and applied to the sum of all advances then or theretofore made thereon less all principal payments actually received thereon during Aggregate Pre-Amendment Revolving Amount on a pro rata basis based on each Revolving Lender’s Pre-Amendment Revolving Share and (iii) the Unused Commitment Fee accruing and payable to each Revolving Lender shall be calculated based upon such periodRevolving Lender’s Revolving Loan Commitment after giving effect to the Sixth Amendment and such Revolving Lender’s Pre-Amendment Revolving Share.

Appears in 1 contract

Samples: First Lien Credit Agreement (GSE Holding, Inc.)

The Revolving Credit. (a) Subject Holdings hereby acknowledges and agrees that pursuant to all the Existing Credit Agreement, the Existing Lenders provided to Holdings revolving loans from time to time in an aggregate principal amount of up to $190,000,000, of which [$ ] in aggregate principal amount is outstanding on the date hereof. On the terms and subject to the conditions set forth herein, the parties hereto hereby acknowledge and agree that on and after the Effective Date, each Remaining Lender and each New Lender that desires to provide a portion of the revolving credit facility shall be a Revolving Lender under this Agreement and the other Loan Documents with Revolving Commitments and Revolving Proportionate Shares as set forth on Schedule 2.01 attached hereto (each such commitment, a “Revolving Commitment”) in an aggregate amount not to exceed the Aggregate Revolving Commitment, with the rights, duties and obligations of such a Lender under this Agreement and the other Loan Documents. To effect the foregoing, on the Effective Date, Administrative Agent shall calculate the Revolving Proportionate Share of each Remaining Lender and each New Lender in each revolving loan then outstanding (each such loan, together with all other loans advanced from time to time pursuant to this Section 2.01(b), a “Revolving Loan”). Based upon such calculation, each New Lender and any applicable Remaining Lender shall purchase from the Departing Lenders (and, to the extent necessary, the other Remaining Lenders) such shares in the outstanding Revolving Loans (as well as any outstanding L/C Obligations and Swingline Loans) as Administrative Agent determines is necessary to cause each Remaining Lender and each New Lender to hold Revolving Loans (as well as L/C Obligations and Swingline Loans) in each outstanding Revolving Loan Borrowing in a principal amount equal to such Remaining Lender’s and such New Lender’s Proportionate Share of such Revolving Loan Borrowings and Holdings, the Company and the Guarantors shall have no further obligations with respect to the Existing Credit Facility. On and after the Effective Date, on the terms and subject to the conditions of this Agreement, each Revolving Lender severally agrees to advance to Holdings from time to time during the period beginning on the Effective Date and ending on the Revolving Loan Maturity Date such loans in Dollars as Holdings may request under this Section 2.01; provided, however, that (i) after giving effect to any Borrowing of Revolving Loans, (A) the Effective Amount of all outstanding Revolving Loans and Swingline Loans and the Effective Amount of all L/C Obligations shall not exceed an amount equal to the lesser of (1) the combined Revolving Commitments of the Revolving Lenders and (2) the Borrowing Base; and (B) the Effective Amount of the Revolving Loans of any Revolving Lender plus the participation of such Revolving Lender in the Effective Amount of all L/C Obligations and the Effective Amount of all Swingline Loans shall not at any time exceed such Revolving Lender’s Revolving Commitment. Within the limits of each Revolving Lender’s Revolving Commitment, and subject to the other terms and conditions hereof, the Bank agrees to extend a Revolving Credit to the Company which Holdings may be availed of by the Company in its discretion from time to timeborrow under this Section 2.01, be repaid prepay under Section 2.07 and used again, during the period from the date hereof to and including the Revolving Credit Termination Date. The Revolving Credit may be utilized by the Company in the form of loans (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Loans") and L/Cs (as hereinafter defined), provided that the aggregate amount of the Revolving Credit Loans and Reimbursement Obligations (as hereinafter defined) and the maximum amount available to be drawn reborrow under all L/Cs outstanding at any one time shall not exceed $75,000,000 (the "Revolving Credit Commitment"). Each Revolving Credit Loan shall be in a minimum amount of $100,000 or any greater amount that is an integral multiple of $50,000. All Revolving Credit Loans shall be evidenced by a Revolving Credit Note of the Company (the "Revolving Credit Note") payable to the order of the Bank in the amount of its Revolving Credit Commitment, such Revolving Credit Note to be in the form attached hereto as Exhibit A. Without regard to the face principal amount of the Revolving Credit Note, the actual principal amount at any time outstanding and owing by the Company on account thereof during the period ending on the Revolving Credit Termination Date shall be the sum of all advances then or theretofore made thereon less all principal payments actually received thereon during such periodthis Section 2.01.

Appears in 1 contract

Samples: Credit Agreement (Building Materials Holding Corp)

The Revolving Credit. (ai) Prior to the effectiveness of the FifthSixth Amendment, (x) the Original Revolving Lenders committed to make certain Loans (collectively, the “Original Revolving Loans”) to the Borrower (and the aggregate outstanding principal amount of such Original Revolving Loans immediately prior to the effectiveness of the FifthSixth Amendment (but exclusive of any PIK Interest which has accrued on or prior to the effectiveness of the FifthSixth Amendment) is $20,000,000), (y) there were no Letters of Credit Issued under Section 1.1(c) and (z) the LIFO Revolving Lenders committed to make certain LIFO Revolving Loans (as defined below) to the Borrower (and the aggregate outstanding principal amount of such LIFO Revolving Loans immediately prior to the effectiveness of the FifthSixth Amendment is $15,000,00030,000,000). The commitments to provide the Original Revolving Loans are, as of the FifthSixth Amendment Date, as set forth on Schedule 1.1(b) under the heading “Original Revolving Loan Commitments” (such amount as the same may be reduced or increased from time to time in accordance with this Agreement, being referred to herein as such Lender’s “Original Revolving Loan Commitment”). Subject to all of the terms and conditions hereofof this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, each Original Revolving Lender severally and not jointly agrees to make Original Revolving Loans to the Borrower (unless the context shall otherwise require, the Bank agrees to extend a term “Original Revolving Credit to the Company which may be availed of by the Company in its discretion Loan” shall include any Incremental Revolving Loan) from time to time, be repaid and used again, time on any Business Day during the period from the date hereof to and including the Revolving Credit Termination Restatement Effective Date through the Final Availability Date. The Revolving Credit may be utilized by the Company , in the form of loans (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Loans") and L/Cs (as hereinafter defined), provided that the an aggregate amount of the Revolving Credit Loans and Reimbursement Obligations (as hereinafter defined) and the maximum amount available not to be drawn under all L/Cs outstanding at any one time shall not exceed $75,000,000 (the "Revolving Credit Commitment"). Each Revolving Credit Loan shall be in a minimum amount of $100,000 or any greater amount that is an integral multiple of $50,000. All Revolving Credit Loans shall be evidenced by a Revolving Credit Note of the Company (the "Revolving Credit Note") payable to the order of the Bank in the amount of its Revolving Credit Commitment, such Revolving Credit Note to be in the form attached hereto as Exhibit A. Without regard to the face principal amount of the Revolving Credit Note, the actual principal amount at any time outstanding such Lenders’ Original Revolving Loan Commitment (unless the context shall otherwise require, the term “Original Revolving Loan Commitments” shall include the Incremental Revolving Loan Commitments); provided, however, that after giving effect to any Borrowing of Original Revolving Loans, the aggregate principal amount of all outstanding Original Revolving Loans shall not exceed the Maximum Original Revolving Loan Balance. Subject to the terms and owing by conditions of this Agreement and in reliance upon the Company representations and warranties of the Credit Parties contained herein, each LIFO Revolving Lender severally and not jointly agrees to make Loans to the Borrower (each such Loan, a “LIFO Revolving Loan” and, together with each Original Revolving Loan, a “Revolving Loan”) from time to time on account thereof any Business Day during the period ending from and including the First Amendment Date through the LIFO Maturity Date, in an aggregate amount not to exceed at any time outstanding such Lender’s LIFO Revolving Loan Commitment, which LIFO Revolving Loan Commitments, immediately following the effectiveness of the FifthSixth Amendment, are set forth opposite such Lender’s name on Schedule 1.1(b) under the heading “LIFO Revolving Credit Termination Date shall Loan Commitments” (such amount as the same may be reduced or increased from time to time in accordance with this Agreement, being referred to herein as such Lender’s “LIFO Revolving Loan Commitment” and, together with such Lender’s Original Revolving Loan Commitment, such Lender’s “Revolving Loan Commitment”); provided, however, that, after giving effect to any Borrowing of LIFO Revolving Loans, the sum aggregate principal amount of all advances then or theretofore made thereon less all principal payments actually received thereon during such periodoutstanding LIFO Revolving Loans shall not exceed the Maximum LIFO Revolving Loan Balance.

Appears in 1 contract

Samples: Credit Agreement (Spinal Elements Holdings, Inc.)

The Revolving Credit. (a) Subject to all of the terms and conditions hereof, the Bank agrees Banks agree to extend a Revolving Credit revolving credit (the "REVOLVING CREDIT") to the Company Borrower in an aggregate principal amount at any one time outstanding not to exceed the lesser of (i) the Commitments or (ii) the Available Borrowing Base as then determined and computed, which may be availed of by the Company Borrower in its discretion from time to time, be repaid and used again, during the period from the date hereof to and but not including the Revolving Credit Termination Date. The Revolving Credit Credit, subject to all of the terms and conditions hereof, may be utilized by the Company Borrower in the form of loans (individually a "Revolving Credit Loan" and collectively the "Revolving Credit Domestic Rate Loans or Eurodollar Loans") and L/Cs (, all as more fully hereinafter defined), provided that the aggregate set forth. The maximum amount of the Revolving Credit Loans which each Bank agrees to extend to the Borrower shall be as set forth opposite its name on the applicable signature page hereof or as otherwise set forth in the relevant Assignment Agreement delivered pursuant to Section 12.9 hereof (its "COMMITMENT" and Reimbursement Obligations (as hereinafter defined) and cumulatively for all the maximum amount available to be drawn under all L/Cs outstanding at any one time shall not exceed $75,000,000 (Banks the "Revolving Credit CommitmentCOMMITMENTS") (subject to any reductions thereof pursuant to the terms hereof). The obligations of the Banks hereunder are several and not joint, and no Bank shall under any circumstances be obligated to extend credit hereunder in excess of its Commitment. Each Revolving Credit Loan shall be in a minimum amount Borrowing of $100,000 or any greater amount that is an integral multiple of $50,000. All Revolving Credit Loans shall be evidenced made ratably from the Banks in proportion to their respective Commitments. On the Effective Date, the Borrower hereby promises to prepay all Eurodollar Loans outstanding under the Original Credit Agreement (and each Bank currently a party to the Original Credit Agreement agrees to waive any compensation otherwise required by a Revolving Credit Note Section 2.10 of the Company (Original Credit Agreement with respect to, and only with respect to, the "Revolving prepayment of such Eurodollar Loans currently outstanding under the Original Credit Note"Agreement) payable and thereafter, subject to the order of the Bank in the amount of its Revolving Credit Commitmentterms and conditions hereof, such Revolving Credit Note to be in the form attached hereto as Exhibit A. Without regard to the face principal amount of the Revolving Credit Note, the actual principal amount at any time outstanding and owing by the Company on account thereof during the period ending on the Revolving Credit Termination Date there shall be such nonratable Borrowings of Loans and repayments thereof as shall be necessary so that after giving effect thereto the sum Banks each hold their ratable share of all advances Loans then or theretofore made thereon less all principal payments actually received thereon during such periodoutstanding in proportion to their respective Commitments (which Loans shall initially constitute Domestic Rate Loans). .SECTION 2.

Appears in 1 contract

Samples: World Acceptance Corp

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