The Revolving Credit. (a) Subject to the terms and conditions of this Agreement and so long as there exists no Default, at any time prior to the Revolving Credit Termination Date, each Lender, severally and not jointly, shall make such Revolving Credit Advances to the Borrowers as the Borrowers may from time to time request, by notice to the Agent in accordance with Section 2.2, in an aggregate amount (i) as to each Lender, not to exceed at any time such Lender's Commitment Percentage of the Maximum Revolving Credit Amount less its Commitment Percentage of the Letter of Credit Exposure, and (ii) as to all Lenders, not to exceed the Maximum Revolving Credit Amount less the Letter of Credit Exposure. The outstanding principal amount of the Revolving Credit Advances, together with all accrued interest and other fees and charges related thereto, shall be repaid in full on the Revolving Credit Termination Date. On the Closing Date, the Borrowers shall execute and deliver to each Lender who so requests a Revolving Credit Note to evidence the Revolving Credit Advances from time to time made by such Lender to the Borrowers hereunder. (b) Subject to the foregoing limitations and the provisions of Section 4.2, the Borrowers shall have the right to make prepayments reducing the outstanding balance of Revolving Credit Advances and to request further Revolving Credit Advances, all in accordance with Section 2.2, without other restrictions hereunder; provided that the Lenders shall have the absolute right to refuse to make any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon the making of such a Revolving Credit Advance.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (Gerber Scientific Inc)
The Revolving Credit. (a) Subject to the terms and conditions hereof, each Lender severally agrees to extend a revolving credit (the "Revolving Credit") to the Company which may be availed of this Agreement by the Company from time to time during the period from and so long as there exists no Default, at any time prior including the date hereof to but not including the Revolving Credit Termination Date, each Lender, severally and not jointly, shall make such at which time the commitments of the Lenders to extend credit under the Revolving Credit Advances to the Borrowers as the Borrowers may from time to time request, by notice to the Agent in accordance with Section 2.2, in an aggregate amount (i) as to each Lender, not to exceed at any time such Lender's Commitment Percentage of the Maximum Revolving Credit Amount less its Commitment Percentage of the Letter of Credit Exposure, and (ii) as to all Lenders, not to exceed the Maximum Revolving Credit Amount less the Letter of Credit Exposureshall expire. The outstanding principal maximum amount of the Revolving Credit Advances, together with all accrued interest and other fees and charges related thereto, which each Lender agrees to extend to the Company shall be repaid as set forth opposite such Lender's signature hereto under the heading "Revolving Credit Commitment" or as otherwise provided in full on Section 11.10 hereof, as such amount may be reduced pursuant hereto. The Revolving Credit may be utilized by the Company in the form of Loans, all as more fully hereinafter set forth, provided that (i) the aggregate principal amount of Loans under the Revolving Credit outstanding at any one time shall not exceed the Revolving Credit Commitments and (ii) no additional Loans shall be available under the Revolving Credit unless the commitments under the Long-Term Credit Agreement are fully utilized. During the period from and including the date hereof to but not including the Revolving Credit Termination Date. On the Closing Date, the Borrowers shall execute and deliver to each Lender who so requests a Revolving Credit Note to evidence Company may use the Revolving Credit Advances from time to time made Commitments by such Lender to the Borrowers hereunder.
(b) Subject to the foregoing limitations borrowing, repaying and the provisions of Section 4.2, the Borrowers shall have the right to make prepayments reducing the outstanding balance of Revolving Credit Advances and to request further Revolving Credit Advancesreborrowing Loans in whole or in part, all in accordance with Section 2.2the terms and conditions of this Agreement. For purposes of this Agreement, without other restrictions hereunder; provided that where a determination of the unused or available amount of the Revolving Credit Commitments is necessary, the Loans outstanding under the Revolving Credit shall be deemed to utilize the Revolving Credit Commitments. The obligations of the Lenders hereunder are several and not joint, and no Lender shall have under any circumstances be obligated to extend credit under the absolute right to refuse to make any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon the making in excess of such a its Revolving Credit AdvanceCommitment.
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The Revolving Credit. (a) Subject to the terms and conditions of this Agreement and so long as there exists no Default, at any time prior to the Revolving Credit Termination Date, each Lender, severally and not jointly, shall make such Revolving Credit Advances to the Borrowers as the Borrowers may from time to time request, by notice to the Agent in accordance with Section 2.22.3, in an aggregate amount (i) as to each Lender, not to exceed at any time such Lender's Commitment Percentage of (A) the Maximum Revolving Credit Amount less its Commitment Percentage minus (B) the Maximum Exposure Under Letters of the Letter of Credit ExposureCredit, and (ii) as to all Lenders, not to exceed the Maximum Revolving Credit Amount less minus the Letter Maximum Exposure Under Letters of Credit ExposureCredit. The outstanding principal amount of the Revolving Credit Advances, together with all accrued interest and other fees and charges related thereto, shall be repaid in full on the Revolving Credit Termination Date. On the Closing Date, Date the Borrowers shall execute and deliver to each Lender who so requests a Revolving Credit Note to evidence the Revolving Credit Advances from time to time made by such Lender to the Borrowers hereunder.
(b) Subject to the foregoing limitations and the provisions of Section 4.2, the Borrowers shall have the right to make prepayments reducing the outstanding balance of Revolving Credit Advances and to request further Revolving Credit Advances, all in accordance with Section 2.22.3, without other restrictions hereunder; provided that the Lenders shall have the absolute right to refuse to make any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon would result from the making of such a Revolving Credit Advance.
(c) For a period of thirty (30) consecutive days in each year, commencing between January 15 and February 28 of such year (such period being the "Designated Cleanup Period" for such year), there shall be no Revolving Credit Advances outstanding.
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The Revolving Credit. (a) Subject to the terms and conditions of this Agreement and so long as there exists no Default, at any time after the effective time of the Merger and prior to the Revolving Credit Termination Date, each Lender, severally and not jointly, shall make such Revolving Credit Advances to the Borrowers Borrowers, jointly and severally, as URI, as agent for the Borrowers Borrowers, may from time to time request, by notice to the Administrative Agent in accordance with Section 2.22.3, in an aggregate amount (i) as to each Lender, not to exceed at any time such Lender's Commitment Percentage of the Maximum Revolving Credit Amount less its Amount, LESS such Lender's Commitment Percentage of the Letter of Credit Exposure, and (ii) as to all Lenders, not to exceed the Maximum Revolving Credit Amount less LESS the Letter of Credit Exposure. The outstanding principal amount of the Revolving Credit Advances, together with all accrued interest and other fees and charges related thereto, shall be repaid in full on the Revolving Credit Termination Date. On the Closing DateDate the Borrowers, the Borrowers jointly and severally, shall execute and deliver to each Lender who so requests a Revolving Credit Note to evidence the Revolving Credit Advances from time to time made by such Lender to the Borrowers hereunder.
(b) Subject to the foregoing limitations and the provisions of Section 4.2, the Borrowers shall have the right to make prepayments reducing the outstanding balance of Revolving Credit Advances and to request further Revolving Credit Advances, all in accordance with Section 2.22.3, without other restrictions hereunder; provided PROVIDED that the Lenders shall have the absolute right to refuse to make any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon the making of such a Revolving Credit Advance.
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The Revolving Credit. (a) Subject to Each Bank severally agrees, on the terms and conditions of this Agreement and so long as there exists no Defaultset forth herein, at any time prior to make loans to the Revolving Credit Termination Date, each Lender, severally and not jointly, shall make such Revolving Credit Advances to the Borrowers as the Borrowers may Companies from time to time request, by notice on any Business Day during the period from the Closing Date to the Agent in accordance with Section 2.2Revolving Termination Date, in an aggregate amount (i) as to each Lender, not to exceed at any time outstanding the amount set forth on Schedule 2.01 (such Lenderamount 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 Percentage "Commitment"); provided that, after giving effect to any Credit Extension: (a) the Effective Amount of the Maximum Revolving Credit Amount less its Commitment Percentage of the Letter of Credit Exposure, all outstanding Loans and (ii) as to all Lenders, L/C Obligations together shall not to at any time exceed the Maximum Revolving Credit Amount less the Letter of Credit Exposure. The outstanding principal amount of the Revolving Credit Advances, together with all accrued interest combined Commitments; and other fees and charges related thereto, shall be repaid in full on the Revolving Credit Termination Date. On the Closing Date, the Borrowers shall execute and deliver to each Lender who so requests a Revolving Credit Note to evidence the Revolving Credit Advances from time to time made by such Lender to the Borrowers hereunder.
(b) Subject 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 foregoing limitations 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 provisions Companies understands and agrees that the commitments of Section 4.2, the Borrowers shall have "Banks" under the right Existing Facility to make prepayments reducing advances under the outstanding balance of Revolving Credit Advances and to request further Revolving Credit Advances, all in accordance with Section 2.2Existing Facility terminate, without other restrictions hereunder; provided necessity of further act of the parties, upon execution of this Agreement by the Companies. Each of the Companies confirms and acknowledges its obligations to pay all amounts due under the Existing Facility, and each covenants and agrees that the Lenders proceeds of the initial borrowings under this Agreement shall have be used to pay all principal and accrued interest (if any) and other amounts due under the absolute right to refuse to make any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon the making of such a Revolving Credit AdvanceExisting Facility.
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The Revolving Credit. (a) Subject to 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 (each such loan, a “Revolving Loan”) in Dollars as Holdings may request under this Section 2.01(c); provided, however, that (i) after giving effect to any Borrowing of Revolving Loans, (A) the Effective Amount of all Revolving Loans and Swingline Loans and the Effective Amount of all L/C Obligations shall not exceed the combined Revolving Commitments of the Revolving Lenders 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 in 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, Holdings may borrow under this Section 2.01(c), prepay under Section 2.07 and reborrow under this Section 2.01(c). On the Effective Date, the amount of Revolving Loans then outstanding and held by each Revolving Lender (which for purposes of this Section 2.01(c) shall include each Departing Revolving Lender) shall be adjusted to reflect the changes in the Revolving Lenders’ Revolving Proportionate Shares, subject to Section 4.04. Each Revolving Lender having Revolving Loans, or participations in L/C Obligations or Swing Line Loans, then outstanding and whose Revolving Proportionate Share has been decreased on the Effective Date shall be deemed to have assigned on the Effective Date, without recourse, to each Revolving Lender increasing its Revolving Proportionate Share on the Effective Date (which for purposes of this Section 2.01(c) shall include each New Revolving Lender) such portion of such Revolving Loans and participations as shall be necessary to effectuate such adjustment. Each Revolving Lender increasing its Revolving Proportionate Share on the Effective Date shall (i) be deemed to have assumed such portion of such Revolving Loans and participations and (ii) fund on the Effective Date such assumed amounts to the Administrative Agent for the account of the assigning Revolving Lender in accordance with the provisions hereof in the amount notified to such increasing Revolving Lender by the Administrative Agent. For purposes of this Section 2.01(c), each Departing Revolving Lender shall be deemed to have reduced its Revolving Proportionate Share to zero on the Effective Date. From and after the Effective Date, after giving effect to the assignments and assumptions contemplated in this Section 2.01(c), each Departing Revolving Lender shall cease to be a “Revolving Lender” under and for all purposes of this Agreement and so long as there exists the other Loan Documents and shall have no Defaultfurther obligation to make Revolving Loans or participate in Letters of Credit or Swingline Loans; provided, at any time however, that each Departing Revolving Lender shall continue to be entitled to the benefits of Sections 4.01, 4.03, 4.04, 11.04 and 11.05 to the extent accrued or arising on or prior to the Revolving Credit Termination Effective Date. With effect on and after the Effective Date, each LenderNew Revolving Lender shall be a party to this Agreement and succeed to all of the rights and be obligated to perform all of the obligations of a Revolving Lender under this Agreement, severally including the requirements concerning confidentiality and not jointlythe payment of indemnification, shall make such with a Revolving Credit Advances to Commitment in the Borrowers as the Borrowers may from time to time request, by notice to the Agent amounts set forth on Schedule 2.01(c). Each New Revolving Lender agrees that it will perform in accordance with Section 2.2, in an aggregate amount (i) as to each Lender, not to exceed at any time such Lender's Commitment Percentage their terms all of the Maximum Revolving Credit Amount less its Commitment Percentage obligations which by the terms of the Letter of Credit Exposure, and (ii) this Agreement are required to be performed by it as to all Lenders, not to exceed the Maximum Revolving Credit Amount less the Letter of Credit Exposure. The outstanding principal amount of the Revolving Credit Advances, together with all accrued interest and other fees and charges related thereto, shall be repaid in full on the Revolving Credit Termination Date. On the Closing Date, the Borrowers shall execute and deliver to each Lender who so requests a Revolving Credit Note to evidence the Revolving Credit Advances from time to time made by such Lender to the Borrowers hereunderLender.
(b) Subject to the foregoing limitations and the provisions of Section 4.2, the Borrowers shall have the right to make prepayments reducing the outstanding balance of Revolving Credit Advances and to request further Revolving Credit Advances, all in accordance with Section 2.2, without other restrictions hereunder; provided that the Lenders shall have the absolute right to refuse to make any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon the making of such a Revolving Credit Advance.
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The Revolving Credit. (a) Subject to Each Revolving Lender severally agrees, on the terms and conditions of this Agreement and so long as there exists no Defaultset forth herein, at any time prior to the Revolving Credit Termination Date, each Lender, severally and not jointly, shall make such Revolving Credit Advances loans to the Borrowers as the Borrowers may (each such loan, a "Revolving Loan") from time to time request, by notice on any Business Day during the period from the Restatement Date to the Agent Revolving Termination Date, in accordance with Section 2.2Dollars and/or one or more Offshore Currencies to the Company and in Offshore Currencies only to any Subsidiary Borrower, in an aggregate amount (i) as to each Lender, the Dollar Equivalent of which shall not to exceed at any time outstanding the amount set forth on Schedule 2.01 (such amount, as the same may be reduced or increased under Section 2.09 or as a result of one or more assignments under Section 11.08, the Revolving Lender's Commitment Percentage "Revolving Loan Commitment"); provided, however, that, after giving effect to any Borrowing of Revolving Loans, the Dollar Equivalent of the Maximum Effective Amount of all Revolving Credit Amount less its Commitment Percentage Loans and Swing Line Loans outstanding at such time plus the Dollar Equivalent of the Letter Effective Amount of Credit Exposureall L/C Obligations outstanding at such time, plus the aggregate amount of all Fronted Offshore Currency Commitments outstanding at such time, shall not at any time exceed the Aggregate Revolving Loan Commitment; provided further, that the Dollar Equivalent of the Effective Amount of the outstanding Revolving Loans of any Revolving Lender plus the participation of such Revolving Lender in the Dollar Equivalent of the Effective Amount of all L/C Obligations and such Revolving Lender's Pro Rata Revolving Share of any outstanding Swing Line Loans and of the aggregate amount of all Fronted Offshore Currency Commitments shall not at any time exceed such Revolving Lender's Revolving Loan Commitment; and provided further, that the sum of the Dollar Equivalent of the Effective Amount of the outstanding Revolving Loans denominated in an Offshore Currency, plus the aggregate amount of all Fronted Offshore Currency Commitments shall not exceed the Offshore Currency Sublimit. Within the limits of each Revolving Lender's Commitment, and (ii) as subject to all Lenders, not to exceed the Maximum Revolving Credit Amount less the Letter of Credit Exposure. The outstanding principal amount of the Revolving Credit Advances, together with all accrued interest other terms and other fees and charges related thereto, shall be repaid in full on the Revolving Credit Termination Date. On the Closing Dateconditions hereof, the Borrowers shall execute may borrow under this subsection 2.01(b), prepay under Section 2.10 and deliver to each Lender who so requests a Revolving Credit Note to evidence the Revolving Credit Advances from time to time made by such Lender to the Borrowers hereunderreborrow under this subsection 2.01(b).
(b) Subject to the foregoing limitations and the provisions of Section 4.2, the Borrowers shall have the right to make prepayments reducing the outstanding balance of Revolving Credit Advances and to request further Revolving Credit Advances, all in accordance with Section 2.2, without other restrictions hereunder; provided that the Lenders shall have the absolute right to refuse to make any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon the making of such a Revolving Credit Advance.
Appears in 1 contract
The Revolving Credit. (a) Subject to the terms and conditions of this Agreement and so long as there exists no Default, at any time prior to the Revolving Credit Termination Date, each Lender, severally and not jointly, shall make such Revolving Credit Advances to the Borrowers Borrower as the Borrowers Borrower may from time to time request, by notice to the Agent in accordance with Section 2.2, in an aggregate amount (i) as to each Lender, not to exceed at any time such Lender's Commitment Percentage of the Maximum Revolving Credit Amount less its Commitment Percentage of the Letter of Credit ExposureAmount, and (ii) as to all Lenders, not to exceed the Maximum Revolving Credit Amount less Amount; provided, however, that at no time shall any Lender make a Revolving Credit Advance to any Borrower if, after giving effect to such Revolving Credit Advance, the Letter aggregate amount of Revolving Credit ExposureAdvances made to the Borrowers exceeds the Borrowing Base. The outstanding principal amount of the Revolving Credit Advances, together with all accrued interest and other fees and charges related thereto, shall be repaid in full on the Revolving Credit Termination Date. On the Closing Date, Date the Borrowers Borrower shall execute and deliver to each Lender who so requests a Revolving Credit Note to evidence the Revolving Credit Advances from time to time made by such Lender to the Borrowers Borrower hereunder.
(b) . Subject to the foregoing limitations and the provisions of Section 4.2, the Borrowers Borrower shall have the right to make prepayments reducing the outstanding balance of Revolving Credit Advances and to request further Revolving Credit Advances, all in accordance with Section 2.2, without other restrictions hereunder; provided that the Lenders shall have the absolute right to refuse to make any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon the making of such a Revolving Credit Advance.
Appears in 1 contract
Samples: Credit Agreement (Boston Celtics Limited Partnership Ii /De/)
The Revolving Credit. (a) Subject to the terms and conditions of this Agreement and so long as there exists no Default, at any time prior to the Revolving Credit Termination Datehereinafter provided, each Lender, severally and not jointlyfor itself only, shall agrees to make such its portion of advances requested under the Revolving Credit Advances to the Borrowers Borrower (including such sums deemed requested by the Borrower pursuant to Section 2.18 hereof) (each advance under the Revolving Credit is hereinafter referred to as the Borrowers may an "Advance"), from time to time requestduring the period from the Closing Date to and including the Termination Date, by notice to provided that (1) the Agent in accordance with Section 2.2, in an aggregate outstanding principal amount (i) as to of each Lender, not 's portion of the Advances under the Revolving Credit when added to exceed at any time such Lender's Commitment Percentage of the Maximum Revolving Credit Amount less its Commitment Percentage of participation in the Letter of Credit Exposure, and (ii) as to all Lenders, Liability at any time shall not to exceed the Maximum amount set forth opposite such Lender's name on Exhibit 2.1(A) hereto, as such amount may be reduced by such Lender's Pro Rata Share of any reduction of the Commitment pursuant to Sections 2.1(D) or 2.6 hereof, (2) the total outstanding principal under the Revolving Credit Amount less when added to the Letter of Credit ExposureLiability at that time shall not exceed the Commitment, and (3) the Letter of Credit Liability shall at no time exceed the Letter of Credit Sublimit. The If the outstanding principal under the Revolving Credit plus the Letter of Credit Liability at any time exceeds the Commitment, the Borrower shall immediately repay the amount of the Revolving Credit Advancesexcess, together with all accrued interest thereon, and other fees and charges related theretoany amount which may be due pursuant to Section 2.16 on account of such payment. If, at any time, the aggregate Letter of Credit Liability exceeds the Letter of Credit Sublimit, the Borrower shall pledge to the Agent for the benefit of the Lender Group cash collateral in an amount equal to or greater than the amount by which the Letter of Credit Liability exceeds the Letter of Credit Sublimit, which cash collateral shall be repaid deposited and held in full on the Revolving Credit Termination Date. On the Closing Date, the Borrowers shall execute and deliver to each Lender who so requests a Revolving Credit Note to evidence the Revolving Credit Advances from time to time made by such Lender to the Borrowers hereunder.
(b) Subject to the foregoing limitations and the provisions of Section 4.2, the Borrowers shall have the right to make prepayments reducing the outstanding balance of Revolving Credit Advances and to request further Revolving Credit Advances, all in accordance with Section 2.2, without other restrictions hereunder; provided that the Lenders shall have the absolute right to refuse to make any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon the making of such a Revolving Credit Advance.Letter of
Appears in 1 contract
Samples: Loan Agreement (Edo Corp)
The Revolving Credit. (a) Subject to Each Revolving Lender severally agrees, on the terms and conditions of this Agreement and so long as there exists no Defaultset forth herein, at any time prior to the Revolving Credit Termination Date, each Lender, severally and not jointly, shall make such Revolving Credit Advances loans to the Borrowers as the Borrowers may (each such loan, a "Revolving Loan") from time to time request, by notice on any Business Day during the period from the Second Restatement Date to the Agent Revolving Termination Date, in accordance with Section 2.2Dollars and/or one or more Offshore Currencies to the Company and in Offshore Currencies only to any Subsidiary Borrower, in an aggregate amount (i) as to each Lender, the Dollar Equivalent of which shall not to exceed at any time outstanding the amount set forth on Schedule 2.01 (such amount, as the same may be reduced or increased under Section 2.09 or as a result of one or more assignments under Section 11.08, the Revolving Lender's Commitment Percentage "Revolving Loan Commitment"); provided, however, that, after giving effect to any Borrowing of Revolving Loans, the Dollar Equivalent of the Maximum Effective Amount of all Revolving Credit Amount less its Commitment Percentage Loans and Swing Line Loans outstanding at such time plus the Dollar Equivalent of the Letter Effective Amount of Credit Exposureall L/C Obligations outstanding at such time, plus the aggregate amount of all Fronted Offshore Currency Commitments outstanding at such time, shall not at any time exceed the Aggregate Revolving Loan Commitment; provided further, that the Dollar Equivalent of the Effective Amount of the outstanding Revolving Loans of any Revolving Lender plus the participation of such Revolving Lender in the Dollar Equivalent of the Effective Amount of all L/C Obligations and such Revolving Lender's Pro Rata Revolving Share of any outstanding Swing Line Loans and of the aggregate amount of all Fronted Offshore Currency Commitments shall not at any time exceed such Revolving Lender's Revolving Loan Commitment; and provided further, that the sum of the Dollar Equivalent of the Effective Amount of the outstanding Revolving Loans denominated in an Offshore Currency, plus the aggregate amount of all Fronted Offshore Currency Commitments shall not exceed the Offshore Currency Sublimit. Within the limits of each Revolving Lender's Commitment, and (ii) as subject to all Lenders, not to exceed the Maximum Revolving Credit Amount less the Letter of Credit Exposure. The outstanding principal amount of the Revolving Credit Advances, together with all accrued interest other terms and other fees and charges related thereto, shall be repaid in full on the Revolving Credit Termination Date. On the Closing Dateconditions hereof, the Borrowers shall execute may borrow under this subsection 2.01(c), prepay under Section 2.10 and deliver to each Lender who so requests a Revolving Credit Note to evidence the Revolving Credit Advances from time to time made by such Lender to the Borrowers hereunderreborrow under this subsection 2.01(c).
(b) Subject to the foregoing limitations and the provisions of Section 4.2, the Borrowers shall have the right to make prepayments reducing the outstanding balance of Revolving Credit Advances and to request further Revolving Credit Advances, all in accordance with Section 2.2, without other restrictions hereunder; provided that the Lenders shall have the absolute right to refuse to make any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon the making of such a Revolving Credit Advance.
Appears in 1 contract
The Revolving Credit. (a) Subject to On the terms and subject to the conditions of this Agreement and so long as there exists no Default, at any time prior to the Revolving Credit Termination DateAgreement, each Lender, Revolving Lender severally and not jointly, shall make such Revolving Credit Advances agrees to the Borrowers as the Borrowers may advance to Holdings from time to time requestduring the period beginning on the Effective Date and ending on the Revolving Loan Maturity Date such loans (each such loan, by notice to the Agent a “Revolving Loan”) in accordance with Dollars as Holdings may request under this Section 2.22.01(b); provided, in an aggregate amount however, that (i) as after giving effect to each Lenderany Borrowing of Revolving Loans, (A) the Effective Amount of all Revolving Loans and Swingline Loans and the Effective Amount of all L/C Obligations shall not to exceed the combined Revolving Commitments of the Revolving Lenders 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 in the Effective Amount of all Swingline Loans shall not at any time exceed such Revolving Lender's Commitment Percentage ’s Revolving Commitment. Within the limits of the Maximum each Revolving Credit Amount less its Commitment Percentage of the Letter of Credit ExposureLender’s Revolving Commitment, and (ii) as subject to all Lendersthe other terms and conditions hereof, not to exceed the Maximum Revolving Credit Amount less the Letter of Credit Exposure. The outstanding principal amount of the Revolving Credit AdvancesHoldings may borrow under this Section 2.01(b), together with all accrued interest prepay under Section 2.07 and other fees and charges related thereto, shall be repaid in full on the Revolving Credit Termination Datereborrow under this Section 2.01(b). On the Closing Effective Date, the Borrowers amount of Revolving Loans then outstanding and held by each Revolving Lender (which for purposes of this Section 2.01(b) shall execute and deliver include each Departing Revolving Lender) shall be adjusted to each Lender who so requests a Revolving Credit Note to evidence reflect the changes in the Revolving Credit Advances from time Lenders’ Revolving Proportionate Shares, subject to time made by such Section 4.04. Each Revolving Lender to the Borrowers hereunder.
(b) Subject to the foregoing limitations and the provisions of Section 4.2having Revolving Loans, the Borrowers shall have the right to make prepayments reducing the outstanding balance of Revolving Credit Advances and to request further Revolving Credit Advancesor participations in L/C Obligations or Swingline Loans, all in accordance with Section 2.2, without other restrictions hereunder; provided that the Lenders shall have the absolute right to refuse to make any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon the making of such a Revolving Credit Advance.then
Appears in 1 contract
The Revolving Credit. (a) Subject to Each Revolving Credit Lender severally agrees, on the terms and conditions of this Agreement and so long as there exists no Defaultset forth herein, at any time prior to make loans to the Borrower (each such loan, a "Revolving Credit Termination Date, each Lender, severally and not jointly, shall make such Revolving Credit Advances to the Borrowers as the Borrowers may Loan") from time to time request, by notice on any Business Day during the period from the Closing Date to the Agent Revolving Termination Date, in accordance with Section 2.2, the amounts requested from time to time by the Borrower in an aggregate amount (i) as to each Lender, not to exceed at any time such outstanding the amount set forth opposite the Revolving Credit Lender's Commitment Percentage of name under the Maximum heading "Revolving Credit Commitment" on Schedule 2.1 (such amount, as the same may be reduced under Section 2.5 or as a result of one or more assignments under Section 11.8, the Revolving Credit Lender's "Revolving Credit Commitment"); provided, however, that, after giving effect to any Borrowing of Revolving Credit Loans, the Effective Amount less its Commitment Percentage of the Letter of all outstanding Revolving Credit ExposureLoans, Swingline Loans and (ii) as to all Lenders, L/C Obligations shall not to at any time exceed the Maximum combined Revolving Credit Commitments; and provided, further, that the Effective Amount less the Letter of Credit Exposure. The outstanding principal amount of the Revolving Credit Advances, together with all accrued interest and other fees and charges related thereto, shall be repaid in full on the Loans of such Revolving Credit Termination DateLender plus the participation of such Revolving Credit Lender in the Effective Amount of all L/C Obligations and Swingline Loans shall not at any time exceed such Revolving Credit Lender's Revolving Credit Commitment. On Within the Closing Datelimits of each Revolving Credit Lender's Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers shall execute Borrower may borrow under this subsection 2.1(b), prepay under Section 2.6 and deliver to each Lender who so requests a Revolving Credit Note to evidence the Revolving Credit Advances from time to time made by such Lender to the Borrowers hereunderreborrow under this subsection 2.1(b).
(b) Subject to the foregoing limitations and the provisions of Section 4.2, the Borrowers shall have the right to make prepayments reducing the outstanding balance of Revolving Credit Advances and to request further Revolving Credit Advances, all in accordance with Section 2.2, without other restrictions hereunder; provided that the Lenders shall have the absolute right to refuse to make any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon the making of such a Revolving Credit Advance.
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The Revolving Credit. (a) Subject to the terms and conditions of this Agreement Agreement, and so long as there exists provided that no DefaultDefault or Event of Default has occurred and is continuing, at any time prior Senior Lender agrees to the Revolving Credit Termination Date, each Lender, severally and not jointly, shall make such Revolving Credit Advances to the Borrowers as the Borrowers may from time to time request, by notice to the Agent in accordance with Section 2.2, in an aggregate amount (i) as to each Lender, not to exceed at any time such Lender's Commitment Percentage of the Maximum Revolving Credit Amount less its Commitment Percentage of the Letter of Credit Exposure, and (ii) as to all Lenders, not to exceed the Maximum Revolving Credit Amount less the Letter of Credit Exposure. The outstanding principal amount lesser of the Revolving Credit Commitment or the Revolving Credit Availability. Within the limits of Revolving Credit Availability, Borrowers may borrow, make repayments and re-borrow pursuant to the terms and conditions of this Agreement. If at any time the Revolving Credit Balance shall exceed the lesser of the Revolving Credit Availability or the Revolving Credit Commitment, then Borrowers shall within one (1) Business day pay to Senior Lender a sum sufficient to eliminate such excess. On the Revolving Credit Maturity Date, (i) Senior Lender's obligations hereunder to make Advances to Borrowers shall terminate, (ii) the Revolving Credit Commitment amount shall be reduced to zero, and (iii) Borrowers shall pay to Senior Lender the entire outstanding principal balance of the Advances, together with all accrued but unpaid interest thereon, and any and all other Fees and Expenses and other fees and charges related thereto, shall be repaid amounts then owing in full on respect of the Revolving Credit Termination Date. On the Closing Date, the Borrowers shall execute and deliver to each Lender who so requests a Revolving Credit Note to evidence the Revolving Credit Advances from time to time made by such Lender to the Borrowers hereunderCredit.
(b) Subject Borrowers, jointly and severally, shall repay all Advances made under this Agreement with interest and applicable Fees and Expenses in accordance with the terms and conditions specified in Exhibit A attached hereto. The amount of each Advance and all payments of principal, interest and Fees and Expenses due to be received by Senior Lender shall be recorded in the foregoing limitations books and records of Senior Lender, which books and records shall, in the provisions absence of Section 4.2manifest error, the Borrowers shall have the right be conclusive as to make prepayments reducing the outstanding balance of and/or other information related to the Revolving Credit Advances and to request further Revolving Credit Advances, all in accordance with Section 2.2, without other restrictions hereunder; provided that the Lenders shall have the absolute right to refuse to make any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon the making of such a Revolving Credit Advance.Credit
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The Revolving Credit. (a) Subject Holdings hereby acknowledges and agrees that pursuant to the terms and conditions of this Agreement and so long as there exists no DefaultExisting Credit Agreement, at any time prior the Existing Lenders provided to the Revolving Credit Termination Date, each Lender, severally and not jointly, shall make such Revolving Credit Advances to the Borrowers as the Borrowers may Holdings revolving loans from time to time requestin an aggregate principal amount of up to $190,000,000, by notice of which [$ ] in aggregate principal amount is outstanding on the date hereof. On the terms and subject to the Agent in accordance 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 Section 2.2Revolving Commitments and Revolving Proportionate Shares as set forth on Schedule 2.01 attached hereto (each such commitment, a “Revolving Commitment”) in an aggregate amount (i) as to each Lender, not to exceed at any time such Lender's Commitment Percentage of the Maximum Revolving Credit Amount less its Commitment Percentage of the Letter of Credit Exposure, and (ii) as to all Lenders, not to exceed the Maximum Aggregate Revolving Credit Amount less Commitment, with the Letter rights, duties and obligations of Credit Exposuresuch a Lender under this Agreement and the other Loan Documents. The outstanding principal amount of To effect the foregoing, on the Effective Date, Administrative Agent shall calculate the Revolving Credit AdvancesProportionate Share of each Remaining Lender and each New Lender in each revolving loan then outstanding (each such loan, together with all accrued interest and other fees and charges related thereto, shall be repaid in full on the Revolving Credit Termination Date. On the Closing Date, the Borrowers shall execute and deliver to each Lender who so requests a Revolving Credit Note to evidence the Revolving Credit Advances loans advanced from time to time made by 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 Borrowers hereunder.
(b) Subject Company and the Guarantors shall have no further obligations with respect to the foregoing limitations 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 provisions Effective Amount of Section 4.2, all L/C Obligations shall not exceed an amount equal to the Borrowers shall have lesser of (1) the right to make prepayments reducing combined Revolving Commitments of the outstanding balance Revolving Lenders and (2) the Borrowing Base; and (B) the Effective Amount of the Revolving Credit Advances and to request further Revolving Credit Advances, all in accordance with Section 2.2, without other restrictions hereunder; provided that the Lenders shall have the absolute right to refuse to make Loans of any Revolving Credit Advances for so long as there exists any Default or any other condition which would constitute a Default upon Lender plus the making participation of such a Revolving Credit AdvanceLender 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, Holdings may borrow under this Section 2.01, prepay under Section 2.07 and reborrow under this Section 2.01.
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