The Revolving Loan and Borrowing Base Sample Clauses

The Revolving Loan and Borrowing Base. The Loan shall be comprised of a revolving credit facility under which the Bank shall make, subject to the terms and conditions hereof, loans and advances on a revolving basis up to the principal sum of $4,500,000.00 (the "Revolving Loan"). The principal balance of the Revolving Loan plus the aggregate stated value of all issued and outstanding Letters of Credit 2 shall not exceed an amount equal to the sum of (i) the lesser of up to 60% of Eligible Inventory or the Inventory Cap, plus (ii) up to 80% of Eligible Accounts, plus (iii) up to 75% of Eligible Real Estate (collectively the "Borrowing Base"). The Bank, in its sole discretion, reserves the right upon 30 days prior written notice to the Borrower to increase or decrease the foregoing percentages or the Inventory Cap. "Inventory Cap" shall mean up to the sum of $3,500,000.00 for the months of January through and including May each calendar year and $4,500,000.00 for the months June through and including December of each calendar year.
Sample 1
AutoNDA by SimpleDocs
The Revolving Loan and Borrowing Base. The Bank will extend a revolving credit facility to the Borrower under which the Bank shall make, subject to the terms and conditions hereof, loans and advances on a revolving basis up to the principal sum of $750,000 (the “Revolving Loan”).
Sample 1
The Revolving Loan and Borrowing Base. The Bank will extend a revolving credit facility to the Borrower under which the Bank shall make, subject to the terms and conditions hereof, loans and advances on a revolving basis up to the principal sum of $10,000,000.00 (the "Revolving Loan"). The principal balance of the Revolving Loan at no time shall exceed an amount equal to the sum of (i) up to 50% of Eligible Inventory; plus (ii) up to 80% of Eligible Accounts (collectively the "Borrowing Base"). The Bank, in its sole discretion, reserves the right upon notice to the Borrower to increase or decrease the foregoing percentages or the maximum dollar amount attributable to Eligible Inventory.
Sample 1
The Revolving Loan and Borrowing Base. The Bank will extend a revolving credit facility to the Borrower under which the Bank shall make, subject to the terms and conditions hereof, loans and advances on a revolving basis up to the principal sum of $5,000,000.00 (the "Revolving Loan"). The principal balance of the Revolving Loan shall not exceed an amount equal to up to the sum of: (i) 80% of Eligible Accounts plus (ii) 50% of Eligible Inventory plus (iii) 100% of cash on deposit with the Bank (collectively the "Borrowing Base"). The Bank, in its reasonable discretion, reserves the right upon forty-five (45) days prior written notice to the Borrower to increase or decrease the foregoing percentages.
Sample 1
The Revolving Loan and Borrowing Base. The Loan shall be comprised of a revolving credit facility under which the Bank shall make, subject to the terms and conditions hereof, loans and advances on a revolving basis up to the principal sum of $5,500,000.00 (the "Revolving Loan"); provided, however, that upon the release by the Bank of its deed of trust against the real property owned by the Borrower and located in Cleveland County, North Carolina upon terms and conditions satisfactory to the Bank (the "Real Estate Release"), the principal balance of the Revolving Loan plus the aggregate stated value of all issued and outstanding Letters of Credit shall not exceed $3,300,000.00, and the value of the Eligible Real Estate shall be zero. In addition, the principal balance of the Revolving Loan plus the aggregate stated value of all issued and outstanding Letters of Credit shall not exceed an amount equal to the sum of (i) the lesser of up to 60% of Eligible Inventory or the Inventory Cap, plus (ii) up to 80% of Eligible Accounts, plus (iii) up to 75% of Eligible Real Estate (collectively the "Borrowing Base"). The Bank, in its sole discretion, reserves the right upon 30 days prior written notice to the Borrower to increase or decrease the foregoing percentages or the Inventory Cap. "Inventory Cap" shall mean (a) prior to the Real Estate Release, up to the sum of (1) $3,500,000.00 for the months of January through and including May of each calendar year, and (2) $4,500,000.00 for the months of June through and including December of each calendar year, and (b) on and after the Real Estate Release, (1) up to the sum of $2,750,000.00 for the months of January through and including May of each calendar year, and (2) up to the sum of $3,000,000.00 for the months of June through and including December of each calendar year.
Sample 1

Related to The Revolving Loan and Borrowing Base

  • The Revolving Loans (a) Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Revolving Loans to the Borrower from time to time on any Business Day during the period from the date hereof until the Termination Date applicable to such Lender in an aggregate outstanding amount not to exceed at any time such Lender’s Available Commitment at such time. Within the limits of each Lender’s Commitment and as hereinabove and hereinafter provided, including without limitation Section 2.01(b), the Borrower may request a Borrowing hereunder, and repay or prepay Revolving Loans pursuant to Section 2.14 and utilize the resulting increase in the Available Commitments for further Extensions of Credit in accordance with the terms hereof.

  • Revolving Loans and Borrowings (a) Each Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders in accordance with their respective Applicable Percentages. The failure of any Lender to make any Revolving Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Revolving Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Revolving Loans as required.

  • The Revolving Loan Bank will loan to Borrower an amount not to exceed Ten Million Dollars ($10,000,000) outstanding in the aggregate at any one time (the "Revolving Loan"). Borrower may borrow, repay and reborrow all or part of the Revolving Loan in amounts of not less than One Hundred Thousand Dollars ($100,000) in accordance with the terms of the revolving note. All borrowings of the Revolving Loan must be made before June 30, 1999 at which time all unpaid principal and interest of the Revolving Loan shall be due and payable. The Revolving Loan shall be evidenced by a promissory note (the "Revolving Note") on the standard form used by Bank for commercial loans. Bank shall enter each amount borrowed and repaid in Bank's records and such entries shall be deemed to be the amount of the Revolving Loan outstanding. Omission of Bank to make any such entries shall not discharge Borrower of its obligation to repay in full with interest all amounts borrowed.

  • The Revolving Credit Loans Subject to the terms and conditions set forth herein, each Revolving Credit Lender severally agrees to make loans (each such loan, a “Revolving Credit Loan”) to the Borrower from time to time, on any Business Day during the Availability Period, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender’s Revolving Credit Commitment; provided, however, that after giving effect to any such Revolving Credit Borrowing, (i) the Total Revolving Credit Outstandings shall not exceed the Revolving Credit Facility, and (ii) the Revolving Credit Exposure of any Lender shall not exceed such Revolving Credit Lender’s Revolving Credit Commitment. Within the limits of each Revolving Credit Lender’s Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01(b), prepay under Section 2.05, and reborrow under this Section 2.01(b). Revolving Credit Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.

  • The Revolving Credit Advances Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Revolving Credit Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until the Termination Date applicable to such Lender in an aggregate amount (based in respect of any Revolving Credit Advances to be denominated in a Committed Currency on the Equivalent in Dollars determined on the date of delivery of the applicable Notice of Revolving Credit Borrowing) not to exceed at any time outstanding such Lender’s Commitment, provided 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 (based in respect of any Competitive Bid Advance denominated in a Foreign Currency on the Equivalent in Dollars at such time) of the Competitive Bid Advances then outstanding and such deemed use of the aggregate amount of the Commitments shall be allocated among the Lenders ratably according to their respective Commitments (such deemed use of the aggregate amount of the Commitments being a “Competitive Bid Reduction”). Each Revolving Credit Borrowing shall be in an aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof (or the Equivalent thereof in any Committed Currency determined on the date of delivery of the applicable Notice of Revolving Credit Borrowing) and shall consist of Revolving Credit Advances of the same Type made on the same day by the Lenders ratably according to their respective Commitments. Within the limits of each Lender’s Commitment, the Borrower may borrow under this Section 2.01, prepay pursuant to Section 2.10 and reborrow under this Section 2.01.

  • The Commitments and Borrowings 24 2.01 Loans .................................................................................................................... 24 2.02 Borrowings, Conversions and Continuations of Loans. ...................................... 25 2.03 [Reserved]. ........................................................................................................... 26 2.04 [Reserved]. ........................................................................................................... 26 2.05 Prepayments. ........................................................................................................ 26 2.06 Termination or Reduction of Commitments ........................................................ 26 2.07

  • Revolving Loan Borrowings (i) Each Borrowing of Revolving Loans shall be made on notice given by a Borrower to the Revolving and LC Administrative Agent not later than 11:00 a.m. (New York time) (A) on the Business Day of the proposed Borrowing, in the case of a Borrowing of Base Rate Loans and (B) three Business Days prior to the date of the proposed Borrowing, in the case of a Borrowing of Eurodollar Rate Loans. Each such notice shall be in substantially the form of Exhibit C-2 (a “Notice of Revolving Borrowing”) (or shall be made by telephone and the same information shall be confirmed promptly thereafter in writing), specifying (1) the date of such proposed Borrowing, (2) the aggregate amount of such proposed Borrowing, (3) whether any portion of the proposed Borrowing will be of Base Rate Loans or Eurodollar Rate Loans, (4) the initial Interest Period or Interest Periods for any such Eurodollar Rate Loans, and (5) remittance instructions. The Revolving Loans shall be made as Base Rate Loans unless, subject to Section 2.17, the Notice of Revolving Borrowing specifies that all or a portion thereof shall be Eurodollar Rate Loans. Each Borrowing of Revolving Loans shall be in an aggregate amount that is an integral multiple of $1,000,000.00 (or $500,000.00 with respect to Swing Loans) and shall be allocated ratably in accordance with each Revolving Lender’s Revolving Commitment.

  • Borrowing Base If, at any time, (A) the Revolver Usage on such date exceeds (B) the lesser of (x) the Borrowing Base reflected in the Borrowing Base Certificate most recently delivered by Borrowers to Agent, or (y) the Maximum Revolver Amount, in all cases as adjusted for Reserves established by Agent in accordance with Section 2.1(c), then Borrowers shall immediately prepay the Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal to the amount of such excess.

  • Disbursement of Revolving Credit and Swingline Loans Not later than 2:00 p.m. on the proposed borrowing date, (i) each Revolving Credit Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Revolving Credit Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, the Swingline Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form attached as Exhibit C (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this Section to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage of such Loan. Revolving Credit Loans to be made for the purpose of refunding Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.2(b).

  • Initial Borrowing Base For the period from and including the Closing Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $2,250,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.14(e), (f) and (g).

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!