The Revolving Loan. (a) Subject to the terms and conditions hereof, the Lender agrees to make revolving credit loans (the "REVOLVING LOANS") to the Borrowers, jointly and severally, from time to time during the Commitment Period in an aggregate principal amount at any one time outstanding up to but not exceeding the Available Commitment. During the Commitment Period, the Borrowers may use the Revolving Commitment by borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Lender shall have no obligation to make any Revolving Loans if, after giving effect to such Revolving Loans, the aggregate amount of all outstanding Revolving Loans would exceed the Available Commitment then in effect. The Revolving Loans made hereunder may be LIBOR Loans or Prime Rate Loans, as determined by the Borrowers and with notice to the Lender in accordance with Sections 1.2 and 1.6. (b) The Borrowers' right to request Revolving Loans shall terminate on the Revolver Expiration Date and no further Revolving Loans shall be permitted on or after that date. (c) Each Borrower agrees that it will execute and deliver to the Lender a promissory note of the Borrowers dated the Closing Date, substantially in the form of EXHIBIT A (as amended, supplemented, replaced or otherwise modified from time to time, the "REVOLVING NOTE"), jointly and severally payable to the Lender and in a maximum principal amount equal to the Revolving Commitment. The Lender is hereby authorized to record the date, Type and amount of each Revolving Loan made by the Lender, the date and amount of each payment or prepayment of principal thereof, each continuation thereof, each conversion of all or a portion thereof to another Type and, in the case of LIBOR Loans, the length of each Interest Period and LIBOR Rate with respect thereto, on the schedule (or any continuation of the schedule) annexed to and constituting a part of its Revolving Note, and any such recordation shall, absent manifest error and to the extent permitted by applicable law, constitute PRIMA FACIE evidence of the accuracy of the information so recorded, PROVIDED that the failure to make any such recordation (or any error therein) shall not affect the joint and several obligation of the Borrowers to repay (with applicable interest) the Revolving Loans made to the Borrowers in accordance with the terms of this Agreement.
Appears in 2 contracts
Samples: Loan and Security Agreement (First Marblehead Corp), Loan and Security Agreement (First Marblehead Corp)
The Revolving Loan. (a) Subject to the terms and conditions hereof, the Lender Each Bank severally agrees to make revolving credit loans its Percentage ------------------ of the Revolving Loan to the Borrower on the following terms and subject to the following conditions:
(i) The Aggregate Commitment -- Principal Reductions. From the date ------------------------------------------------ of this Agreement and until the Revolving Loan Maturity Date, each Bank severally agrees to make its Percentage of Advances (all such Advances by all such Banks are collectively referred to as the "REVOLVING LOANSRevolving Loan") to the Borrowers, jointly and severally, under a revolving line of credit from time to time during to the Borrower of amounts not exceeding the aggregate at any time outstanding the sum of Forty Million and 00/100 Dollars ($40,000,000.00) ( as shall be reduced as hereafter provided, the "Aggregate Commitment"), provided that all of the conditions of lending stated in Section 7 of this Agreement as being applicable to the Revolving Loan have been fulfilled at the time of each Advance, and provided further that the Aggregate Commitment Period shall decrease as of the end of each fiscal quarter beginning with the fiscal quarter ending on March 31, 2000, by Two Million Five Hundred Dollars ($2,500,000) (each such amount referred to in this subsection as a "Principal Reduction"). The Borrower shall pay such amounts as are required to reduce the outstanding principal balance of the Revolving Loan plus the Maximum Available Amount of all outstanding Letters of Credit to an amount not exceeding the Aggregate Commitment less the aggregate amount of the scheduled Principal Reduction on the effective date of the Principal Reduction. The Revolving Loan is a revolving credit facility and, subject to the provisions of this Section 2, the Borrower may prepay and borrow as the Borrower may elect, provided that: (A) all Advances must mature no later than the Termination Date and (B) the aggregate outstanding principal amount balance of the Revolving Loan, together with the aggregate Maximum Available Amount of all outstanding Letters of Credit, may not at any one time outstanding up to but not exceeding the Available Commitment. During the Commitment Period, the Borrowers may use the Revolving Commitment by borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Lender shall have no obligation to make any Revolving Loans if, after giving effect to such Revolving Loans, the aggregate amount of all outstanding Revolving Loans would exceed the Available Aggregate Commitment then in effect. The Revolving Loans made hereunder may be LIBOR Loans or Prime Rate Loans, as determined by the Borrowers and with notice to the Lender in accordance with Sections 1.2 and 1.6.
(b) The Borrowers' right to request Revolving Loans shall terminate on the Revolver Expiration Date and no further Revolving Loans shall be permitted on or after that date.
(c) Each Borrower agrees that it will execute and deliver to the Lender a promissory note of the Borrowers dated the Closing Date, substantially in the form of EXHIBIT A (as amended, supplemented, replaced or otherwise modified from time to time, the "REVOLVING NOTE"), jointly and severally payable to the Lender and in a maximum principal amount equal to the Revolving Commitment. The Lender is hereby authorized to record the date, Type and amount of each Revolving Loan made by the Lender, the date and amount of each payment or prepayment of principal thereof, each continuation thereof, each conversion of all or a portion thereof to another Type and, in the case of LIBOR Loans, the length of each Interest Period and LIBOR Rate with respect thereto, on the schedule (or any continuation of the schedule) annexed to and constituting a part of its Revolving Note, and any such recordation shall, absent manifest error and to the extent permitted by applicable law, constitute PRIMA FACIE evidence of the accuracy of the information so recorded, PROVIDED that the failure to make any such recordation (or any error therein) shall not affect the joint and several obligation of the Borrowers to repay (with applicable interest) the Revolving Loans made to the Borrowers in accordance with the terms of this Agreement.
Appears in 1 contract
The Revolving Loan. (a) Subject to the other terms and conditions of this Agreement, BOK agrees to:
(1) refinance the outstanding principal balance of the “Revolving Loan” (as defined in Prior Credit Agreement) by converting such outstanding principal balance into the initial outstanding principal balance of a revolving loan hereunder, effective as of the date hereof, the Lender agrees (2) make Advances to make revolving credit loans (the "REVOLVING LOANS") to the Borrowers, jointly and severally, Borrower from time to time during the Commitment Period in an aggregate principal amount requested upon written notice to BOK from Borrower no later than noon, Denver time, at least, one Business Day prior to any one time outstanding up to but not exceeding the Available Commitment. During the Commitment Period, the Borrowers may use the Revolving Commitment by borrowing, prepaying the Revolving Loans in whole or in partAdvance, and reborrowing, all in accordance with the terms and conditions hereof. The Lender shall have no obligation (3) issue Letters of Credit from time to make any Revolving Loans if, after giving effect to such Revolving Loans, the aggregate amount of all outstanding Revolving Loans would exceed the Available Commitment then in effect. The Revolving Loans made hereunder may be LIBOR Loans or Prime Rate Loans, as determined by the Borrowers and with time requested upon written notice to BOK from Borrower no later than three Business Days prior to the Lender in accordance with Sections 1.2 and 1.6date of issuance of such Letter of Credit.
(b) The Borrowers' right to Each request Revolving Loans shall terminate on the Revolver Expiration Date and no further Revolving Loans by Borrower for an Advance shall be permitted in the form of Exhibit B attached hereto and made a part hereof. Each request by Borrower for the issuance of a Letter of Credit shall be in the form of Exhibit C attached hereto and made a part hereof and shall be accompanied by an application for issuance of a letter of credit on or after that dateBOK’s then-standard form, duly executed by Borrower.
(c) Each Borrower agrees that it will execute and deliver BOK shall not have any obligation to: (1) make an Advance on or after the Maturity Date (Revolving), (2) issue or renew a Letter of Credit which expires after the Maturity Date (Revolving), (3) issue a LIBOR Tranche as to which the LIBOR Interest Period does not expire prior to the Lender Maturity Date (Revolving), (4) issue a promissory note LIBOR Tranche at any time when four or more prior LIBOR Tranches remain outstanding, (5) make an Advance in an amount less than $50,000, (6) issue a LIBOR Tranche in an amount less than $500,000, (7) issue or renew a Letter of Credit if, after such Letter of Credit is issued or renewed, the aggregate of the Borrowers dated face amounts of all Letters of Credit outstanding would exceed $500,000, or (8) make an Advance or issue or renew a Letter of Credit if, after such Advance is made or such Letter of Credit is issued or renewed, the Closing Date, substantially Outstanding Balance would exceed the Commitment Amount.
(d) Each payment by BOK under a Letter of Credit shall be deemed to be an Advance included in the form of EXHIBIT A (as amendedAlternate Base Rate Portion, supplemented, replaced or otherwise modified bearing interest from time to time, the "REVOLVING NOTE"), jointly and severally payable to the Lender and in a maximum principal amount equal to the Revolving Commitment. The Lender is hereby authorized to record the date, Type and amount of each Revolving Loan made by the Lender, the date and amount of each payment or prepayment of principal thereofsuch payment, each continuation thereof, each conversion of shall be entitled to all or a portion thereof to another Type and, in the case of LIBOR Loans, the length of each Interest Period and LIBOR Rate with respect thereto, on the schedule (or any continuation benefits of the schedule) annexed Security Documents and shall be subject to and constituting a part of its Revolving Note, and any such recordation shall, absent manifest error and to the extent permitted by applicable law, constitute PRIMA FACIE evidence of the accuracy of the information so recorded, PROVIDED that the failure to make any such recordation (or any error therein) shall not affect the joint and several obligation of the Borrowers to repay (with applicable interest) the Revolving Loans made to the Borrowers in accordance with the all terms of this Agreement and any and all other applicable Loan Documents.
(e) The Advances and Letters of Credit described in this Section 2.1 shall be herein collectively referred to as the “Revolving Loan”. Within the limitations set forth in this Section 2.1 and subject to the other terms and provisions of this Agreement, Borrower may borrow, repay and reborrow the Revolving Loan hereunder.
Appears in 1 contract
The Revolving Loan. (a) Subject to the other terms and conditions hereofof this Agreement, the Lender BOTW agrees to:
(1) make Advances to make revolving credit loans (the "REVOLVING LOANS") to the Borrowers, jointly and severally, Borrower from time to time during the Commitment Period in an aggregate principal amount requested upon written notice to BOTW from Borrower no later than noon, Denver time, at least one Business Day prior to any one time outstanding up to but not exceeding the Available Commitment. During the Commitment Period, the Borrowers may use the Revolving Commitment by borrowing, prepaying the Revolving Loans in whole or in partAdvance, and reborrowing, all in accordance with the terms and conditions hereof. The Lender shall have no obligation (2) issue Letters of Credit from time to make any Revolving Loans if, after giving effect to such Revolving Loans, the aggregate amount of all outstanding Revolving Loans would exceed the Available Commitment then in effect. The Revolving Loans made hereunder may be LIBOR Loans or Prime Rate Loans, as determined by the Borrowers and with time requested upon written notice to BOTW from Borrower no later than three Business Days prior to the Lender in accordance with Sections 1.2 and 1.6date of issuance of such Letter of Credit.
(b) The Borrowers' right to Each request Revolving Loans shall terminate on the Revolver Expiration Date and no further Revolving Loans by Borrower for an Advance shall be permitted in the form of Exhibit B attached hereto and made a part hereof. Each request by Borrower for the issuance of a Letter of Credit shall be in the form of Exhibit C attached hereto and made a part hereof and shall be accompanied by an application for issuance of a letter of credit on or after that dateBOTW's then-standard form, duly executed by Borrower.
(c) Each Borrower agrees that it will execute and deliver BOTW shall not have any obligation to: (1) make an Advance on or after the Maturity Date (Revolving), (2) issue or renew a Letter of Credit which expires after the Maturity Date (Revolving), (3) issue a LIBOR Tranche as to which the LIBOR Interest Period does not expire prior to the Lender Maturity Date (Revolving), (4) issue a promissory note LIBOR Tranche at any time when five (5) or more prior LIBOR Tranches remain outstanding, (5) make an Advance in an amount less than $100,000 or such lesser amount as may constitute the entire remaining availability of the Borrowers dated Revolving Loan, (6) issue a LIBOR Tranche in an amount less than $1,000,000, (7) issue or renew a Letter of Credit if, after such Letter of Credit is issued or renewed, the Closing Dateaggregate of the face amounts of all Letters of Credit outstanding would exceed the Borrowing Base, substantially or (8) make an Advance or issue or renew a Letter of Credit if, after such Advance is made or such Letter of Credit is issued or renewed, the Outstanding Balance would exceed the Commitment Amount.
(d) Each payment by BOTW under a Letter of Credit shall be deemed to be an Advance included in the form of EXHIBIT A (as amendedPrime Rate Portion, supplemented, replaced or otherwise modified bearing interest from time to time, the "REVOLVING NOTE"), jointly and severally payable to the Lender and in a maximum principal amount equal to the Revolving Commitment. The Lender is hereby authorized to record the date, Type and amount of each Revolving Loan made by the Lender, the date and amount of each payment or prepayment of principal thereofsuch payment, each continuation thereof, each conversion of shall be entitled to all or a portion thereof to another Type and, in the case of LIBOR Loans, the length of each Interest Period and LIBOR Rate with respect thereto, on the schedule (or any continuation benefits of the schedule) annexed Security Documents and shall be subject to and constituting a part of its Revolving Note, and any such recordation shall, absent manifest error and to the extent permitted by applicable law, constitute PRIMA FACIE evidence of the accuracy of the information so recorded, PROVIDED that the failure to make any such recordation (or any error therein) shall not affect the joint and several obligation of the Borrowers to repay (with applicable interest) the Revolving Loans made to the Borrowers in accordance with the all terms of this Agreement and any and all other applicable Loan Documents.
(e) The Advances and Letters of Credit described in this Section 2.1 shall be herein collectively referred to as the "Revolving Loan". Within the limitations set forth in this Section 2.1 and subject to the other terms and provisions of this Agreement, Borrower may borrow, repay and reborrow the Revolving Loan hereunder.
Appears in 1 contract
The Revolving Loan. (a) Subject to and upon the terms and conditions hereofprovisions of this Agreement, the Lender agrees to make Lenders collectively, but severally, establish during the Revolving Credit Period a revolving credit loans facility (sometimes referred to in this Agreement as the "REVOLVING LOANS"“Revolving Loan”) to in favor of the Borrowers, jointly and severally, from time to time during the Commitment Period Borrower in an aggregate principal amount at any one time outstanding up not to but not exceeding exceed such Lender’s Revolving Credit Pro Rata Share of an amount equal to the Available Commitmentlesser of (i) the Aggregate Commitment and (ii) the lesser of (A) the Total Revolving Credit Committed Amount and (B) the Borrowing Base. During Neither the Commitment Period, Agent nor any of the Borrowers may use Lenders shall be responsible for the Revolving Credit Commitment by borrowingof any other Lender, prepaying nor will the failure of any Lender to perform its obligations under its Revolving Loans Credit Commitment in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The any way relieve any other Lender shall have no obligation to make any from performing its obligations under its Revolving Loans if, after giving effect to such Revolving Loans, the aggregate amount of all outstanding Revolving Loans would exceed the Available Commitment then in effect. The Revolving Loans made hereunder may be LIBOR Loans or Prime Rate Loans, as determined by the Borrowers and with notice to the Lender in accordance with Sections 1.2 and 1.6Credit Commitment.
(b) The Borrowers' right Subject to and upon the provisions of this Agreement, the Borrower may request Advances during the Revolving Loans shall terminate on Credit Commitment Period in accordance with the provisions of this Agreement; provided that after giving effect to the Borrower’s request, the aggregate Revolver Expiration Date and no further Usage would not exceed the lesser of (i) the Total Revolving Loans shall be permitted on Credit Committed Amount or after that date(ii) the Borrowing Base.
(c) Each Borrower agrees that it will execute Unless sooner paid, the unpaid Revolving Loan, together with interest accrued and deliver to unpaid thereon, and all other Obligations shall be due and payable in full on the Lender a promissory note of Revolving Credit Expiration Date.
(d) If at any time the Borrowers dated Revolver Usage exceeds the Closing Date, substantially Total Revolving Credit Committed Amount in the form of EXHIBIT A (as amended, supplemented, replaced or otherwise modified effect from time to time, the "REVOLVING NOTE"), jointly and severally payable Borrower shall pay such excess to the Lender and in a maximum principal amount equal to Agent for the Revolving Commitment. The Lender is hereby authorized to record the date, Type and amount of each Revolving Loan made by the Lender, the date and amount of each payment or prepayment of principal thereof, each continuation thereof, each conversion of all or a portion thereof to another Type and, in the case of LIBOR Loans, the length of each Interest Period and LIBOR Rate with respect thereto, on the schedule (or any continuation benefit of the schedule) annexed to and constituting a part of its Revolving Note, and any such recordation shall, absent manifest error and to the extent permitted by applicable law, constitute PRIMA FACIE evidence of the accuracy of the information so recorded, PROVIDED that the failure to make any such recordation (or any error therein) shall not affect the joint and several obligation of the Borrowers to repay (with applicable interest) the Revolving Loans made to the Borrowers in accordance with the terms of this AgreementLender ON DEMAND.
Appears in 1 contract
The Revolving Loan. (a) Subject to the other terms and conditions hereofof this Agreement, the Lender BOK agrees to:
(1) make Advances to make revolving credit loans (the "REVOLVING LOANS") to the Borrowers, jointly and severally, Borrower from time to time during requested upon written notice to BOK from Borrower no later than noon, Denver time, at least one Business Day prior to any Advance, and (2) issue Letters of Credit from time to time requested upon written notice to BOK from Borrower no later than five Business Days prior to the Commitment date of issuance of such Letter of Credit.
(b) Each request by Borrower for an Advance shall be in the form of Exhibit B attached hereto and made a part hereof. Each request by Borrower for the issuance of a Letter of Credit shall be in the form of Exhibit C attached hereto and made a part hereof, and shall be accompanied by an application for issuance of a letter of credit on BOK’s then-standard form, duly executed by Borrower.
(c) BOK shall not have any obligation to: (1) make an Advance on or after the Maturity Date, (2) issue or renew a Letter of Credit which does not expire prior to the Maturity Date, (3) issue a LIBOR Tranche as to which the LIBOR Interest Period does not expire prior to the Maturity Date, (4) issue a LIBOR Tranche at any time when four or more prior LIBOR Tranches remain outstanding, (5) make an Advance in an aggregate principal amount at any one time outstanding up to but less than $10,000, (6) issue a LIBOR Tranche in an amount less than $500,000, (7) issue a LIBOR Tranche in an amount which is not exceeding the Available Commitment. During the Commitment Period, the Borrowers may use the Revolving Commitment by borrowing, prepaying the Revolving Loans in whole an integral multiple of $100,000,or (8) make an Advance or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Lender shall have no obligation to make any Revolving Loans issue a Letter of Credit if, after giving effect to such Revolving LoansAdvance is made or such Letter of Credit is issued, the aggregate amount of all Advances outstanding Revolving Loans hereunder plus the sum of the face amounts of all Letters of Credit outstanding hereunder would exceed the Available Commitment then in effect. The Revolving Loans made hereunder may be LIBOR Loans or Prime Rate Loans, as determined by the Borrowers and with notice to the Lender in accordance with Sections 1.2 and 1.6Amount.
(bd) The Borrowers' right to request Revolving Loans shall terminate on the Revolver Expiration Date and no further Revolving Loans Each payment by BOK under a Letter of Credit shall be permitted on or after that datedeemed to be an Advance included in the Prime Rate Portion, bearing interest from the date of such payment, shall be entitled to all benefits of the Security Documents and shall be subject to all terms of this Agreement and any and all other applicable Loan Documents.
(ce) Each Borrower agrees that it will execute The Advances and deliver Letters of Credit described in this Section 2.1 shall be herein collectively referred to as the “Revolving Loan”. Within the limitations set forth in this Section 2.1 and subject to the Lender a promissory note of the Borrowers dated the Closing Date, substantially in the form of EXHIBIT A (as amended, supplemented, replaced or otherwise modified from time to time, the "REVOLVING NOTE"), jointly other terms and severally payable to the Lender and in a maximum principal amount equal to the Revolving Commitment. The Lender is hereby authorized to record the date, Type and amount of each Revolving Loan made by the Lender, the date and amount of each payment or prepayment of principal thereof, each continuation thereof, each conversion of all or a portion thereof to another Type and, in the case of LIBOR Loans, the length of each Interest Period and LIBOR Rate with respect thereto, on the schedule (or any continuation of the schedule) annexed to and constituting a part of its Revolving Note, and any such recordation shall, absent manifest error and to the extent permitted by applicable law, constitute PRIMA FACIE evidence of the accuracy of the information so recorded, PROVIDED that the failure to make any such recordation (or any error therein) shall not affect the joint and several obligation of the Borrowers to repay (with applicable interest) the Revolving Loans made to the Borrowers in accordance with the terms provisions of this Agreement, Borrower may borrow, repay and reborrow the Revolving Loan hereunder.
Appears in 1 contract
The Revolving Loan. (a) Subject to the terms and conditions hereofset forth in this Agreement, the Lender agrees to make revolving credit loans advances (the each a "REVOLVING LOANSRevolving Advance" and collectively "Revolving Advances") to the Borrowers, jointly and severally, Borrower from time to time on any Business Day during the Commitment Period in an aggregate principal amount at any one time outstanding period from the date of this Agreement up to to, but not exceeding including, the Available Maturity Date; provided, that at no time shall the aggregate outstanding principal balance of all Revolving Advances exceed the lesser of (i) the Borrowing Base or (ii) the Commitment. During Subject to the Commitment Periodlimits of this Agreement, the Borrowers Borrower may use the Revolving Commitment by borrowingborrow, prepaying the Revolving Loans in whole or in partpay, prepay (pursuant to Section 2.9(a) below), and reborrowing, all in accordance with the terms and conditions hereof. The Lender shall have no obligation to make any Revolving Loans if, after giving effect to such Revolving Loans, the aggregate amount of all outstanding Revolving Loans would exceed the Available Commitment then in effect. The Revolving Loans made hereunder may be LIBOR Loans or Prime Rate Loans, as determined by the Borrowers and with notice to the Lender in accordance with Sections 1.2 and 1.6re-borrow under this Section 2.1.
(b) The Borrowers' right to request All Revolving Loans shall terminate on the Revolver Expiration Date and no further Revolving Loans Advances shall be permitted on or after that date.
(c) Each Borrower agrees that it will execute evidenced by, and deliver to the Lender repaid with interest in accordance with, a single promissory note of the Borrowers dated the Closing Date, substantially Borrower in the form of EXHIBIT Exhibit A attached hereto, duly completed, executed, and delivered to Lender, in the principal amount of up to One Million Dollars ($1,000,000.00), dated the date of this Agreement, and payable to Lender on the Maturity Date if not sooner demanded in accordance with this Agreement (such promissory note is referred to herein as amended, supplemented, replaced or otherwise modified from time to time, the "REVOLVING NOTERevolving Note"), jointly and severally payable . Borrower hereby authorizes Lender to the Lender and in a maximum principal amount equal to record on the Revolving Commitment. The Lender is hereby authorized to record Note or in its internal computerized records the date, Type and amount of each Revolving Loan made by the Lender, the date Advance and amount of each payment or prepayment of principal thereofreceived by Lender on account of the loans evidenced by the Revolving Note (individually, each continuation thereofa "Revolving Loan" and collectively, each conversion of all or a portion thereof to another Type andthe "Revolving Loans"), which recordation shall, in the case absence of LIBOR Loansmanifest error, be conclusive as to the length of each Interest Period and LIBOR Rate with respect thereto, on the schedule (or any continuation outstanding principal balance of the schedule) annexed to Revolving Loan and constituting a part of its Revolving Noteshall be considered correct and binding on Borrower provided, and any such recordation shall, absent manifest error and to the extent permitted by applicable law, constitute PRIMA FACIE evidence of the accuracy of the information so recorded, PROVIDED that the failure to make any such recordation (with respect to any Revolving Advance or any error therein) payment shall not limit or otherwise affect the joint obligations of Borrower under this Agreement or the Revolving Note and several obligation provided further that with respect to each recordation Lender shall provide Borrower with notice of such recordation and Borrower shall have thirty (30) days from the date of receipt of such notice to contest such recordation. For purposes of this Section 2.1(b), Lender shall be deemed to have given Borrower notice upon Lender’s delivery to Borrower of a monthly statement indicating the amounts owed by Borrower to Lender as of the Borrowers to repay (with applicable interest) the Revolving Loans made to the Borrowers in accordance with the terms date of this Agreementsuch statement.
Appears in 1 contract
The Revolving Loan. (a) Subject The Lenders agree to make Advances to the terms and conditions hereofBorrower on a revolving basis (collectively, the Lender agrees to make revolving credit loans (the "REVOLVING LOANSRevolving Loan") to the Borrowers, jointly and severally, from time to time during from and after the Commitment Period Closing Date until the Revolving Loan Maturity Date, in an amount not exceeding in the aggregate principal amount at any one time outstanding up the Maximum Availability, provided that all of the conditions of lending stated in Sections 4.1 and 4.2 applicable to but not exceeding the Available CommitmentRevolving Loan have been fulfilled at the time of each such Advance. During Proceeds of the Commitment PeriodRevolving Loan from and after the Closing Date may be used by the Borrower only to fund working capital requirements. So long as no Default or Unmatured Default shall have occurred and be continuing and until the Revolving Loan Maturity Date, the Borrowers Borrower may use borrow, repay (subject to the requirements of Section 2.7(iii) of this Agreement) under the Revolving Commitment by borrowingLoan on any Business Day, prepaying provided that the Revolving Loans in whole or in part, Borrower shall not be entitled to receive and reborrowing, all in accordance with the terms and conditions hereof. The Lender Lenders shall have no obligation not be obligated to make any Advance under the Revolving Loans if, Loan: (i) if the making of such Advance would cause or result in a Default or an Unmatured Default; or (ii) if after giving effect to making such Advance the principal balance of the Revolving Loans, the aggregate amount of all outstanding Revolving Loans Loan would exceed the Available Commitment then in effectMaximum Availability. The Revolving Loans made hereunder may be LIBOR Loans or Prime Rate LoansLoan under this Agreement is a continuation, as determined by on amended terms, of the Borrowers and with notice "Revolving Loan" extended to the Lender in accordance with Sections 1.2 Borrower by Bank One under the Original Agreement and 1.6.
the Borrower affirms, acknowledges and agrees that (a) the principal balance thereof as of the Closing Date is $16,207,762.00, and that, accordingly, the initial unpaid principal balance of the Revolving Loan on the Closing Date is also such amount, (b) The Borrowers' right to request all outstanding advances thereof shall constitute Advances of the Revolving Loans shall terminate on the Revolver Expiration Date Loan under this Agreement, and no further Revolving Loans shall be permitted on or after that date.
(c) Each Borrower agrees that it will execute all interest which is accrued and deliver to the Lender a promissory note of the Borrowers dated unpaid thereon shall be due and payable on the Closing Date, substantially in the form of EXHIBIT A (as amended, supplemented, replaced or otherwise modified from time to time, the "REVOLVING NOTE"), jointly and severally payable to the Lender and in a maximum principal amount equal to the Revolving Commitment. The Lender is hereby authorized to record the date, Type and amount of each Revolving Loan made by the Lender, the date and amount of each payment or prepayment of principal thereof, each continuation thereof, each conversion of all or a portion thereof to another Type and, in the case of LIBOR Loans, the length of each Interest Period and LIBOR Rate with respect thereto, on the schedule (or any continuation of the schedule) annexed to and constituting a part of its Revolving Note, and any such recordation shall, absent manifest error and to the extent permitted by applicable law, constitute PRIMA FACIE evidence of the accuracy of the information so recorded, PROVIDED that the failure to make any such recordation (or any error therein) shall not affect the joint and several obligation of the Borrowers to repay (with applicable interest) the Revolving Loans made to the Borrowers in accordance with the terms of this Agreement.
Appears in 1 contract
Samples: Credit Agreement (Dmi Furniture Inc)
The Revolving Loan. During the period commencing on the date of that certain Amendment No. 4 to Loan Agreement, by and between Bank and Borrower, and ending on September 30, 2008, Bank will loan to Borrower an amount not to exceed Forty Million Dollars (a$40,000,000) Subject to outstanding in the terms and conditions hereof, the Lender agrees to make revolving credit loans (the "REVOLVING LOANS") to the Borrowers, jointly and severally, from time to time during the Commitment Period in an aggregate principal amount at any one time outstanding up to but not exceeding the Available Commitmenttime. During the Commitment Periodperiod commencing on October 1, 2008 and ending on December 31, 2008, Bank will loan to Borrower an amount not to exceed Thirty Million Dollars ($30,000,000) outstanding in the Borrowers may use aggregate at any one time. The foregoing reducing revolving loan is hereinafter referred to as the "Revolving Loan". The proceeds of the Revolving Commitment by borrowingLoan shall be used for Borrower's general working capital purposes and for the issuance of letters of credit. Borrower may borrow, prepaying repay and reborrow all or part of the Revolving Loans Loan in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Lender shall have no obligation to make any Revolving Loans if, after giving effect to such Revolving Loans, the aggregate amount amounts of all outstanding Revolving Loans would exceed the Available Commitment then in effect. The Revolving Loans made hereunder may be LIBOR Loans or Prime Rate Loans, as determined by the Borrowers and with notice to the Lender in accordance with Sections 1.2 and 1.6.
not less than Five Hundred Thousand Dollars (b$500,000) The Borrowers' right to request Revolving Loans shall terminate on the Revolver Expiration Date and no further Revolving Loans shall be permitted on or after that date.
(c) Each Borrower agrees that it will execute and deliver to the Lender a promissory note of the Borrowers dated the Closing Date, substantially in the form of EXHIBIT A (as amended, supplemented, replaced or otherwise modified from time to time, the "REVOLVING NOTE"), jointly and severally payable to the Lender and in a maximum principal amount equal to the Revolving Commitment. The Lender is hereby authorized to record the date, Type and amount of each Revolving Loan made by the Lender, the date and amount of each payment or prepayment of principal thereof, each continuation thereof, each conversion of all or a portion thereof to another Type and, in the case of LIBOR Loans, the length of each Interest Period and LIBOR Rate with respect thereto, on the schedule (or any continuation of the schedule) annexed to and constituting a part of its Revolving Note, and any such recordation shall, absent manifest error and to the extent permitted by applicable law, constitute PRIMA FACIE evidence of the accuracy of the information so recorded, PROVIDED that the failure to make any such recordation (or any error therein) shall not affect the joint and several obligation of the Borrowers to repay (with applicable interest) the Revolving Loans made to the Borrowers in accordance with the terms of this Agreement.the Revolving Note (defined below). All borrowings of the Revolving Loan must be made before December 31, 2008 at which time all unpaid principal and interest of the Revolving Loan shall be due and payable. The Revolving Loan shall be evidenced by Bank's standard form of commercial promissory note (the "Revolving Note"). Bank shall enter each amount borrowed and repaid in Bank's records and such entries shall be deemed correct. 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 Loan shall be subject to the following sublimits:
(a) Standby L/C Line in an amount not to exceed Four Million Five Hundred Thousand Dollars ($4,500,000); and
(b) Commercial L/C Line in an amount not to exceed Four Million Five Hundred Thousand Dollars ($4,500,000); provided that the aggregate amount available to be drawn under all outstanding Standby L/Cs and Commercial L/Cs plus the aggregate amount of unpaid reimbursement obligations under drawn Standby L/Cs and Commercial L/Cs shall not exceed Four Million Five Hundred Thousand Dollars ($4,500,000) and shall reduce, dollar for dollar, the maximum amount available under the Revolving Loan..
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Samples: Loan Agreement (Crocs, Inc.)
The Revolving Loan. (a) Subject to and upon the terms and conditions hereofprovisions of this Agreement, the Lender agrees to make Lenders collectively, but severally, establish during the Revolving Credit Period a revolving credit loans facility (sometimes referred to in this Agreement as the "REVOLVING LOANS"“Revolving Loan”) to in favor of the Borrowers, jointly and severally, from time to time during the Commitment Period Borrower in an aggregate principal amount at any one time outstanding up not to but not exceeding exceed such Lender’s Revolving Credit Pro Rata Share of an amount equal to the Available Commitmentlesser of (i) the Total Revolving Credit Committed Amount or (ii) the Borrowing Base. During Neither the Commitment Period, Agent nor any of the Borrowers may use Lenders shall be responsible for the Revolving Credit Commitment by borrowingof any other Lender, prepaying nor will the failure of any Lender to perform its obligations under its Revolving Loans Credit Commitment in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The any way relieve any other Lender shall have no obligation to make any from performing its obligations under its Revolving Loans if, after giving effect to such Revolving Loans, the aggregate amount of all outstanding Revolving Loans would exceed the Available Commitment then in effect. The Revolving Loans made hereunder may be LIBOR Loans or Prime Rate Loans, as determined by the Borrowers and with notice to the Lender in accordance with Sections 1.2 and 1.6Credit Commitment.
(b) The Borrowers' right Subject to and upon the provisions of this Agreement, the Borrower may request Advances during the Revolving Loans shall terminate on Credit Commitment Period in accordance with the provisions of this Agreement; provided that after giving effect to the Borrower’s request, the aggregate Revolver Expiration Date and no further Usage would not exceed the lesser of (i) the Total Revolving Loans shall be permitted on Credit Committed Amount or after that date(ii) the Borrowing Base.
(c) Each Borrower agrees that it will execute Unless sooner paid, the unpaid Revolving Loan, together with interest accrued and deliver to unpaid thereon, and all other Obligations shall be due and payable in full on the Lender a promissory note of Revolving Credit Expiration Date.
(d) If at any time the Borrowers dated Revolver Usage exceeds the Closing Date, substantially Total Revolving Credit Committed Amount in the form of EXHIBIT A (as amended, supplemented, replaced or otherwise modified effect from time to time, the "REVOLVING NOTE"), jointly and severally payable Borrower shall pay such excess to the Lender and in a maximum principal amount equal to Agent for the Revolving Commitment. The Lender is hereby authorized to record the date, Type and amount of each Revolving Loan made by the Lender, the date and amount of each payment or prepayment of principal thereof, each continuation thereof, each conversion of all or a portion thereof to another Type and, in the case of LIBOR Loans, the length of each Interest Period and LIBOR Rate with respect thereto, on the schedule (or any continuation benefit of the schedule) annexed to and constituting a part of its Revolving Note, and any such recordation shall, absent manifest error and to the extent permitted by applicable law, constitute PRIMA FACIE evidence of the accuracy of the information so recorded, PROVIDED that the failure to make any such recordation (or any error therein) shall not affect the joint and several obligation of the Borrowers to repay (with applicable interest) the Revolving Loans made to the Borrowers in accordance with the terms of this AgreementLender ON DEMAND.
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