Current Commitment shall have the meaning assigned to that term in Section 2.01 hereof.
Current Commitment means the Revolving Commitment of each Lender under the Credit Facility, which for clarity is set out on Appendix 1.
Current Commitment at any given time shall be equal to the amount set forth opposite the name of such Bank in the table below, as such amount may have been reduced under Section 2.4 hereof at such time." Percentage "Name of Bank Current Commitment Interest ------------ ------------------ -------- The Bank of Nova Scotia $25,000,000 58.82% PNC Bank $17,500,000 41.18% ----------- ------ TOTAL $42,500,000 100.00%"
Examples of Current Commitment in a sentence
Current Commitment 6.1 On-going contractsThe total value of current works on the on-going contracts must not exceed KShs.
No Lender shall have an obligation to make Loans hereunder or arrange for the issuance of Letters of Credit on or after the Termination Date or which, when added to the aggregate amount of all outstanding and contemporaneous Loans and the Letter of Credit Exposure at such time, would cause the aggregate amount of all Loans and the Letter of Credit Exposure at any time to exceed the Current Commitment at such time.
CIT shall have no obligation to arrange for the issuance of Letters of Credit on or after the Termination Date or which, when added to the aggregate amount of all outstanding and contemporaneous Loans and the Letter of Credit Exposure at such time, would cause the amount of all Loans and the Letter of Credit Exposure at any time to exceed the Current Commitment at such time.
The aggregate unpaid principal amount of the Loans and the Letter of Credit Exposure shall not exceed, and after giving effect to the requested Credit Extension will not exceed, the Current Commitment.
CIT and the other Lenders shall have no obligation to make a Loan or assist in establishing or opening a Letter of Credit to the extent that the aggregate unpaid principal amount of the Loans plus the Letter of Credit Exposure exceeds, or after giving effect to a requested Credit Extension would exceed, the Current Commitment at such time.
More Definitions of Current Commitment
Current Commitment means the lesser of $15,000,000 or the Reduced Commitment.
Current Commitment at any time shall be equal to the Revolving Credit Commitment, as such amount may have been reduced under Section 2.04(a) hereof at such time. The Lender shall have no obligation to make Loans hereunder or arrange for the issuance of Letters of Credit on or after the Termination Date or which, when added to the aggregate amount of all outstanding and contemporaneous Loans and the Letter of Credit 21
Current Commitment at any time shall be equal to the lesser of (A) the Revolving Credit Commitment, as such amount may have been reduced under Section 2.04(a) hereof at such time, and (B) the Borrowing Base. No Lender shall have an obligation to make Loans hereunder or arrange for the issuance of Letters of Credit on or after the Termination Date or which, when added to the aggregate amount of all outstanding and contemporaneous Loans and the Letter of Credit Exposure at such time, would cause the aggregate amount of all Loans and the Letter of Credit Exposure at any time to exceed the Current Commitment at such time. The "Termination Date" means the date on which the Revolving Credit Commitment expires, which shall be the earliest of (i) November 1, 2000 if the Interim Bankruptcy Court Order has not been entered on or prior to such date, (ii) two years after the Filing Date, (iii) 30 days from the Entry Date if the Final Bankruptcy Court Order shall not have been entered during such 30-day period, (iv) the date of the substantial consummation (as defined in Section 1101(2) of the Bankruptcy Code) of a plan of reorganization in the Chapter 11 Case that has been confirmed by an order of the Bankruptcy Court and (v) the date on which such Revolving Credit Commitment is otherwise terminated in accordance with this Agreement.
Current Commitment at any time shall be equal to the lesser of (A) the aggregate amount of the Activated Revolving Credit Commitments of all Lenders and (B) the Borrowing Base. No Lender shall have an obligation to make Loans hereunder or arrange for the issuance of Letters of Credit on or after the Termination Date or which, when added to the aggregate amount of all outstanding and contemporaneous Loans and the Letter of Credit Exposure at such time, would cause the aggregate amount of all Loans and the Letter of Credit Exposure at any time to exceed the Current Commitment at such time. Notwithstanding anything to the contrary, prior to the Syndication Date, all Loans shall be incurred and maintained as Prime Loans. The "Termination Date" means the date on which the Revolving Credit Commitment of each Lender expires in accordance with this Agreement, including without limitation, Section 2.18 hereof. Within the limits of time and amount set forth in this Section 2.01, and subject to the provisions of this Agreement, the Borrower may borrow, repay and reborrow hereunder.
Current Commitment at any time shall be equal to the lesser of (i) $195,000,000 during the period when the Interim Bankruptcy Court Order is in effect, and $250,000,000 during the period when the Final Bankruptcy Court Order is in effect, as such amount may have been reduced pursuant to the terms of this Agreement at such time, and (ii) the Borrowing Base. No Lender shall have an obligation to make Loans hereunder or arrange for the issuance of Letters of Credit on or after the Termination Date or which, when added to the aggregate amount of all outstanding and contemporaneous Loans and the Letter of Credit Exposure at such time, would cause the aggregate amount of all Loans and the Letter of Credit Exposure at any time to exceed the Current Commitment at such time. Notwithstanding anything to the contrary, prior to the Syndication Date, all Loans shall be incurred and be maintained as Prime Loans. The "Termination Date" means the date on which the Revolving Credit Commitment of each Lender expires, which shall be the earliest of (1) October 4, 1996, if the Interim Bankruptcy Court Order has not been entered on or prior to such date, (2) 30 days from the Entry Date if the Final Bankruptcy Court Order shall not have been entered during such 30 days period, (3) the date of the substantial consummation (as defined in Section 1101(2) of the Bankruptcy Code) of a plan of reorganization in the Chapter 11 Case that has been confirmed by an order of the Bankruptcy Court, and (4) March 24, 1999. Within the limits of time and amount set forth in this Section 2.01, and subject to the provisions of this Agreement, the Borrower may borrow, repay and reborrow hereunder.
Current Commitment at any time shall mean an amount equal to the lesser of (A) the Revolving Credit Commitment, as such Revolving Credit Commitment may have been reduced under Section 2.04(c) hereof at such time, and (B) the Borrowing Base at such time. CIT shall have no obligation to make Loans hereunder or arrange for the issuance of Letters of Credit on or after the Maturity Date or which, when added to the aggregate amount of all outstanding and contemporaneous Loans and the Letter of Credit Exposure at such time, would cause the amount of all Loans and the Letter of Credit Exposure at any time to exceed the Current Commitment at such time.
Current Commitment at any time shall mean the aggregate amount of the Committed Amounts of the Banks at such time, as such amount may have been reduced in accordance with the terms of this Agreement at such time.