Maximum Revolving Credit Commitment definition
Examples of Maximum Revolving Credit Commitment in a sentence
The making of such Revolving Credit Loan shall not result in the sum of all outstanding Revolving Credit Loans exceeding the Maximum Revolving Credit Commitment.
At such time and for as long as the aggregate outstanding principal amount of all Advances and the aggregate face amount of Letters of Credit issued are more than the Maximum Revolving Credit Commitment, the Borrower will not request, and Chase will not make a Swingloan.
Canadian Borrowers shall not request a Canadian Revolving Loan (and the Canadian Banks shall not be obligated to make a Canadian Revolving Loan) if, after giving effect thereto, (a) the Canadian Exposure would exceed the Canadian Revolving Credit Commitment, or (b) the sum of (i) the UK Exposure, (ii) the U.S. Revolving Exposure, (iii) the Canadian Exposure and (iv) the U.S. Letter of Credit Exposure would exceed the Maximum Revolving Credit Commitment Amount.
On the Commitment Termination Date, the Maximum Revolving Credit Commitment shall terminate and the Revolving Credit Loan and all other Obligations shall immediately become due and payable in full, in cash.
Any reductions of the Aggregate Maximum Revolving Credit Commitment Amount by the Borrowers pursuant to this Section 3.5 shall be without penalty or charge.
Borrowers hereby agree to a reduction in the Total Commitment Amount to $36,000,000, in the Maximum Revolving Credit Commitment Amount to $23,000,000 and in the U.S. Revolving Credit Commitment to $13,000,000, as more fully set forth on EXHIBIT C hereto, which EXHIBIT C contains the amended and restated above definitions and an amended and restated Schedule I to the Credit Agreement.
If the Outstanding Amount equals or exceeds 50% of the Maximum Revolving Commitment the Standby Fee shall be fifteen (15) basis points (.15%) per annum of the daily unused portion of the Maximum Revolving Credit Commitment.
The Revolving Credit may be utilized by each and any Borrower in the form of Revolving Credit Loans and Letters of Credit, all as more fully hereinafter set forth, provided that the aggregate principal amount of Revolving Credit Loans and Letters of Credit outstanding at any one time shall not exceed the lesser of (i) $6,500,000 (the "Maximum Revolving Credit Commitment") and (ii) the Borrowing Base as then determined and computed.
Notwithstanding the foregoing, the Outstanding Balance shall not exceed the Maximum Revolving Credit Commitment.
Each time the Lender makes a Guidance Line Advance, the Maximum Revolving Credit Commitment shall automatically be increased to an amount equal to the Revolving Credit Exposure (after giving effect to such Guidance Line Advance).