Examples of Reducing Revolving Loans in a sentence
Except as otherwise expressly set forth herein, Customer hereby waives presentment, demand for payment, protest and notice of protest, notice of dishonor, notice of acceleration, notice of intent to accelerate and all other notices and formalities in connection with the WCMA Reducing Revolving Loans and this Loan Agreement.
The WCMA Reducing Revolving Loan will be funded out of the WCMA Line of Credit for WCMA Reducing Revolving Loans immediately after such activation (or, if otherwise directed in the Closing Certificate and hereafter expressly agreed by MLBFS, all or part of the WCMA Reducing Revolving Loan may be made available as a WCMA Line of Credit and funded by Customer).
Permit the fair market value of the trailers owned by Borrower in which Lender has a perfected first security interest to be less than one hundred twenty five percent (125%) of the aggregate amount of Revolving Loans outstanding, the aggregate amount of Reducing Revolving Loans outstanding and Letters of Credit issued.
Subject to the terms and conditions of this AGREEMENT, the BORROWER may borrow, repay and re-borrow under the Long Term Reducing Revolving Loans up to the Maximum Availability at such time.
Each prepayment of the outstanding Reducing Revolving Loans pursuant to this Section 2.04(a) shall be applied to the principal repayment installments thereof in the direct order of maturity.
Borrower has also requested that Lenders amend the Credit Agreement to delete the requirement that Borrower prepay the Reducing Revolving Loans in amounts equal to 50% of Excess Cash Flow and each Lender is willing to do so on the terms and conditions hereafter set forth.
Borrower acknowledges that as of January 13, 2012, the outstanding principal balance of the Revolving Loans is $5,293,789, the outstanding principal balance of the Reducing Revolving Loans is $32,000,000, and the aggregate stated amount of all Letters of Credit outstanding and available for drawing is $4,027,000.
Borrower must immediately prepay any amount by which the principal balance of the Reducing Revolving Loans exceeds the Reducing Revolving Committed Amount.
To the extent that the Reducing Revolving Facility Usage at the time of any reduction of the Reducing Revolving Loan Commitments hereunder exceeds the Reducing Revolving Loan Commitments as so reduced, the Reducing Revolving Loans shall be repaid in the amount of any such excess in accordance with Section 2.
The proceeds of the Reducing Revolving Loans shall be used by the Borrower to acquire all of the capital stock of Seaway TLC Inc.