Reducing Revolving Loans definition
Examples of Reducing Revolving Loans in a sentence
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.
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.
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.
Reducing Revolving Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; provided, that, Reducing Revolving Borrowings made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless the applicable Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Reducing Revolving Borrowing.
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).
Immediately after giving effect to the making of such Loan (and the application of the proceeds thereof) or to the issuance of a Letter of Credit, as the case may be, the sum of the Revolving Loans outstanding plus LOC Obligations outstanding shall not exceed the Revolving Commitment Amount and the sum of the Reducing Revolving Loans Outstanding shall not exceed the Reducing Revolving Commitment Amount.
After giving effect to all Reducing Revolving Borrowings, all conversions of Reducing Revolving Loans from one Type to the other, and all continuations of Reducing Revolving Loans as the same Type, there shall not be more than five (5) Interest Periods in effect in respect of all outstanding Reducing Revolving Loans.
The proceeds of the Reducing Revolving Loans shall be used by the Borrower to acquire all of the capital stock of Seaway TLC Inc.
Funded Term Loans, ---------------------------------------------------------- Traditional Revolving Loans and Reducing Revolving Loans.