Revolving Line Limit definition
Examples of Revolving Line Limit in a sentence
Subject to and upon the terms and conditions of this Agreement Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (A) the Revolving Line Limit or (B) the Borrowing Base.
In the event the unpaid principal amount of the outstanding balance of Borrower’s Loan Account for the Revolving Loan ever exceeds the amount of the Revolving Line Limit, Borrower agrees to pay the excess amount (an “Overline”) immediately upon demand by Bank.
This grant of rights is expressly conditioned upon and subject to Your confirmed acceptance as a Participant by JM and compliance with the terms of this Agreement, all referenced terms incorporated herein.
Subject to and upon the terms and conditions of this Agreement, Borrower may request Advances in an aggregate outstanding amount not to exceed the Revolving Line Limit.
If the aggregate amount of the outstanding Advances exceeds the Revolving Line Limit at any time, Borrower shall immediately pay to Bank, in cash, the amount of such excess.
The Obligation of the Borrower to repay the aggregate unpaid principal amount of the Reducing Revolving Line Advances made to it by Bank, together with interest thereon, shall be evidenced by the Reducing Revolving Line Note dated the Closing Date payable to the order of such Bank in a face amount equal to the Reducing Revolving Line Limit on the date of this Agreement.
FX Forward Contracts shall have a Settlement Date of at least one (1) FX Business Day after the contract date and shall be subject to a reserve of ten percent (10%) of each outstanding FX Forward Contract in a maximum aggregate amount equal to the Revolving Line Limit (the “FX Reserve”).
If the aggregate amount of the outstanding Advances plus the aggregate amounts outstanding under the Letters of Credit, and the FX Amount, exceeds the lesser of the Revolving Line Limit or the Borrowing Base at any time, Borrower shall promptly pay to Bank, in cash, and/or cash collateralize the obligations under outstanding Letters of Credit, in an aggregate amount equal to such excess.
Borrowers may use up to the Revolving Line Limit (the “Cash Management Services Sublimit”) of the Revolving Line for Bank’s cash management services which may include merchant services, direct deposit of payroll, business credit card, and check cashing services identified in Bank’s various cash management services agreements (collectively, the “Cash Management Services”).
Accruing from the date hereof until the Reducing Revolving Line Expiration Date, the Borrower agrees to pay to the Bank a nonrefundable annual commitment fee (the "Commitment Fee") equal to the Applicable Reducing Revolving Commitment Fee Rate on the average daily difference during the immediately preceding fiscal quarter between the amount of (i) the applicable Reducing Revolving Line Limit and (ii) the outstanding principal amount of all Reducing Revolving Line Advances.