01Commitments. (a) Subject to the terms and conditions and relying upon the representations and warranties herein set forth, each Lender agrees, severally and not jointly, to make Loans to the Borrower, at any time and from time to time until the termination of the Commitment of such Lender in accordance with the terms hereof, in an aggregate principal amount at any time outstanding that will not result in such ▇▇▇▇▇▇’s Revolving Exposure exceeding such ▇▇▇▇▇▇’s Commitment. Within the limits set forth in the preceding sentence and subject to the terms, conditions and limitations set forth herein, the Borrower may borrow, pay or prepay and reborrow Loans. (b) Notwithstanding the foregoing, in no event will the principal amount of the Commitments on the Closing Date exceed the lesser of (i) 50% of the Vessel Appraisal Value of the Collateral Vessels based on the Closing Date Appraisals and (ii) $160,000,000.
Appears in 1 contract
Sources: Revolving Credit Agreement (International Seaways, Inc.)
01Commitments. (a) Subject to the terms and conditions and relying upon the representations and warranties herein set forth, each Lender agrees, severally and not jointly, to make Loans to the Borrower, at any time and from time to time until the termination of the Commitment of such Lender in accordance with the terms hereof, in an aggregate principal amount at any time outstanding that will not result in such ▇▇▇▇▇▇’s Revolving Exposure exceeding such ▇▇▇▇▇▇’s Commitment. Within the limits set forth in the preceding sentence and subject to the terms, conditions and limitations set forth herein, the Borrower may borrow, pay or prepay and reborrow Loans.
(b) Notwithstanding the foregoing, in no event will the principal amount of the Commitments on the Closing Date exceed the lesser of (i) 50% of the Vessel Appraisal Value of the Collateral Vessels based on the Closing Date Appraisals and (ii) $160,000,000..
Appears in 1 contract