Initial Revolving Loans. Subject to and upon the terms and conditions set forth herein and, after the Effective Date, in any Incremental Amendment applicable to the Tranche of Loans then being made pursuant to this clause (a), each Lender with a Commitment with respect to such Tranche of Loans severally agrees to make (x) a revolving loan or revolving loans (each, an “Initial Revolving Loan” and, collectively, the “Initial Revolving Loans”) to the Borrowers in Dollars, at any time and from time to time in accordance with the terms hereof and (y) Incremental Revolving Loans made after the Effective Date pursuant to Section 2.5, as each may be modified after the Effective Date pursuant to Section 4.24, in an aggregate principal amount at any time outstanding that will not result in (i) such Lender’s Revolving Exposure attributable to the Initial Revolving Loan Commitment exceeding such Lender’s Initial Revolving Loan Commitment and (ii) the total aggregate Revolving Exposures of all Lenders exceeding the Line Cap. Revolving Loans under each such Tranche (i) shall be incurred in multiple drawings incurred during the Revolving Availability Period, (ii) shall be denominated in Dollars, (iii) except as hereinafter provided, shall, at the option of the Borrower Agent, be incurred and maintained as, and/or converted into, ABR Loans, or Eurodollar Loans, provided that (i) except as otherwise specifically provided in Section 4.18(c), all Loans (other than Protective Advances) under a Tranche comprising the same Borrowing shall at all times be of the same Type and (ii) except with respect to Swing Line Loans or Protective Advances, shall be made by each such Lender in an aggregate principal amount such that the Revolving Exposure of such Lender does not exceed the amount of such Commitment under such Tranche on the date of incurrence thereof. Within the limits set forth in this clause (a) and subject to the terms, conditions and limitations set forth herein, the Borrowers may borrow, pay or prepay and reborrow Revolving Loans.
Initial Revolving Loans. Subject to the terms and conditions set forth herein, each Initial Revolving Lender severally agrees to make Initial Revolving Loans to the Revolving Borrowers from time to time during the Revolving Availability Period, in an aggregate principal amount that will not result in such Initial Revolving Lender’s Initial Revolving Exposure exceeding such Initial Revolving Lender’s Initial Revolving Commitment or the Aggregate Initial Revolving Exposure exceeding the Aggregate Initial Revolving Commitment. Each borrowing of Initial Revolving Loans shall consist of Initial Revolving Loans made simultaneously by the Initial Revolving Lenders on the applicable borrowing date in accordance with their respective Percentage. The Initial Revolving Loans: (x) shall be denominated in Dollars and (y) shall bear interest in accordance with Section 2.06. Within the foregoing limits and subject to the terms and conditions set forth herein, the Revolving Borrowers may borrow, prepay and reborrow Initial Revolving Loans.
Initial Revolving Loans. Subject to the terms and conditions set forth herein, each Initial Revolving Lender party hereto agrees to make Initial Revolving Loans in U.S. Dollars to the Borrower on any Business Day during the Availability Period, in an aggregate principal amount that will not result in such Initial Revolving Lender’s Revolving Credit Exposure under the Initial Revolving Facility exceeding its Initial Revolving Commitment; provided that until the occurrence of the Spin-Off Date, the Borrower may not borrow Initial Revolving Loans in an aggregate amount in excess of $25,000,000 (excluding the amount of the Existing Letter of Credit). Amounts repaid or prepaid in respect of Initial Revolving Loans may be reborrowed. The Initial Revolving Facility shall be made available as ABR Loans and LIBOR Loans.
Initial Revolving Loans. The Lenders with an Initial Revolving Loan Commitment agree, severally, in accordance with their respective Initial Revolving Loan Commitment Ratios and not jointly, upon the terms and subject to the conditions of this Agreement and the other Loan Documents to lend to the Borrower, prior to the Initial Revolving Loan Maturity Date, amounts not at any one time outstanding to exceed, the aggregate of the Initial Revolving Loan Commitments of all the Lenders as then in effect less the aggregate amount of all Letter of Credit Obligations and Swingline Loans then outstanding. Subject to the terms and conditions hereof, the Borrower may from time to time (i) Convert a Base Rate Advance into a LIBOR Advance or a LIBOR Advance into a Base Rate Advance or (ii) Continue a LIBOR Advance as a LIBOR Advance.
Initial Revolving Loans. The Lenders with an Initial Revolving Loan Commitment agree, severally, in accordance with their respective Initial Revolving Loan Commitment Ratios and not jointly, upon the terms and subject to the conditions of this Agreement and the other Loan Documents to lend to the Borrower, prior to the Initial Revolving-1 Loan Maturity Date in the case of all Lenders and the Initial Revolving-2 Loan Maturity Date in the case of the Initial Revolving-2 Lenders, amounts not at any one time outstanding to exceed, the aggregate of the Initial Revolving Loan Commitments of all the Lenders as then in effect less the aggregate amount of all Letter of Credit Obligations and Swingline Loans then outstanding. Subject to the terms and conditions hereof, the Borrower may from time to time (i) Convert a Base Rate Advance in the form of an Initial Revolving Loan into a LIBORTerm SOFR Advance or a LIBORTerm SOFR Advance in the form of an Initial Revolving Loan into a Base Rate Advance or (ii) Continue a LIBORTerm SOFR Advance in the form of an Initial Revolving Loan as a LIBORTerm SOFR Advance.
Initial Revolving Loans. The Applicable Margin with respect to the Initial Revolving Loans shall be based on the First Lien Leverage Ratio as set forth below: Level First Lien Leverage Ratio Applicable Margin for LIBOR Advances Applicable Margin for Base Rate Advances Revolving Commitment Fee I Greater than or equal to 2.50 to 1.00 2.00% 1.00% 0.500% II Greater than or equal to 1.50 to 1.00 but less than 2.50 to 1.00 1.75% 0.75% 0.375% III Less than 1.50 to 1.00 1.50% 0.50% 0.375% 56 The Applicable Margin shall be determined and adjusted quarterly on the date (each a “Calculation Date”) five (5) Business Days after the day by which the Borrower provides an Officer’s Compliance Certificate pursuant to Section 6.3 for the most recently ended fiscal quarter of the Borrower; provided that (A) the Applicable Margin shall be based on Pricing Level III until the Calculation Date with respect to the first full fiscal quarter ending after the Closing Date and, thereafter the Pricing Level shall be determined by reference to the First Lien Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrower preceding the applicable Calculation Date, and (B) if the Borrower fails to provide the Officer’s Compliance Certificate as required by Section 6.3 for the most recently ended fiscal quarter of the Borrower preceding the applicable Calculation Date, the Applicable Margin from such Calculation Date shall be based on Pricing Level I until such time as an appropriate Officer’s Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the First Lien Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrower preceding such Calculation Date. The applicable Pricing Level shall be effective from one Calculation Date until the next Calculation Date. Any adjustment in the Pricing Level shall be applicable to all Initial Revolving Loans, Swingline Loans and Letters of Credit then outstanding or subsequently made or issued. Notwithstanding the foregoing, the Applicable Margin in respect of any tranche of Extended Revolving Loan Commitments or any Initial Revolving Loans or Additional Revolving Loans, as applicable, made pursuant to any Extended Revolving Loan Commitments shall be the applicable percentages per annum set forth in the relevant Extension Offer with respect to such tranche.
Initial Revolving Loans. The Borrowers hereby jointly and severally covenant and promise to pay to the Lender the aggregate unpaid principal amount of all loan advances made to the Borrowers from time to time under this Agreement, together with interest thereon calculated in accordance with the provisions of this Agreement. Subject to the terms and conditions of this Agreement and upon satisfaction of the conditions set forth herein, the Lender agrees to make Loans (the “Initial Revolving Loans”) to the Borrowers from time to time until the Commitment Termination Date in an aggregate principal amount at any one time not exceeding the amount set forth in Schedule I (the “Initial Revolving Commitment”), plus the amount of any Incremental Revolving Commitment. Until the Commitment Termination Date, the Borrower may use the Revolving Commitments by borrowing, prepaying the Loans in whole or in part, and reborrowing (subject to Section 2(d)), all in accordance with the terms and conditions thereof. DMSLIBRARY01\32979630.v7 The loan advances made by the Lender pursuant to this Section 1(a) shall be sent by wire transfer of immediately available funds to an account designated by the Borrowers.
Initial Revolving Loans. The initial Revolving Loan under this Agreement and the issuance of Letters of Credit hereunder shall not be made earlier than March 28, 2002. The obligation of each Lender to make the initial Revolving Loan and of any Issuing Bank to issue any Letter of Credit under this Agreement shall not arise earlier than March 28, 2002, and shall be subject to the following conditions precedent (all documents required to be delivered hereunder shall be delivered with the number of originals and copies requested by the Administrative Agent). It shall not be necessary for the Company to borrow hereunder on the date that the following conditions precedent are satisfied in order to establish the effectiveness of its right to borrow hereunder.
Initial Revolving Loans. With respect to any Request for Credit Extension of Initial Revolving Loans, a Borrowing of Initial Revolving Loans shall only be required to be funded if an equal principal amount of Second Amendment Revolving Loans is funded substantially contemporaneously therewith; provided that, in the event of a prepayment of Revolving Loans after the Second Amendment Effective Date and subsequent reborrowing, this condition shall only apply to the extent the Second Amendment Revolving Commitments are not fully drawn.
Initial Revolving Loans. The obligation of the Lender to make its initial Revolving Loan hereunder is subject to the following conditions precedent, each of which shall have been fulfilled or waived to the satisfaction of the Lender:
