Common use of Revolver Loans Clause in Contracts

Revolver Loans. (a) The parties hereto acknowledge and agree that effective as of the Closing Date, to the extent the Existing Principal Obligations exceed the Tranche B Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that after giving effect to such allocation, the amount of Tranche A Revolver Loans held by each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower from time to time through the Commitment Termination Date; provided that (i) no Tranche A Revolver Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan is less than the Tranche B Maximum Amount and (ii) the aggregate amount of Tranche A Revolver Loans and LC Obligations shall not exceed the Tranche A Revolver Commitments. The Tranche A Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing Base.

Appears in 5 contracts

Samples: Loan and Security Agreement (Ak Steel Holding Corp), Loan and Security Agreement (Ak Steel Holding Corp), Loan and Security Agreement (Ak Steel Holding Corp)

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Revolver Loans. Subject to the terms and conditions hereof, each Revolver Lender agrees to make loans to Borrower (herein called such Lender's "Revolver Loans") upon Borrower's request from time to time during the Revolver Commitment Period, provided that (a) The parties hereto acknowledge subject to Sections 3.3, 3.4 and agree that effective as 3.6, all Revolver Lenders are requested to make Revolver Loans of the Closing Datesame Type in accordance with their respective Revolver Percentage Shares and as part of the same Borrowing, to the extent the Existing Principal Obligations exceed the Tranche B Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that b) after giving effect to such allocationRevolver Loans, the Facility Usage does not exceed the Revolver Commitment determined as of the date on which the requested Revolver Loans are to be made and (c) after giving effect to such Revolver Loans the Revolver Loans by each Revolver Lender plus the existing LC Obligations of such Revolver Lender does not exceed such Lender's Revolver Commitment. The aggregate amount of Tranche A all Revolver Loans held by in any Borrowing must be equal to $500,000 or any higher integral multiple of $250,000. The obligation of Borrower to repay to each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower from time to time through the Commitment Termination Date; provided that (i) no Tranche A Revolver Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan is less than the Tranche B Maximum Amount and (ii) the aggregate amount of Tranche A all Revolver Loans and LC Obligations made by such Revolver Lender, together with interest accruing in connection therewith, shall not exceed be evidenced by a single promissory note (herein called such Lender's "Revolver Note") made by Borrower payable to the Tranche A order of such Revolver CommitmentsLender in the form of Exhibit A-1 with appropriate insertions. The Tranche A amount of principal owing on any Revolver Lender's Revolver Note at any given time shall be the aggregate amount of all Revolver Loans may theretofore made by such Revolver Lender minus all payments of principal theretofore received by such Revolver Lender on such Revolver Note. Interest on each Revolver Note shall accrue and be repaid due and reborrowed payable as provided hereinherein and therein. In Each Revolver Note shall be due and payable as provided herein and therein, and shall be due and payable in full on the Revolver Maturity Date. Subject to the terms and conditions of this Agreement, Borrower may borrow, repay, and reborrow under this Section 2.1(a). Borrower may have no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum more than five Borrowings of the unpaid balance of Tranche A Revolver LIBOR Loans outstanding at such time (including the requested Loan) would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing Baseany time.

Appears in 1 contract

Samples: Credit Agreement (Plains All American Pipeline Lp)

Revolver Loans. (a) The parties hereto acknowledge and agree that effective as of the Closing Date, to the extent the Existing Principal Obligations exceed the Tranche B Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that after giving effect to such allocation, the amount of Tranche A Revolver Loans held by each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower Borrowers from time to time through the Commitment Termination Date; , provided that (i) no Tranche A Revolver Loan (other than any Protective Advances or Overadvances or Tranche A Revolver Loans deemed to have been made pursuant to Section 2.3.2 and except as set forth in Section 4.1.3(b)) shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan Loans is less than the Tranche B Maximum Amount and (ii) the aggregate amount of Tranche A Revolver Loans and LC Obligations shall not exceed the Tranche A Revolver CommitmentsAmount. The Tranche A Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the aggregate outstanding principal amount of Swingline Loans plus the LC Outstandings at such time would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the aggregate outstanding principal amount of Swingline Loans plus the LC Outstandings at such time plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing Base.. (b) Each Tranche B Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche B Revolver Commitment, on the terms set forth herein, to make Tranche B Revolver Loans to Borrowers from time to time through the Commitment Termination Date. Tranche B Revolver Loans may be repaid and reborrowed as provided herein; provided that, prior to repaying any Tranche B Revolver Loan, except to the extent provided in the last sentence of Section 2.1.5, all outstanding Tranche A Revolver Loans shall have been repaid in full and all outstanding LC Obligations shall have been Cash Collateralized. In no event shall Tranche B Revolver Lenders have any obligation to honor a request for a Tranche B Revolver Loan if (x) the unpaid balance of Tranche B Revolver Loans outstanding at such time (including the requested Loan) would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche A Borrowing Base or (y) the sum of the unpaid balance of Tranche B Revolver Loans outstanding at such time (including 42 NAI-1507796678v9

Appears in 1 contract

Samples: Loan and Security Agreement (Commercial Vehicle Group, Inc.)

Revolver Loans. (a) The parties hereto acknowledge and agree that effective as of the Closing ClosingThird Amendment Effective Date, to the extent the Existing Existingaggregate principal balance of all Revolver Loans outstanding immediately prior to the Third Amendment Effective Date (the “Third Amendment Principal Obligations Obligations”) exceed the Tranche B FILO Maximum Amount, the Existing ExistingThird Amendment Principal Obligations in the amount of such excess are hereby converted into Tranche A Daily SOFR Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that that, after giving effect to such allocation, the amount of Tranche A Daily SOFR Revolver Loans held by each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable LIBOR Interest Period, Borrower Borrowers shall be responsible for such loss or expense pursuant to Section 3.93.8. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower Borrowers from time to time through the Commitment RevolverCommitment Termination DateDate for the purposes set forth in Section 9.1.11; provided that (i) no Tranche A Revolver Loan other than the Refinery Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan FILO Loans is less than the Tranche B FILO Maximum Amount and (ii) the aggregate amount of Tranche A Revolver Loans and LC Obligations shall not exceed the Tranche A Revolver Commitments. The Tranche A Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Tranche B Revolver FILO Loans outstanding at such time would exceed the Aggregate Borrowing Base. Revolving Loans may be Base Rate Loans or Daily SOFR Loans, as further provided herein.

Appears in 1 contract

Samples: Credit Agreement (Calumet Specialty Products Partners, L.P.)

Revolver Loans. Subject to the terms and conditions hereof, each Revolver Lender agrees to make loans to Borrower (herein called such Lender's "Revolver Loans") upon Borrower's request from time to time during the Commitment Period, provided that (a) The parties hereto acknowledge subject to Sections 3.3, 3.4 and agree that effective as 3.5, all Revolver Lenders are requested to make Revolver Loans of the Closing Date, to same Type in accordance with their respective Revolver Percentage Shares and as part of the extent the Existing Principal Obligations exceed the Tranche B Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novationsame Borrowing, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that (b) after giving effect to such allocationLoans, the Revolver Facility Usage does not exceed the Maximum Revolver Facility Amount and the Working Capital Usage does not exceed the Working Capital Amount. The aggregate amount of Tranche A all Revolver Loans held by in any Borrowing must be equal to $1,000,000 or any higher integral multiple of $500,000. Borrower may have no more than five Borrowings of Revolver Loans which are LIBOR Loans outstanding at any time. The obligation of Borrower to repay to each Tranche A Revolver Lender is equal to the aggregate amount of all Revolver Loans made by such Tranche A Revolver Lender’s Pro Rata share , together with interest accruing in connection therewith, shall be evidenced by a single promissory note (herein called such Lender's "Revolver Note") made by Borrower payable to the order of such Revolver Lender in the Converted Tranche A form of Exhibit A- 1 with appropriate insertions. The amount of principal owing on any Revolver LoansLender's Revolver Note at any given time shall be the aggregate amount of all Revolver Loans theretofore made by such Revolver Lender minus all payments of principal theretofore received by such Revolver Lender on such Revolver Note. To Interest on each Revolver Note shall accrue and be due and payable as provided herein and therein. Each Revolver Note shall be due and payable as provided herein and therein, and shall be due and payable in full on the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest PeriodRevolver Maturity Date. Subject to the terms and conditions of this Agreement, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agreesmay borrow, severally on a Pro Rata basis up to its Tranche A Revolver Commitmentrepay, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower from time to time through the Commitment Termination Date; provided that (i) no Tranche A Revolver Loan shall be made pursuant to and reborrow under this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan is less than the Tranche B Maximum Amount and (ii) the aggregate amount of Tranche A Revolver Loans and LC Obligations shall not exceed the Tranche A Revolver Commitments. The Tranche A Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing Base2.1(a).

Appears in 1 contract

Samples: Credit Agreement (Pacific Energy Partners Lp)

Revolver Loans. (a) The parties hereto acknowledge and agree that effective as of the Closing Date, Subject to the extent the Existing Principal Obligations exceed the Tranche B Maximum Amountterms and conditions of this -------------- Agreement, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that after giving effect to such allocation, the amount of Tranche A Revolver Loans held by each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, but not jointly agrees to make Tranche A Revolver Loans to Borrower the Borrowers jointly and severally from time to time from the Closing Date through the Commitment Revolver Facility Termination DateDate as requested by Maxim, on behalf of Borrowers, in accordance with the terms of Section 2.2; provided that (i) no Tranche A Revolver Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding -------- aggregate principal amount of all outstanding Revolver Loans (after giving effect to any amount requested) shall not exceed the Tranche B Revolver Loan is lesser of (A) the Borrowing Base less than (x) the Tranche B Maximum Amount aggregate principal amount of Swingline Loans outstanding and less (y) the aggregate Conventional LOC Obligations, or (B) seventy million dollars ($70,000,000) less (x) the aggregate principal amount of Swingline Loans outstanding and less (y) the aggregate Conventional LOC Obligations, and (ii) the aggregate principal amount of Tranche A Revolver Loans and LC Obligations from any single Lender shall not at any time exceed such Lender's Revolver Loan Commitment. Each Revolver Loan by a Lender shall be in a principal amount equal to such Lender's Revolver Loan Commitment Percentage of the Tranche A Revolver Commitments. The Tranche A aggregate principal amount of Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A requested on such occasion, up to a maximum principal amount at any time outstanding under the Revolver Lenders have any obligation Facility equal to honor a request for a Tranche A such Lender's Revolver Loan if (x) the sum Commitment Percentage of the unpaid balance Borrowing Base at such time. If at any time the Lenders shall make Revolver Loans to the Borrowers such that the aggregate amount of Tranche A Revolver Loans outstanding at hereunder exceeds the Borrowing Base, such time (including the requested Loan) would exceed an amount equal Revolver Loans shall nonetheless constitute Obligations hereunder. Subject to the Aggregate Borrowing Base minus terms and conditions hereof, the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Borrowers may borrow, repay and reborrow Revolver Loans outstanding at such time (including hereunder until the requested Loan) plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing BaseFacility Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Maxim Group Inc /)

Revolver Loans. (a) The a)The parties hereto acknowledge and agree that effective as of the Closing Fourth Amendment Effective Date, to the extent the Existing aggregate principal balance of all Revolver Loans outstanding immediately prior to the Fourth Amendment Effective Date (the “Fourth Amendment Principal Obligations Obligations”) exceed the Tranche B FILO Maximum Amount, the Existing Fourth Amendment Principal Obligations in the amount of such excess are hereby converted into Tranche A Daily SOFR Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, ) and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that that, after giving effect to such allocation, the amount of Tranche A Daily SOFR Revolver Loans held by each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower Borrowers from time to time through the Revolver Commitment Termination DateDate for the purposes set forth in Section 9.1.11; provided that (i) no Tranche A Revolver Loan other than the Refinery Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan FILO Loans is less than the Tranche B FILO Maximum Amount and (ii) the aggregate amount of Tranche A Revolver Loans and LC Obligations shall not exceed the Tranche A Revolver Commitments. The Tranche A Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Tranche B Revolver FILO Loans outstanding at such time would exceed the Aggregate Borrowing Base. Revolving Loans may be Base Rate Loans or Daily SOFR Loans, as further provided herein.

Appears in 1 contract

Samples: Credit Agreement (Calumet Specialty Products Partners, L.P.)

Revolver Loans. (a) The parties hereto acknowledge and agree that effective as of the Closing Date, to the extent the Existing Principal Obligations exceed the Tranche B Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that after giving effect to such allocation, the amount of Tranche A Revolver Loans held by each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower Borrowers from time to time through the Commitment Termination Date; provided that (i) no Tranche A Revolver Loan shall be made pursuant Date on the terms and subject to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan is less than the Tranche B Maximum Amount and (ii) the aggregate amount of Tranche A Revolver Loans and LC Obligations shall not exceed the Tranche A Revolver Commitmentsconditions set forth herein. The Tranche A Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) would exceed an amount equal the Borrowing Base. Base Rate Loans shall be made only to U.S. Borrowers and shall be denominated only in Dollars. Foreign Currency Loans shall only be made or continued as LIBOR Loans and not as Base Rate Loans. Each of the Foreign Currency Borrowers may receive Revolver Loans for its account on the terms and conditions set forth in this Agreement but only Revolver Loans that are Foreign Currency Loans denominated in the respective Foreign Currency of such Foreign Currency Borrower, and only to the Aggregate Borrowing Base minus extent that such Foreign Currency Loans, when added to all other Foreign Currency Loans outstanding, do not exceed the Tranche B Borrowing Base Foreign Currency Sublimit. Notwithstanding anything to the contrary contained herein, in no event shall any Borrower be entitled to receive a Revolver Loan if at the time of the proposed funding of such Revolver Loan (and after giving effect thereto and all pending requests for Revolver Loans), the aggregate amount of such outstanding and requested Revolver Loans plus the LC Obligations on such date exceeds (or (ywould exceed) the sum aggregate amount of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing BaseCommitments.

Appears in 1 contract

Samples: Loan and Security Agreement (Bairnco Corp /De/)

Revolver Loans. (a) The parties hereto acknowledge and agree that effective as of the Closing Date, to the extent the Existing Principal Obligations exceed the Tranche B FILO Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that after giving effect to such allocation, the amount of Tranche A Revolver Loans held by each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower Borrowers shall be responsible for such loss or expense pursuant to Section 3.93.8. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower Borrowers from time to time through the Commitment Revolver Termination DateDate for the purposes set forth in Section 9.1.11; provided that (i) no Tranche A Revolver Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan FILO Loans is less than the Tranche B FILO Maximum Amount and (ii) the aggregate amount of Tranche A Revolver Loans and LC Obligations shall not exceed the Tranche A Revolver Commitments. The Tranche A Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Tranche B Revolver FILO Loans outstanding at such time would exceed the Aggregate Borrowing Base.

Appears in 1 contract

Samples: Credit Agreement (Calumet Specialty Products Partners, L.P.)

Revolver Loans. Subject to the terms and conditions hereof, each Revolver Lender agrees to make loans to Borrower (herein called such Lender's "Revolver Loans") upon Borrower's request from time to time during the Revolver Commitment Period, provided that (a) The parties hereto acknowledge subject to Sections 3.3, 3.4 and agree that effective as 3.6, all Revolver Lenders are requested to make Revolver Loans of the Closing Datesame Type in accordance with their respective Revolver Percentage Shares and as part of the same Borrowing, to the extent the Existing Principal Obligations exceed the Tranche B Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that b) after giving effect to such allocationRevolver Loans, the Facility Usage does not exceed the Revolver Commitment determined as of the date on which the requested Revolver Loans are to be made and (c) after giving effect to such Revolver Loans the Revolver Loans by each Revolver Lender plus the existing LC Obligations of such Revolver Lender does not exceed such Lender's Revolver Commitment. The aggregate amount of Tranche A all Revolver Loans held by in any Borrowing must be greater than or equal to $2,000,000 or any higher integral multiple of $250,000 or must equal the remaining availability under the Revolver Commitment. The obligation of Borrower to repay to each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower from time to time through the Commitment Termination Date; provided that (i) no Tranche A Revolver Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan is less than the Tranche B Maximum Amount and (ii) the aggregate amount of Tranche A all Revolver Loans and LC Obligations made by such Revolver Lender, together with interest accruing in connection therewith, shall not exceed be evidenced by a single promissory note (herein called such Lender's "Revolver Note") made by Borrower payable to the Tranche A order of such Revolver CommitmentsLender in the form of Exhibit A-1 with appropriate insertions. The Tranche A amount of principal owing on any Revolver Lender's Revolver Note at any given time shall be the aggregate amount of all Revolver Loans may theretofore made by such Revolver Lender minus all payments of principal theretofore received by such Revolver Lender on such Revolver Note. Interest on each Revolver Note shall accrue and be repaid due and reborrowed payable as provided hereinherein and therein. In Each Revolver Note shall be due and payable as provided herein and therein, and shall be due and payable in full on the Revolver Maturity Date. Subject to the terms and conditions of this Agreement, Borrower may borrow, repay, and reborrow under this Section 2.1(a). Borrower may have no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum more than seven Borrowings of the unpaid balance of Tranche A Revolver Eurodollar Loans outstanding at such time (including the requested Loan) would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing Baseany time.

Appears in 1 contract

Samples: Credit Agreement (Plains Resources Inc)

Revolver Loans. (a) The parties hereto acknowledge and agree that effective as of the Closing Date, to the extent the Existing Principal Obligations exceed the Tranche B Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that after giving effect to such allocation, the amount of Tranche A Revolver Loans held by each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower Borrowers from time to time through the Commitment Termination Date; provided that (i) no Tranche A Revolver Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan is less than the Tranche B Maximum Amount and (ii) the aggregate amount of Tranche A Revolver Loans and LC Obligations shall not exceed the Tranche A Revolver Commitments. The Tranche A Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) would exceed an amount equal the Borrowing Base. Each Lender agrees, severally on a Pro Rata basis, on the terms set forth herein, to make certain Revolver Loans (the Aggregate Borrowing Base minus “General Revolver Loans”) to Borrowers from time to time through the Tranche B Borrowing Base or (y) Commitment Termination Date for the sum of purposes set forth in Section 2.3. In no event shall Lenders have any obligation to honor a request for a General Revolver Loan if the unpaid balance of Tranche A General Revolver Loans outstanding at such time (including the requested Loan) plus total LC Obligations would exceed the General Revolver Loan Committed Amount. Each Lender agrees, severally on a Pro Rata basis, on the terms set forth herein, to make certain Revolver Loans (the “Distribution Revolver Loans”) to Borrowers from time to time through the Commitment Termination Date for the purposes set forth in Section 2.3. In no event shall Lenders have any obligation to honor a request for a Distribution Revolver Loan if the unpaid balance of Tranche B Distribution Revolver Loans outstanding at such time (including the requested Loan) would exceed the Aggregate Borrowing Basedifference of (a) the Distribution Revolver Loan Committed Amount minus (b) the amount by which the sum of (1) the outstanding principal balance of General Revolver Loans and (2) the amount available for drawing under Letters of Credit hereunder, exceeds $175,000,000. The Revolver Loans may be repaid and reborrowed as provided herein.

Appears in 1 contract

Samples: Credit Agreement (Calumet Specialty Products Partners, L.P.)

Revolver Loans. Subject to the terms and conditions hereof, each Revolver Lender agrees to make loans to Borrower (herein called such Lender's "Revolver Loans") upon Borrower's request from time to time during the Revolver Commitment Period, provided that (a) The parties hereto acknowledge subject to Sections 3.3, 3.4 and agree that effective as 3.6, all Revolver Lenders are requested to make Revolver Loans of the Closing Datesame Type in accordance with their respective Revolver Percentage Shares and as part of the same Borrowing, to the extent the Existing Principal Obligations exceed the Tranche B Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that b) after giving effect to such allocationRevolver Loans, the Facility Usage does not exceed the Revolver Commitment determined as of the date on which the requested Revolver Loans are to be made and (c) after giving effect to such Revolver Loans the Revolver Loans by each Revolver Lender plus the existing LC Obligations of such Revolver Lender does not exceed such Lender's Revolver Commitment. The aggregate amount of Tranche A all Revolver Loans held by in any Borrowing must be equal to $2,000,000 or any higher integral multiple of $250,000. The obligation of Borrower to repay to each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower from time to time through the Commitment Termination Date; provided that (i) no Tranche A Revolver Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan is less than the Tranche B Maximum Amount and (ii) the aggregate amount of Tranche A all Revolver Loans and LC Obligations made by such Revolver Lender, together with interest accruing in connection therewith, shall not exceed be evidenced by a single promissory note (herein called such Lender's "Revolver Note") made by Borrower payable to the Tranche A order of such Revolver CommitmentsLender in the form of Exhibit A-1 with appropriate insertions. The Tranche A amount of principal owing on any Revolver Lender's Revolver Note at any given time shall be the aggregate amount of all Revolver Loans may theretofore made by such Revolver Lender minus all payments of principal theretofore received by such Revolver Lender on such Revolver Note. Interest on each Revolver Note shall accrue and be repaid due and reborrowed payable as provided hereinherein and therein. In no event Each Revolver Note shall Tranche A be due and payable as provided herein and therein, and shall be due and payable in full on the Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) would exceed an amount equal Maturity Date. Subject to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum terms and conditions of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing Base.this Agreement, Borrower may borrow, repay, and reborrow under this Section

Appears in 1 contract

Samples: Credit Agreement (Plains All American Pipeline Lp)

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Revolver Loans. (a) The parties hereto acknowledge and agree that effective as of the Closing Date, to the extent the Existing Principal Obligations exceed the Tranche B FILO Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that after giving effect to such allocation, the amount of Tranche A Revolver Loans held by each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower Borrowers shall be responsible for such loss or expense pursuant to Section 3.93.8. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower Borrowers from time to time through the Commitment Revolver Termination DateDate for the purposes set forth in Section 9.1.11; provided that (i) no Tranche A Revolver Loan other than the Refinery Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan FILO Loans is less than the Tranche B FILO Maximum Amount and (ii) the aggregate amount of Tranche A Revolver Loans and LC Obligations shall not exceed the Tranche A Revolver Commitments. The Tranche A Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Tranche B Revolver FILO Loans outstanding at such time would exceed the Aggregate Borrowing Base.

Appears in 1 contract

Samples: Credit Agreement (Calumet Specialty Products Partners, L.P.)

Revolver Loans. (a) The parties hereto acknowledge and agree that effective as of the Closing Date, Subject to the extent the Existing Principal Obligations exceed the Tranche B Maximum Amountterms and conditions of this Agreement, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that after giving effect to such allocation, the amount of Tranche A Revolver Loans held by each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, but not jointly agrees to make Tranche A Revolver Loans to Borrower the Borrowers jointly and severally from time to time from the Closing Date through the Commitment Revolver Facility Termination DateDate as requested by Maxim, on behalf of Borrowers, in accordance with the terms of Section 2.2; provided that (i) no Tranche A Revolver Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding aggregate principal amount of all outstanding Revolver Loans (after giving effect to any amount requested) shall not exceed the Tranche B lesser of (A) the Borrowing Base less (x) the aggregate principal amount of Swingline Loans outstanding, and less (y) the aggregate Conventional LOC Obligations, or (B) fifty million dollars ($50,000,000) less (x) the aggregate principal amount of Swingline Loans outstanding, less (y) the aggregate Conventional LOC Obligations, and less the Guaranty Reserve (except with respect to any request or deemed request for a Revolver Loan is less than the Tranche B Maximum Amount advance pursuant to Section 2.13 hereof), and (ii) the aggregate principal amount of Tranche A Revolver Loans and LC Obligations from any single Lender shall not at any time exceed such Lender's Revolver Loan Commitment. Each Revolver Loan by a Lender shall be in a principal amount equal to such Lender's Revolver Loan Commitment Percentage of the Tranche A Revolver Commitments. The Tranche A aggregate principal amount of Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A requested on such occasion, up to a maximum principal amount at any time outstanding under the Revolver Lenders have any obligation Facility equal to honor a request for a Tranche A such Lender's Revolver Loan if (x) the sum Commitment Percentage of the unpaid balance Borrowing Base at such time. If at any time the Lenders shall make Revolver Loans to the Borrowers such that the aggregate amount of Tranche A Revolver Loans outstanding at hereunder exceeds the Borrowing Base, such time (including the requested Loan) would exceed an amount equal Revolver Loans shall nonetheless constitute Obligations hereunder. Subject to the Aggregate Borrowing Base minus terms and conditions hereof, the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Borrowers may borrow, repay and reborrow Revolver Loans outstanding at such time (including hereunder until the requested Loan) plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing BaseFacility Termination Date.

Appears in 1 contract

Samples: Waiver and Consent Agreement (Maxim Group Inc /)

Revolver Loans. (a) The parties hereto acknowledge and agree that effective as of the Closing Date, Subject to the extent the Existing Principal Obligations exceed the Tranche B Maximum Amountterms and conditions of this Agreement, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that after giving effect to such allocation, the amount of Tranche A Revolver Loans held by each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, but not jointly agrees to make Tranche A Revolver Loans to Borrower the Co-Borrowers jointly and severally from time to time from the Closing Date through the Commitment Revolver Facility Termination DateDate as requested by the Company, on behalf of Co-Borrowers, in accordance with the terms of Section 2.2; provided that (i) no Tranche A Revolver Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding sum of the aggregate principal amount of all outstanding Revolver Loans (including the Tranche B Assigned Dollar Value of all Foreign Currency Loans) plus the aggregate principal amount of all outstanding Swingline Loans (after giving effect to any amount requested) shall not exceed the Aggregate Revolver Loan is less than the Tranche B Maximum Amount and Commitments, (ii) the aggregate principal amount of Tranche A Revolver Loans from any single Lender shall not at any time exceed such Lender's Revolver Loan Commitment, and LC Obligations (iii) in the case of a Revolving Loan to be made as a Foreign Currency Loan, the Assigned Dollar Value of any requested Foreign Currency Loan, when added to the Assigned Dollar Value of all other then outstanding Foreign Currency Loans (with the Denomination Date for each of such outstanding Foreign Currency Loans for the purposes of this proviso to be the Denomination Date for each such requested Foreign Currency Loan), shall not exceed the Tranche A Foreign Currency Sublimit. Each Revolver Commitments. The Tranche A Loan by a Lender shall be in a principal amount equal to such Lender's Revolver Loan Commitment Percentage of the aggregate principal amount of Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A requested on such occasion, up to a principal amount at any time outstanding under the Revolver Lenders have any obligation Facility equal to honor a request for a Tranche A such Lender s Revolver Loan if (x) Commitment Percentage. If at any time the sum Lenders shall make Revolver Loans to the Co-Borrowers such that the aggregate amount of the unpaid balance of Tranche A Revolver Loans outstanding at hereunder exceeds the aggregate Revolver Loan Commitments, such time (including the requested Loan) would exceed an amount equal Revolver Loans shall nonetheless constitute Obligations hereunder. Subject to the Aggregate Borrowing Base minus terms and conditions hereof, the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Co-Borrowers may borrow, repay and reborrow Revolver Loans outstanding at such time (including hereunder until the requested Loan) plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing BaseFacility Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Scientific Games Holdings Corp)

Revolver Loans. Subject to the terms and conditions hereof, each Revolver Lender agrees to make loans to Borrower (herein called such Lender's "Revolver Loans") upon Borrower's request from time to time during the Commitment Period, provided that (a) The parties hereto acknowledge subject to Sections 3.3, 3.4 and agree that effective as 3.5, all Revolver Lenders are requested to make Revolver Loans of the Closing Date, to same Type in accordance with their respective Revolver Percentage Shares and as part of the extent the Existing Principal Obligations exceed the Tranche B Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novationsame Borrowing, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that (b) after giving effect to such allocationLoans, the Revolver Facility Usage does not exceed the Maximum Revolver Facility Amount and the Working Capital Usage does not exceed the Working Capital Amount. The aggregate amount of Tranche A all Revolver Loans held by in any Borrowing must be equal to $1,000,000 or any higher integral multiple of $500,000. Borrower may have no more than five Borrowings of Revolver Loans which are LIBOR Loans outstanding at any time. The obligation of Borrower to repay to each Tranche A Revolver Lender is equal to the aggregate amount of all Revolver Loans made by such Tranche A Revolver Lender’s Pro Rata share , together with interest accruing in connection therewith, shall be evidenced by a single promissory note (herein called such Lender's "Revolver Note") made by Borrower payable to the order of such Revolver Lender in the Converted Tranche A form of Exhibit A-1 with appropriate insertions. The amount of principal owing on any Revolver LoansLender's Revolver Note at any given time shall be the aggregate amount of all Revolver Loans theretofore made by such Revolver Lender minus all payments of principal theretofore received by such Revolver Lender on such Revolver Note. To Interest on each Revolver Note shall accrue and be due and payable as provided herein and therein. Each Revolver Note shall be due and payable as provided herein and therein, and shall be due and payable in full on the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest PeriodRevolver Maturity Date. Subject to the terms and conditions of this Agreement, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agreesmay borrow, severally on a Pro Rata basis up to its Tranche A Revolver Commitmentrepay, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower from time to time through the Commitment Termination Date; provided that (i) no Tranche A Revolver Loan shall be made pursuant to and reborrow under this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan is less than the Tranche B Maximum Amount and (ii) the aggregate amount of Tranche A Revolver Loans and LC Obligations shall not exceed the Tranche A Revolver Commitments. The Tranche A Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing Base2.1(a).

Appears in 1 contract

Samples: Credit Agreement (Pacific Energy Partners Lp)

Revolver Loans. Subject to the terms and conditions hereof, each Revolver Lender agrees to make loans to Borrower (herein called such Lender's "Revolver Loans") upon Borrower's request from time to time during the Revolver Commitment Period, provided that (a) The parties hereto acknowledge subject to Sections 3.3, 3.4 and agree that effective as 3.6, all Revolver Lenders are requested to make Revolver Loans of the Closing Datesame Type in accordance with their respective Revolver Percentage Shares and as part of the same Borrowing, to the extent the Existing Principal Obligations exceed the Tranche B Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that b) after giving effect to such allocationRevolver Loans, the Facility Usage does not exceed the Revolver Commitment determined as of the date on which the requested Revolver Loans are to be made and (c) after giving effect to such Revolver Loans the Revolver Loans by each Revolver Lender plus the existing LC Obligations of such Revolver Lender does not exceed such Lender's Revolver Commitment. The aggregate amount of Tranche A all Revolver Loans held by in any Borrowing must be equal to $2,000,000 or any higher integral multiple of $250,000. The obligation of Borrower to repay to each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower from time to time through the Commitment Termination Date; provided that (i) no Tranche A Revolver Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan is less than the Tranche B Maximum Amount and (ii) the aggregate amount of Tranche A all Revolver Loans and LC Obligations made by such Revolver Lender, together with interest accruing in connection therewith, shall not exceed be evidenced by a single promissory note (herein called such Lender's "Revolver Note") made by Borrower payable to the Tranche A order of such Revolver CommitmentsLender in the form of Exhibit A-1 with appropriate insertions. The Tranche A amount of principal owing on any Revolver Lender's Revolver Note at any given time shall be the aggregate amount of all Revolver Loans may theretofore made by such Revolver Lender minus all payments of principal theretofore received by such Revolver Lender on such Revolver Note. Interest on each Revolver Note shall accrue and be repaid due and reborrowed payable as provided hereinherein and therein. In Each Revolver Note shall be due and payable as provided herein and therein, and shall be due and payable in full on the Revolver Maturity Date. Subject to the terms and conditions of this Agreement, Borrower may borrow, repay, and reborrow under this Section 2.1(a). Borrower may have no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum more than seven Borrowings of the unpaid balance of Tranche A Revolver Eurodollar Loans outstanding at such time (including the requested Loan) would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing Baseany time.

Appears in 1 contract

Samples: Credit Agreement (Plains All American Pipeline Lp)

Revolver Loans. Subject to the terms and conditions hereof, each Lender agrees to make loans to Borrower (aherein called such Lender's "Revolver Loans") The parties hereto acknowledge upon Borrower's request from time to time during the Commitment Period, provided that (i) subject to Sections 3.3, 3.4 and agree that effective as 3.6, all Lenders are requested to make Loans of the Closing Datesame Type in accordance with their respective Revolver Percentages and as part of the same Borrowing, to the extent the Existing Principal Obligations exceed the Tranche B Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that ii) after giving effect to such allocationRevolver Loans, the Revolver Facility Usage does not exceed the Revolver Commitment, and (iii) if such Revolver Loans are CE/PA Revolver Loans, after giving effect to such CE/PA Revolver Loans, the aggregate amount of Tranche A all outstanding CE/PA Revolver Loans held by each Tranche A does not exceed the CE/PA Sublimit. The aggregate amount of all Revolver Lender is Loans in any Borrowing must be equal to $500,000 or any higher integral multiple of $100,000. Borrower may have no more than five (5) Borrowings of Eurodollar Loans that are Revolver Loans outstanding at any time. The obligation of Borrower to repay to each Lender the aggregate amount of all Revolver Loans made by such Tranche A Lender, together with interest accruing in connection therewith, shall be evidenced by a single promissory note (herein called such Lender's "Revolver Note") made by Borrower payable to the order of such Lender in the form of Exhibit A-1 with appropriate insertions. The amount of principal owing on any Lender’s Pro Rata share 's Revolver Note at any given time shall be the aggregate amount of all Revolver Loans theretofore made by such Lender minus all payments of principal theretofore received by such Lender on such Revolver Note. Interest on each Revolver Note shall accrue and be due and payable as provided herein and therein. Each Revolver Note shall be due and payable as provided herein and therein, and shall be due and payable in full on the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Commitment Period. Subject to the terms and conditions of this Agreement, Borrower may borrow, repay, and reborrow under this Section 2.1(a). Unless otherwise directed by Borrower at the time of repayment, any repayment of principal of Revolver Loans shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agreesapplied, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth hereinfirst, to make Tranche A reduce the principal amount of CE/PA Revolver Loans Loans, and then to Borrower from time to time through the Commitment Termination Date; provided that (i) no Tranche A Revolver Loan shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan is less than the Tranche B Maximum Amount and (ii) the aggregate amount of Tranche A Revolver Loans and LC Obligations shall not exceed the Tranche A other than CE/PA Revolver Commitments. The Tranche A Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing BaseLoans.

Appears in 1 contract

Samples: Credit Agreement (Energy Transfer Partners Lp)

Revolver Loans. (au) The parties hereto acknowledge and agree that effective as of the Closing Date, to the extent the Existing Principal Obligations exceed the Tranche B Maximum Amount, the Existing Principal Obligations in the amount of such excess are hereby converted into Tranche A Revolver Loans outstanding hereunder (the “Converted Tranche A Revolver Loans”), without constituting a novation, and shall be allocated to each Tranche A Revolver Lender with a Tranche A Revolver Commitment such that after giving effect to such allocation, the amount of Tranche A Revolver Loans held by each Tranche A Revolver Lender is equal to such Tranche A Revolver Lender’s Pro Rata share of the Converted Tranche A Revolver Loans. To the extent such allocation results in losses or expenses to any Lender as a result of the prepayment of any LIBOR Loan on a date other than the scheduled last day of the applicable Interest Period, Borrower shall be responsible for such loss or expense pursuant to Section 3.9. Each Tranche A Revolver Lender agrees, severally on a Pro Rata basis up to its Tranche A Revolver Commitment, on the terms set forth herein, to make Tranche A Revolver Loans to Borrower Borrowers from time to time through the Commitment Termination Date; , provided that (i) no Tranche A Revolver Loan (other than any Protective Advances or Overadvances or Tranche A Revolver Loans deemed to have been made pursuant to Section 2.3.2 and except as set forth in Section 4.1.3(b)) shall be made pursuant to this Section 2.1.1(a) at any time when the outstanding principal amount of the Tranche B Revolver Loan Loans is less than the Tranche B Maximum Amount and (ii) the aggregate amount of Tranche A Revolver Loans and LC Obligations shall not exceed the Tranche A Revolver CommitmentsAmount. The Tranche A Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Tranche A Revolver Lenders have any obligation to honor a request for a Tranche A Revolver Loan if (x) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the aggregate outstanding principal amount of Swingline Loans plus the LC Outstandings at such time would exceed an amount equal to the Aggregate Borrowing Base minus the Tranche B Borrowing Base or (y) the sum of the unpaid balance of Tranche A Revolver Loans outstanding at such time (including the requested Loan) plus the aggregate outstanding principal amount of Swingline Loans plus the LC Outstandings at such time plus the unpaid balance of Tranche B Revolver Loans outstanding at such time would exceed the Aggregate Borrowing Base. For the avoidance of doubt, in no event shall the sum of the aggregate principal amount of Tranche A Revolver Loans, Tranche B Revolver Loans, Overadvances and Protective Advances exceed $90,000,000.

Appears in 1 contract

Samples: Loan and Security Agreement (Commercial Vehicle Group, Inc.)

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