Common use of Revolver Loans Clause in Contracts

Revolver Loans. (a) Subject to all of the terms and conditions in this Agreement, Lender agrees to make advances to Borrower (each a “Revolver Loan”) on any Business Day during the period from the Closing Date through the Business Day before the last day of the Term, not to exceed in aggregate principal amount outstanding at any time the Maximum Revolver Facility Amount, which Revolver Loans may be repaid and reborrowed in accordance with the provisions of this Agreement; provided, however, that Lender shall have no obligation to honor any request for a Revolver Loan on or after the Commitment Termination Date or if at the time of the proposed funding thereof the aggregate principal amount of all Revolver Loans then outstanding (together with the amount of any Revolver Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the Borrowing Base. The proceeds of Revolver Loans shall be used by Borrower solely for one or more of the following purposes: (i) to satisfy any non-insider Debt owing on the Closing Date; (ii) to pay the Fees and transaction expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations in accordance with this Agreement; and (iv) to make expenditures for other lawful purposes of Borrower to the extent such expenditures are not prohibited by this Agreement or applicable law. In no event may any Revolver Loan proceeds be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Revolver Loans made by Lender and interest accruing thereon shall be evidenced by the records of Lender (including the Loan Account) and by the Revolver Note. The Revolver Loans shall bear interest as set forth in Section 2.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Biosante Pharmaceuticals Inc)

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Revolver Loans. (a) Subject to all of the terms and conditions in of this Agreement, Lender agrees to establish the Commitment pursuant to which Lender shall make advances loans to Borrower (each a “Revolver Loan”) from time to time, on Borrower’s request therefor, on any Business Day during the period from Term (other than the Closing Date through the last Business Day before the last day of the Term), not to exceed in aggregate principal amount outstanding at any time the Maximum Revolver Facility AmountSEVEN HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($750,000), which Revolver Loans may be repaid and reborrowed in accordance with the provisions of this Agreement; provided, however, that . Lender shall have no obligation to honor any request for a Revolver Loan on or after the Commitment Termination Date or if at the time of the proposed funding thereof the aggregate principal amount of all Revolver Loans then outstanding (together with the amount of any Revolver Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the Borrowing BaseDate. The proceeds of Revolver Loans shall may be used by Borrower solely for one or more of the following purposes: (i) to satisfy any non-insider Debt owing on the Closing Date; (ii) to pay the Fees and transaction expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations in accordance with this Agreement; and (iv) or to make expenditures for other lawful purposes of Borrower to the extent such expenditures are not prohibited by this Agreement or applicable law. In no event may any Revolver Loan proceeds Loans be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock margin stock, as defined by Regulation U of the Board of Governors of the Federal Reserve System, or for any related purpose that violates the provisions of Regulations Regulation T, U or X of the Board of Governors of the Federal Reserve System. The Revolver Loans made by Lender and interest accruing thereon shall be evidenced by the records of Lender (including the Loan Account) and by the Revolver Note. The Requests for funding of a Revolver Loans Loan shall bear interest be given to Lender by written notice (or telephonic notice promptly confirmed in writing) signed by an Authorized Officer of Borrower, in a form and at a place as set forth in Section 2.3may be required by Lender, no later than 12:00 o’clock noon on the Business Day of the requested borrowing. Notices received by Lender after 12:00 o’clock noon shall be deemed received on the next Business Day.

Appears in 1 contract

Samples: Loan Agreement (Home Federal Holdings CORP)

Revolver Loans. (a) Subject to all of the terms and conditions in this Agreement, Lender agrees to make advances to Borrower (each a “Revolver Loan”) on any Business Day during the period from the Closing Date through the Business Day before the last day of the Term, not to exceed in an aggregate principal amount outstanding at any time equal to the Maximum Revolver Facility Amount, which Revolver Loans may be repaid and reborrowed in accordance with the provisions of this Agreement; provided, however, that Lender shall have no obligation to honor any request for a Revolver Loan on or after the Commitment Termination Date or if at the time of the proposed funding thereof the aggregate principal amount of all Revolver Loans then outstanding (together with the amount of any Revolver Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the Borrowing Base. The proceeds of Revolver Loans shall be used by Borrower solely for one or more of the following purposes: (i) to satisfy any non-insider Debt owing outstanding on the Closing Date; (ii) to pay the Fees and transaction expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations in accordance with this Agreement; and (iv) to make expenditures for other lawful purposes of Borrower to the extent such expenditures are not prohibited by this Agreement or applicable law. In no event may any Revolver Loan proceeds be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Revolver Loans made by Lender and interest accruing thereon shall be evidenced by the records of Lender (including the Loan Account) and by the Revolver Note. The Revolver Loans shall bear interest as set forth in Section 2.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Broadwind Energy, Inc.)

Revolver Loans. (a) Subject Each DIP Lender agrees, severally to all the extent of its Commitment and not jointly with the other DIP Lenders, upon the terms and subject to the conditions in this Agreementset forth herein, Lender agrees to make advances Revolver Loans to Borrower (each a “Revolver Loan”) U.S. Borrowers on any Business Day during the period from the Closing Date through the Business Day before Commitment Termination Date in the last day of amounts shown as in the TermDIP Budget (with Permitted Variances), not to exceed in aggregate principal amount outstanding at any time such DIP Lender’s Commitment at such time; provided, however, that, subject to the Maximum Revolver entry and terms of the Interim DIP Financing Order and to Borrowers' satisfaction of each of the conditions precedent set forth in Section 10, initial Borrowings may be obtained by U.S. Borrowers on a revolving basis as of the Closing Date and during the Interim Period. Upon entry of the Final DIP Financing Order, and subject to Borrowers' satisfaction of each of the conditions precedent set forth in Section 10, the full amount of the DIP Facility Amount, which shall be available for Borrowings on a revolving basis in accordance with this Agreement. The Revolver Loans may be repaid and reborrowed re-borrowed in accordance with the provisions of this Agreement; provided. No Borrower other than a U.S. Borrower shall be entitled to request a Revolver Loan under the DIP Facility, however, that Lender and in no event shall DIP Lenders have no any obligation to honor a request by any request U.S. Borrower for a Revolver Loan (a) if any Default or Event of Default exists or would result therefrom; (b) if U.S. Borrowers have not furnished to DIP Agent the Borrowing Base Certificate required pursuant to Section 7.5 hereof; (c) on or after the Commitment Termination Date or Date, (d) if at the time of the such proposed funding thereof the aggregate principal amount of all of the Revolver Loans then outstanding (together with the amount of any Revolver Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the Borrowing Base; provided, however, that the foregoing shall not impair DIP Agent's right to make Protective Advances or DIP Lenders' right to fund deemed requests for Revolver Loans as further provided herein. The proceeds Each Borrowing of Revolver Loans shall be used funded by Borrower solely for one or more of the following purposes: (i) to satisfy any non-insider Debt owing DIP Lenders on the Closing Date; (ii) to pay the Fees and transaction expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations a Pro Rata basis in accordance with this Agreement; and (iv) to make expenditures for other lawful purposes of Borrower to the extent such expenditures are not prohibited by this Agreement or applicable law. In no event may any Revolver Loan proceeds be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Revolver Loans made by Lender and interest accruing thereon shall be evidenced by the records of Lender (including the Loan Account) and by the Revolver Notetheir respective Commitments. The Revolver Loans shall bear interest as set forth in Section 2.32.1 hereof. The initial Revolver Loan shall consist solely of Base Rate Loans. Each subsequent Revolver Loan shall, at the option of U.S. Borrowers, be made or continued as, or converted into, part of one or more Borrowings that, unless specifically provided herein, shall consist entirely of Base Rate Loans or LIBOR Loans.

Appears in 1 contract

Samples: Loan and Security Agreement (Standard Register Co)

Revolver Loans. (a) Subject to all of the terms and conditions in this Agreement, Lender agrees to make advances to Borrower Borrowers (each a “Revolver Loan”) on any Business Day during the period from the Closing Date through the Business Day before the last day of the Term, not to exceed in aggregate principal amount outstanding at any time the Maximum Revolver Facility Amount, which Revolver Loans may be repaid and reborrowed in accordance with the provisions of this Agreement; provided, however, that Lender shall have no obligation to honor any request for a Revolver Loan on or after the Commitment Termination Date or if at the time of the proposed funding thereof the aggregate principal amount of all Revolver Loans then outstanding (together with the amount of any Revolver Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the Borrowing Base. The proceeds of Revolver Loans shall be used by Borrower Borrowers solely for one or more of the following purposes: (i) to satisfy any non-insider Debt owing on the Closing Date; (ii) to pay the Fees and transaction expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations in accordance with this Agreement; and (iv) to make expenditures for other lawful purposes of Borrower Borrowers to the extent such expenditures are not prohibited by this Agreement or applicable law. In no event may any Revolver Loan proceeds be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Revolver Loans made by Lender and interest accruing thereon shall be evidenced by the records of Lender (including the Loan Account) and by the Revolver Note. The Revolver Loans shall bear interest as set forth in Section 2.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Lakeland Industries Inc)

Revolver Loans. (a) Subject Each Revolver Lender agrees, severally on a Pro Rata basis up to all of its Revolver Commitment, on the terms and conditions in this Agreementset forth herein, Lender agrees to make advances Revolver Loans to Borrower (each a “Revolver Loan”) on any Business Day during the period Borrowers from the Closing Date time to time through the Business Day before the last day of the Term, not to exceed in aggregate principal amount outstanding at any time the Maximum Revolver Facility Amount, which Commitment Termination Date. The Revolver Loans may be repaid and reborrowed in accordance with the provisions of this Agreement; provided, however, that Lender as provided herein. In no event shall Revolver Lenders have no any obligation to honor any a request for a Revolver Loan on or after if Revolver Usage at such time plus the Commitment Termination Date or if at the time of the proposed funding thereof the aggregate principal amount of all Revolver Loans then outstanding (together with the amount of any Revolver Loans for which a request is pending) exceeds, or requested Loan would exceed after the funding of such Revolver Loan, the Borrowing Base. The proceeds of Revolver Loans shall be used by Borrower solely for one or more of the following purposes: (i) to satisfy any non-insider Debt owing on the Closing Date; (ii) to pay the Fees and transaction expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations in accordance with this Agreement; and (iv) to make expenditures for other lawful purposes of Borrower to the extent such expenditures are not prohibited by this Agreement or applicable law. In no event may any Revolver Loan proceeds be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Revolver Loans made by Lender and interest accruing thereon shall be evidenced by the records of Lender (including the Loan Account) and by the Revolver Note. The Revolver Loans shall bear be made pursuant to a Borrowing Request, duly completed and given by Administrative Borrower to Administrative Agent not later than 11:00 a.m. on the requested funding date. If any Revolver Lender shall not remit the full amount that it is required to make available to Administrative Agent in immediately available funds as and when required hereby and if Administrative Agent has made available to Borrowers such amount, then that Revolver Lender shall be obligated to immediately remit such amount to Administrative Agent, together with interest at the Defaulting Lender Rate for each day until the date on which such amount is so remitted. Notices received by the Administrative Agent after the applicable required time shall be deemed received on the next Business Day. Each Borrowing Request shall be irrevocable and shall specify (A) the Borrowing amount, and (B) the requested funding date (which must be a Business Day). Any amount required to be paid as set forth interest hereunder, or as fees or other charges under this Agreement or any other Loan Document with respect to Revolver Obligations, which shall become due, shall be deemed a request for a Revolver Loan as of the date such payment is due, in Section 2.3the amount required to pay in full such interest, fee, charge or Revolver Obligation under this Agreement, or any other Loan Document and such request shall be irrevocable.

Appears in 1 contract

Samples: Loan Agreement (Orion Group Holdings Inc)

Revolver Loans. (a) Subject Each Lender agrees, severally to all the -------------- extent of its Revolver Commitment and not jointly with the other Lenders, upon the terms and subject to the conditions in this Agreementset forth herein, Lender agrees to make advances Revolver Loans to Borrower (each a “Revolver Loan”) Borrowers on any Business Day during the period from the Closing Date date hereof through the Business Day day before the last day of the TermCommitment Termination Date, not to exceed in aggregate principal amount outstanding at any time the Maximum such Lender's Revolver Facility AmountCommitment at such time, which Revolver Loans may be repaid and reborrowed in accordance with the provisions of this Agreement; provided, however, that Lender Lenders shall have no -------- ------- obligation to honor Borrowers whatsoever to make any request for a Revolver Loan on or after the Commitment Termination Date or if at the time of the proposed funding thereof the aggregate principal amount of all of the Revolver Loans and Pending Revolver Loans then outstanding (together with the amount of any Revolver Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the Borrowing Base. The proceeds Each Borrowing of Revolver Loans shall be used funded by Borrower solely for one or more of the following purposes: (i) to satisfy any non-insider Debt owing Lenders on the Closing Date; (ii) to pay the Fees and transaction expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations a Pro Rata basis in accordance with this Agreement; and their respective Revolver Commitments (iv) to make expenditures except for other lawful purposes of Borrower to the extent such expenditures are not prohibited by this Agreement or applicable law. In no event may any Revolver Loan proceeds be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Revolver Loans made funded by Lender and interest accruing thereon shall be evidenced by the records of Lender (including the Loan Account) and by the Revolver NoteFleet as Settlement Loans). The Revolver Loans shall bear interest as set forth in Section 2.32.1 hereof. Each Revolver Loan shall, at the option of Borrowers, be made or continued as, or converted into, part of one or more Borrowings that, unless specifically provided herein, shall consist entirely of Base Rate Loans or LIBOR Loans; provided, however, that Borrowers shall use -------- ------- their best efforts to ensure that the average principal amount of LIBOR Loans outstanding during any Fiscal Quarter does not exceed 80% of the average principal amount of all Loans outstanding during such Fiscal Quarter. If the average principal amount of LIBOR Loans for a Fiscal Quarter exceeds the average principal amount of all Loans during such Fiscal Quarter, then Borrowers shall use their best efforts to reduce the amount of LIBOR Loans outstanding to less than 80% of the principal amount of all Loans outstanding at such time.

Appears in 1 contract

Samples: Loan and Security Agreement (Gulf States Steel Inc /Al/)

Revolver Loans. (a) Subject to all of Lender agrees, upon the terms and subject to the conditions in this Agreementset forth herein, Lender agrees to make advances Revolver Loans to Borrower (each a “Revolver Loan”) Borrowers from time to time on any Business Day during the period from the Closing Date through the Business Day before the last day of the TermDay, not up to exceed in aggregate a maximum principal amount outstanding at any time outstanding equal to the Maximum Revolver Facility Amount, which Borrowing Base at such time. The Revolver Loans may shall be repaid and may be reborrowed in accordance with the provisions of this Agreement; provided, however, that Lender shall have no obligation to honor any request for a Revolver Loan on or after the Commitment Termination Date or if at the time of the proposed funding thereof the aggregate principal amount of all Revolver Loans then outstanding (together with the amount of any Revolver Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the Borrowing Base. The proceeds of Revolver Loans shall be used by Borrower solely for one or more of the following purposes: (i) to satisfy any non-insider Debt owing on the Closing Date; (ii) to pay the Fees Agreement and transaction expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations in accordance with this Agreement; and (iv) to make expenditures for other lawful purposes of Borrower to the extent such expenditures are not prohibited by this Agreement or applicable law. In no event may any Revolver Loan proceeds be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Revolver Loans made by Lender and interest accruing thereon shall be evidenced by the records of Lender (including the Loan Account) and by the Revolver Note. The Revolver Loans shall bear interest as set forth in Section 2.32.1 hereof. Each Revolver Loan shall, at the option of Borrowers, be made or continued as, or converted into, a Base Rate Loan or a LIBOR Loan. The initial Revolver Loan hereunder shall be a Base Rate Loan and shall be in a principal amount in excess of $250,000. If the unpaid balance of Revolver Loans outstanding at any time should exceed the Borrowing Base at such time (an "Out-of-Formula Condition"), such Revolver Loans shall nevertheless constitute Obligations that are secured by the Collateral and entitled to all of the benefits of the Loan Documents. If Lender is willing in its sole and absolute discretion to make Out-of-Formula Loans, such Out-of-Formula Loans shall be payable ON DEMAND and shall bear interest as provided in this Agreement for Revolver Loans generally or at such higher rate of interest as Lender may require as a condition to making any such Out-of-Formula Loans. Borrowers and Lender agree that, if any event shall occur or any condition shall exist that Lender determines is likely to have a Material Adverse Effect, or if a Default or Event of Default exists, Lender shall have the right (exercisable at such time or times as Lender deems appropriate) to require that separate Borrowing Base calculations be made for each Borrower, as well as the right to limit the use of proceeds of the Loans by each Borrower to an amount that does not exceed at any time such Borrower's Borrowing Base at such time.

Appears in 1 contract

Samples: Loan and Security Agreement (Atlantic Premium Brands LTD)

Revolver Loans. (a) Subject to all of the terms and conditions in this Agreement, Lender agrees to make advances to Borrower (each a "Revolver Loan") on any Business Day during the period from the Closing Date through the Business Day before the last day of the Term, not to exceed in aggregate principal amount outstanding at any time the Maximum Revolver Facility Amount, which Revolver Loans may be repaid and reborrowed in accordance with the provisions of this Agreement; provided, however, that Lender shall have no obligation to honor any request for a Revolver Loan on or after the Commitment Termination Date or if at the time of the proposed funding thereof the aggregate principal amount of all Revolver Loans then outstanding (together with the amount of any Revolver Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the Borrowing Base. The proceeds of Revolver Loans shall be used by Borrower solely for one or more of the following purposes: (i) to satisfy any non-insider Debt owing on the Closing Date; (ii) to pay the Fees and transaction expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations in accordance with this Agreement; and (iv) to make expenditures for its working capital, general corporate purposes and other lawful purposes of Borrower to the extent such expenditures are not prohibited by this Agreement or applicable law, and (v) to repay the HIG Bridge Debt in the amount of [$500,000] on the Closing Date. In no event may any No Revolver Loan proceeds may be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Revolver Loans made by Lender and interest accruing thereon shall be evidenced by the records of Lender (including the Loan Account) and by the Revolver Note. The Revolver Loans Note and shall bear interest as set forth in Section 2.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Advanced Environmental Recycling Technologies Inc)

Revolver Loans. (a) Subject to all of the terms and conditions in of this Agreement, each Lender severally but not jointly agrees to make advances Revolver Loans to Borrower (each a “Revolver Loan”) on any Business Day during the period Co-Borrowers jointly and severally from time to time from the Closing Date through the Business Day before the last day of the Term, not to exceed in aggregate principal amount outstanding at any time the Maximum Revolver Facility AmountTermination Date as requested by the Company, which Revolver Loans may be repaid and reborrowed on behalf of Co-Borrowers, in accordance with the provisions terms of this AgreementSection 2.2; providedprovided that, howeverafter giving effect to the amount requested, that Lender shall have no obligation to honor any request for a Revolver Loan on or after (i) the Commitment Termination Date or if at the time sum of the proposed funding thereof the aggregate principal amount of all outstanding Revolver Loans then (including the Assigned Dollar Value of all Foreign Currency Loans) shall not exceed the Aggregate Commitment less the sum of (A) the aggregate principal amount of all outstanding Swingline Loans, and (together with B) the sum of the principal amount of any drawings not reimbursed under Letters of Credit pursuant to Section 2.5(d) and the undrawn amount of outstanding Letters of Credit (including the Assigned Dollar Value of such unreimbursed drawings made in a Foreign Currency or such undrawn amount of any Letters of Credit payable in a Foreign Currency), (ii) the sum of (A) the principal amount of Revolver Loans for which a request is pending(including the Assigned Dollar Value of all Foreign Currency Loans) exceedsfrom any single Lender, or would exceed after plus (B) the funding principal amount of such Revolver Lender's share of any required participations in outstanding Swingline Loans, as required pursuant to Section 2.3, plus (C) such Lender's share of any required participations in the outstanding amount of any Letters of Credit (including the Assigned Dollar Value of such unreimbursed drawings made in a Foreign Currency or such undrawn amount of any Letters of Credit payable in a Foreign Currency), as required pursuant to Section 2.5, shall not at any time exceed such Lender's Commitment, and (iii) in the case of a Revolving Loan to be made as a Foreign Currency Loan, the Borrowing BaseAssigned 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 Foreign Currency Sublimit. The proceeds Each Revolver 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 requested on such occasion, up to a principal amount at any time outstanding under the Revolver Facility equal to such Lender's Revolver Loan Commitment Percentage. If at any time the Lenders shall be used by Borrower solely for one or more of the following purposes: (i) to satisfy any non-insider Debt owing on the Closing Date; (ii) to pay the Fees and transaction expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations in accordance with this Agreement; and (iv) to make expenditures for other lawful purposes of Borrower Revolver Loans to the extent Co-Borrowers such expenditures are not prohibited by this Agreement or applicable law. In no event may any that the aggregate amount of Revolver Loans outstanding hereunder exceeds the aggregate Revolver Loan proceeds be used to purchase or to carryCommitments, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Revolver Loans made by Lender and interest accruing thereon shall be evidenced by the records of Lender (including the Loan Account) and by the Revolver Note. The such Revolver Loans shall bear interest as set forth in Section 2.3nonetheless constitute Obligations hereunder. Subject to the terms and conditions hereof, the Co-Borrowers may borrow, repay and reborrow Revolver Loans hereunder until the Revolver Facility Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Scientific Games Holdings Corp)

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Revolver Loans. (a) Subject to all of the terms and conditions in of this Agreement, each Lender severally but not jointly agrees to make advances Revolver Loans to Borrower (each a “Revolver Loan”) on any Business Day during the period Borrowers jointly and severally from time to time from the Closing Date through the Business Day before the last day of the Term, not to exceed in aggregate principal amount outstanding at any time the Maximum Revolver Facility AmountTermination Date as requested by AHL, which Revolver Loans may be repaid and reborrowed on behalf of Borrowers, in accordance with the provisions terms of this AgreementSection 2.2; providedprovided that (i) the aggregate principal amount (reflecting the Assigned Dollar Value of any outstanding Foreign Currency Loans) of all outstanding Revolver Loans (after giving effect to any amount requested) shall not exceed (i) (A) the Aggregate Commitment less (A) the undrawn amount of outstanding Letters of Credit, however, that Lender shall have no obligation to honor any request for a Revolver Loan on or after the Commitment Termination Date or if at the time of the proposed funding thereof (B) the aggregate principal amount of all Revolver outstanding Swingline Loans, and (C) the Assigned Dollar Value of all outstanding European Facility Loans then outstanding (together at the Denomination Date with respect to the amount most recent Notice of any Revolver Loans Borrowing for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, and (ii) the Borrowing Base. The proceeds principal amount of Revolver Loans from any single Lender shall not at any time exceed such Lender's Revolver Loan Commitment. Each Revolver Loan by a Lender shall be used by Borrower solely for one or more in a principal amount equal to such Lender's Revolver Loan Commitment Percentage of the following purposes: (i) to satisfy any non-insider Debt owing aggregate principal amount of Revolver Loans requested on the Closing Date; (ii) to pay the Fees and transaction expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations in accordance with this Agreement; and (iv) to make expenditures for other lawful purposes of Borrower such occasion. Subject to the extent such expenditures are not prohibited by this Agreement or applicable law. In no event terms and conditions hereof, the Borrowers may any Revolver Loan proceeds be used to purchase or to carryborrow, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. The repay and reborrow Revolver Loans made by Lender and interest accruing thereon shall be evidenced by the records of Lender (including the Loan Account) and by hereunder until the Revolver Note. The Revolver Loans shall bear interest as set forth in Section 2.3Facility Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Ahl Services Inc)

Revolver Loans. (a) Subject to all of Each Lender agrees, severally and not jointly with the other Lenders, upon the terms and subject to the conditions in this Agreementset forth herein, Lender agrees to make advances Revolver Loans to Borrower (each a “Revolver Loan”) Borrowers on any Business Day during the period from the Closing Date date hereof through the Business Day before the last day of the Original Term, not to exceed in aggregate principal amount outstanding at any time the Maximum Revolver Facility Amountsuch Lender’s Commitment at such time, which Revolver Loans may be repaid and reborrowed in accordance with the provisions of this Agreement; provided, however, that Lender Lenders shall have no obligation to honor Borrowers whatsoever to make any request for a Revolver Loan on or after the Commitment Termination Date or if at the time of the proposed funding thereof the aggregate principal amount of all of the Revolver Loans and Pending Revolver Loans then outstanding (together with the amount of any Revolver Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the Borrowing Base. The proceeds Each Borrowing of Revolver Loans shall be used funded by Borrower solely Lenders on a Pro Rata basis in accordance with their respective Commitments (except for Bank with respect to Settlement Loans). The Revolver Loans shall bear interest as set forth in Section 2.1 hereof. Each Revolver Loan shall, at the option of Borrowers, be made or continued as, or converted into, part of one or more Borrowings that, unless specifically provided herein, shall consist entirely of the following purposes: (i) to satisfy any non-insider Debt owing on the Closing Date; (ii) to pay the Fees and transaction expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations in accordance with this Agreement; and (iv) to make expenditures for other lawful purposes of Borrower to the extent such expenditures are not prohibited by this Agreement Base Rate Loans or applicable law. In no event may any Revolver Loan proceeds be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve SystemLIBOR Loans. The Revolver Loans made by each Lender and interest accruing thereon shall be evidenced by the records of Lender (including Agent and such Lender. All outstanding principal amounts of and accrued interest on the Loan Account) and by the Revolver Note. The Revolver Loans shall bear interest be due and payable as set forth in Section 2.34.2 hereof.

Appears in 1 contract

Samples: Loan and Security Agreement (Integrated Electrical Services Inc)

Revolver Loans. (a) Subject to all of the terms and conditions in this Agreement, Lender agrees Lenders agree, severally in accordance with their respective Aggregate Commitment Ratios, and not jointly, to make advances to Borrower (each a "Revolver Loan") on any Business Day during the period from the Closing Date through the Business Day before the last day of the Term, not to exceed in aggregate principal amount outstanding at any time the Maximum Revolver Facility AmountAmount minus the aggregate principal amount of all Agent Advances and Swing Loans then outstanding, which Revolver Loans may be repaid and reborrowed in accordance with the provisions of this Agreement; provided, however, that each Lender shall have no obligation to honor any request for a Revolver Loan (i) on or after the Commitment Termination Date Date; or (ii) if at the time of the proposed funding thereof the aggregate principal amount of all Revolver Loans plus Agent Advances and Swing Loans then outstanding (together with the amount of any Revolver Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, such Lender’s ratable share (based upon such Lender’s Aggregate Commitment Ratio) of the Borrowing Base. The proceeds of Revolver Loans shall be used by Borrower solely for one or more of the following purposes: (i) to satisfy any non-insider repay Debt owing on the Closing Date; (ii) to pay the Fees and transaction expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations in accordance with this Agreement; and (iv) to make expenditures for other lawful purposes of Borrower to the extent such expenditures are not prohibited by this Agreement or applicable law. In no event may any Revolver Loan proceeds be used to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Revolver Loans made by Lender Lenders and interest accruing thereon shall be evidenced by the records of Lender Administrative Agent (including the Loan AccountRegister) and and, upon request by the any Lender, by a Revolver Note. The Revolver Loans shall bear interest as set forth in Section 2.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Pacific Ethanol, Inc.)

Revolver Loans. (a) Subject Each Lender agrees, severally to all the extent of its Revolver Commitment and not jointly with the other Lenders, upon the terms and subject to the conditions in this Agreementset forth herein, Lender agrees to make advances Revolver Loans to Borrowers at the request of Borrower (each a “Revolver Loan”) Agent on any Business Day during the period from the Closing date hereof through the earlier of the Commitment Termination Date through or the Business Day before the last day of the Term, not to exceed in aggregate principal amount outstanding at any time the Maximum such Lender’s Revolver Facility AmountCommitment at such time, which Revolver Loans may be repaid and reborrowed in accordance with the provisions of this Agreement; provided, however, that Lender Lenders shall have no obligation to Borrowers whatsoever to honor any request for a Revolver Loan on or after the Commitment Termination Date or if at the time of the proposed funding thereof the aggregate principal amount of all of the Revolver Loans then outstanding (together with the amount of any and Pending Revolver Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the Borrowing Base. Each Borrowing of Revolver Loans shall be funded by Lenders on a Pro Rata basis in accordance with their respective Revolver Commitments (except for Bank with respect to Settlement Loans). The Revolver Loans shall bear interest as set forth in Section 3.1. hereof. Each Revolver Loan shall, at the option of Borrowers, be made or continued as, or converted into, part of one or more Borrowings that, unless specifically provided herein, shall consist entirely of Base Rate Loans or LIBOR Loans. Out-of-Formula Loans. If the unpaid balance of Revolver Loans outstanding at any time should exceed the Borrowing Base at such time (an “Out-of-Formula Condition”), such Revolver Loans shall nevertheless constitute Obligations that are secured by the Collateral and entitled to all of the benefits of the Credit Documents. In the event that Lenders are willing in their sole and absolute discretion to make Out-of-Formula Loans or are required to do so by Sections 2.1.7 or 13.9.3 hereof, such Out-of-Formula Loans shall be payable on demand and shall bear interest as provided in Section 3.1.5 of this Agreement. Use of Proceeds. The proceeds of the Revolver Loans shall be used by Borrower Borrowers solely for one or more of the following purposes: (i) to satisfy any non-insider Debt owing on the Closing Date; (ii) to pay the Fees fees and transaction expenses associated with the closing of the transaction transactions described herein; (iiiii) to pay any of the Obligations in accordance with this AgreementObligations; (iii) to finance the acquisition of Borrowers by New Parent; (iv) to issue standby or commercial letters or credit; (v) to finance the ongoing general corporate (including working capital and capital expenditure) needs of Borrowers; and (ivvi) to make expenditures for other lawful corporate purposes of Borrower Borrowers to the extent such expenditures are not prohibited by this Agreement or applicable lawApplicable Law. In no event may any Revolver Loan proceeds be used by any Borrower to make a contribution to the equity of any Subsidiary, to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Revolver Loans made by Lender and interest accruing thereon shall be evidenced by the records of Lender (including the Loan Account) and by the Revolver Note. The Revolver Loans shall bear interest as set forth in Section 2.3Governors.

Appears in 1 contract

Samples: Credit and Security Agreement (PNA Group Holding CORP)

Revolver Loans. (a) Subject Each Lender agrees, severally to all the extent of its Revolver Commitment and not jointly with the other Lenders, upon the terms and subject to the conditions in this Agreementset forth herein, Lender agrees to make advances Revolver Loans to Borrower (each a “Revolver Loan”) Borrowers on any Business Day during the period from the Closing Date through the Business Day before the last day of the Term, not to exceed in aggregate principal amount outstanding at any time the Maximum such Lender's Revolver Facility AmountCommitment at such time, which Revolver Loans may be repaid and reborrowed in accordance with the provisions of this Agreement; provided, however, that Lender Lenders shall have no obligation to Borrowers whatsoever to honor any request for a Revolver Loan on or after the Commitment Termination Date or if at the time of the proposed funding thereof the aggregate principal amount of all of the Revolver Loans then outstanding (together with the amount of any including Swingline Loans) and Pending Revolver Loans for which a request is pending) exceeds, or would exceed after the funding of such Revolver Loan, the Borrowing Base. Each Borrowing of Revolver Loans shall be funded by Lenders on a Pro Rata basis in accordance with their respective Revolver Commitments (except for BofA with respect to Swingline Loans). The Revolver Loans shall bear interest as set forth in Section 3.1. Each Revolver Loan shall, at the option of Borrowers, be made or continued as, or converted into, part of one or more Borrowings that, unless specifically provided herein, shall consist of Base Rate Loans or LIBOR Loans. Out-of-Formula Loans . If the unpaid balance of Revolver Loans outstanding at any time should exceed the Borrowing Base at such time (an "Out-of-Formula Condition"), such Revolver Loans shall nevertheless constitute Obligations that are secured by the Collateral and entitled to all of the benefits of the Loan Documents. In the event that Lenders are willing in their discretion to make Out-of-Formula Loans or are required to do so by Section 13.9.4 or Section 2.1.6, such Out-of-Formula Loans shall bear interest as provided in Section 3.1.5 and shall be payable on demand, provided, that, any Out-of-Formula Loans made by Lenders under Section 13.9.4 or Section 2.1.6 shall be payable at the end of the applicable period permitted by Lenders under Section 13.9.4, or on demand if an Event of Default exists. Use of Proceeds . The proceeds of the Revolver Loans shall be used by Borrower Borrowers solely for one or more of the following purposes: (i) to satisfy any non-insider Debt owing on the Closing Date; (ii) to pay the Fees fees and transaction expenses associated with the closing of the transaction transactions described herein; (iiiii) to pay any of the Obligations in accordance with this Agreement; and (iviii) to make expenditures for working capital and other lawful corporate purposes of Borrower Borrowers to the extent such expenditures are not prohibited by this Agreement or applicable lawApplicable Law. In no event may any Revolver Loan proceeds be used by any Borrower (x) to purchase or to carry, or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve SystemGovernors, or (y) to fund any operations or finance any investments or activities in, or to make payments to, a Blocked Person. Revolver Notes . The Revolver Loans made by each Lender and interest accruing thereon shall be evidenced by the records of Agent and such Lender (including the Loan Account) and by the Revolver NoteNote payable to such Lender (or the assignee of such Lender), which shall be executed by Borrowers, completed in conformity with this Agreement and delivered to such Lender. The All outstanding principal amounts and accrued interest under the Revolver Loans Notes shall bear interest be due and payable as set forth in Section 2.35.2.

Appears in 1 contract

Samples: Loan and Security Agreement (Alpharma Inc)

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