Revolving Credit Aggregate Commitment Sample Clauses
The Revolving Credit Aggregate Commitment clause defines the total maximum amount of credit that lenders collectively agree to make available to the borrower under a revolving credit facility. This clause specifies the overall credit limit, which may be drawn, repaid, and redrawn by the borrower during the term of the agreement, subject to certain conditions. For example, if the aggregate commitment is set at $50 million, the borrower can borrow up to that amount, repay portions, and borrow again as needed, provided the outstanding balance never exceeds the limit. The core function of this clause is to establish a clear ceiling on the borrower's access to funds, thereby managing lender risk and ensuring both parties understand the financial boundaries of the credit arrangement.
Revolving Credit Aggregate Commitment. If at any time and for any reason, the sum of the aggregate outstanding principal amount of all Revolving Credit Advances and all Swing Line Advances in Dollars and the aggregate outstanding Current Dollar Equivalent of all Revolving Credit Advances and all Swing Line Advances in any Alternative Currency as of such time, plus the aggregate amount of Letter of all Credit Obligations which shall be outstanding (based on the Dollar Amount of the undrawn portion of any Letters of Credit denominated in Dollars and the Current Dollar Equivalent of the undrawn portion of any Letters of Credit denominated in any Alternative Currency), as of such time exceeds the applicable Revolving Credit Aggregate Commitment (as used in this clause (a), the "Excess"), the Revolving Borrowers shall:
(i) immediately repay that portion of such Indebtedness then carried as a Prime-based Advance, if any, by the Dollar Amount of such Excess, and/or reduce any pending request for an Advance in Dollars on such day by the Dollar Amount of the Excess, to the extent thereof; and
(ii) on the last day of each Interest Period of any Eurocurrency-based Advance outstanding as of such time, until the necessary reductions of Indebtedness under this Section 2.14(a) have been fully made, repay the Indebtedness carried in such Advances and/or reduce any requests for refunding or conversion of such Advances submitted (or to be submitted) by the applicable Borrower in respect of such Advances, by the amount in Dollars or the applicable Alternative Currency, as the case may be, of the Excess, to the extent thereof. Compliance with this Section 2.14(a) shall be tested on a daily or other basis satisfactory to Agent in its sole discretion; provided that, so long as no Default or Event of Default has occurred and is continuing, at any time while the aggregate Advances of the Revolving Credit available to be borrowed hereunder (based on the Revolving Credit Aggregate Commitment then in effect) equal or exceed Ten Million Dollars ($10,000,000), compliance with this Section 2.14(a) shall be tested as of the last day of each calendar quarter. Notwithstanding the foregoing, upon the occurrence and during the continuance of any Default or Event of Default, or if any Excess remains after recalculating said Excess based on ninety-five percent (95%) of the Current Dollar Equivalent of any Advances or Letters of Credit denominated in Alternative Currencies (and one hundred percent (100%) of any Advances or Letters ...
Revolving Credit Aggregate Commitment. If at any time and for any reason, the sum of (A) the Dollar Amount of the aggregate outstanding principal amount of all Revolving Credit Advances plus (B) the Dollar Amount of the aggregate outstanding principal amount of all Swing Line Advances plus (C) the Dollar Amount of the outstanding Letter of Credit Obligations, exceeds the lesser of the then applicable Revolving Credit Aggregate Commitment and the Borrowing Base (as used in this clause (a), the “Excess”), the Borrower shall:
(i) immediately repay that portion of the Revolving Credit then carried as a Prime-based Advance, if any, by the amount of such Excess, and/or reduce any pending request for an Advance on such day by the Excess, to the extent thereof;
(ii) immediately deposit that portion of the Revolving Credit then carried as a Eurodollar-based Advance in a cash collateral account as described and to be applied as provided in Section 2.14(b); and
(iii) if any Excess remains thereafter to provide cash collateral in support of any Letter of Credit Obligations in an amount equal to the lesser of the amount of any Letter of Credit Obligations and the amount of such remaining Excess, with such cash collateral to be provided on the basis set forth in Section 9.2 hereof. Compliance with this Section 2.13(a) shall be tested on a daily or other basis satisfactory to Agent in its sole discretion. Notwithstanding the foregoing, upon the occurrence and during the continuance of any Default or Event of Default, or if any Excess remains after recalculating said Excess based on ninety-five percent (95%) of the Dollar Amount of any Revolving Credit Advances denominated in euros (and one hundred percent (100%) of any Advances or Letters of Credit denominated in Dollars), Borrower shall be obligated immediately to reduce the foregoing Indebtedness hereunder by an amount sufficient to eliminate such Excess.