Common use of Revolving Credit Loan Clause in Contracts

Revolving Credit Loan. Subject to the terms and conditions hereof, during the period beginning on the date hereof (the "Facility Closing Date") and ending on the Revolving Period Termination Date, Lender shall make advances (all such advances, collectively, the "Revolving Credit Loan") to Borrowers in such amounts as Borrowers shall request from time to time, provided that the maximum aggregate outstanding principal amount of the Revolving Credit Loan shall at no time exceed $25,000,000 (the "Commitment"). Each such advance hereunder may consist of Base Rate Loans or Eurodollar Loans (or a combination thereof), as Borrowers may request. Each such advance shall be made upon written or e-mail notice of Borrowers received by the Lender not later than 1:00 PM Eastern Time three (3) Business Days prior to the date of the proposed advance, and the amount of such proposed advance shall not be in an amount of less than $100,000. Each such notice shall specify whether such advance shall consist of Base Rate Loans, Eurodollar Loans or a combination thereof, and for each Eurodollar Loan that is requested, the Interest Period with respect thereto. If Borrowers shall fail to specify in any such notice (i) an applicable Interest Period in the case of a Eurodollar Loan, then such notice shall be deemed to be a request for an Interest Period of one month, or (ii) the type of Revolving Credit Loan requested, then such notice shall be deemed to be a request for a Base Rate Loan hereunder. Borrowers may borrow, repay and reborrow, subject to the limitations set forth above. The aggregate outstanding

Appears in 1 contract

Samples: Loan Agreement (Us Foodservice/Md/)

AutoNDA by SimpleDocs

Revolving Credit Loan. Subject to the terms and conditions hereof, during the period beginning on the date hereof (the "Facility Closing Date") and ending on the Revolving Period Termination Date, as the same may be extended pursuant to the Incorporated Loan Provisions (as hereinafter defined), Lender shall make advances (all such advances, collectively, the "Revolving Credit Loan") to Borrowers in such amounts as Borrowers shall request from time to time, provided that the maximum aggregate outstanding principal amount of the Revolving Credit Loan shall at no time exceed $25,000,000 15,000,000 (the "Commitment"). Each such advance hereunder may consist of Base Rate Loans or Eurodollar Loans (or a combination thereof), as Borrowers may request. Each such advance shall be made upon written or e-mail notice of Borrowers received by the Lender not later than 1:00 PM Eastern Time three (3) Business Days prior to the date of the proposed advance, and the amount of such proposed advance shall not be in an amount of less than $100,000. Each such notice shall specify whether such advance shall consist of Base Rate Loans, Eurodollar Loans or a combination thereof, and for each Eurodollar Loan that is requested, the Interest Period with respect thereto. If Borrowers shall fail to specify in any such notice (i) an applicable Interest Period in the case of a Eurodollar Loan, then such notice shall be deemed to be a request for an Interest Period of one month, or (ii) the type of Revolving Credit Loan requested, then such notice shall be deemed to be a request for a Base Rate Loan hereunder. Borrowers may borrow, repay and reborrow, subject to the limitations set forth above. The aggregate outstandingoutstanding principal amount of the Revolving Credit Loan as of the Revolving Period Termination Date, together with all accrued and unpaid interest thereon, shall be due and payable in full on the earlier of (i) 364 days following the Revolving Period Termination Date, as the same may have been extended as aforesaid, and (ii) the Maturity Date; provided, however, that under no circumstances (including without limitation one or more extensions of the Revolving Period Termination Date pursuant to the Incorporated Loan Provisions referred to in Section 2.2 below) shall the Maturity Date be later than December 23, 2002.

Appears in 1 contract

Samples: Loan Agreement (Us Foodservice/Md/)

Revolving Credit Loan. Subject to the conditions and pursuant to the terms of the Loan Documents, and in reliance upon the representations, warranties and covenants set forth in the Loan Documents, in the aggregate for all Lenders up to the Maximum Total Amount and on any Business Day occurring prior to the Revolving Credit Termination Date, each Lender severally agrees to make Advances (relative to such Lender, and of any type, its "Revolving Credit Loans") to the Borrower equal to such Lender's Percentage of the aggregate amount of the borrowing of total Advances requested by the Borrower to be made on such day (that are not requested by the Borrower to be made under the Swing Line Loan). The commitment of each Lender described in this Section 2.01(a) is herein referred to as its "Revolving Credit Loan Commitment". On the terms and subject to the conditions hereof, during the period beginning on the date hereof (the "Facility Closing Date") and ending on the Revolving Period Termination Date, Lender shall make advances (all such advances, collectively, the "Revolving Credit Loan") to Borrowers in such amounts as Borrowers shall request from time to time, provided that the maximum aggregate outstanding principal amount of the Revolving Credit Loan shall at no time exceed $25,000,000 (the "Commitment"). Each such advance hereunder may consist of Base Rate Loans or Eurodollar Loans (or a combination thereof), as Borrowers may request. Each such advance shall be made upon written or e-mail notice of Borrowers received by the Lender not later than 1:00 PM Eastern Time three (3) Business Days prior to the date of the proposed advance, and the amount of such proposed advance shall not be in an amount of less than $100,000. Each such notice shall specify whether such advance shall consist of Base Rate Loans, Eurodollar Loans or a combination thereof, and for each Eurodollar Loan that is requested, the Interest Period with respect thereto. If Borrowers shall fail to specify in any such notice (i) an applicable Interest Period in the case of a Eurodollar Loan, then such notice shall be deemed to be a request for an Interest Period of one month, or (ii) the type of Revolving Credit Loan requested, then such notice shall be deemed to be a request for a Base Rate Loan hereunder. Borrowers Borrower may borrow, repay and reborrowreborrow Revolving Credit Loans, subject to provided that at no time may the limitations set forth aboveprincipal balance outstanding under any Revolving Credit Note exceed the applicable Revolving Credit Loan Commitment, nor may the aggregate principal balance outstanding at any time under all Notes (including all Revolving Credit Notes and the Swing Line Note) exceed the Maximum Total Amount. The aggregate outstandingfailure of any Lender to make any Advance under its Revolving Credit Loan Commitment shall not relieve any other Lender of its obligations, if any, hereunder to make Advances under such Lender's Revolving Credit Loan Commitment, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any requested borrowing.

Appears in 1 contract

Samples: Credit Agreement (Insituform Technologies Inc)

Revolving Credit Loan. Subject to Upon the terms and subject to the conditions hereofof, during and in reliance upon the period beginning on representations and warranties made under, this Agreement, each Lender severally and not jointly agrees to make Advances, ratably according to such Lender's Commitment Percentage, to the date hereof (Borrower from time to time from and after the "Facility Closing Date") and ending on Effective Date to the Revolving Period Termination Date, Lender shall make advances (all such advancesas requested by the Borrower in accordance with the terms of SECTION 2.2, collectively, the "Revolving Credit Loan") to Borrowers in such amounts as Borrowers the Borrower shall request from request, up to an aggregate principal amount at any one time outstanding equal to the result obtained by multiplying such Lender's Commitment Percentage by the Borrowing Base in effect at such time; PROVIDED, provided HOWEVER, that it is agreed that should such Advances made by any Lender exceed the maximum amount so determined or any other limitation set forth in this Agreement, such Advances shall nevertheless constitute Secured Obligations and, as such, shall be entitled to all benefits thereof and security therefor. Each Borrowing under the Revolving Credit Facility shall consist of Advances of the same Type made on the same day by the Lenders ratably according to their respective Commitment Percentages and each Borrowing comprised of (i) Base Rate Advances and requested pursuant to SECTION 2.2(A)(I) shall be in an aggregate outstanding amount of $100,000 or an integral multiple thereof or (ii) Eurodollar Rate Advances shall be in an aggregate amount of $3,000,000 or an integral multiple of $500,000 in excess thereof. Within the limits of each Lender's Commitment, the principal amount of the Revolving Credit Loan shall at no time exceed $25,000,000 (the "Commitment"). Each such advance hereunder any Advance which is repaid may consist of Base Rate Loans or Eurodollar Loans (or a combination thereof), as Borrowers may request. Each such advance shall be made upon written or e-mail notice of Borrowers received by the Lender not later than 1:00 PM Eastern Time three (3) Business Days prior reborrowed subject to the terms of this SECTION 2.1. The Agent's and each Lender's books and records reflecting the date of the proposed advance, and the amount of such proposed advance shall not be in an amount of less than $100,000. Each such notice shall specify whether such advance shall consist of Base Rate Loans, Eurodollar Loans or a combination thereof, and for each Eurodollar Loan that is requested, Borrowing under the Interest Period with respect thereto. If Borrowers shall fail to specify in any such notice (i) an applicable Interest Period in the case of a Eurodollar Loan, then such notice shall be deemed to be a request for an Interest Period of one month, or (ii) the type of Revolving Credit Loan requested, then such notice Facility and each repayment of principal thereof shall be deemed to be a request for a Base Rate Loan hereunder. Borrowers may borrow, repay and reborrowconstitute PRIMA FACIE evidence of the accuracy of the information contained therein, subject to the limitations set forth above. The aggregate outstandingprovisions of SECTION 3.14.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Synthetic Industries Inc)

Revolving Credit Loan. Subject to the terms and conditions hereof, during the period beginning on the date hereof (the "Facility Closing Date") and ending on the Revolving Period Termination Date, as the same may be extended pursuant to the Incorporated Loan Provisions (as hereinafter defined), Lender shall make advances (all such advances, collectively, the "Revolving Credit Loan") to Borrowers in such amounts as Borrowers shall request from time to time, provided that the maximum aggregate outstanding principal amount of the Revolving Credit Loan shall at no time exceed $25,000,000 (the "Commitment"). Each such advance hereunder may consist of Base Rate Loans or Eurodollar Loans (or a combination thereof), as Borrowers may request. Each such advance shall be made upon written or e-mail facsimile notice of Borrowers received by the Lender not later than 1:00 PM Eastern Time three (3) Business Days prior to the date of the proposed advance, and the amount of such proposed advance shall not be in an amount of less than $100,000. Each such notice shall specify whether such advance shall consist of Base Rate Loans, Eurodollar Loans or a combination thereof, and for each Eurodollar Loan that is requested, the Interest Period with respect thereto. If Borrowers shall fail to specify in any such notice (i) an applicable Interest Period in the case of a Eurodollar Loan, then such notice shall be deemed to be a request for an Interest Period of one month, or (ii) the type of Revolving Credit Loan requested, then such notice shall be deemed to be a request for a Base Rate Loan hereunder. Borrowers may borrow, repay and reborrow, subject to the limitations set forth above. The aggregate outstandingoutstanding principal amount of the Revolving Credit Loan as of the Revolving Period Termination Date, together with all accrued and unpaid interest thereon, shall be due and payable in full on the earlier of (i) 364 days following the Revolving Period Termination Date, as the same may have been extended as aforesaid, and (ii) the Maturity Date; provided, however, that under no circumstances (including without limitation one or more extensions of the Revolving Period Termination Date pursuant to the Incorporated Loan Provisions referred to in Section 2.2 below) shall the Maturity Date be later than December 23, 2002. The Borrowers hereby promise to pay to the Lender the aggregate outstanding principal amount of the Revolving Credit Loan, plus all accrued and unpaid interest thereon, on the date such payment is due in accordance with the immediately preceding sentence.

Appears in 1 contract

Samples: Loan Agreement (Us Foodservice/Md/)

Revolving Credit Loan. (a) Subject to the terms and conditions hereofof this Agreement, during and so long as no Event of Default shall have occurred and be continuing, the period beginning on Bank agrees to make loans and advances to the date hereof Company (the "Facility Closing Date") and ending on the Revolving Period Termination Date, Lender shall make advances (all such advances, collectively, the "Revolving Credit Loan") to Borrowers in such amounts as Borrowers shall request from time to timetime from the Closing Date until the Facility Number 1 Termination Date up to but not exceeding the Revolving Credit Commitment. Within such limits, and so long as no Defaults or Event of Default shall have occurred and be continuing, the Company may borrow, repay and reborrow, on a Domestic Business Day from the date of this Agreement until, but not including, the Facility Number 1 Termination Date and in an amount not to exceed the Borrowing Base Amount, as set forth in the most recent calculation of the Borrowing Base Amount as stated in a Borrowing Base Certificate delivered to the Bank, subject to verification by the Bank, and provided that the maximum aggregate Bank's calculation of the Borrowing Base Amount shall be conclusive and final on all parties hereto. Except as otherwise permitted under Section 4.2 hereunder, at no time shall the Revolving Credit Loan, plus the sum of all outstanding Standby Letters of Credits exceed the Revolving Credit Commitment. The Company shall have the right to repay the amounts outstanding under the Revolving Credit Loan at any time in whole or in part plus, in the case of prepayment of a LIBOR Loan, the Bank's direct costs associated with the breakage of any LIBOR contracts resulting from such prepayment. The Company may terminate the financing arrangements under this Agreement at the Facility's Number 1 Termination Date or at any extension thereof by giving Lender written notice of such termination, in the manner set forth in Section 12.5 below, at least five (5) days prior thereto; provided that in order for any such notice of termination to become effective, the Company shall, on or before the Facility Number 1 Termination Date, pay the outstanding principal amount of the Revolving Credit Loan shall at no time exceed $25,000,000 (the "Commitment"). Each such advance hereunder may consist of Base Rate Loans or Eurodollar Loans (or a combination thereof)together with all Reimbursement Obligations, as Borrowers may request. Each such advance shall be made upon written or e-mail notice of Borrowers received by the Lender not later than 1:00 PM Eastern Time three (3) Business Days prior plus accrued interest to the date of the proposed advanceBank, and the amount of such proposed advance shall not be in an amount of less than $100,000. Each such notice shall specify whether such advance shall consist of Base Rate Loansfull, Eurodollar Loans or a combination thereof, and for each Eurodollar Loan that is requested, the Interest Period with respect thereto. If Borrowers shall fail to specify in any such notice (i) an applicable Interest Period in the case of a Eurodollar Loan, then such notice shall be deemed to be a request for an Interest Period of one month, or (ii) the type of Revolving Credit Loan requested, then such notice shall be deemed to be a request for a Base Rate Loan hereunder. Borrowers may borrow, repay and reborrow, subject to the limitations set forth above. The aggregate outstandingimmediately available funds.

Appears in 1 contract

Samples: Credit Facility Agreement (Speizman Industries Inc)

AutoNDA by SimpleDocs

Revolving Credit Loan. Subject to the terms and conditions hereof, during the period beginning on the date hereof (the "Facility Closing Date") and ending on the Revolving Period Termination Date, as the same may be extended pursuant to the Incorporated Loan Provisions (as hereinafter defined), Lender shall make advances (all such advances, collectively, the "Revolving Credit Loan") to Borrowers in such amounts as Borrowers shall request from time to time, provided that the maximum aggregate outstanding principal amount of the Revolving Credit Loan shall at no time exceed $25,000,000 (the "Commitment"). Each such advance hereunder may consist of Base Rate Loans or Eurodollar Loans (or a combination thereof), as Borrowers may request. Each such advance shall be made upon written or e-mail notice of Borrowers received by the Lender not later than 1:00 PM Eastern Time three (3) Business Days prior to the date of the proposed advance, and the amount of such proposed advance shall not be in an amount of less than $100,000. Each such notice shall specify whether such advance shall consist of Base Rate Loans, Eurodollar Loans or a combination thereof, and for each Eurodollar Loan that is requested, the Interest Period with respect thereto. If Borrowers shall fail to specify in any such notice (i) an applicable Interest Period in the case of a Eurodollar Loan, then such notice shall be deemed to be a request for an Interest Period of one month, or (ii) the type of Revolving Credit Loan requested, then such notice shall be deemed to be a request for a Base Rate Loan hereunder. Borrowers may borrow, repay and reborrow, subject to the limitations set forth above. The aggregate outstandingoutstanding principal amount of the Revolving Credit Loan as of the Revolving Period Termination Date, together with all accrued and unpaid interest thereon, shall be due and payable in full on the earlier of (i) 364 days following the Revolving Period Termination Date, as the same may have been extended as aforesaid, and (ii) the Maturity Date; provided, however, that under no circumstances (including without limitation one or more extensions of the Revolving Period Termination Date pursuant to the Incorporated Loan Provisions referred to in Section 2.2 below) shall the Maturity Date be later than December 23, 2002.

Appears in 1 contract

Samples: Loan Agreement (Us Foodservice/Md/)

Revolving Credit Loan. Subject to the terms and conditions hereof, during the period beginning and relying on the date hereof representations and warranties contained in this Loan Agreement and the other Loan Documents, Bank agrees to extend to Borrower a revolving line of credit, the proceeds of which will be used to support Borrower's working capital needs, and the amount of which outstanding at any time shall not exceed the Commitment Amount (the "Facility Closing Date") and ending on the Revolving Period Termination Date, Lender shall make advances (all such advances, collectively, the "Revolving Credit Loan") ). Subject to Borrowers in such amounts as Borrowers shall the limits and conditions hereof, Borrower may borrow, repay and reborrow hereunder. Each request from time to time, provided that the maximum aggregate outstanding principal amount of for an advance under the Revolving Credit Loan shall at no time exceed $25,000,000 (the "Commitment"). Each such advance hereunder may consist of Base Rate Loans or Eurodollar Loans (or a combination thereof), as Borrowers may request. Each such advance shall be made upon written or e-mail notice on a Business Day and shall specify the aggregate amount of Borrowers received by the Lender not later than 1:00 PM Eastern Time three (3) Business Days prior advance which Borrower desires for Bank to make and the requested date of the proposed such advance, and the amount of such proposed advance which date must be a Business Day. The Borrower shall not be in an amount of less than $100,000. Each such notice shall specify whether such advance shall consist of Base Rate Loans, Eurodollar Loans or a combination thereof, and for each Eurodollar Loan that is requested, the Interest Period with respect thereto. If Borrowers shall fail to specify in any such notice (i) an applicable Interest Period in the case of a Eurodollar Loan, then such notice shall be deemed to be make a request for an Interest Period advance in writing or by telephone before 1:00 p.m. on the requested date of one monthsuch advance. Each advance shall be in the aggregate principal amount of $5,000.00 or an integral multiple thereof. After receiving notice of a request for an advance in the manner provided herein, or (ii) Bank shall, to the type of extent Borrower is entitled to receive such advance, make the funds available to Borrower on the requested borrowing date at Bank's principal banking office in San Antonio, Texas. The Revolving Credit Loan requested, then such notice made by Bank under this Section 2.01(b) shall be deemed evidenced by a revolving line of credit note (the "Revolving Credit Note") of even date herewith. If at any time the aggregate principal amount outstanding under the Revolving Credit Loan shall exceed the Borrowing Base, Borrower agrees to immediately repay Bank such excess amount, plus all accrued but unpaid interest thereon. Interest on the unpaid principal amount of each advance shall be a request for a Base Rate Loan hereunder. Borrowers may borrowpayable monthly as it accrues on the 1st day of each month hereafter commencing March 1, repay 2001, and reborrow, subject to on the limitations set forth above"Maturity Date" as defined therein. The aggregate outstandingunpaid principal balance of the Revolving Credit Note shall be due and payable on the Maturity Date.

Appears in 1 contract

Samples: Loan Agreement (U S Global Investors Inc)

Revolving Credit Loan. Section 1.01(a) of the Original Loan --------------------- Agreement is hereby deleted in its entirety, and the following is inserted in lieu thereof: "Availability and Repayment. Subject to the terms and conditions hereofof -------------------------- this Agreement, the Bank will make available for the Borrower's use during the period beginning commencing on the date hereof of this Agreement and ending on December 31, 2002 (the "Facility Closing Revolving Loan Maturity Date") and ending on the Revolving Period Termination Date, Lender shall make advances a revolving credit facility of up to $6,000,000.00 (all such advances, collectively, the "Revolving Credit Loan") to Borrowers provide for the general working capital needs of the Borrower. So long as no Default or Event of Default has occurred which has not been cured or which the Bank, in such its sole and absolute discretion, has not waived, the Borrower may borrow and reborrow amounts as Borrowers shall request that have been repaid from the Revolving Credit Loan, from time to time. The Revolving Credit Loan will be evidenced by the Revolving Credit Note, provided that and will bear interest at the maximum aggregate rates set forth in Section 1.03, and will be payable in full on ------------ the Revolving Loan Maturity Date, unless sooner due and payable pursuant to the terms hereof; with interest payable monthly in arrears commencing January 31, 1999, and on the last Business Day of each calendar month thereafter during the existence of the Revolving Credit Loan. Notwithstanding the foregoing, the Bank may, in its sole and absolute discretion, make or permit to remain outstanding advances under the Revolving Credit Loan in excess of the original principal amount of the Revolving Credit Loan shall at no time exceed $25,000,000 (the "Commitment"). Each such advance hereunder may consist of Base Rate Loans or Eurodollar Loans (or a combination thereof), as Borrowers may request. Each such advance shall be made upon written or e-mail notice of Borrowers received by the Lender not later than 1:00 PM Eastern Time three (3) Business Days prior to the date of the proposed advanceNote, and the amount of all such proposed advance amounts shall not be in an amount of less than $100,000. Each such notice shall specify whether such advance shall consist of Base Rate Loans, Eurodollar Loans or a combination thereof, and for each Eurodollar Loan that is requested, the Interest Period with respect thereto. If Borrowers shall fail to specify in any such notice (i) an applicable Interest Period in be part of the case of a Eurodollar LoanObligations evidenced by the Revolving Credit Note, then such notice shall be deemed to be a request for an Interest Period of one month, or (ii) bear interest as provided herein, (iii) be entitled to all rights and security as provided under the type of Revolving Credit Loan requested, then such notice shall be deemed to be a request for a Base Rate Loan hereunder. Borrowers may borrow, repay and reborrow, subject to the limitations set forth above. The aggregate outstandingDocuments."

Appears in 1 contract

Samples: Kewaunee Scientific Corp /De/

Time is Money Join Law Insider Premium to draft better contracts faster.