Revolving Loan Advances. (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, Lender agrees to make revolving loans (“Advances”) to Borrowers in an amount at any one time outstanding not to exceed the lesser of:
Revolving Loan Advances. Subject to the provisions of this Agreement, including, without limitation satisfaction or waiver in writing by Agent of all conditions set forth in Article IV hereof, each Lender severally agrees to make Advances (or to request Agent to make Agent Advances pursuant to Section 13.4(b)) up to such Lender’s respective Revolving Loan Commitment to Borrower under the Loan from time to time on or prior to the last day of the Revolving Credit Period (collectively, the “Revolving Advances” or the “Revolving Loan Advances”). Each Revolving Loan Advance shall be made in an amount requested by Borrower not to exceed the Availability as of such date of determination by deposit into a Deposit Account designated by Borrower; provided, that under no circumstances shall the outstanding amount of the Revolving Loan Advances exceed the Maximum Revolving Loan Amount, and provided, further, no Lender shall be obligated to provide funding for any Revolving Loan Advance that would increase the aggregate of all outstanding amounts funded by such Lender (including any Revolving Loan Advances made by any predecessor in interest to such Lender) to an amount in excess of the stated principal amount of that Lender’s Note or such Lender’s Revolving Loan Commitment. Unless otherwise permitted by Agent, each Revolving Loan Advance shall be in an amount of at least Two Hundred Fifty Thousand Dollars ($250,000). No more than one (1) Revolving Loan Advance may be made hereunder in any calendar week. Any such request for a Revolving Loan Advance by Borrower must be made by 1:00 p.m. EST two (2) Business Days prior to the proposed borrowing date and shall contain a certification from an officer of Borrower representing that all conditions precedent to the funding of such Revolving Advance contained herein are satisfied. Subject to the terms hereof Revolving Advances may be repaid and re-borrowed prior to the expiration of the Revolving Credit Period. The failure of any Lender to make any Advance required to be made by it shall not relieve any other Lender of its obligations hereunder; provided, that the Revolving Loan Commitment of each Lender is several and no Lender shall be responsible for any other Lender’s failure to make required Advances. Notwithstanding anything else herein to the contrary, no Revolving Loan Advances shall be made or requested after the last day of the Revolving Credit Period. In connection with the initial Revolving Advance made to Borrower on or after the Closing ...
Revolving Loan Advances. Reseller may request subsequent Revolving Loan Advances at any time, but not more often than once each Business Day, by submitting a request therefor to Administrative Agents as provided in Section 7.13. All requests for a Revolving Loan Advance must be submitted by Reseller. Administrative Agents may treat every request for a Revolving Loan Advance as a request for a Swingline Advance to the extent the requested amount does not exceed the Maximum Swingline Amount and as a request for a Revolving Loan Advance in the amount of the excess. Every request for a Revolving Loan Advance shall be irrevocable. A request for a Revolving Loan Advance received by Administrative Agents on a day that is not a Business Day or that is received by Administrative Agents after 9:30 a.m. (Local Time) on a Business Day shall be treated as having been received by Administrative Agents at 9:30 a.m. (Local Time) on the next Business Day.
Revolving Loan Advances. Administrative Agent shall promptly notify each Lender of the amount of the Advance to be made on an Advance Date. Each Lender shall make immediately available to Administrative Agent by 3:00 p.m. (Local Time) on the Advance Date funds consisting solely of Dollars in the amount of its pro rata share of such Advance, rounded to the nearest pxxxx, in accordance with such remittance instructions as may be given by Administrative Agent to Lenders from time to time.
Revolving Loan Advances. Each Lender will extend a revolving credit facility (the “Revolving Loan”) to Borrowers, subject to the terms and conditions hereof, the principal sum outstanding under which at any time shall not exceed such Lender’s Revolving Loan Commitment.
Revolving Loan Advances. With respect to each requested Subsequent Advance of Revolving Loans, the Agent shall have received a Notice of Borrowing, including a Borrowing Base Certificate (including ERC Financial Data as of such date) (and calculating the pro forma Revolving Loan Borrowing Base and pro forma Borrowing Base no earlier than one (1) Business Day prior to the date of the Subsequent Advance, in each case, after giving effect to such requested advance), demonstrating that (i) the amount of such requested advance of Revolving Loans shall not exceed the Maximum Revolving Loan Limit applicable to such requested advance and (ii) after giving effect to such requested advance of Revolving Loans (x) the aggregate outstanding principal balance of the Revolving Loans shall not exceed the Aggregate Revolving Loan Commitment as of such date and (y) the Combined Loan Balance as of such date shall not exceed the Maximum Facility Limit as of such date.
Revolving Loan Advances. Subject to the terms and conditions hereof, Lender agrees to make Advances to Borrower upon the Revolving Note from time to time so long as the aggregate amount of Advances outstanding at any time does not exceed the greater of the Borrowing Base as of the date on which the requested Advance is to be made or the Loan Amount of the Revolving Note. Each Advance must be greater than or equal to $50,000.00. The amount of principal owing on the Revolving Note at any given time shall be the aggregate amount of all Advances heretofore made minus all payments of principal theretofore received by Lender on the Revolving Note. Interest on the Revolving Note shall accrue and be due and payable as provided therein. Borrower may borrow funds under the Revolving Note, repay such funds and re-borrow under the Revolving Note, all in accordance with the terms and conditions of the Revolving Note and this Agreement. The Advances shall not exceed eighty percent (80%) of Borrower’s Eligible Accounts. The Eligible Accounts shall be further limited so that they do not exceed a concentration of forty percent (40%) of accounts receivable Accounts directly with Diamondback E&P, LLC, a Delaware limited liability company, an affiliate of Borrower, and a concentration of 20% of accounts receivable Accounts directly with any other single customer of Borrower. It is agreed that the aggregate amount advanced under the Revolving Note will not at any time exceed $5,000,000.00.
Revolving Loan Advances. During the Revolving Loan Commitment Period, each Lender severally agrees to make revolving credit advances in Dollars (each an FIFTH AMENDED AND RESTATED CREDIT AGREEMENT – Page 44 “Advance” and collectively, the “Advances”) to the Borrowers (at the request and direction of the Borrower Representative) on any Business Day; provided that after giving effect to any such Advance, (A) with regard to the Lenders collectively, the aggregate outstanding principal amount of the Obligations that are Revolving Loans, plus the outstanding Obligations under the Swing Loans, the outstanding Letter of Credit Obligations and any unreimbursed L/C Reimbursement Obligations that have not been converted to a Revolving Loan, shall not exceed the lesser of (x) the Aggregate Revolving Loan Commitment Amount and (y) the Borrowing Base Amount, and (B) with regard to each Lender individually, such Lender’s Revolving Loan Commitment Percentage of the outstanding principal balance of Obligations that are Revolving Loans, plus the outstanding Obligations under the Swing Loans, the outstanding Letter of Credit Obligations and any unreimbursed L/C Reimbursement Obligations that have not been converted to a Revolving Loan, shall not exceed its respective Revolving Loan Commitment Amount. The Loan may be repaid and reborrowed in accordance with the provisions hereof.
Revolving Loan Advances. Lender agrees, for so long as no Default or Event of Default exists and subject to the terms of this Agreement, to make Revolving Loan Advances to Borrower in an aggregate amount at any time outstanding up to the amount of the Borrowing Base at such time; provided, however, the aggregate amount of all Loans outstanding at any time shall not exceed the amount of the Revolving Credit Facility. It is expressly understood and agreed that Lender intends to use the Borrowing Base as a maximum ceiling on Revolving Loan Advances to Borrower; provided, however, that it is agreed that should the Revolving Loan Advances ever exceed the ceiling so determined or any other limitation set forth in this Agreement, such Revolving Loan Advances shall nevertheless constitute Obligations secured by the Security Interest of Lender and, as such, shall be entitled to all benefits thereof and security therefor. Under the Revolving Credit Facility, Borrower from time to time may borrow, repay, prepay and reborrow the Revolving Loan Advances pursuant to the terms of this Agreement.
Revolving Loan Advances. Administrative Agent shall promptly notify each Lender of the amount of the Advance (other than a Swingline Advance) to be made on an Advance Date. Each Lender shall make to Administrative Agent on the Advance Date in Same Day Funds, by 3:00 p.m. (Local Time) for Advances denominated in Dollars and by the Applicable Time specified by the Administrative Agent in the case of any Advance in an Alternative Currency, funds consisting solely of the applicable currency in the amount of its Pro Rata Share of such Advance, rounded to the nearest xxxxx, in accordance with such remittance instructions as may be given by Administrative Agent to Lenders from time to time.
