Common use of Sublimits Clause in Contracts

Sublimits. (a) In addition to any other limitations set forth in this Agreement and subject to Section 2.4(b) of this Agreement, the following limitations apply with respect to all Loans and Letters of Credit: (i) The aggregate outstanding principal amount of all Loans shall at no time exceed the Loan Advance Sublimit. (ii) The aggregate outstanding principal amount of all Daylight Overdraft Loans and all Swing Line Loans shall at no time exceed the Daylight Overdraft/Swing Line Sublimit. (iii) The sum of the Face Amount of all Long Term Letters of Credit and Performance Letters of Credit issued hereunder shall at no time exceed the Long Term and Performance L/C Sublimit. (iv) Each Loan made and Letter of Credit issued under this Agreement may be subject to multiple sublimits as provided in this Section 2.4, and to the extent such Letter of Credit or Loan is subject to multiple sublimits, it shall reduce the availability under each applicable sublimit accordingly. (b) The sublimits set forth in Section 2.4(a) of this Agreement exist for the benefit of the Administrative Agent and the Lenders and may be modified, increased, or supplemented by the Required Lenders in their SOLE AND ABSOLUTE DISCRETION at any time. No modification or increase of any sublimit set forth in this Section 2.4, or addition of any supplemental sublimit, shall be deemed to be a commitment or consent by any Lender to any make any Credit Extension.