The Loan Commitments Sample Clauses
The Loan Commitments. Each Bank severally agrees on the terms and conditions set forth in this Agreement (including those of Article III) to make loans to Borrower on any Banking Day at the Applicable Lending Office for such Bank during the period from the date hereof until the Termination Date in an aggregate principal amount at any one time outstanding not to exceed (i) such Bank’s Commitment then in effect less (ii) the sum of (A) such Bank’s pro rata share (based on the ratio of its Commitment to the Aggregate Commitments) of the L/C Outstandings and (B) such Bank’s pro rata share (based on the ratio of its Commitment to the Aggregate Commitments) of the Bid Rate Loan Outstandings. Each borrowing of Committed Loans shall be funded by the Banks ratably according to each Bank’s Commitment, and shall be in an aggregate amount of not less than One Million Dollars ($1,000,000) or an integral multiple of One Million Dollars ($1,000,000) in excess thereof. Committed Loans may be borrowed, repaid or prepaid pursuant to Section 2.3, and reborrowed (including a reborrowing for the purpose of refunding an outstanding Loan in whole or in part) under this Section 2.1(a). Notwithstanding the foregoing, no Committed Loan shall be made that would cause the sum of (1) the amount of such Committed Loan (together with the amounts of all other Committed Loans and all Bid Rate Loans to be made on the same Funding Date and the face amounts of all L/Cs to be issued on such Funding Date), (2) the L/C Outstandings, (3) the aggregate principal amount of outstanding Committed Loans, and (4) the Bid Rate Loan Outstandings to exceed the Aggregate Commitments, and Committed Loans must be repaid immediately in an amount sufficient to eliminate any excess.
The Loan Commitments. Subject to the terms and conditions hereof, each Bank, by its acceptance hereof, severally agrees to extend a revolving credit (the "Revolving Credit") in the form of a loan or loans (individually a "Committed Loan" and collectively "Committed Loans") to the Borrowers from time to time on a revolving basis in U.S. Dollars and Alternative Currencies in an aggregate outstanding Original Dollar Amount up to the amount of its commitment set forth on the applicable signature page hereof (its "Commitment" and cumulatively for all the Banks the "Commitments"), which Commitments on the date hereof total $250,000,000 (subject to any reductions thereof pursuant to the terms hereof) prior to the Termination Date. The sum of the aggregate Original Dollar Amount of outstanding Loans (whether Committed Loans or Bid Loans) and L/C Obligations shall not exceed the Commitments then in effect. Each Borrowing of Committed Loans shall be made ratably from the Banks in proportion to their respective Percentages. As provided in Section 2.3(a) hereof, the Borrower may elect that each Borrowing of Committed Loans denominated in U.S. Dollars be made available by means of (i) Eurocurrency Loans or (ii) Domestic Rate Loans, or any combination thereof. All Committed Loans denominated in an Alternative Currency shall be Eurocurrency Loans. Each Borrowing of Committed Loans may be repaid and the principal amount thereof reborrowed prior to the Termination Date, subject to all reductions in the Commitments and all other terms and conditions hereof. Simultaneously with the effectiveness of this Agreement, the Company agrees that it will prepay all "Committed Loans" under the Existing Credit Agreement which were outstanding immediately thereunder prior to the effectiveness of this Agreement and that such prepayment shall be subject to Section 4.8
The Loan Commitments. Subject to the terms and conditions hereof, each Bank, by its acceptance hereof, severally agrees to make a loan or loans (individually a "COMMITTED LOAN" and collectively "COMMITTED LOANS") to the Borrower from time to time on a revolving basis in the amount of its commitment to make Committed Loans set forth on the applicable signature page hereof (its "COMMITMENT" and cumulatively for all the Banks the "COMMITMENTS") (subject to any reductions thereof pursuant to the terms hereof) prior to the Termination Date. The sum of the aggregate principal amount of outstanding Loans (whether Committed Loans, Swing Loans or Bid Loans) and L/C Obligations shall not exceed the Commitments then in effect. Each Borrowing of Committed Loans shall be made ratably from the Banks in proportion to their respective Percentages. As provided in Section 1.5(a) hereof, the Borrower may elect that each Borrowing of Committed Loans be made available by means of (i) Eurodollar Loans or (ii) Base Rate Loans, or any combination thereof. Each Borrowing of Committed Loans may be repaid and the principal amount thereof reborrowed prior to the Termination Date, subject to all reductions in the Commitments and all other terms and conditions hereof.
The Loan Commitments. (a) Prior to the Effective Date, certain term loans were previously made to the Borrower under the Existing Credit Agreement which remain outstanding as of the Effective Date (such outstanding loans being hereinafter referred to as the “Existing Loans”). Subject to the terms and conditions of this Agreement, the Borrower and each Bank agree that on the Effective Date the Existing Loans shall be re-evidenced as loans under this Agreement (each such loan, a “Initial Loan” hereunder), and the terms of the Existing Loans shall be restated in their entirety and shall be evidenced by this Agreement. Any amount borrowed under this Section 2.1(a) and subsequently repaid or prepaid may not be reborrowed.
(b) Each Bank with an Additional Commitment severally agrees, on the terms and conditions set forth in Amendment No.1 and this Agreement, to make an Additional Loan to the Borrower in U.S. Dollars on the Amendment No. 1 Effective Date, in an amount equal to such Bank’s Additional Commitment by making immediately available funds available to the Administrative Agent’s designated account, not later than the time specified by the Administrative Agent. Any amount borrowed under this Section 2.1(b) and subsequently repaid or prepaid may not be reborrowed. Unless previously terminated, the Additional Loan Commitments shall terminate at 5:00 p.m. (New York time) on the Amendment No. 1
The Loan Commitments. (a) Subject to the terms and conditions of and relying on the representations, warranties and covenants contained in this Agreement, each Bank agrees to fund severally but not jointly to the Borrower an aggregate maximum principal amount of up to $40,000,000; provided, no more than $15,000,000.00 shall be initially committed and funded hereunder unless and until each of the following occur:
(i) The Borrower elects to increase the Commitments by an additional amount up to $25,000,000.00 (the "Increase Amount") to a total not to exceed $40,000,000.00 pursuant to a writing (the "Expansion Option");
(ii) Such Expansion Option is made by the Borrower and delivered to the Agent on or prior to the earlier to occur of (A) March 31, 2000, or (B) the delivery of the Extension Option (as defined in Paragraph (e) below) and is accompanied by an additional commitment fee of 0.15% of the Increase Amount;
(iii) No Event of Default or Unmatured Default is in existence hereunder. Subject to the foregoing provisions for increases in the Commitments, each advance of Loans made hereunder shall be made by each Bank ratably in accordance with its respective Commitment Percentage of such advance. The Borrower may obtain Loans, repay without penalty or premium except as set forth in Paragraph 2.10 below and reborrow hereunder, from the date of this Agreement up to the date prior to the earlier to occur of (i) March 31, 2000, or (ii) the delivery of the Extension Exercise (as defined in Paragraph (e) below), the then available Total Commitment or any lesser sum which is in the minimum amount of $100,000.00 and in an integral multiple of $100,000.00 if in excess thereof.
(b) The Credit Facility shall be evidenced initially by the $15,000,000.00 Note of Borrower payable to the order of NationsBank.
(c) Loans may be used by the Borrower for general corporate purposes, including working capital, the issuance of Letters of Credit and the funding of Permitted Acquisitions; provided, that the Banks shall have no obligation to fund if the conditions precedent in Paragraph 3.2 below have not been satisfied, including, without limitation, the requirement that the Borrowing Base exceed the total amount outstanding under the Credit Facility (including the face amount of any outstanding Letters of Credit) following any such advance.
(d) The failure of any Bank to make any advances hereunder pursuant to its Loan Commitment shall not relieve any other Bank of its obligation, if any, hereunder to...
The Loan Commitments