The Revolving Credit Commitment Clause Samples
The Revolving Credit Commitment. (a) Subject to the terms and conditions hereof and relying upon the representations and warranties of the Loan Parties in the Loan Documents, each Revolving Lender agrees, severally and not jointly, to make its Applicable Percentage of the Revolving Loans to the Borrowers, at any time and from time to time on or after the Restatement Effective Date and until the Commitment Termination Date in accordance with the terms hereof, in an aggregate principal amount at any time outstanding that will not result in such Lender’s Revolving Credit Exposure at such time exceeding such Lender’s Revolving Credit Commitment, as the same may be reduced from time to time pursuant to Sections 2.8 or 2.10 hereof.
(b) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Revolving Lenders ratably in accordance with their respective Revolving Credit Commitments; provided, however, that the failure of any Revolving Lender to make any Revolving Loan shall not relieve any other Revolving Lender of its obligation to lend hereunder (it being understood, however, that no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make any Loan required to be made by such other Lender). The Revolving Loans comprising any Borrowing shall be in an aggregate principal amount which is (i) an integral multiple of $1,000,000 (or, in the case of Swingline Loans, $500,000) and not less than $1,000,000 (and, in the case of Swingline Loans, $500,000) or (ii) equal to the remaining available balance of the Revolving Credit Commitments; provided that Revolving Loans used to pay Refunded Swingline Loans may be in the amount of such Refunded Swingline Loans and Revolving Loans used to reimburse any Letter of Credit Obligations may be in the amount of such reimbursed Letter of Credit Obligations.
(c) Each Revolving Credit Borrowing shall be comprised entirely of ABR Loans or (except in the case of Swingline Loans) Eurodollar Loans as the Borrower Representative may request pursuant to this Section 2.2. Each Revolving Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Revolving Loan; provided that any exercise of such option shall not affect the joint and several obligation of the Borrowers to repay such Revolving Loan in accordance with the terms of this Agreement and such Revolving Lender shall not be entitled to any amounts payable under Section ...
The Revolving Credit Commitment. The maximum aggregate amount the Banks shall be obligated to lend to the Borrower at any given time under this Agreement shall be Fifty Million Dollars ($50,000,000) from December 20, 1996 through and including December 31, 1997, and Thirty Million Dollars ($30,000,000) thereafter until the Revolving Credit Commitment Termination Date, as such amounts may have been reduced under Section 2.03 hereof (the "Revolving Credit Commitment").
The Revolving Credit Commitment. (a) The Revolving Credit Commitment shall be equal to the lesser of:
(i) the Borrowing Base as in effect from time to time, or
(ii) Forty Million Dollars ($40,000,000).
(b) The Borrowing Base shall be adjusted upon Agent's review and acceptance of (i) each monthly Borrowing Base Certificate submitted by Borrower or (ii) any additional information obtained by Agent (including any Request for Advance or updated Borrowing Base Certificates) relating to the determination of Eligible Accounts Receivable and Eligible Inventory.
(c) Borrower may, at its option, upon prepayment of all outstanding principal of and interest on the Revolving Credit Notes in accordance with the terms of Section 2.06 hereof, and upon thirty (30) days' prior written notice to Agent, cancel the Revolving Credit Commitment. Borrower may, at its option, upon thirty (30) days' prior written notice to Agent, but not more frequently than two (2) times in any fiscal year of Borrower, reduce the Revolving Credit Commitment by an amount not less than One Hundred Thousand Dollars ($100,000), or, if a greater amount, in integral multiples of Fifty Thousand Dollars ($50,000); PROVIDED, HOWEVER, that the Revolving Credit Commitment shall not at any time be reduced by operation of this
The Revolving Credit Commitment. (a) The Revolving Credit Commitment shall be equal to the lesser of:
(i) the Borrowing Base as in effect from time to time, or
(ii) Sixty Five Million Dollars ($65,000,000) for the period from October ____, 2000 until December 31, 2000 and Fifty Million Dollars ($50,000,000) for all other times."
The Revolving Credit Commitment. (a) The Revolving Credit Commitment shall be equal to the lesser of:
(i) the Borrowing Base or the Net Borrowing Base (as applicable) as in effect from time to time, or
(ii) Forty Million Dollars ($40,000,000); provided, however, that the maximum Revolving Credit Commitment contemplated by this clause (ii) shall be adjusted in accordance with the following schedule: Revolving Credit Commitment After Giving Date of Amount of Effect to Adjustment Adjustment Adjustment ---------- ---------- ----------------- January 1, 1996 through May 10, 1996 $10,000,000 $30,000,000 May 11, 1996 through May 31, 1996 $5,000,000 $35,000,000 August 28, 1996 through December 31, 1996 $15,000,000 $55,000,000 March 31, 1997 through June 30, 1997 $5,000,000 $45,000,000 July 1, 1997 through December 31, 1997 $15,000,000 $55,000,000 January 1, 1998 through June 30, 1998 $10,000,000 $30,000,000." Provided, however, the availability under the Revolving Credit Commitment can be further adjusted (upward or downward) upon execution and delivery of a Revolving Credit Commitment Adjustment Letter.
The Revolving Credit Commitment. Subject to the terms and conditions of this Agreement, Lender agrees to extend to Borrowers, from the date hereof through the Termination Date, a revolving line of credit which shall not exceed at any one time outstanding the then-current Revolving Credit Commitment. Within the limits of this SECTION 2.1, during such period, Borrowers may borrow, repay, and reborrow the Unused Commitment in accordance with this Agreement. Borrowers shall have AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT D-0601350.3 the right, upon three (3) Business Days' prior written notice to Lender, to permanently reduce the unutilized portion of the Revolving Credit Commitment; PROVIDED THAT if any such reduction does not reduce the Revolving Credit Commitment to $0.00, then any partial reduction shall be in the minimum amount of $1,000,000.00 or a greater integral multiple of $500,000.00.
The Revolving Credit Commitment. Subject to the terms and conditions of this Agreement, Lender agrees to extend to Borrowers, from the date hereof through the Termination Date, a revolving line of credit which shall not exceed at any one time outstanding the then-current Revolving Credit Commitment. Within the limits of this SECTION 2.1, during such period, Borrowers may borrow, repay, and reborrow the Unused Commitment in accordance with this Agreement. Borrowers shall have the right, upon three (3) Business Days' prior written notice to Lender, to permanently reduce the unutilized portion of the Revolving Credit Commitment; PROVIDED THAT if any such reduction does not reduce the Revolving Credit Commitment to $0.00, then any partial reduction shall be in the minimum amount of $1,000,000.00 or a greater integral multiple of $500,000.00.
The Revolving Credit Commitment. Subject to the terms and conditions and relying upon the representations and warranties herein set forth and subject to the Interim Bankruptcy Court Order and the Final Bankruptcy Court Order, each Lender severally agrees to make loans to the Borrower at any
The Revolving Credit Commitment. Subject to the terms and conditions of this Agreement, Lender agrees to extend to Borrower, from the date hereof through the Termination Date, a revolving line of credit which shall not exceed at any one time outstanding the lesser of (a) the Borrowing Base or (b) the Revolving Credit Commitment.
The Revolving Credit Commitment. The Swingline Loans from Mercantile to the Borrowers shall be evidenced by a single Swingline Note of the Borrowers dated the date hereof and payable to the order of Mercantile in the amount of the Maximum Swingline Amount and in the form attached hereto as Exhibit B --------- and incorporated herein by reference (as the same may from time to time be amended, modified, extended or renewed, the "Swingline Note"). Subject to the terms and conditions hereof, the Borrowers may borrow, repay and reborrow such Swingline Loans from Mercantile.